(1)

(2)

VARIABLES

TQ

TQ

DT

−0.0816***

0.0006

(−3.22)

(0.01)

DT*POST2014

0.1593*

(1.71)

POST2014

1.4024***

(36.03)

Size

−0.3895***

−0.3889***

(−5.06)

(−5.08)

PPE

−0.9512***

−0.9438***

(−4.92)

(−4.92)

ROA

6.2504***

6.2408***

(10.67)

(10.73)

Debt ratio

−0.0596

0.9412***

(−0.25)

(3.93)

Quick ratio

−0.3146***

−0.3142***

(−9.29)

(−9.26)

Z

0.1503***

0.1505***

(21.20)

(20.83)

SGA

1.5611***

1.5585***

(8.62)

(8.67)

Oversea

0.1223

0.1206

(1.55)

(1.54)

Ic index

−0.0003

−0.0003

(−1.50)

(−1.52)

Ownership

0.0138

0.0150

(0.27)

(0.30)

Age

−0.0174***

−0.0172***

(−6.03)

(−5.97)

Dividend

−0.1973

−0.1976

(−1.48)

(−1.49)

OCF

0.0914

0.0915

(0.85)

(0.84)

Industry

Controlled

Controlled

Year

Controlled

Controlled

Constant

9.1902***

9.1886***

(5.04)

(5.12)

Observations

10,403

10,403

Adjusted R-squared

0.7950

0.7741