(1)

(2)

(3)

Variables

Strategy

Strategy

Strategy

Post × Treated

3.076^***

2.685^***

0.848^***

(19.20)

(16.51)

(3.77)

Size

0.294^***

−0.047

(3.50)

(−0.74)

Roa

−0.081^***

−0.029^***

(−5.57)

(−2.75)

Lev

0.001

−0.001

(0.11)

(−0.25)

Cf

0.002

0.043^***

(−0.18)

(5.15)

Top5

−0.032^***

−0.024^***

(−5.91)

(−6.14)

Dual

−0.327

−0.235

(−1.60)

(−1.62)

Pay

0.343^***

0.277^***

(2.85)

(3.00)

Board

−0.126^***

−0.036

(−2.87)

(−1.10)

Soe

0.485^***

0.863^***

(2.78)

(6.76)

Firm age

−0.138^***

−0.013

(−8.75)

(−1.07)

Constant

11.275^***

5.572^***

2.619

(121.94)

(3.21)

(1.44)

Year

No

No

Yes

Industry

No

No

Yes

Observations

3931

3931

3931

R-squared

0.086

0.127

0.586