|
| (1) | (2) | (3) | (4) |
| Variable | In_gpat | In_gpat | In_gpat | In_gpat |
| Time*Low_car | −1.627*** | −0.569*** | 0.463*** | 0.104*** |
|
| (−6.30) | (−3.55) | (15.31) | (3.66) |
| Time*Low_car*FC (SA method) | −0.553*** | −0.181*** |
|
|
|
| (−8.29) | (−4.24) |
|
|
| Time*Low_car*FC (KZ method) |
|
| 0.038*** | 0.014* |
|
|
|
| (3.94) | (1.67) |
| cfo |
| 0.000 |
| 0.000 |
|
|
| (0.63) |
| (0.70) |
| Lev |
| −0.006 |
| −0.008 |
|
|
| (−0.43) |
| (−0.65) |
| Tobin Q |
| 0.000*** |
| 0.000*** |
|
|
| (4.81) |
| (4.97) |
| btm |
| 0.000*** |
| 0.000*** |
|
|
| (2.76) |
| (2.84) |
| Size |
| 0.115*** |
| 0.120*** |
|
|
| (3.57) |
| (3.66) |
| Netprofit |
| 0.001** |
| 0.001** |
|
|
| (2.06) |
| (2.13) |
| lnfirst |
| −0.074 |
| −0.079 |
|
|
| (−1.44) |
| (−1.54) |
| Age |
| 0.357*** |
| 0.369*** |
|
|
| (13.89) |
| (13.86) |
| Company | control | control | control | control |
| Year | control | control | control | control |