Following Callaway and Saint Anna (2021), i have run a difference in diffrence with multiple time periods to evaluate the impact of a policy change on firms product innovation and got the following results. Can someone help me to interpret this results ?
Code:
csdid new_product_dummy, [ivar(fact_id)] time(year) gvar(g)
Panel is not balanced
Will use observations with Pair balanced (observed at t0 and t1)
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Difference-in-difference with Multiple Time Periods
Number of obs = 476,561
Outcome model : weighted least squares
Treatment model: inverse probability tilting
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| Coefficient Std. err. z P>|z| [95% conf. interval]
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g2000 |
t_1999_2000 | -.04004 .0822337 -0.49 0.626 -.2012152 .1211351
t_1999_2001 | -.0840298 .0692473 -1.21 0.225 -.219752 .0516923
t_1999_2002 | -.1105771 .0620575 -1.78 0.075 -.2322076 .0110534
t_1999_2003 | -.0779184 .0618752 -1.26 0.208 -.1991917 .0433548
t_1999_2004 | -.0374578 .0584397 -0.64 0.522 -.1519975 .0770819
t_1999_2005 | -.0566546 .06567 -0.86 0.388 -.1853654 .0720562
t_1999_2006 | -.0954044 .0692349 -1.38 0.168 -.2311024 .0402936
t_1999_2007 | -.0833194 .0740289 -1.13 0.260 -.2284133 .0617745
t_1999_2008 | -.1049795 .0714874 -1.47 0.142 -.2450923 .0351333
t_1999_2009 | -.1540709 .0838602 -1.84 0.066 -.3184339 .0102921
t_1999_2010 | -.0543094 .088312 -0.61 0.539 -.2273977 .118779
t_1999_2011 | .0880474 .0442627 1.99 0.047 .0012942 .1748006
t_1999_2012 | .0661285 .0898337 0.74 0.462 -.1099423 .2421992
t_1999_2013 | .0575488 .0792853 0.73 0.468 -.0978476 .2129453
t_1999_2014 | -.0199452 .066263 -0.30 0.763 -.1498183 .109928
t_1999_2015 | -.0789118 .055812 -1.41 0.157 -.1883013 .0304776
t_1999_2016 | -.0197438 .0612035 -0.32 0.747 -.1397005 .1002129
-------------+----------------------------------------------------------------
g2001 |
t_1999_2000 | .0005005 .2042467 0.00 0.998 -.3998157 .4008167
t_2000_2001 | .0861318 .1720204 0.50 0.617 -.251022 .4232857
t_2000_2002 | .084792 .1837578 0.46 0.644 -.2753668 .4449508
t_2000_2003 | -.013533 .2829998 -0.05 0.962 -.5682024 .5411364
t_2000_2004 | .2147039 .1720244 1.25 0.212 -.1224577 .5518656
t_2000_2005 | .0284495 .18867 0.15 0.880 -.3413369 .3982359
t_2000_2006 | .0895082 .2458863 0.36 0.716 -.3924201 .5714364
t_2000_2007 | .2618314 .1862146 1.41 0.160 -.1031426 .6268054
t_2000_2008 | .1737287 .2017021 0.86 0.389 -.2216002 .5690576
t_2000_2009 | -.240671 .2216634 -1.09 0.278 -.6751232 .1937813
t_2000_2010 | .0189058 .2229944 0.08 0.932 -.4181552 .4559667
t_2000_2011 | -.081441 .1714078 -0.48 0.635 -.4173941 .2545121
