Table 12.
Results of propensity score matching and Coarsened Exact Matching tests.
| Variables | (1) |
(2) |
(3) |
(4) |
|---|---|---|---|---|
| SC | SC | SC | SC | |
| Origin | 0.051*** | 0.056*** | 0.049*** | 0.039*** |
| (3.24) | (3.43) | (3.01) | (2.65) | |
| Size | −0.028*** | −0.026*** | −0.027*** | −0.011 |
| (-2.96) | (-3.03) | (-3.21) | (-1.54) | |
| Roa | −3.646*** | −3.760*** | −3.904*** | −3.171*** |
| (-4.99) | (-5.66) | (-6.08) | (-4.65) | |
| lev | 0.395*** | 0.310*** | 0.309*** | 0.237*** |
| (6.48) | (5.68) | (5.83) | (5.71) | |
| Instihold | 0.011 | 0.011* | 0.011** | |
| (1.24) | (1.73) | (1.98) | ||
| Soe | −0.046** | −0.020 | −0.013 | −0.016 |
| (-2.32) | (-1.10) | (-0.75) | (-1.03) | |
| Top1 | −0.124* | −0.121* | −0.148** | |
| (-1.69) | (-1.88) | (-2.33) | ||
| Top25 | 0.013 | 0.009 | 0.005 | |
| (0.62) | (0.51) | (0.27) | ||
| Boardsize | 0.046 | 0.024 | 0.019 | 0.073 |
| (0.90) | (0.54) | (0.44) | (1.47) | |
| Independ | 0.541*** | 0.425*** | 0.426*** | 0.476** |
| (3.30) | (2.91) | (2.94) | (2.48) | |
| Constant | 0.830*** | 0.902*** | 0.949*** | 0.343 |
| (3.86) | (4.65) | (4.93) | (1.57) | |
| Industry FE | YES | YES | YES | YES |
| Year FE | YES | YES | YES | YES |
| N | 2932 | 3959 | 4094 | 2749 |
| Adj_R2 | 0.172 | 0.129 | 0.138 | 0.119 |
Notes: ***, **, and * indicate significant at the 1%, 5%, and 10% levels, respectively. Industry and Year fixed effects are included.Standard errors were cluster-adjusted by firm-level.