(1)

(2)

(3)

Variables

Strategy

KZ

Strategy

Post × Treated

0.858^***

0.125^**

0.850^***

(4.34)

(2.04)

(4.28)

KZ

0.068^***

KZ

0.068^**

(1.97)

Size

0.036

0.380^***

0.010

(0.51)

(15.81)

(0.14)

Roa

−0.024^***

0.060^***

−0.028^***

(−2.70)

(18.16)

(−3.16)

Lev

−0.005

−0.053^***

−0.002

(−1.34)

(−40.65)

(−0.36)

Cf

0.032^***

0.143^***

0.023^***

(5.44)

(63.49)

(2.89)

Top5

−0.016^***

0.002

−0.016^***

(−3.42)

(1.22)

(−3.44)

Dual

−0.159

−0.016

−0.157

(−1.21)

(−0.38)

(−1.20)

Pay

0.074

0.104^***

0.066

(0.72)

(3.40)

(0.65)

Board

−0.005

0.015

−0.006

(−0.15)

(1.40)

(−0.18)

Soe

0.703^***

0.010

0.702^***

(4.29)

(0.22)

(−4.29)

Firm age

0.004

−0.013^***

0.005

(0.27)

(−3.31)

(0.34)

Constant

2.829^*

−4.137^***

3.112^*

(1.69)

(−7.20)

(1.87)

Year

YES

YES

YES

Industry

YES

YES

YES

Observations

14,966

14,966

14,966

R-squared

0.567

0.696

0.567