The dependent variable = ln ( S G A i , t S G A i , t 1 )

Variable

Model (1)

Model (2)

ln ( R e v i , t R e v i , t 1 )

0.414***

(52.47)

0.411***

(52.02)

D ln ( R e v i , t R e v i , t 1 )

0.288***

(20.61)

0.283***

(20.18)

Eighteen D ln ( R e v i , t R e v i , t 1 )

1.429**

(2.34)

1.546**

(2.52)

Eighteen D state ln ( R e v i , t R e v i , t 1 )

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 ( R e v i , t R e v i , t 1 ) × lnasset

0.112***

(6.52)

0.118***

(6.71)

Eighteen D state ln ( R e v i , t R e v i , t 1 )

0.000

(0.02)

0.004

(0.19)

D × ln ( R e v i , t R e v i , t 1 ) (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