(1)

Risk1

(2)

Risk2

(3)

Risk1

(4)

Risk2

Treat × policy

0.00151**

0.00272**

0.00308***

0.00592***

(2.3564)

(2.2804)

(2.6152)

(2.6976)

Treat × policy × environmental regulation

0.342**

(2.0329)

0.636**

(2.0217)

Treat × policy × educational background

0.00613***

(3.6037)

0.0117***

(3.7126)

Controls

Yes

Yes

Yes

Yes

Industry & year

Yes

Yes

Yes

Yes

Observations

37759

37759

33452

33452

R-squared

0.141

0.141

0.394

0.395