Table A3 Entropy balancing estimates of...

Table A3

Entropy balancing estimates of the matched samples

Variable	Treat			Control
Variable	Mean	Variance	Skewness	Mean	Variance	Skewness
Before weighting
Size	16.57	1.409	0.3898	16.96	1.046	0.3435
ROA	0.6737	4.975	0.6838	0.126	8.655	−0.0119
Slack	0.1161	0.0204	1.84	0.1542	0.0243	1.539
Tangibility	0.6546	0.0608	−0.5331	0.6262	0.0443	−0.3122
Firm age	2.943	0.6451	−1.5300	3.015	0.5594	−1.712
Leverage	43.79	5.887	0.7926	42.91	8.732	1.178
Tobin’s Q	1.030	1.7167	3.771	2.508	3.4312	2.023
Loss	0.0567	0.0535	3.832	0.0447	0.0428	4.401
After weighting
Size	16.57	1.409	0.3898	16.57	1.409	0.3898
ROA	0.6737	4.975	0.6838	0.6737	4.975	0.6838
Slack	0.1161	0.0204	1.84	0.1161	0.0204	1.84
Tangibility	0.6546	0.0608	−0.5331	0.6546	0.0608	−0.5331
Firm age	2.943	0.6451	−1.5300	2.943	0.6451	−1.5300
Leverage	43.79	5.887	0.7926	43.79	5.887	0.7926
Tobin’s Q	1.030	1.7167	3.771	1.030	1.7167	3.771
Loss	0.0567	0.0535	3.832	0.0567	0.0535	3.832

Variable	Treat			Control
Variable	Mean	Variance	Skewness	Mean	Variance	Skewness
Before weighting
Size	16.57	1.409	0.3898	16.96	1.046	0.3435
ROA	0.6737	4.975	0.6838	0.126	8.655	−0.0119
Slack	0.1161	0.0204	1.84	0.1542	0.0243	1.539
Tangibility	0.6546	0.0608	−0.5331	0.6262	0.0443	−0.3122
Firm age	2.943	0.6451	−1.5300	3.015	0.5594	−1.712
Leverage	43.79	5.887	0.7926	42.91	8.732	1.178
Tobin’s Q	1.030	1.7167	3.771	2.508	3.4312	2.023
Loss	0.0567	0.0535	3.832	0.0447	0.0428	4.401
After weighting
Size	16.57	1.409	0.3898	16.57	1.409	0.3898
ROA	0.6737	4.975	0.6838	0.6737	4.975	0.6838
Slack	0.1161	0.0204	1.84	0.1161	0.0204	1.84
Tangibility	0.6546	0.0608	−0.5331	0.6546	0.0608	−0.5331
Firm age	2.943	0.6451	−1.5300	2.943	0.6451	−1.5300
Leverage	43.79	5.887	0.7926	43.79	5.887	0.7926
Tobin’s Q	1.030	1.7167	3.771	1.030	1.7167	3.771
Loss	0.0567	0.0535	3.832	0.0567	0.0535	3.832

Note(s): The table reports the output of the entropy balancing procedure, before and after weighting. The entropy balancing procedure is based on salient firm attributes, which are the control variables in this study (i.e. size, ROA, slack, tangibility, firm age, leverage, Tobin’s Q, and Loss). All variables are as defined in Appendix 1

Source(s): Authors’ own work

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