Table 8.

Estimated results of duality heterogeneity.

	(1)	(2)	(3)	(4)
Variables	CS	rCS	CS	rCS
RED (NO)	−1.1776**	−1.3999**
	(0.5277)	(0.5827)
RED (YES)	−2.5902***	−2.4449***
	(0.8035)	(0.5851)
rRED (NO)			(0.0023)	(0.0015)
			−1.7542***	−1.7372***
rRED (YES)			(0.4039)	(0.3159)
			−2.7692***	−2.5398***
Industry FE	YES	YES	YES	YES
Industry $\times$ Covid	YES	YES	YES	YES
Year FE	YES	YES	YES	YES
Control variables	YES	YES	YES	YES
Observations	33,015	33,015	33,015	33,015
R-squared	0.2027	0.1120	0.2033	0.1127
N	3613	3613	3613	3613

Note: Standard deviations are in parentheses. *,**, and *** denote statistical significance at the 10%, 5%, and 1% level, respectively.