1[2 {"id":"C1","text":"The two-way fixed-effects estimate of beta is 0.604, with a firm-clustered 95% CI of [0.511, 0.698].","results_keys":["beta_fe","se_cluster","beta_ci_low","beta_ci_high"],"status":"supported","caveat":"This is a within-firm, within-year association, not necessarily a causal effect."},3 {"id":"C2","text":"The pooled OLS slope (1.268) is about twice the FE estimate, so x is correlated with firm and/or year effects.","results_keys":["beta_pooled","beta_fe"],"status":"supported","caveat":"The comparison does not separate firm-effect confounding from year-effect confounding."},4 {"id":"C3","text":"The firm-clustered SE (0.047) is about 1.44 times the conventional SE (0.033), consistent with within-firm serial dependence.","results_keys":["se_cluster","se_conventional"],"status":"supported","caveat":"The size of the clustered SE depends slightly (about 5%) on the finite-sample correction used."},5 {"id":"C4","text":"The panel is balanced and complete (100 firms x 12 years = 1200 observations) with no data issues detected.","results_keys":["n_firms","n_years","n_analysed","n_input_rows","data_issues"],"status":"supported","caveat":""}6]7