Table 5.

Regression results of PSM-DID.

	Kernel matching		K near neighbor matching
	(1)	(2)	(3)	(4)
Treatit × Postit	1.194***	1.128***	1.191***	1.133***
	(5.24)	(5.06)	(4.96)	(4.76)
Constant	4.157***	−3.465	4.163***	−2.765
	(54.76)	(−0.30)	(54.33)	(−0.26)
Observations	988	988	897	897
R-squared	0.751	0.777	0.753	0.779
Control variables	No	Yes	No	Yes
Company FE	Yes	Yes	Yes	Yes
Year FE	Yes	Yes	Yes	Yes

Robust t-statistics in parentheses,

^***p < 0.01.