| (a) | (b) | (c) | (d) |
dlstargepa | lstargepa | lstargepa | lstargepa | |
L.inde_com | 0.705** | 0.834*** | 0.834** | 0.995** |
| (2.41) | (2.89) | (2.06) | (1.99) |
L.log_Total | 0.456*** | 0.393*** | 0.393*** | 0.401*** |
| (26.76) | (11.87) | (6.44) | (6.15) |
L.cap_exp | 0.140 | 0.156 | 0.156 | 0.199 |
| (0.57) | (0.68) | (0.57) | (0.56) |
L.Leverage | −0.000639*** | 0.0000330 | 0.0000330 | 0.000115 |
| (−5.69) | (0.07) | (0.25) | (1.34) |
L.Borad_size | −0.0113 | 0.0162 | 0.0162 | 0.0242 |
| (−1.24) | (1.51) | (0.95) | (1.33) |
L.logQ | 0.0550*** | 0.0153* | 0.0153* | 0.0128 |
| (5.25) | (1.92) | (1.74) | (1.18) |
year_pre2003 |
|
| −0.000138 | −0.000137 |
|
|
| (−0.82) | (−0.83) |
_cons | −8.538*** | −7.664*** | −7.388*** | −7.713*** |
| (−19.18) | (−10.34) | (−5.69) | (−5.54) |
N | 8185 | 8185 | 8185 | 8185 |
r2 | 0.133 | 0.118 | 0.118 | 0.119 |
Year fixed effects | Yes | Yes | Yes | Yes |
Firm fixed effects | No | Yes | Yes | Yes |
Trend control | No | No | Yes | Yes |
Control*bill | No | No | No | Yes |