Variable

Growth stage

Maturity stage

Decline stage

Risk1

Risk2

Risk1

Risk2

Risk1

Risk2

Treat × policy

0.00323***

0.00594***

0.00200**

0.00358**

−0.000837

−0.000934

(3.7037)

(3.6502)

(2.1257)

(2.0421)

(−0.6255)

(1.0149)

Controls

Yes

Yes

Yes

Yes

Yes

Yes

Industry & year

Yes

Yes

Yes

Yes

Yes

Yes

R-squared

0.238

0.239

0.186

0.193

0.0855

0.0944