Variables

SGA

S-Cost

A-Cost

Constant

0.370**

0.405

0.615***

(2.08)

(1.23)

(2.89)

LnSales

0.584***

0.713***

0.493***

(35.64)

(25.22)

(27.95)

$D_{i,t}\times LnSales$

−0.0686***

−0.0433***

−0.117***

(0.23)

(0.41)

(0.14)

$D_{i,t}\times LnSales\times ICQ$

0.054***

0.164

0.043***

(−0.32)

(−0.46)

(−0.33)

ICQ

−0.013

−0.031

−0.055**

(−0.57)

(−0.76)

(−2.06)

AI

0.025***

0.024***

0.023***

(5.12)

(3.14)

(4.67)

ROS

0.149***

−0.171*

0.321***

(2.78)

(−1.82)

(5.13)

LEV

0.012

−0.032

0.070*

(0.34)

(−0.50)

(1.73)

$D_{i,t}\times LnSales\times AI$

−0.002***

0.002***

−0.002***

(−5.96)

(3.78)

(−6.28)

$D_{i,t}\times LnSales\times ROS$

0.029***

0.018*

0.035***

(6.08)

(1.72)

(7.48)

$D_{i,t}\times LnSales\times LEV$

−0.279**

−0.369*

−0.002

(−2.27)

(−1.69)

(−0.02)

R-squared

0.420

0.353

0.398

industry FE

YES

YES

YES

Year FE

YES

YES

YES

r2_a

0.419

0.352

0.397

F

163.4

94.91

125.6

Observations

12,730

12,730

12,730