Table 9.
A life cycle perspective：growth-maturity-recession stages.
| Group A：Growth | Model (1):SC | Model (2):ASW | Model (3):SC | Model (4):SC |
|---|---|---|---|---|
| Origin | 0.060*** | −0.044*** | 0.058** | 0.091*** |
| (2.58) | (-4.06) | (2.50) | (3.02) | |
| ASW | −0.058 | |||
| (-1.30) | ||||
| Power | 0.006 | |||
| (0.64) | ||||
| Origin × Power | 0.069** | |||
| (2.29) | ||||
| Constant | 0.388* | 0.561*** | 0.421* | 0.454* |
| (1.69) | (5.01) | (1.82) | (1.91) | |
| Industry | Yes | Yes | Yes | Yes |
| Year | Yes | Yes | Yes | Yes |
| N | 2229 | 2229 | 2229 | 2229 |
| Adj_R2 | 0.110 | 0.083 | 0.111 | 0.113 |
| Group B：Maturity | Model (1):SC | Model (2):ASW | Model (3):SC | Model (4):SC |
| Origin | 0.059** | 0.001 | 0.059** | 0.062** |
| (2.31) | (0.04) | (2.30) | (2.38) | |
| ASW | −0.001 | |||
| (-0.01) | ||||
| Power | −0.003 | |||
| (-0.18) | ||||
| Origin × Power | 0.015 | |||
| (0.48) | ||||
| Constant | 1.1839*** | 0.1419 | 1.1840*** | 1.0974*** |
| (3.75) | (0.98) | (3.75) | (3.50) | |
| Industry | Yes | Yes | Yes | Yes |
| Year | Yes | Yes | Yes | Yes |
| N | 1135 | 1135 | 1135 | 1135 |
| Adj_R2 | 0.184 | 0.010 | 0.183 | 0.184 |
| Group C：Recession | Model (1):SC | Model (2):ASW | Model (3):SC | Model (4):SC |
| Origin | −0.001 | −0.021 | −0.002 | −0.005 |
| (-0.03) | (-1.36) | (-0.04) | (-0.12) | |
| ASW | −0.022 | |||
| (-0.26) | ||||
| Power | −0.034 | |||
| (-1.42) | ||||
| Origin × Power | 0.027 | |||
| (0.50) | ||||
| Constant | 1.633*** | 0.235 | 1.638*** | 1.678*** |
| (3.47) | (1.15) | (3.50) | (3.44) | |
| Industry | Yes | Yes | Yes | Yes |
| Year | Yes | Yes | Yes | Yes |
| N | 764 | 764 | 764 | 764 |
| Adj_R2 | 0.138 | 0.043 | 0.136 | 0.137 |
Notes: T-values are in parentheses. ***, **, and * indicate significant at the 1%, 5%, and 10% levels, respectively. Industry and Year fixed effects are included.Standard errors were cluster-adjusted by firm-level.