| Variable | Private-owned company | State-owned Company | ||
| Risk1 | Risk2 | Risk1 | Risk2 | |
| Treat × policy | 0.00352*** | 0.00654*** | −0.00125 | −0.00251 |
|
| (4.6444) | (4.6287) | (−1.5170) | (−1.6183) |
| Controls | Yes | Yes | Yes | Yes |
| Industry & year | Yes | Yes | Yes | Yes |
| R-squared | 0.148 | 0.147 | 0.132 | 0.133 |