Table 7 Robustness test: independent variable lag one stage, propensity score matching and dynamic panel model.

Policy

0.026*** (3.039)

\({\mathrm{pcbmapre}}_{\mathrm{it}-1}\)

0.307*** (4.023)

Lpolicy

0.028*** (9.134)

0.029*** (6.124)

0.021** (1.928)

0.027** (2.123)

0.031*** (3.921)

Size

0.013*** (2.873)

0.023*** (2.134)

0.014 *** (5.571)

0.072*** (3.923)

Assetdebt

− 0.002 (− 0.104)

0.102*** (3.231)

0.082** (2.184)

0.001** (1.982)

Roa

0.321*** (5.134)

0.431*** (4.231)

0.135** (2.091)

0.391** (2.125)

Dual

− 0.0752*** (− 9.024)

− 0.031*** (− 3.023)

− 0.013*** (− 3.013)

− 1.452 (− 0.034)

Lnsales

− 0.004* (− 1.024)

− 0.021** (− 2.013)

− 0.002** (− 2.341)

− 0.241* (− 2.019)

Sale growth

− 0.001 (− 0.231)

0.012 (0.112)

0.002 (0.023)

0.132 (0.120)

Salary ratio

0.021** (1.972)

0.023 (1.032)

0.026 (1.024)

0.092 (1.291)

Firm age

− 0.000 (− 0.723)

0.012 (1.115)

0.091 (1.223)

0.033 (1.345)

Roe

− 0.092*** (− 2.024)

− 0.102 (− 1.092)

− 0.013 (− 0.913)

− 0.034 (− 0.871)

Cost growth

0.002 (1.001)

0.001 (0.023)

0.001 (0.021)

0.004 (0.425)

Ln pe

0.000** (2.103)

0.000** (2.023)

0.001** (2.391)

0.007*** (2.814)

Individual fixation effect

No

No

Yes

Yes

Yes

Yes

Time fixation effect

No

No

Yes

Yes

Yes

Yes

_Cons

0.078*** (2690)

0.013 (0.431)

0.085*** (13.752)

− 0.231 (− 1.321)

− 0.291 (− 1.102)

− 0.832 (− 1.013)

R²

0.005

0.013

0.215

0.212

0.291

0.313

N

14,523

10,924

14,345

10,352

12,782

12,782

P-AR(1)

0.040

P-AR(2)

0.651