Table 11 The impact of corporate participation in TPA on corporate value under different nature of property rights, different industry competitive intensity and different degree of marketization.
Variables | Tq | Tq | Tq |
|---|---|---|---|
(1) | (2) | (3) | |
Treatment1×Post×State | 0.281*** (3.655) | ||
Treatment1×Post×HHI | 1.152** (2.243) | ||
Treatment1×Post×Market | 0.058*** (3.075) | ||
Treatment1×Post | 0.321*** (4.586) | 0.405*** (6.520) | 0.044 (0.287) |
Treatment1 | −0.177*** (−3.699) | −0.178*** (−3.603) | −0.203*** (−4.244) |
Lev | −0.364*** (−2.783) | −0.477*** (−3.538) | −0.386*** (−2.952) |
Idr | 1.058*** (3.924) | 1.041*** (3.840) | 1.089*** (4.017) |
Ctr | 0.006*** (5.894) | 0.007*** (6.466) | 0.006*** (5.908) |
Grow | 0.172*** (5.631) | 0.167*** (5.588) | 0.172*** (5.601) |
Ocf | 0.681*** (3.131) | 0.747*** (2.728) | 0.684*** (3.093) |
Age | −0.000 (−0.009) | −0.002 (−0.562) | −0.000 (−0.088) |
Big4 | 0.403*** (5.344) | 0.375*** (5.065) | 0.411*** (5.422) |
Size | −0.341*** (−6.321) | −0.324*** (−6.097) | −0.343*** (−6.330) |
Analysts | 0.048** (2.082) | 0.059** (2.510) | 0.050** (2.183) |
State | −0.215*** (−5.365) | −0.174*** (−4.293) | −0.187*** (−4.757) |
Mb | −3.051*** (−7.468) | −2.920*** (−7.115) | −3.046*** (−7.426) |
Charity_ln | 0.003 (0.398) | 0.005 −0.477*** | 0.003 (0.482) |
HHI | 1.947*** (4.594) | ||
MarketScore | −0.019* (−1.817) | ||
Industry Effect | Yes | Yes | Yes |
Period Effect | Yes | Yes | Yes |
_cons | 11.538*** (12.857) | 10.931*** (12.435) | 11.725*** (12.991) |
R2 | 0.537 | 0.544 | 0.537 |
N | 12325 | 11585 | 12040 |
