Variables

model (1a)

model (1b)

model (1)

coefficient

t value

coefficient

t value

coefficient

t value

Intercept

0.466

1.56

0.456

1.55

0.472

1.6

NI

2.053

0.71

4.059

1.43

2.525

0.88

POST

−0.029

−0.64

−0.048

−1.04

SFIRM

0.182

1.65

0.163

1.4

NI*SFIRM

−3.494***

−4.25

−2.224

−1.26

NI*POST

1.117**

2.52

1.449***

3.25

NI*SFIRM*POST

−1.733

−1.04

SIZE

−0.04*

−1.94

−0.048**

−2.32

−0.044**

−2.16

LEV

0.49***

3.77

0.583***

4.54

0.527***

4.09

BETA

−0.194***

−2.88

−0.109

−1.61

−0.136**

−2.01

GROWTH

0.047*

1.95

0.029

1.22

0.041*

1.72

AGE

0.008**

2.36

0.009***

2.69

0.008**

2.42

EP

−4.005***

−9.77

−4.186***

−10.33

−4.16***

−10.2

NI*SIZE

0.162

0.82

0.188

0.96

0.207

1.06

NI*LEV

−3.466***

−3.13

−5.21***

−4.82

−4.396***

−3.96

NI*BETA

0.604

0.96

−0.584

−0.91

−0.23

−0.36

NI*GROWTH

1.156***

4.79

1.281***

5.4

1.178***

4.92

NI*AGE

−0.104***

−3.43

−0.091***

−3.05

−0.11***

−3.67

NI*EP

−7.86***

−2.63

−9.728***

−3.38

−6.972**

−2.35

industry dummies included

n

1187

1187

1187

F value

33.89***

34.58***

32.28***

Adj R²

0.4623

0.4675

0.4728

Joint test: NI*POST + NI*SFIRM_POST (F value)

−0.284

(0.03)