Table 7 Mechanism test regression results.
Variable | NQP | NQP | NQP | NQP | NQP |
|---|---|---|---|---|---|
did*RV | 0.0292*** | 0.0261*** | 3.022*** | 0.914** | 0.0148*** |
(6.60) | (5.66) | (4.36) | (2.08) | (5.88) | |
RV | -0.0032 | -0.0054 | -0.233 | 0.489** | -0.0023 |
(-0.85) | (-1.42) | (-0.41) | (1.98) | (-1.03) | |
did | -0.0087 | -0.006 | 0.0077 | 0.0111* | -0.0305*** |
(-1.35) | (-0.93) | (1.26) | (1.73) | (-2.83) | |
size | -0.0067 | -0.0049 | -0.0042 | -0.0034 | -0.0018 |
(-0.87) | (-0.63) | (-0.56) | (-0.44) | (-0.19) | |
sale | 0.0141** | 0.0143** | 0.0153*** | 0.0154*** | 0.0130* |
(2.45) | (2.47) | (2.64) | (2.66) | (1.79) | |
cflow | 0.124*** | 0.123*** | 0.126*** | 0.123*** | 0.138*** |
(5.92) | (5.85) | (6.04) | (5.86) | (5.87) | |
age | 0.0746*** | 0.0815*** | 0.0823*** | 0.0834*** | 0.0607 |
(2.79) | (3.00) | (3.07) | (3.04) | (1.63) | |
growth | -0.0002 | -0.0002 | -0.0003 | -0.0002 | -0.001 |
(-0.15) | (-0.16) | (-0.18) | (-0.14) | (-0.76) | |
top10 | -0.0007*** | -0.0008*** | -0.0008*** | -0.0009*** | 0.00006 |
(-3.35) | (-3.58) | (-3.79) | (-4.04) | (0.24) | |
roa | -0.197*** | -0.202*** | -0.191*** | -0.206*** | -0.173*** |
(-6.99) | (-7.13) | (-6.79) | (-7.28) | (-5.85) | |
lev | 0.0230 | 0.0227 | 0.0241 | 0.0246 | -0.0218 |
(1.21) | (1.19) | (1.26) | (1.29) | (-0.98) | |
_cons | 0.140 | 0.0812 | 0.0437 | 0.0212 | 0.0711 |
(1.03) | (0.59) | (0.32) | (0.15) | (0.41) | |
Firm | YES | YES | YES | YES | YES |
Year | YES | YES | YES | YES | YES |
N | 27,211 | 27,211 | 27,211 | 27,211 | 23,462 |
r2 | 0.737 | 0.736 | 0.736 | 0.735 | 0.733 |
