Table 7 Conduction effect test

Back × Time

 − 0.625***

(0.1404)

 − 0.578***

(0.1410)

For × Time

0.808***

(0.2060)

0.675***

(0.2110)

Back × Year2014

 − 0.364*

(0.2187)

Back × Year2015

 − 0.414**

(0.1978)

Back × Year2016

 − 0.607**

(0.2687)

Back × Year2017

 − 0.532**

(0.2490)

Back × Year2018

 − 0.893***

(0.2675)

Back × Year2019

 − 0.689***

(0.2359)

For × Year2014

0.384

(0.3328)

For × Year2015

0.270

(0.3324)

For × Year2016

0.680

(0.4489)

For × Year2017

0.853**

(0.3411)

For × Year2018

1.125***

(0.3330)

For × Year2019

0.783**

(0.3251)

Constant

0.469***

(0.0053)

 − 5.004***

(0.3326)

 − 5.149***

(0.3592)

Control

Yes

Yes

Firm

Yes

Yes

Yes

Year

Yes

Yes

Yes

Observations

19,029

18,914

20,841

Adjust R²

0.621

0.683

0.703