t_2000_2012 | -.0011672 .2225634 -0.01 0.996 -.4373834 .435049
t_2000_2013 | -.0787363 .2217286 -0.36 0.723 -.5133163 .3558437
t_2000_2014 | .5756527 .1506119 3.82 0.000 .2804588 .8708467
t_2000_2015 | -.1296829 .2028169 -0.64 0.523 -.5271966 .2678308
t_2000_2016 | -.2226086 .1660853 -1.34 0.180 -.5481298 .1029127
-------------+----------------------------------------------------------------
g2002 |
t_1999_2000 | .5005005 .0070746 70.75 0.000 .4866345 .5143665
t_2000_2001 | .0861318 .2932825 0.29 0.769 -.4886913 .660955
t_2001_2002 | -.0300338 .1756643 -0.17 0.864 -.3743295 .314262
t_2001_2003 | .0658015 .1640605 0.40 0.688 -.2557513 .3873543
t_2001_2004 | .0303865 .1482332 0.20 0.838 -.2601453 .3209184
t_2001_2005 | -.5467495 .1503184 -3.64 0.000 -.8413681 -.2521309
t_2001_2006 | -.2582124 .1898998 -1.36 0.174 -.6304091 .1139844
t_2001_2007 | -.1518764 .2391012 -0.64 0.525 -.620506 .3167533
t_2001_2008 | -.0039296 .2450985 -0.02 0.987 -.4843139 .4764546
t_2001_2009 | -.2209041 .2723267 -0.81 0.417 -.7546546 .3128464
t_2001_2010 | -.198032 .3665279 -0.54 0.589 -.9164135 .5203496
t_2001_2011 | -.112247 .2754258 -0.41 0.684 -.6520716 .4275777
t_2001_2012 | .2140907 .3329853 0.64 0.520 -.4385486 .8667299
t_2001_2013 | .0745998 .2215658 0.34 0.736 -.3596611 .5088607
t_2001_2014 | -.0590467 .2121493 -0.28 0.781 -.4748518 .3567583
t_2001_2015 | .1210946 .2224076 0.54 0.586 -.3148162 .5570055
t_2001_2016 | -.0012858 .2806902 -0.00 0.996 -.5514284 .5488568
-------------+----------------------------------------------------------------
g2003 |
t_1999_2000 | .2887358 .0321237 8.99 0.000 .2257744 .3516972
t_2000_2001 | -.0950422 .046609 -2.04 0.041 -.1863943 -.0036902
t_2001_2002 | .0466018 .0365767 1.27 0.203 -.0250872 .1182907
t_2002_2003 | -.0019766 .0346507 -0.06 0.955 -.0698908 .0659376
t_2002_2004 | .0447822 .0347264 1.29 0.197 -.0232803 .1128448
t_2002_2005 | .0174825 .0399538 0.44 0.662 -.0608256 .0957906
t_2002_2006 | -.0001543 .0381314 -0.00 0.997 -.0748904 .0745819
t_2002_2007 | .0275713 .0410741 0.67 0.502 -.0529324 .108075
t_2002_2008 | .050764 .0414791 1.22 0.221 -.0305336 .1320616
t_2002_2009 | .0495834 .0385041 1.29 0.198 -.0258833 .1250501
t_2002_2010 | .0432614 .0420813 1.03 0.304 -.0392165 .1257393
t_2002_2011 | -.0852732 .0331372 -2.57 0.010 -.1502209 -.0203256
t_2002_2012 | .0389449 .0435688 0.89 0.371 -.0464484 .1243382
t_2002_2013 | -.0713089 .0442883 -1.61 0.107 -.1581124 .0154946
t_2002_2014 | -.1431012 .0447073 -3.20 0.001 -.2307259 -.0554765
t_2002_2015 | -.0904734 .0432811 -2.09 0.037 -.1753028 -.0056441
t_2002_2016 | -.1286546 .0440794 -2.92 0.004 -.2150487 -.0422606
-------------+----------------------------------------------------------------
