Table 7 Different matching strategies...

Table 7

Different matching strategies

	LEV within 20%		ROA within 20%		Matched to listed firms
Variables	LS	LN_LS	LS	LN_LS	LS	LN_LS
	(1)	(2)	(3)	(4)	(5)	(6)
PC	0.0095*	0.0427	0.0051	0.0189	0.0153**	0.0912*
PC	(1.731)	(1.107)	(0.775)	(0.435)	(2.256)	(1.835)
RM PC*	−0.0155**	−0.1190**	−0.0107	−0.1216**	−0.0277***	−0.2240***
RM PC*	(−2.304)	(−2.153)	(−1.388)	(−2.258)	(−3.191)	(−3.090)
FIRST	0.1059	0.9045*	0.0553	0.4820**	0.1055*	0.9445*
FIRST	(1.638)	(1.671)	(1.651)	(2.008)	(1.775)	(1.944)
DUAL	−0.0008	−0.0134	0.0048	0.0526	−0.0060	−0.0317
DUAL	(−0.171)	(−0.293)	(0.877)	(1.272)	(−1.114)	(−0.622)
SOE	−0.0103	−0.0974	−0.0112	−0.0268	−0.0139	−0.0171
SOE	(−1.057)	(−1.064)	(−0.804)	(−0.235)	(−1.203)	(−0.155)
SIZE	−0.0121	−0.1616*	−0.0182**	−0.2693***	−0.0076	−0.1455
SIZE	(−1.033)	(−1.808)	(−2.122)	(−4.025)	(−0.653)	(−1.602)
LEV	−0.0166	−0.2146	−0.0076	0.1176	0.0238	0.0988
LEV	(−0.541)	(−0.959)	(−0.303)	(0.382)	(0.895)	(0.413)
ROA	−0.1107**	−1.1346***	0.0211	0.3376	0.0350	−0.0975
ROA	(−2.087)	(−3.133)	(0.556)	(0.719)	(0.503)	(−0.195)
MARGIN	−0.0099	0.0201	−0.0513***	−0.2076***	−0.0395***	−0.1668**
MARGIN	(−0.858)	(0.270)	(−5.323)	(−4.571)	(−2.647)	(−2.028)
WAGE	0.0428***	0.4327***	0.0366***	0.4121***	0.0493***	0.4144***
WAGE	(5.020)	(8.009)	(3.743)	(4.899)	(3.857)	(4.443)
KY	0.0331***	0.1890**	0.0046	−0.0071	0.0283*	0.1213
KY	(3.111)	(2.535)	(0.231)	(−0.048)	(1.934)	(1.320)
CI	0.0112***	0.1282***	0.0105***	0.1488***	0.0110***	0.1438***
CI	(3.982)	(6.936)	(3.815)	(7.030)	(3.145)	(6.377)
TOBINQ	0.0023	0.0084	0.0021	0.0006	0.0024	0.0000
TOBINQ	(0.842)	(0.432)	(0.833)	(0.041)	(0.739)	(0.002)
CONSTANT	−0.2036	−4.5707**	0.0068	−2.2365	−0.4023	−5.0040**
CONSTANT	(−0.703)	(−2.167)	(0.033)	(−1.587)	(−1.368)	(−2.428)
YEAR FE	YES	YES	YES	YES	YES	YES
FIRM FE	YES	YES	YES	YES	YES	YES
N	860	860	647	647	924	924
Adj. R²	0.533	0.584	0.663	0.692	0.622	0.650

	LEV within 20%		ROA within 20%		Matched to listed firms
Variables	LS	LN_LS	LS	LN_LS	LS	LN_LS
	(1)	(2)	(3)	(4)	(5)	(6)
PC	0.0095*	0.0427	0.0051	0.0189	0.0153**	0.0912*
PC	(1.731)	(1.107)	(0.775)	(0.435)	(2.256)	(1.835)
RM* PC	−0.0155**	−0.1190**	−0.0107	−0.1216**	−0.0277***	−0.2240***
RM* PC	(−2.304)	(−2.153)	(−1.388)	(−2.258)	(−3.191)	(−3.090)
FIRST	0.1059	0.9045*	0.0553	0.4820**	0.1055*	0.9445*
FIRST	(1.638)	(1.671)	(1.651)	(2.008)	(1.775)	(1.944)
DUAL	−0.0008	−0.0134	0.0048	0.0526	−0.0060	−0.0317
DUAL	(−0.171)	(−0.293)	(0.877)	(1.272)	(−1.114)	(−0.622)
SOE	−0.0103	−0.0974	−0.0112	−0.0268	−0.0139	−0.0171
SOE	(−1.057)	(−1.064)	(−0.804)	(−0.235)	(−1.203)	(−0.155)
SIZE	−0.0121	−0.1616*	−0.0182**	−0.2693***	−0.0076	−0.1455
SIZE	(−1.033)	(−1.808)	(−2.122)	(−4.025)	(−0.653)	(−1.602)
LEV	−0.0166	−0.2146	−0.0076	0.1176	0.0238	0.0988
LEV	(−0.541)	(−0.959)	(−0.303)	(0.382)	(0.895)	(0.413)
ROA	−0.1107**	−1.1346***	0.0211	0.3376	0.0350	−0.0975
ROA	(−2.087)	(−3.133)	(0.556)	(0.719)	(0.503)	(−0.195)
MARGIN	−0.0099	0.0201	−0.0513***	−0.2076***	−0.0395***	−0.1668**
MARGIN	(−0.858)	(0.270)	(−5.323)	(−4.571)	(−2.647)	(−2.028)
WAGE	0.0428***	0.4327***	0.0366***	0.4121***	0.0493***	0.4144***
WAGE	(5.020)	(8.009)	(3.743)	(4.899)	(3.857)	(4.443)
KY	0.0331***	0.1890**	0.0046	−0.0071	0.0283*	0.1213
KY	(3.111)	(2.535)	(0.231)	(−0.048)	(1.934)	(1.320)
CI	0.0112***	0.1282***	0.0105***	0.1488***	0.0110***	0.1438***
CI	(3.982)	(6.936)	(3.815)	(7.030)	(3.145)	(6.377)
TOBINQ	0.0023	0.0084	0.0021	0.0006	0.0024	0.0000
TOBINQ	(0.842)	(0.432)	(0.833)	(0.041)	(0.739)	(0.002)
CONSTANT	−0.2036	−4.5707**	0.0068	−2.2365	−0.4023	−5.0040**
CONSTANT	(−0.703)	(−2.167)	(0.033)	(−1.587)	(−1.368)	(−2.428)
YEAR FE	YES	YES	YES	YES	YES	YES
FIRM FE	YES	YES	YES	YES	YES	YES
N	860	860	647	647	924	924
Adj. R²	0.533	0.584	0.663	0.692	0.622	0.650

Note(s): This table presents regression results using different matching strategies. The dependent variables are labor share (LS) and the logarithmically converted form of labor share (LN_LS). In Columns (1) and (2), we pair each RM firm with a matched IPO firm in the same trading venue, year and industry that is closest in size and within 20% scale in LEV. In columns (3) and (4), we pair each RM firm with a matched IPO firm in the same trading venue, year and industry that is closest in size and within 20% scale in ROA. In Columns (5) and (6), the analysis is based on a matched sample of RM firms and already publicly listed firms. See Appendix A for variable definitions. The t-statistics based on robust standard errors clustered by firms are presented in parentheses beneath each estimate. ***, ** and * indicate two-tailed statistical significance at the 1%, 5% and 10% levels, respectively

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