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. 2021 Mar 17;43:102021. doi: 10.1016/j.frl.2021.102021

Table 4.

The estimation results.

Coefficient(s.e) N
Panel A: Model I (Main Model)
Outcome Variable: Firm Leverage		 -0.14
(0.08)		 Total=240, Treated firms=48, Firms in control group=192
ATeT
Panel B: Model II
Outcome Variable: Firm Leverage, the model with additional control variables		 -0.03
(0.10)		 Total=204, Treated firms=43, Firms in control group=161
ATeT
Panel C: Model III
Outcome Variable: Firm Leverage, the model with additional control variables		 -0.06
(0.07)		 Total=240, Treated firms=48, Firms in control group=192
ATeT

Note: Table 4 depicts the ATeT results that are based on the psm method. The estimations are based on the bootstrapped standard errors with 50 replications. The parentheses show the bias corrected bootstrapped standard errors. All the coefficients are statistically significant at a 5% statistical significance level. Bias corrected critical value intervals: For Model I: -0.24 and -0.11, for Model II: -0.23 and 0.22, and for Model III: -0.23 and 0.22. For the variable description, see Appendix.