Score (1)

Score (2)

Score (3)

Treat × Time

0.3244*

0.4152*

0.5444***

−0.153

−0.156

−0.139

Gxh

0.0000***

0.0000***

0.000

0.000

Soe

1.0939***

1.0765***

−0.148

−0.134

Sep

0.004

0.004

−0.004

−0.008

Concen

0.0243*

0.0246***

−0.009

−0.005

Size

0.0000**

0.0000***

0.000

0.000

Rdi

−0.023

−0.022

−0.014

−0.015

TBQ

−0.064

−0.0918*

−0.080

−0.043

Age

−0.5131*

−0.4994*

−0.139

−0.211

Year

No

No

Yes

Firm

Yes

Yes

Yes

cons

72.7833***

72.5587***

72.5360***

−0.037

−0.799

−0.649

adj. R2

0.000

0.047

0.049

Observations

9303

9303

9303