Propensity score matching (PSM)
| (1) | (2) | (3) | (4) | |
|---|---|---|---|---|
| Variables | Model 1 | Model 2 | Model 3 | Model 4 |
| NumKAM | NumKAM | WordKAM | WordKAM | |
| Prox_KM | −0.168** (0.065) | −0.163** (0.074) | ||
| Prox_Min | −0.298* (0.185) | −0.157** (0.076) | ||
| Constant | 0.986 (0.994) | −1.068 (2.571) | 6.941*** (1.157) | 5.138*** (1.049) |
| Observations | 180 | 190 | 179 | 190 |
| Adjusted R2 | 0.271 | 0.221 | 0.211 | 0.218 |
| Controls | Yes | Yes | Yes | Yes |
| Year FE | Yes | Yes | Yes | Yes |
| Industry FE | Yes | Yes | Yes | Yes |
| Prob > F | 0.00 | 0.00 | 0.00 | 0.00 |
| (1) | (2) | (3) | (4) | |
|---|---|---|---|---|
| Variables | Model 1 | Model 2 | Model 3 | Model 4 |
| NumKAM | NumKAM | WordKAM | WordKAM | |
| Prox_KM | −0.168 | −0.163 | ||
| Prox_Min | −0.298 | −0.157 | ||
| Constant | 0.986 (0.994) | −1.068 (2.571) | 6.941 | 5.138 |
| Observations | 180 | 190 | 179 | 190 |
| Adjusted | 0.271 | 0.221 | 0.211 | 0.218 |
| Controls | Yes | Yes | Yes | Yes |
| Year | Yes | Yes | Yes | Yes |
| Industry | Yes | Yes | Yes | Yes |
| Prob > | 0.00 | 0.00 | 0.00 | 0.00 |
This table reports the results of the propensity score matching (PSM). Variable definitions are provided in Table 2. Robust standard errors are reported in parentheses. ***p < 0.01, **p < 0.05, *p < 0.10
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