| (1) | (2) |
VARIABLES | TQ | TQ |
DT | −0.0816*** | 0.0006 |
| (−3.22) | (0.01) |
DT*POST2014 |
| 0.1593* |
|
| (1.71) |
POST2014 |
| 1.4024*** |
|
| (36.03) |
Size | −0.3895*** | −0.3889*** |
| (−5.06) | (−5.08) |
PPE | −0.9512*** | −0.9438*** |
| (−4.92) | (−4.92) |
ROA | 6.2504*** | 6.2408*** |
| (10.67) | (10.73) |
Debt ratio | −0.0596 | 0.9412*** |
| (−0.25) | (3.93) |
Quick ratio | −0.3146*** | −0.3142*** |
| (−9.29) | (−9.26) |
Z | 0.1503*** | 0.1505*** |
| (21.20) | (20.83) |
SGA | 1.5611*** | 1.5585*** |
| (8.62) | (8.67) |
Oversea | 0.1223 | 0.1206 |
| (1.55) | (1.54) |
Ic index | −0.0003 | −0.0003 |
| (−1.50) | (−1.52) |
Ownership | 0.0138 | 0.0150 |
| (0.27) | (0.30) |
Age | −0.0174*** | −0.0172*** |
| (−6.03) | (−5.97) |
Dividend | −0.1973 | −0.1976 |
| (−1.48) | (−1.49) |
OCF | 0.0914 | 0.0915 |
| (0.85) | (0.84) |
Industry | Controlled | Controlled |
Year | Controlled | Controlled |
Constant | 9.1902*** | 9.1886*** |
| (5.04) | (5.12) |
Observations | 10,403 | 10,403 |
Adjusted R-squared | 0.7950 | 0.7741 |