Table 1 Baseline regression results.
(1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | |
|---|---|---|---|---|---|---|---|---|
EPP | 0.029*** (0.00) | 0.200*** (0.02) | ||||||
EPPS | −0.103*** (0.01) | |||||||
EAP | 0.020*** (0.01) | −0.054*** (0.02) | ||||||
EAPS | 0.039*** (0.01) | |||||||
EMP | −0.004 (0.00) | 0.017* (0.01) | ||||||
EMPS | −0.009** (0.00) | |||||||
ESP | 0.012** (0.01) | −0.022*** (0.01) | ||||||
ESPS | 0.012*** (0.00) | |||||||
FD | −2.058*** (0.22) | −1.990*** (0.21) | −2.027*** (0.22) | −1.962*** (0.21) | −2.018*** (0.21) | −1.985*** (0.21) | −1.973*** (0.21) | −1.615*** (0.21) |
AGE | −0.005*** (0.00) | −0.005*** (0.00) | −0.005*** (0.00) | −0.005*** (0.00) | −0.005*** (0.00) | −0.005*** (0.00) | −0.005*** (0.00) | −0.005*** (0.00) |
MARKET | 0.093*** (0.02) | 0.087*** (0.02) | 0.071*** (0.02) | 0.068*** (0.02) | 0.081*** (0.02) | 0.077*** (0.02) | 0.075*** (0.02) | 0.056** (0.02) |
HHI | 0.002 (0.01) | 0.002 (0.01) | 0.002 (0.01) | 0.002 (0.01) | 0.002 (0.01) | 0.002 (0.01) | 0.002 (0.01) | 0.002 (0.01) |
SALE | −0.002 (0.00) | −0.002 (0.00) | −0.002 (0.00) | −0.002 (0.00) | −0.002 (0.00) | −0.002 (0.00) | −0.002 (0.00) | −0.002 (0.00) |
FS | 0.002* (0.00) | 0.002 (0.00) | 0.002* (0.00) | 0.002 (0.00) | 0.002* (0.00) | 0.003* (0.00) | 0.002* (0.00) | 0.002 (0.00) |
SOE | 0.085** (0.04) | 0.085** (0.04) | 0.085** (0.04) | 0.084** (0.04) | 0.085** (0.04) | 0.085** (0.04) | 0.085** (0.04) | 0.085** (0.04) |
SUB | −0.031 (0.07) | −0.029 (0.07) | −0.032 (0.07) | −0.030 (0.07) | −0.033 (0.07) | −0.033 (0.07) | −0.032 (0.07) | −0.034 (0.07) |
Intercept term | 0.677*** (0.06) | 0.627*** (0.06) | 0.726*** (0.06) | 0.756*** (0.06) | 0.720*** (0.06) | 0.718*** (0.06) | 0.718*** (0.06) | 0.753*** (0.06) |
Industry F.E. | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Year F.E. | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Turning Point | 0.975 | 0.689 | 0.928 | 0.960 | ||||
U-test t-value | 4.726*** | 3.189*** | 1.728** | 3.432*** | ||||
P-value | 0.00 | 0.00 | 0.04 | 0.00 | ||||
F-value | 18.78 | 19.37 | 15.75 | 14.51 | 16.53 | 14.88 | 15.84 | 14.63 |
Adj. R2 | 0.282 | 0.282 | 0.282 | 0.282 | 0.282 | 0.282 | 0.282 | 0.282 |
Observations | 395,382 | 395,382 | 395,382 | 395,382 | 395,382 | 395,382 | 395,382 | 395,382 |