Note(s): The table reports the entropy balancing estimates.  Appendix 3 shows the result of the entropy balancing procedure. OKTA refers to the ratio of organizational capital to total assets. OKTC refers to the ratio of organizational capital to total capital. We include in the estimation all main control variables (i.e. size, ROA, slack, tangibility, firm age, leverage, Tobin’s Q, and Loss). All variables are as defined in  Appendix 1. Figures in parentheses are standard errors that are clustered at the firm level for heteroscedasticity. (^***) (^**) (^*) significance at the (1%) (5%) (10%) levels

Source(s): Authors’ own work