| explained variable | 1 | 2 |
| NP | NP | |
| group | 0.1553 (1.5643) | 0.1491 (1.0808) |
| time | 0.1007 (1.6434) | 0.1322 (0.7004) |
| did | 0.1921* (1.7087) | 0.2085** (2.3570) |
| topsh |
| −0.0037*** (−2.5879) |
| roa |
| 3.9988*** (10.0530) |
| gp |
| −0.0895*** (−7.2201) |
| lev |
| 1.2369*** (8.8945) |
| bm |
| 0.0729** (2.1168) |
| age |
| −0.0190 (−0.5812) |
| _cons | 3.1921*** (94.6068) | 2.8525*** (31.0866) |
| Year | yes | yes |
| Industry | yes | yes |
| N | 9634 | 9634 |
| adj.r2 | 0.072 | 0.2282 |