TABLE 5.
Entropy balance matching.
| Dependent variable | (1) Restatement | (2) LAF |
| SEASONED | −0.424*** | 0.106*** |
| (−3.68) | (9.37) | |
| UNSEASONED | 0.407* | −0.035* |
| (1.86) | (−1.73) | |
| SIZE | 0.017 | 0.358*** |
| (0.38) | (41.38) | |
| LEV | 0.781*** | 0.123*** |
| (3.24) | (3.46) | |
| ROA | −3.541*** | −0.289*** |
| (−6.70) | (−3.65) | |
| CFO | −1.917*** | 0.172*** |
| (−3.51) | (2.95) | |
| AGE | 0.030*** | 0.004*** |
| (2.86) | (3.21) | |
| SOE | −0.366*** | −0.046*** |
| (−3.58) | (−2.64) | |
| TENURE | −0.069*** | 0.003 |
| (−4.49) | (1.39) | |
| IBig4 | −0.755** | 0.786*** |
| (−2.01) | (10.28) | |
| Cons | −1.788* | 5.432*** |
| (−1.89) | (30.87) | |
| Industry fixed effects | YES | YES |
| Year fixed effects | YES | YES |
| N (firm-years) | 32389 | 32389 |
| Adj. R2 (Pseudo R2) | 0.118 | 0.627 |
Standard errors are robust to heteroscedasticity and clustered at the firm level. T-statistics are in parentheses. ***, **, and * denote significance at the 1, 5, and 10% level, respectively.