Table 6.

Parallel trend test results.

Variables	Input
coeff2014	−0.203 (−0.42)
coeff2015	0.415 (0.95)
coeff2016	−0.003 (−0.00)
coeff2017	0.609 (1.18)
coeff2018	1.380 ** (2.39)
coeff2019	1.123 (1.58)
coeff2020	1.555* (1.84)
coeff2021	2.705*** (3.25)
coeff2022	2.883*** (3.14)
coeff2023	3.008*** (3.02)
coeff2024	3.093*** (3.17)
Observations	1,248
Control variables	Yes
R-squared	0.7346
Firm FE	YES
Year FE	YES

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