Note(s): This table present statistics of post-match differences in propensity score matching. Panel A presents parameter estimates from the logistic model used to estimate propensity scores for firms in the treatment and control groups. In Panel B, Column (1) presents sample average of firm characteristics in the treated group; Column (2) presents sample average of firm characteristics in the control group; Column (3) presents the sample mean difference test between Columns (1) and (2); Column (4) presents the t-value of the sample mean difference test between Columns (1) and (2). Panel C reports estimation based on the propensity-score-matched sample. The regressions control for firm- and region-times-year-fixed effects. Robust standard errors are clustered at the state-of-headquarter level. Robust standard errors are reported in parentheses. Definitions of all these variables are provided in Table A1 in Appendix. Coefficients marked with *, **, and *** are significant at 10%, 5%, and 1%, respectively