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\section{Results}
\label{sec:results}
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\subsection{Baseline Results}
\label{subsec:baseline_results}

Table~\ref{tab:regression} presents the estimation results of our baseline model specified in Equation~\eqref{eq:baseline}. Column~(1) reports the OLS estimates without fixed effects. Columns~(2)--(4) progressively add firm and time fixed effects and the full set of controls.

\input{tables/regression}

The coefficient on $X_{i,t}$ is positive and statistically significant at the 1\% level across all specifications. The point estimate in our preferred specification (Column~4) implies that a one-standard-deviation increase in $X$ is associated with a \ldots{} increase in $y$.

\subsection{Graphical Evidence}
\label{subsec:graphical}

Figure~\ref{fig:main_result} provides graphical evidence supporting our main findings.

\input{figures/main_figure}

The figure illustrates \ldots{} The upward trend in \ldots{} is consistent with the regression estimates reported in Table~\ref{tab:regression}.

\subsection{Sub-sample Analysis}
\label{subsec:subsample}

To explore potential heterogeneity, we re-estimate Equation~\eqref{eq:baseline} across sub-samples defined by \ldots{} The results, available in Table~\ref{tab:app_subsample} of Appendix~\ref{app:tables}, indicate that \ldots{}