Table 4.

Regression results of the emergency response mechanism, the emergency response effect, and investor sentiments.

Variable	(1) Ajygs	(3) Ajygs	(5) Ajygs
FC	0.018∗∗∗ (4.05)		0.017∗∗∗ (3.95)
NCs		0.021∗∗∗ (2.77)	0.020∗∗∗ (2.63)
Date	−0.000 (−0.12)	0.000 (0.81)	0.000 (0.77)
GDP	−0.421∗∗∗ (−18.13)	−0.406∗∗∗ (−17.65)	−0.418∗∗∗ (−18.03)
Size	−0.228∗∗∗ (−11.76)	−0.246∗∗∗ (−12.96)	−0.230∗∗∗ (−11.84)
Lev	0.134 (1.05)	0.128 (1.00)	0.143 (1.12)
Tax	0.110∗∗∗ (4.99)	0.135∗∗∗ (6.48)	0.108∗∗∗ (4.90)
Annual	Control	Control	Control
Constant term (math.)	21.690∗∗∗ (15.87)	20.086∗∗∗ (13.93)	20.461∗∗∗ (14.17)
Sample size	10,891	10,891	10,891
Pseudo R2	0.0865	0.0861	0.0869

Note: t-statistics in parentheses; ^∗∗∗, ^∗∗, and ^∗ indicate significant at 1%, 5%, and 10% levels, respectively.