| 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 |