% ============================================================================
% Table: Regression Results
% ============================================================================
\begin{table}[htbp]
  \centering
  \begin{threeparttable}
    \caption{Baseline Regression Results}
    \label{tab:regression}
    \begin{tabular}{@{}lcccc@{}}
      \toprule
      & (1) & (2) & (3) & (4) \\
      \midrule
      $X_{i,t}$           & 0.245$^{***}$ & 0.198$^{***}$ & 0.183$^{***}$ & 0.172$^{***}$ \\
                           & (0.042)       & (0.038)       & (0.035)       & (0.033)       \\[6pt]
      Size                 &               &               & $-$0.032$^{**}$ & $-$0.028$^{**}$ \\
                           &               &               & (0.014)       & (0.013)       \\[6pt]
      Book-to-Market       &               &               & 0.051$^{***}$ & 0.047$^{***}$ \\
                           &               &               & (0.018)       & (0.017)       \\[6pt]
      Leverage             &               &               &               & $-$0.089$^{**}$ \\
                           &               &               &               & (0.041)       \\[6pt]
      ROA                  &               &               &               & 0.015$^{*}$   \\
                           &               &               &               & (0.008)       \\[6pt]
      \midrule
      Firm FE              & No  & Yes & Yes & Yes \\
      Time FE              & No  & No  & Yes & Yes \\
      Controls             & No  & No  & Yes & Yes \\[3pt]
      Observations         & 125{,}400 & 125{,}400 & 125{,}400 & 125{,}400 \\
      $R^2$                & 0.032 & 0.148 & 0.215 & 0.228 \\
      Adjusted $R^2$       & 0.031 & 0.112 & 0.178 & 0.190 \\
      \bottomrule
    \end{tabular}
    \begin{tablenotes}[flushleft]
      \footnotesize
      \item \textit{Notes:} This table reports OLS estimates of Equation~\eqref{eq:baseline}. The dependent variable is $y_{i,t}$. $X_{i,t}$ is the main explanatory variable. Control variables include firm size, book-to-market ratio, leverage, and return on assets. Standard errors clustered at the firm level are reported in parentheses. $^{***}$, $^{**}$, and $^{*}$ denote statistical significance at the 1\%, 5\%, and 10\% levels, respectively.
    \end{tablenotes}
  \end{threeparttable}
\end{table}