Table 8 Results of regression after adjustment of the baseline.

Policy

0.044*** (9.392)

0.036*** (6.982)

0.025** (2.009)

0.029** (2.224)

Size

0.012*** (2.742)

0.027*** (2.562)

Assetdebt

− 0.002 (− 0.122)

0.112*** (3.536)

Roa

0.424*** (5.324)

0.532*** (1.353)

Dual

− 0.042*** (− 10.232)

− 0.021*** (− 2.241)

Lnsales

− 0.005* (− 1.762)

− 0.024** (− 2.321)

Sale growth

− 0.001 (− 0.424)

0.013 (0.134)

Salary ratio

0.032** (2.124)

0.021 (1.042)

Firm age

− 0.000 (− 0.813)

0.021 (1.121)

Roe

− 0.142*** (− 3.143)

− 0.113 (− 1.313)

Cost growth

0.002 (1.013)

0.001 (0.212)

Ln pe

0.000** (2.824)

0.000** (2.241)

Individual fixation effect

No

No

Yes

Yes

Time fixation effect

No

No

Yes

Yes

_Cons

0.078*** (2690)

0.042 (0.742)

0.085*** (13.752)

− 0.681 (− 1.542)

R²

0.005

0.024

0.215

0.241

N

16,577

14,353

16,427

14,180