Table 6.
Results of the operating nature heterogeneity analysis.
| Baseline regressive results | Parallel trend test | |||
|---|---|---|---|---|
| State-Owned | Private | State-Owned | Private | |
| Treatit × Postit | 0.273 | 1.530*** | ||
| (0.82) | (4.49) | |||
| Treat, i × Post,2013 | 0.108 | −0.278 | ||
| (0.48) | (−0.70) | |||
| Treat, i × Post,2014 | 0.157 | −0.461 | ||
| (0.65) | (−0.86) | |||
| Treat, i × Post,2015 | −0.112 | 0.210 | ||
| (−0.26) | (0.54) | |||
| Treat, i × Post,2016 | −0.554 | −0.033 | ||
| (−1.20) | (−0.06) | |||
| Treat, i × Post,2017 | 0.385 | 0.565 | ||
| (0.80) | (1.09) | |||
| Treat, i × Post,2018 | 0.811* | 1.844*** | ||
| (2.05) | (3.83) | |||
| Treat, i × Post,2019 | 0.582 | 2.172*** | ||
| (1.34) | (3.82) | |||
| Treat, i × Post,2020 | 0.374 | 2.420*** | ||
| (0.73) | (4.00) | |||
| Constant | 0.955 | −4.363 | 1.122 | −7.251 |
| (0.09) | (−0.23) | (0.10) | (−0.40) | |
| Observations | 288 | 639 | 288 | 639 |
| R-squared | 0.786 | 0.755 | 0.795 | 0.766 |
| Control variables | Yes | Yes | Yes | Yes |
| Company FE | Yes | Yes | Yes | Yes |
| Year FE | Yes | Yes | Yes | Yes |
Robust t-statistics in parentheses,
***
p < 0.01,
*
p < 0.1.