(1)

(2)

(3)

Variables

Strategy

Strategy

Strategy

Post × Treated

2.918^***

2.623^***

0.858^***

(15.60)

(14.06)

(4.34)

Size

0.346^***

0.036

(3.35)

(0.51)

Roa

−0.074^***

−0.024^**

(−6.12)

(−2.70)

Lev

−0.010^*

−0.005

(−1.85)

(−1.34)

Cf

0.005

0.032^***

(0.59)

(5.44)

Top5

−0.028^***

−0.016^***

(−4.15)

(−3.42)

Dual

−0.091

−0.159

(−0.46)

(−1.21)

Pay

0.131

0.074

(0.96)

(0.72)

Board

−0.095^*

−0.005

(−1.82)

(−0.15)

Soe

0.440^*

0.703^***

(1.86)

(4.29)

Firm age

−0.136^***

0.004

(−6.91)

(0.27)

Constant

11.381^***

7.376^***

2.829^*

(95.78)

(3.74)

(1.69)

Year

NO

NO

YES

Industry

NO

NO

YES

Observations

14,966

14,966

14,966

R-squared

0.065

0.102

0.567