Loosening of Access Threshold and Downturns in Listed Firms Performance: A Quasi-Natural Experiment from the “IPO Green Channel” for Poverty Alleviation

Table 1

Baseline regression results.

Variables	Model 1 ROA	Model 2 ROA	Model 3 ROE	Model 4 ROE
	−6.216	−3.690	−12.558	−8.756
	(1.362)	(1.219)	(2.662)	(2.508)
Fixed assets ratio		−0.103		−0.168
		(0.014)		(0.029)
Current ratio		0.015		0.003
		(0.003)		(0.006)
Quick ratio		−0.020		−0.011
		(0.004)		(0.007)
Net value of inventory		−1.529		−1.903
		(0.498)		(1.025)
Total assets		−11.968		−19.639
		(0.653)		(1.344)
Operating revenue		11.175		18.379
		(0.866)		(1.783)
Constant	7.511	27.357	12.184	40.961
	(0.185)	(3.510)	(0.361)	(7.223)
Sample fixed	Fixed	Fixed	Fixed	Fixed
Time fixed	Fixed	Fixed	Fixed	Fixed
Observations	3, 451	3, 261	3, 451	3, 261
R-squared	0.198	0.355	0.247	0.342
Number of id	556	534	556	534

Note. , , and indicate, respectively, significance at the 1%, 5%, and 10% levels. The t-values are in parentheses.