The dependent variable = $\ln \left(\frac{SG{A}_{i,t}}{SG{A}_{i,t-1}}\right)$

Variable

Model (1)

Model (2)

$\ln \left(\frac{Re{v}_{i,t}}{Re{v}_{i,t-1}}\right)$

0.414***

(52.47)

0.411***

(52.02)

$D\ast \ln \left(\frac{Re{v}_{i,t}}{Re{v}_{i,t-1}}\right)$

0.288***

(20.61)

0.283***

(20.18)

$\text{Eighteen}\ast D\ast \ln \left(\frac{Re{v}_{i,t}}{Re{v}_{i,t-1}}\right)$

1.429**

(2.34)

1.546**

(2.52)

$\text{Eighteen}\ast D\ast \text{state}\ast \ln \left(\frac{Re{v}_{i,t}}{Re{v}_{i,t-1}}\right)$

0.104**

(2.33)

D

0.045***

(6.77)

0.045***

(6.81)

Eighteen

0.044***

(3.19)

0.047***

(3.31)

The state

0.032***

(5.93)

$D\ln \left(\frac{Re{v}_{i,t}}{Re{v}_{i,t-1}}\right)\times \text{lnasset}$

0.112***

(6.52)

0.118***

(6.71)

$\text{Eighteen}\ast D\ast \text{state}\ast \ln \left(\frac{Re{v}_{i,t}}{Re{v}_{i,t-1}}\right)$

0.000

(0.02)

0.004

(0.19)

$D\times \ln \left(\frac{Re{v}_{i,t}}{Re{v}_{i,t-1}}\right)$ (GDP)

0.167**

(2.30)

0.170**

(2.33)

_cons

0.031***

(1.69)

0.062***

(3.22)

Industry

CONTROL

CONTROL

Year

CONTROL

CONTROL

F

75.06***

73.14***

Adjust the R²

22.80%

22.91%

N

15544

15544