Table 9.
Robustness test: replace GI with GI’.
|
VARIABLES |
(1) |
(2) |
(3) |
(4) |
(5) |
(6) |
|---|---|---|---|---|---|---|
| GI’ HP | GI’ NHP | EP HP |
EP NHP |
FP HP |
FP NHP |
|
| EID | 0.0058** | 0.0059*** | ||||
| (2.4829) | (3.0088) | |||||
| GI’ | −0.0122 | 0.0905*** | 0.0053* | −0.0018 | ||
| (-0.3667) | (3.5019) | (1.7597) | (-0.9829) | |||
| State | −0.0400 | 0.2430* | 0.4237* | 0.1690 | −0.0287 | −0.0251* |
| (-0.3329) | (1.9431) | (1.7391) | (1.2549) | (-1.4640) | (-1.7627) | |
| Leverage | −0.0995 | −0.1056 | −0.0220 | −0.1879 | −0.1771*** | −0.1593*** |
| (-0.5049) | (-0.6519) | (-0.0920) | (-1.0183) | (-5.5427) | (-7.6442) | |
| Size | 0.2307*** | 0.2741*** | 0.1321* | 0.1496*** | 0.0222*** | 0.0286*** |
| (4.1807) | (6.6049) | (1.8564) | (2.8690) | (2.7134) | (6.6343) | |
| Growth | 0.0074 | 0.0045 | 0.0008 | −0.0925*** | 0.0695*** | 0.0517*** |
| (0.2297) | (0.2026) | (0.0177) | (-3.6755) | (10.6313) | (14.0632) | |
| Holder1 | −0.0028 | 0.0001 | −0.0008 | −0.0009 | −0.0002 | 0.0009*** |
| (-0.8847) | (0.0332) | (-0.2035) | (-0.2639) | (-0.4595) | (2.9461) | |
| Constant | −0.4374 | −0.8893*** | −0.0521 | 0.1867 | 0.1506*** | 0.0756*** |
| (-1.5743) | (-3.5021) | (-0.1559) | (0.7040) | (5.0239) | (3.8285) | |
| Obs | 3289 | 7113 | 3289 | 7113 | 3289 | 7113 |
| R2 | 0.138 | 0.228 | 0.116 | 0.093 | 0.186 | 0.200 |
| Firms | 373 | 812 | 373 | 812 | 373 | 812 |
| Firm FE | YES | YES | YES | YES | YES | YES |
| Year FE | YES | YES | YES | YES | YES | YES |
Note: t-statistics are presented in parentheses. *, ** and *** represent significance levels of 10 %, 5 % and 1 %, respectively.