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. 2019 Mar 25;16(6):1070. doi: 10.3390/ijerph16061070

Table 2.

Placebo tests.

Dependent Variables: Financial Performance
Pseudo Legislation Year Being 2015 Pseudo Legislation Year Being 2014 Deleting the First Legislation Year 2016
Independent variables
Treatment group × Post legislation −0.4589
(0.2510)
−0.6586
(0.4761)
−0.3593 *
(0.1783)
Control variables
Post legislation 0.0378
(0.0495)
0.0441
(0.0422)
−0.0784
(0.0399)
Treatment group −0.0399
(0.2438)
0.2107
(0.4735)
−0.1727
(0.1654)
Hospital size −0.0066 **
(0.0020)
−0.0066 **
(0.0020)
−0.0076 **
(0.0023)
Leverage −0.0001 **
(0.0000)
−0.0001 **
(0.0000)
−0.0001 **
(0.0000)
Cash holding −0.0712 **
(0.0124)
−0.0712 **
(0.0123)
−0.0662 **
(0.0145)
Cash flow 0.0163
(0.0131)
0.0162
(0.0130)
0.0174
(0.0134)
Intercept 1.5743 **
(0.0214)
1.5611 **
(0.0256)
1.6023 **
(0.0289)
Number of hospital-year observations 25,926 25,926 20,498
F statistics
(p-Value)
28.26
(0.0000)
25.62
(0.0000)
21.10
(0.0000)

Notes: Standard difference-in-difference is implemented. Robust standard errors are reported in brackets. * p < 0.05, ** p < 0.01.