Table 7 Entropy balancing analysis Panel...

Table 7

Entropy balancing analysis

Panel A: Sample descriptive statistics before and after entropy balancing
	Before Entropy Balancing				After Entropy Balancing
	Treatment		Control		Treatment		Control
	Mean	Variance	Mean	Variance	Mean	Variance	Mean	Variance
BDSIZE	10.51	4.251	10.37	4.734	10.51	4.251	10.35	4.206
INDPDIR	0.703	0.014	0.643	0.014	0.703	0.014	0.661	0.016
COMPRN	0.881	0.105	0.732	0.197	0.881	0.105	0.784	0.17
AUDCOMIND	0.972	0.005	0.964	0.006	0.972	0.005	0.957	0.007
CYBERPOLICY	0.52	0.25	0.152	0.13	0.52	0.25	0.321	0.219
CRISKIND	0.242	0.184	0.183	0.15	0.242	0.184	0.192	0.156
SIZE	16.57	3.834	16.47	3.32	16.57	3.834	16.4	3.408
LEV	0.258	0.031	0.231	0.022	0.258	0.031	0.256	0.029
ROA	0.107	0.039	0.057	0.005	0.107	0.039	0.083	0.023
MTB	6.608	258	3.598	18.55	6.608	258	5.177	144

Panel A: Sample descriptive statistics before and after entropy balancing
	Before Entropy Balancing				After Entropy Balancing
	Treatment		Control		Treatment		Control
	Mean	Variance	Mean	Variance	Mean	Variance	Mean	Variance
BDSIZE	10.51	4.251	10.37	4.734	10.51	4.251	10.35	4.206
INDPDIR	0.703	0.014	0.643	0.014	0.703	0.014	0.661	0.016
COMPRN	0.881	0.105	0.732	0.197	0.881	0.105	0.784	0.17
AUDCOMIND	0.972	0.005	0.964	0.006	0.972	0.005	0.957	0.007
CYBERPOLICY	0.52	0.25	0.152	0.13	0.52	0.25	0.321	0.219
CRISKIND	0.242	0.184	0.183	0.15	0.242	0.184	0.192	0.156
SIZE	16.57	3.834	16.47	3.32	16.57	3.834	16.4	3.408
LEV	0.258	0.031	0.231	0.022	0.258	0.031	0.256	0.029
ROA	0.107	0.039	0.057	0.005	0.107	0.039	0.083	0.023
MTB	6.608	258	3.598	18.55	6.608	258	5.177	144

Panel B: Regressions using entropy-balanced sample
	Dep. Var. = DISVOL
	(1)	(2)	(3)	(4)
GENDIV	0.300
GENDIV	(0.587)
1WOMAN		0.106
1WOMAN		(0.464)
2WOMEN			−0.356^***
2WOMEN			(−2.753)
≥3WOMEN				0.343^**
≥3WOMEN				(2.479)
BDSIZE	0.075^**	0.079^***	0.047^*	0.039
BDSIZE	(2.525)	(2.667)	(1.683)	(1.399)
INDPDIR	−1.932^***	−1.850^***	−1.768^***	−1.930^***
INDPDIR	(−3.462)	(−3.381)	(−3.423)	(−3.596)
COMPRN	0.381^**	0.388^**	0.397^**	0.376^**
COMPRN	(2.394)	(2.430)	(2.532)	(2.404)
AUDCOMIND	0.049	0.114	0.267	0.106
AUDCOMIND	(0.063)	(0.143)	(0.352)	(0.137)
CYBERPOLICY	−0.050	−0.057	−0.054	−0.057
CYBERPOLICY	(−0.329)	(−0.363)	(−0.344)	(−0.360)
Intercept	Yes	Yes	Yes	Yes
Control variables	Yes	Yes	Yes	Yes
Year FE	Yes	Yes	Yes	Yes
Industry FE	Yes	Yes	Yes	Yes
Cluster by	Firm	Firm	Firm	Firm
Observations	630	630	630	630
Adjusted R²	0.367	0.367	0.379	0.381

Panel B: Regressions using entropy-balanced sample
	Dep. Var. = DISVOL
	(1)	(2)	(3)	(4)
GENDIV	0.300
GENDIV	(0.587)
1WOMAN		0.106
1WOMAN		(0.464)
2WOMEN			−0.356^***
2WOMEN			(−2.753)
≥3WOMEN				0.343^**
≥3WOMEN				(2.479)
BDSIZE	0.075^**	0.079^***	0.047^*	0.039
BDSIZE	(2.525)	(2.667)	(1.683)	(1.399)
INDPDIR	−1.932^***	−1.850^***	−1.768^***	−1.930^***
INDPDIR	(−3.462)	(−3.381)	(−3.423)	(−3.596)
COMPRN	0.381^**	0.388^**	0.397^**	0.376^**
COMPRN	(2.394)	(2.430)	(2.532)	(2.404)
AUDCOMIND	0.049	0.114	0.267	0.106
AUDCOMIND	(0.063)	(0.143)	(0.352)	(0.137)
CYBERPOLICY	−0.050	−0.057	−0.054	−0.057
CYBERPOLICY	(−0.329)	(−0.363)	(−0.344)	(−0.360)
Intercept	Yes	Yes	Yes	Yes
Control variables	Yes	Yes	Yes	Yes
Year FE	Yes	Yes	Yes	Yes
Industry FE	Yes	Yes	Yes	Yes
Cluster by	Firm	Firm	Firm	Firm
Observations	630	630	630	630
Adjusted R²	0.367	0.367	0.379	0.381

Note(s): The table presents the results of the entropy balancing analysis. Panel A reports the descriptive statistics of covariate balance before and after entropy balancing. Panel B presents the results of the entropy-balanced sample. The definitions of variables are given in the Appendix. Robust two-tailed t-statistics clustered by firm are shown in parentheses. Superscripts ^***, ^**, and ^* denote significance at the 1%, 5%, and 10% levels, respectively

Source(s): Authors’ own work

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