Table 12. Entropy balancing (2006–2022,...

Table 12.

Entropy balancing (2006–2022, n = 3,404)

	Before entropy balancing				After entropy balancing
	Treatment		Control		Treatment		Control
Variables	Mean	Variance	Mean	Variance	Mean	Variance	Mean	Variance
Panel A: Sample descriptive before and after entropy balancing
DUAL	0.063	0.059	0.053	0.050	0.063	0.059	0.063	0.059
BIGN	0.909	0.083	0.891	0.097	0.909	0.083	0.909	0.082
BOD	9.238	5.737	8.031	5.537	9.238	5.737	9.237	7.873
DIVD	0.888	0.100	0.770	0.177	0.888	0.100	0.887	0.100
MTB	3.382	144.700	7.372	3,518.000	3.382	144.700	3.382	21.790
FEMALE	0.157	0.018	0.142	0.017	0.157	0.018	0.157	0.016
BIND	0.567	0.031	0.532	0.037	0.567	0.031	0.567	0.038
AGE	2.847	0.728	2.478	1.013	2.847	0.728	2.847	0.928
SIZE	22.070	1.748	21.340	1.417	22.070	1.748	22.070	2.239
NDTS	−0.031	0.000	−0.031	0.003	−0.031	0.000	−0.031	0.001
LIQIUD	1.731	10.320	3.043	45.400	1.731	10.320	1.731	2.169
RISK	0.032	0.001	0.041	0.004	0.032	0.001	0.032	0.002
CAFLR	0.098	0.006	0.096	0.016	0.098	0.006	0.098	0.009
ROA	0.065	0.004	0.066	0.010	0.065	0.004	0.065	0.007
Panel B: Regression results
	1	2	3
	CA_HO	LEV	INVEFF
DOND	−0.014*** (−2.93)	0.014* (−1.69)	−0.007** (−2.16)
All controls	Yes	Yes	Yes
Industry	Yes	Yes	Yes
Year	Yes	Yes	Yes
Adj-R²	0.332	0.147	0.239

	Before entropy balancing				After entropy balancing
	Treatment		Control		Treatment		Control
Variables	Mean	Variance	Mean	Variance	Mean	Variance	Mean	Variance
Panel A: Sample descriptive before and after entropy balancing
DUAL	0.063	0.059	0.053	0.050	0.063	0.059	0.063	0.059
BIGN	0.909	0.083	0.891	0.097	0.909	0.083	0.909	0.082
BOD	9.238	5.737	8.031	5.537	9.238	5.737	9.237	7.873
DIVD	0.888	0.100	0.770	0.177	0.888	0.100	0.887	0.100
MTB	3.382	144.700	7.372	3,518.000	3.382	144.700	3.382	21.790
FEMALE	0.157	0.018	0.142	0.017	0.157	0.018	0.157	0.016
BIND	0.567	0.031	0.532	0.037	0.567	0.031	0.567	0.038
AGE	2.847	0.728	2.478	1.013	2.847	0.728	2.847	0.928
SIZE	22.070	1.748	21.340	1.417	22.070	1.748	22.070	2.239
NDTS	−0.031	0.000	−0.031	0.003	−0.031	0.000	−0.031	0.001
LIQIUD	1.731	10.320	3.043	45.400	1.731	10.320	1.731	2.169
RISK	0.032	0.001	0.041	0.004	0.032	0.001	0.032	0.002
CAFLR	0.098	0.006	0.096	0.016	0.098	0.006	0.098	0.009
ROA	0.065	0.004	0.066	0.010	0.065	0.004	0.065	0.007
Panel B: Regression results
	1	2	3
	CA_HO	LEV	INVEFF
DOND	−0.014*** (−2.93)	0.014* (−1.69)	−0.007** (−2.16)
All controls	Yes	Yes	Yes
Industry	Yes	Yes	Yes
Year	Yes	Yes	Yes
Adj-R²	0.332	0.147	0.239

Note(s):

Please refer to Table 2 for operational definitions. Robust t-statistics in parentheses. ***p < 0.01; **p < 0.05; *p < 0