Variable

Small firms

Large firms

Risk1

Risk2

Risk1

Risk2

Treat × policy

0.00360***

0.00660***

0.000714

0.00127

(3.9127)

(3.8472)

(1.0720)

(1.0149)

Controls

Yes

Yes

Yes

Yes

Industry & year

Yes

Yes

Yes

Yes

R-squared

0.148

0.147

0.0919

0.0922