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Table 6 Interactive effects

From: The capital market spillover effect of product market advertising: Evidence from stock price synchronicity

Variable (1)(2)(3)(4)
SynSynSynSyn
Ad−0.780a (−2.65)−0.508 (−1.64)0.393 (0.71)−0.740b (−2.29)
Ad×RD−0.168b (−1.96)   
RD−0.004 (−0.78)   
Ad×DISPEN −0.999a (−2.86)  
DISPEN −0.036 (−1.03)  
Ad×ILLIQ  −0.986a (−2.69) 
ILLIQ  −0.010 (−0.60) 
Ad×CONSU   −1.167b (−2.25)
CONSU   −0.040 (−1.44)
Debt−0.242a (−4.02)−0.254a (−3.96)−0.254a (−4.19)−0.250a (−4.10)
Size0.015 (0.92)−0.017 (−1.29)0.015 (0.98)0.015 (0.92)
Mb−0.043b (−2.41)−0.082a (−7.21)−0.043b (−2.37)−0.044b (−2.34)
Turnover−0.109a (−12.27)−0.112a (−11.27)−0.108a (−12.17)−0.109a (−12.24)
Big4−0.137a (−3.28)−0.121a (−2.86)−0.136a (−3.25)−0.135a (−3.20)
Age0.052a (2.98)0.067a (3.73)0.048a (2.72)0.050a (2.83)
Roa−0.001 (−0.01)−0.306 (−1.36)−0.045 (−0.23)−0.027 (−0.14)
Institution−0.228a (−4.41)−0.226a (−4.77)−0.238a (−4.62)−0.234a (−4.39)
Top1−0.183a (−2.73)−0.195a (−2.84)−0.172b (−2.57)−0.173b (−2.57)
Msh0.017 (0.84)−0.011 (−0.52)0.015 (0.73)0.014 (0.70)
Independent0.120 (0.77)0.097 (0.60)0.076 (0.49)0.080 (0.51)
_Cons0.276 (0.74)1.010a (3.27)0.291 (0.79)0.350 (0.90)
Year fixed effectsYesYesYesYes
Industry fixed effectsYesYesYesYes
No. of obs.9,3507,9469,3609,324
Adj. R20.3270.3380.3250.325
  1. Notes. Numbers in parentheses are t-statistics based on standard errors clustered by firm when we control for year and industry effects
  2. a and b denote statistical significance at the 1%, 5%, and 10% levels, respectively