PSM regression analysis
| Variables | (1) | (2) |
|---|---|---|
| IE | IED | |
| GAPS_mean | −0.009** (−2.161) | −0.073 (−0.445) |
| Controls | Yes | Yes |
| Constant | −0.021 (−0.281) | 2.122 (0.811) |
| Industry | Yes | Yes |
| Year | Yes | Yes |
| Observations | 910 | 872 |
| F-statistics | 12.32*** | – |
| Adjusted R2/pseudo-R2 | 0.3595 | 0.1797 |
| Variables | (1) | (2) |
|---|---|---|
| GAPS_mean | −0.009 | −0.073 (−0.445) |
| Yes | Yes | |
| Constant | −0.021 (−0.281) | 2.122 (0.811) |
| Industry | Yes | Yes |
| Year | Yes | Yes |
| Observations | 910 | 872 |
| 12.32 | – | |
| Adjusted | 0.3595 | 0.1797 |
This table reports the results of the PSM regression test. Nearest neighbour matching, no replacement. Column (1) is OLS regression, and column (2) is Logit regression. *p < 0.10, **p < 0.05, ***p < 0.01. Robust t-statistics (in parentheses) are based on standard errors clustered by firm and year. All variables are defined in Appendix
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