1% ============================================================================2\section{Results}3\label{sec:results}4% ============================================================================56\subsection{Baseline Results}7\label{subsec:baseline_results}89Table~\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.1011\input{tables/regression}1213The 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 $y$.1415\subsection{Graphical Evidence}16\label{subsec:graphical}1718Figure~\ref{fig:main_result} provides graphical evidence supporting our main findings.1920\input{figures/main_figure}2122The figure illustrates \ldots{} The upward trend in \ldots{} is consistent with the regression estimates reported in Table~\ref{tab:regression}.2324\subsection{Sub-sample Analysis}25\label{subsec:subsample}2627To 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{}28