g2004 |
t_1999_2000 | .1961527 .0484908 4.05 0.000 .1011125 .2911929
t_2000_2001 | .1563566 .0559521 2.79 0.005 .0466924 .2660207
t_2001_2002 | .0277976 .0417005 0.67 0.505 -.0539339 .109529
t_2002_2003 | -.0024997 .0406154 -0.06 0.951 -.0821045 .0771051
t_2003_2004 | .057977 .037357 1.55 0.121 -.0152414 .1311953
t_2003_2005 | .0271362 .0424659 0.64 0.523 -.0560953 .1103678
t_2003_2006 | .0086441 .0418792 0.21 0.836 -.0734375 .0907258
t_2003_2007 | .0474325 .0444657 1.07 0.286 -.0397187 .1345837
t_2003_2008 | -.018647 .0422725 -0.44 0.659 -.1014997 .0642057
t_2003_2009 | .0776206 .0434954 1.78 0.074 -.0076288 .16287
t_2003_2010 | .0868646 .0490528 1.77 0.077 -.0092771 .1830064
t_2003_2011 | .0127738 .036706 0.35 0.728 -.0591687 .0847163
t_2003_2012 | .0879102 .0511111 1.72 0.085 -.0122656 .1880861
t_2003_2013 | .0511486 .0479599 1.07 0.286 -.042851 .1451483
t_2003_2014 | -.0093282 .0516924 -0.18 0.857 -.1106434 .091987
t_2003_2015 | -.0791559 .0480956 -1.65 0.100 -.1734216 .0151098
t_2003_2016 | -.133065 .0518922 -2.56 0.010 -.2347718 -.0313582
-------------+----------------------------------------------------------------
g2005 |
t_1999_2000 | .2552898 .0275532 9.27 0.000 .2012865 .309293
t_2000_2001 | -.0175852 .0374201 -0.47 0.638 -.0909272 .0557568
t_2001_2002 | .0404897 .0274303 1.48 0.140 -.0132727 .094252
t_2002_2003 | .0388293 .0260077 1.49 0.135 -.0121448 .0898035
t_2003_2004 | .0397182 .0238491 1.67 0.096 -.0070252 .0864616
t_2004_2005 | .0474691 .0227472 2.09 0.037 .0028855 .0920527
t_2004_2006 | .0404904 .0230618 1.76 0.079 -.0047099 .0856908
t_2004_2007 | .0329936 .0248705 1.33 0.185 -.0157518 .0817389
t_2004_2008 | .0181019 .0262408 0.69 0.490 -.0333292 .069533
t_2004_2009 | -.0806619 .0274829 -2.93 0.003 -.1345274 -.0267964
t_2004_2010 | -.0281709 .0278337 -1.01 0.311 -.0827239 .0263821
t_2004_2011 | -.0513961 .0211644 -2.43 0.015 -.0928776 -.0099145
t_2004_2012 | -.0367624 .028918 -1.27 0.204 -.0934406 .0199158
t_2004_2013 | -.0300014 .028863 -1.04 0.299 -.0865717 .026569
t_2004_2014 | -.0153142 .0286207 -0.54 0.593 -.0714098 .0407814
t_2004_2015 | -.0618914 .0287604 -2.15 0.031 -.1182608 -.005522
t_2004_2016 | -.088019 .0283495 -3.10 0.002 -.143583 -.032455
-------------+----------------------------------------------------------------
g2006 |
t_1999_2000 | .2944919 .0274238 10.74 0.000 .2407423 .3482415
t_2000_2001 | .0874139 .0370783 2.36 0.018 .0147418 .160086
t_2001_2002 | .0826566 .0280113 2.95 0.003 .0277555 .1375577
t_2002_2003 | .0572488 .0263149 2.18 0.030 .0056727 .108825
t_2003_2004 | .0564239 .022558 2.50 0.012 .0122111 .1006367
t_2004_2005 | .02167 .0224475 0.97 0.334 -.0223263 .0656663
