Dcost 1

Dcost 2

Variables

(1) Lower

(2) Higher

(3) Lower

(4) Higher

RD

RD

RD

RD

Layer

−0.00520***

−0.00228

−0.00208**

−0.00308

(−3.020)

(−1.368)

(−2.064)

(−1.558)

Size

−0.00211*

0.000817

−0.00146**

0.000300

(−1.803)

(0.425)

(−2.008)

(0.135)

Lev

−0.0222***

−0.0138

−0.00596

−0.0159

(−2.750)

(−1.554)

(−1.191)

(−1.550)

Growth

4.49e−05

0.00320***

−0.00107

0.00305**

(0.0348)

(2.687)

(−1.302)

(2.280)

Cash

0.0261

−0.0297

−0.0235**

0.0173

(1.283)

(−1.085)

(−2.057)

(0.537)

Top1

4.33e−05

−0.000151

9.26e−05*

−0.000178

(0.464)

(−1.344)

(1.651)

(−1.364)

Year

controlled

controlled

controlled

controlled

Industry

controlled

controlled

controlled

controlled

Constant

0.0814***

−0.00610

0.0403**

0.00693

(2.980)

(−0.140)

(2.265)

(0.140)

Observations

344

344

344

344

R-squared

0.187

0.128

0.140

0.107