(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