Table 4 Robustness test results.

DID

0.183*

0.165**

(1.89)

(2.47)

Advanced_ did

0.130

(1.60)

Size

0.550***

0.364***

0.448***

(10.87)

(12.16)

(12.01)

Age

− 0.672***

− 0.519***

− 0.783***

(− 4.51)

(− 5.33)

(− 6.54)

Lev

− 0.00747***

− 0.00485***

− 0.00826***

(− 2.82)

(− 3.09)

(− 4.08)

Sub

− 0.0793**

0.0126

− 0.0268

(− 2.33)

(0.58)

(− 1.01)

Growth

0.00246

0.00452

− 0.00476

(0.12)

(0.38)

(− 0.31)

Roa

0.425

0.704**

0.807*

(0.85)

(2.13)

(1.93)

Cashflow

0.224

0.0733

0.0564

(1.36)

(0.86)

(0.49)

_ cons

2.596***

0.478

2.596***

(3.60)

(0.97)

(4.53)

Industry

Yes

Yes

Yes

Year

Yes

Yes

Yes

N

8880

16,160

16,160

r2

0.443

0.396

0.450