Table 4.
Parallel trend test results.
| (1) | (2) | |
|---|---|---|
| Treat, i × Post,2013 | −0.045 | −0.146 |
| (−0.22) | (−0.61) | |
| Treat, i × Post,2014 | −0.133 | −0.275 |
| (−0.41) | (−0.81) | |
| Treat, i × Post,2015 | 0.060 | 0.075 |
| (0.19) | (0.22) | |
| Treat, i × Post,2016 | 0.110 | −0.128 |
| (0.28) | (−0.27) | |
| Treat, i × Post,2017 | 0.610* | 0.393 |
| (1.85) | (0.96) | |
| Treat, i × Post,2018 | 1.416*** | 1.368*** |
| (3.85) | (3.59) | |
| Treat, i × Post,2019 | 1.717*** | 1.660*** |
| (4.45) | (4.74) | |
| Treat, i × Post,2020 | 2.045*** | 1.852*** |
| (4.54) | (4.81) | |
| Constant | 4.163*** | −6.213 |
| (36.46) | (-0.58) | |
| Observations | 999 | 999 |
| R-squared | 0.757 | 0.783 |
| Control variables | No | Yes |
| Company FE | Yes | Yes |
| Year FE | Yes | Yes |
Robust t-statistics in parentheses,
***
p < 0.01,
*
p < 0.1.