Table 8.

Results of profitability heterogeneity analysis.

	Baseline regressive results		Parallel trend test
	High-Profitability	Low-Profitability	High-Profitability	Low-Profitability
Treatit × Postit	1.324***	0.945***
	(3.34)	(3.54)
Treat, i × Post,2013			0.085	−0.426
			(0.26)	(−1.53)
Treat, i × Post,2014			−0.404	−0.111
			(−0.50)	(−0.35)
Treat, i × Post,2015			0.135	−0.149
			(0.18)	(−0.40)
Treat, i × Post,2016			−0.264	−0.028
			(−0.27)	(−0.08)
Treat, i × Post,2017			0.298	0.371
			(0.40)	(0.77)
Treat, i × Post,2018			1.642**	1.102**
			(2.22)	(2.15)
Treat, i × Post,2019			2.052**	1.304***
			(2.72)	(3.22)
Treat, i × Post,2020			2.653***	1.159**
			(3.47)	(2.21)
Constant	−2.969	−3.714	−7.729	−3.992
	(−0.11)	(−0.47)	(−0.30)	(−0.49)
Observations	414	585	414	585
R-squared	0.816	0.719	0.828	0.723
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 < 0.05.

The Roe is not included in the control variables.