Table 8 Robustness test

CAMDUM_t–1

−0.588^a

(0.321)

CAM_TREAT_t–1

−0.00115

0.0157

−0.0501

0.0192

(0.123)

(0.161)

(0.179)

(0.173)

CAM_YEAR_t–1

−0.0470

0.817^c

−0.113^b

− 0.0572

(0.0415)

(0.0593)

(0.0571)

(0.0563)

TREAT·YEAR_t–1

−0.326^a

− 0.269

− 0.413^a

− 0.450^a

(0.172)

(0.215)

(0.243)

(0.242)

Size_t–1

0.0846^c

−0.0271

− 0.0817^c

0.117^c

0.0541^b

(0.0202)

(0.143)

(0.0255)

(0.0282)

(0.0240)

ABS_DA_t–1

0.0617

−3.803

−0.0302

0.271

0.126

(0.239)

(2.346)

(0.274)

(0.329)

(0.178)

ROA_t–1

0.533

− 3.997

−0.350

0.196

0.0251

(0.357)

(3.951)

(0.430)

(0.491)

(0.170)

Lev_t–1

− 0.105

0.759

−0.0148

− 0.173

− 0.0268

(0.105)

(1.030)

(0.129)

(0.144)

(0.129)

Dturn_t–1

0.0146

0.0501

0.00703

0.00605

−0.00289

(0.0217)

(0.145)

(0.0302)

(0.0300)

(0.0260)

StdW_t–1

3.891^c

7.765

3.844^c

5.313^c

5.493^c

(0.889)

(8.004)

(1.074)

(1.226)

(1.177)

MB_t–1

0.0385^c

0.481

0.0148

0.0539^c

0.000882

(0.0106)

(0.428)

(0.0134)

(0.0146)

(0.00137)

SOE_t–1

0.0854^b

−0.202

0.113^b

0.136^c

0.125^b

(0.0367)

(0.370)

(0.0450)

(0.0508)

(0.0506)

Top1_t–1

−0.00191^a

− 0.00595

− 0.00119

−0.00242

− 0.00224

(0.00114)

(0.0100)

(0.00143)

(0.00157)

(0.00157)

Independent_t–1

0.330

−1.709

0.195

0.299

0.389

(0.301)

(2.462)

(0.363)

(0.415)

(0.403)

Constant

−2.737^c

0.422

0.944

−3.620^c

−2.214^c

(0.455)

(3.670)

(0.592)

(0.634)

(0.544)

IND

Yes

Yes

Yes

Yes

Yes

No. of obs.

3964

142

3903

3922

3962