. 2025 Jul 30;13:1512148. doi: 10.3389/fpubh.2025.1512148

Table 5.

Baseline empirical results.

Variables	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)
Variables	Input	Input	Input	Input	Input	Input	Input	Input	Input	Input
DID	2.086***	2.151***	2.145***	2.006***	2.036***	2.090***	2.113***	2.261***	2.504***	1.796***
	(3.03)	(3.04)	(3.04)	(3.21)	(3.34)	(3.41)	(3.47)	(3.63)	(3.07)	(2.94)
Size		−0.707	−0.758	−0.787	−0.361	−0.259	−0.330	−0.157	−1.374	−1.730
		(−0.86)	(−0.90)	(−1.01)	(−0.52)	(−0.37)	(−0.48)	(−0.24)	(−1.33)	(−1.75) *
Lev			0.015	−0.000	−0.020	−0.018	−0.013	−0.017	−0.002	−0.013
			(0.86)	(−0.02)	(−1.42)	(−1.30)	(−0.91)	(−1.16)	(−0.08)	(−0.60)
Cash				−0.180***	−0.141***	−0.138***	−0.134***	−0.125***	−0.156**	−0.146***
				(−3.34)	(−2.96)	(−2.88)	(−2.72)	(−2.73)	(−2.53)	(−2.87)
Roe					−0.086***	−0.075***	−0.076***	−0.079***	−0.065***	−0.063***
					(−4.23)	(−4.02)	(−4.07)	(−4.28)	(−2.88)	(−2.96)
Growth						−0.018***	−0.020***	−0.020***	−0.026**	−0.021**
						(−3.07)	(−3.32)	(−3.28)	(−2.40)	(−2.02)
Shareh10							0.041*	0.054**	0.065*	0.064**
							(1.95)	(2.46)	(1.97)	(2.04)
Age								10.058**	11.752*	3.052
								(2.22)	(1.94)	(0.59)
AC									0.184***	0.176***
									(3.48)	(3.74)
DID×AC										0.380***
										(4.47)
Constant	4.129***	19.513	20.128	22.350	14.320	12.286	11.300	−20.855	−2.285	33.484
	(15.27)	(1.09)	(1.11)	(1.31)	(0.94)	(0.80)	(0.74)	(−1.15)	(−0.09)	(1.26)
Observations	1,248	1,248	1,248	1,248	1,248	1,248	1,248	1,248	1,050	1,050
R-squared	0.7312	0.7325	0.7332	0.7523	0.7691	0.7730	0.7752	0.7800	0.7776	0.8015
Firm FE	YES	YES	YES	YES	YES	YES	YES	YES	YES	YES
Year FE	YES	YES	YES	YES	YES	YES	YES	YES	YES	YES

Robust t-statistics in parentheses, ***p < 0.01; **p < 0.05; *p < 0.1.