t_2005_2006 | .0226188 .0241079 0.94 0.348 -.0246318 .0698695
t_2005_2007 | .0017501 .0251344 0.07 0.944 -.0475124 .0510127
t_2005_2008 | .034118 .0239192 1.43 0.154 -.0127627 .0809987
t_2005_2009 | .1198033 .0232287 5.16 0.000 .0742759 .1653306
t_2005_2010 | .036077 .0263185 1.37 0.170 -.0155063 .0876602
t_2005_2011 | -.0776774 .0205346 -3.78 0.000 -.1179245 -.0374304
t_2005_2012 | .0863201 .026256 3.29 0.001 .0348593 .137781
t_2005_2013 | -.0023554 .0274662 -0.09 0.932 -.0561882 .0514774
t_2005_2014 | -.0340935 .0279879 -1.22 0.223 -.0889488 .0207618
t_2005_2015 | -.1437835 .0276807 -5.19 0.000 -.1980367 -.0895303
t_2005_2016 | -.1304382 .0283174 -4.61 0.000 -.1859394 -.074937
-------------+----------------------------------------------------------------
g2007 |
t_1999_2000 | .1662687 .0254919 6.52 0.000 .1163055 .2162319
t_2000_2001 | .1172869 .0297183 3.95 0.000 .05904 .1755337
t_2001_2002 | -.0066003 .0234536 -0.28 0.778 -.0525686 .039368
t_2002_2003 | .0484251 .0210491 2.30 0.021 .0071697 .0896804
t_2003_2004 | .0418351 .018846 2.22 0.026 .0048975 .0787727
t_2004_2005 | .0228842 .0193685 1.18 0.237 -.0150774 .0608457
t_2005_2006 | -.0267397 .0217186 -1.23 0.218 -.0693073 .0158279
t_2006_2007 | .0095738 .0210754 0.45 0.650 -.0317333 .0508809
t_2006_2008 | -.0436064 .020974 -2.08 0.038 -.0847147 -.0024982
t_2006_2009 | .0204053 .0225944 0.90 0.366 -.023879 .0646896
t_2006_2010 | .0371837 .0224504 1.66 0.098 -.0068182 .0811856
t_2006_2011 | -.0639636 .0182501 -3.50 0.000 -.0997331 -.0281941
t_2006_2012 | -.0411418 .0244708 -1.68 0.093 -.0891037 .0068202
t_2006_2013 | -.0050237 .022848 -0.22 0.826 -.0498049 .0397576
t_2006_2014 | -.0585704 .0226596 -2.58 0.010 -.1029823 -.0141585
t_2006_2015 | -.1864282 .0224769 -8.29 0.000 -.2304822 -.1423743
t_2006_2016 | -.1418684 .0236823 -5.99 0.000 -.188285 -.0954519
-------------+----------------------------------------------------------------
g2008 |
t_1999_2000 | .1996155 .0437217 4.57 0.000 .1139227 .2853084
t_2000_2001 | .0981639 .0547594 1.79 0.073 -.0091626 .2054904
t_2001_2002 | .1591918 .0387363 4.11 0.000 .0832701 .2351136
t_2002_2003 | .0326055 .037255 0.88 0.381 -.0404129 .1056239
t_2003_2004 | .081546 .0310843 2.62 0.009 .020622 .1424701
t_2004_2005 | -.006095 .0311837 -0.20 0.845 -.067214 .0550239
t_2005_2006 | .0131079 .0357807 0.37 0.714 -.057021 .0832368
t_2006_2007 | .0533615 .0350623 1.52 0.128 -.0153593 .1220823
t_2007_2008 | .0101544 .0301784 0.34 0.737 -.0489942 .069303
t_2007_2009 | -.0381917 .0350859 -1.09 0.276 -.1069588 .0305753
t_2007_2010 | .0242532 .0386542 0.63 0.530 -.0515076 .100014
t_2007_2011 | -.0555043 .027827 -1.99 0.046 -.1100442 -.0009643
t_2007_2012 | -.0105108 .0384791 -0.27 0.785 -.0859285 .064907
