Official websites use .gov
A
.gov website belongs to an official
government organization in the United States.
Secure .gov websites use HTTPS
A lock (
) or https:// means you've safely
connected to the .gov website. Share sensitive
information only on official, secure websites.
Moderating effects test.
| Model 1 | Model 2 | |
|---|---|---|
| DF | 0.030*** (3.830) | 0.016 (1.552) |
| Political | 0.010*** (3.318) | |
| DF* Political | −0.004*** (−3.240) | |
| Institutional | −0.004** (−2.550) | |
| DF* Institutional | 0.001** (2.165) | |
| Controls | Yes | Yes |
| Constant | 0.158*** (7.309) | 0.198*** (7.916) |
| Firm FE | Yes | Yes |
| Year FE | Yes | Yes |
| N | 7964 | 7964 |
| R2 | 0.263 | 0.263 |
Note: t values in parentheses, *indicates p < 0.10, **indicates p < 0.05, ***indicates p < 0.01.
