Note(s): This table reports robustness tests using propensity score matching (PSM). Panel A presents the first-stage logistic regression estimating the likelihood of a firm being classified as high-culture based on firm, financial, and governance characteristics. Panel B shows the second-stage regression of discretionary accruals quality (DAQ) on the PSM-adjusted culture score. Standard errors in parentheses. *, **, and *** denote 10%, 5%, and 1% significance, respectively. All models include year, firm, industry, and state fixed effects