t_2007_2013 | -.0444556 .0393629 -1.13 0.259 -.1216055 .0326943
t_2007_2014 | -.0514432 .0397316 -1.29 0.195 -.1293156 .0264293
t_2007_2015 | -.0792674 .038097 -2.08 0.037 -.153936 -.0045987
t_2007_2016 | -.1359423 .0403466 -3.37 0.001 -.2150202 -.0568644
-------------+----------------------------------------------------------------
g2010 |
t_1999_2000 | .2505005 .2166219 1.16 0.248 -.1740706 .6750716
t_2000_2001 | .0361318 .3347792 0.11 0.914 -.6200234 .6922871
t_2001_2002 | -.0967004 .245037 -0.39 0.693 -.5769642 .3835633
t_2002_2003 | .2047957 .2084174 0.98 0.326 -.203695 .6132864
t_2003_2004 | .0182498 .1550708 0.12 0.906 -.2856834 .3221829
t_2004_2005 | .0883367 .1854682 0.48 0.634 -.2751743 .4518477
t_2005_2006 | -.0299956 .1424524 -0.21 0.833 -.3091971 .2492059
t_2006_2007 | .09507 .1687616 0.56 0.573 -.2356967 .4258367
t_2007_2008 | -.0542319 .1497612 -0.36 0.717 -.3477585 .2392947
t_2008_2009 | -.077134 .1463418 -0.53 0.598 -.3639586 .2096907
t_2009_2010 | .0097337 .1549414 0.06 0.950 -.2939459 .3134133
t_2009_2011 | -.1013255 .0885245 -1.14 0.252 -.2748303 .0721793
t_2009_2012 | -.0601373 .2134456 -0.28 0.778 -.478483 .3582084
t_2009_2013 | .014191 .1378221 0.10 0.918 -.2559353 .2843173
t_2009_2014 | -.1630969 .1424777 -1.14 0.252 -.4423481 .1161543
t_2009_2015 | -.0633718 .1939426 -0.33 0.744 -.4434923 .3167487
t_2009_2016 | -.3991161 .153248 -2.60 0.009 -.6994767 -.0987554
-------------+----------------------------------------------------------------
g2015 |
t_1999_2000 | .0316208 .0329147 0.96 0.337 -.0328907 .0961324
t_2000_2001 | -.0830882 .037846 -2.20 0.028 -.1572651 -.0089114
t_2001_2002 | -.0167685 .0236975 -0.71 0.479 -.0632147 .0296777
t_2002_2003 | .0036507 .0206798 0.18 0.860 -.036881 .0441823
t_2003_2004 | -.0298066 .0202306 -1.47 0.141 -.0694578 .0098446
t_2004_2005 | -.0379145 .0208637 -1.82 0.069 -.0788065 .0029776
t_2005_2006 | -.0592244 .0216258 -2.74 0.006 -.1016103 -.0168385
t_2006_2007 | -.0152748 .0219081 -0.70 0.486 -.0582139 .0276643
t_2007_2008 | -.0459901 .020605 -2.23 0.026 -.0863753 -.005605
t_2008_2009 | -.027134 .0247298 -1.10 0.273 -.0756036 .0213356
t_2009_2010 | .0347201 .0242328 1.43 0.152 -.0127754 .0822156
t_2010_2011 | .0583254 .0212381 2.75 0.006 .0166994 .0999514
t_2011_2012 | -.098918 .0247463 -4.00 0.000 -.14742 -.0504161
t_2012_2013 | -.0605567 .0227372 -2.66 0.008 -.1051208 -.0159926
t_2013_2014 | -.0869376 .0193846 -4.48 0.000 -.1249308 -.0489445
t_2014_2015 | -.0453287 .0181947 -2.49 0.013 -.0809896 -.0096677
t_2014_2016 | -.0464498 .0201935 -2.30 0.021 -.0860284 -.0068713
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Control: Never Treated
See Callaway and Sant'Anna (2021) for details
