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1% ============================================================================2% Table: Regression Results3% ============================================================================4\begin{table}[htbp]5 \centering6 \begin{threeparttable}7 \caption{Baseline Regression Results}8 \label{tab:regression}9 \begin{tabular}{@{}lcccc@{}}10 \toprule11 & (1) & (2) & (3) & (4) \\12 \midrule13 $X_{i,t}$ & 0.245$^{***}$ & 0.198$^{***}$ & 0.183$^{***}$ & 0.172$^{***}$ \\14 & (0.042) & (0.038) & (0.035) & (0.033) \\[6pt]15 Size & & & $-$0.032$^{**}$ & $-$0.028$^{**}$ \\16 & & & (0.014) & (0.013) \\[6pt]17 Book-to-Market & & & 0.051$^{***}$ & 0.047$^{***}$ \\18 & & & (0.018) & (0.017) \\[6pt]19 Leverage & & & & $-$0.089$^{**}$ \\20 & & & & (0.041) \\[6pt]21 ROA & & & & 0.015$^{*}$ \\22 & & & & (0.008) \\[6pt]23 \midrule24 Firm FE & No & Yes & Yes & Yes \\25 Time FE & No & No & Yes & Yes \\26 Controls & No & No & Yes & Yes \\[3pt]27 Observations & 125{,}400 & 125{,}400 & 125{,}400 & 125{,}400 \\28 $R^2$ & 0.032 & 0.148 & 0.215 & 0.228 \\29 Adjusted $R^2$ & 0.031 & 0.112 & 0.178 & 0.190 \\30 \bottomrule31 \end{tabular}32 \begin{tablenotes}[flushleft]33 \footnotesize34 \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.35 \end{tablenotes}36 \end{threeparttable}37\end{table}38