Table 6 Entropy balancing analysis Panel...

Table 6

Entropy balancing analysis

Panel A: Sample descriptive analysis before and after entropy balancing
	Before entropy balancing				After entropy balancing
	Treatment		Control		Treatment		Control
	Mean	Variance	Mean	Variance	Mean	Variance	Mean	Variance
INDP	0.232	0.010	0.305	0.071	0.232	0.010	0.232	0.029
BS	11.22	11.70	11.15	24.22	11.22	11.70	11.22	21.11
FISZE	9.951	0.221	9.931	0.373	9.951	0.221	9.951	0.368
ROE	0.067	0.070	0.108	0.095	0.067	0.070	0.067	0.036
LEV	10.98	44.56	10.71	78.57	10.98	44.56	10.98	59.67
BM	16.01	66.120	15.31	32.22	16.01	66.12	16.01	30.88
DO	0.378	0.017	0.443	0.031	0.378	0.017	0.378	0.026
IO	0.219	0.009	0.171	0.013	0.219	0.009	0.219	0.015
FO	0.032	0.007	0.025	0.003	0.032	0.007	0.032	0.004
COVID19	0.407	0.242	0.454	0.250	0.407	0.242	0.407	0.244

Panel A: Sample descriptive analysis before and after entropy balancing
	Before entropy balancing				After entropy balancing
	Treatment		Control		Treatment		Control
	Mean	Variance	Mean	Variance	Mean	Variance	Mean	Variance
INDP	0.232	0.010	0.305	0.071	0.232	0.010	0.232	0.029
BS	11.22	11.70	11.15	24.22	11.22	11.70	11.22	21.11
FISZE	9.951	0.221	9.931	0.373	9.951	0.221	9.951	0.368
ROE	0.067	0.070	0.108	0.095	0.067	0.070	0.067	0.036
LEV	10.98	44.56	10.71	78.57	10.98	44.56	10.98	59.67
BM	16.01	66.120	15.31	32.22	16.01	66.12	16.01	30.88
DO	0.378	0.017	0.443	0.031	0.378	0.017	0.378	0.026
IO	0.219	0.009	0.171	0.013	0.219	0.009	0.219	0.015
FO	0.032	0.007	0.025	0.003	0.032	0.007	0.032	0.004
COVID19	0.407	0.242	0.454	0.250	0.407	0.242	0.407	0.244

Panel B: Regression using entropy balancing
Variables	(1)	(2)	(3)	(4)	(5)	(6)	(7)
	Model 1	Model 2	Model 3	Model 4	Model 5	Model 6	Model 7
	Dependent variable = NPL
FPBOD	−0.361^***	−0.280^***	−0.296^***	−0.342^***	−0.240^**	−0.373^***	−0.473^***
FPBOD	(0.0931)	(0.100)	(0.0934)	(0.0961)	(0.105)	(0.0959)	(0.0966)
FE_IND		−0.695^***
FE_IND		(0.215)
FE_LED			−0.0629^***
FE_LED			(0.0177)
FE_EXP				−0.345^***
FE_EXP				(0.113)
FE_HEDU					−0.341^***
FE_HEDU					(0.131)
FE_FOREDU						−0.360^***
FE_FOREDU						(0.119)
FE_ACFI							−0.101
FE_ACFI							(0.177)
Constant	2.479^***	2.404^***	2.391^***	1.523^***	1.499^***	1.546^***	1.564^***
Constant	(0.486)	(0.483)	(0.477)	(0.569)	(0.560)	(0.567)	(0.578)
All controls	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Year fixed	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Industry fixed	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Observations	365	358	358	328	328	328	328
R-squared	0.677	0.684	0.683	0.711	0.710	0.710	0.706
Adj. R-squared	0.661	0.667	0.666	0.694	0.693	0.693	0.689
F-statistic	14.43^***	14.70^***	14.07^***	12.76^***	12.67^***	12.91^***	12.67^***

Panel B: Regression using entropy balancing
Variables	(1)	(2)	(3)	(4)	(5)	(6)	(7)
	Model 1	Model 2	Model 3	Model 4	Model 5	Model 6	Model 7
	Dependent variable = NPL
FPBOD	−0.361^***	−0.280^***	−0.296^***	−0.342^***	−0.240^**	−0.373^***	−0.473^***
FPBOD	(0.0931)	(0.100)	(0.0934)	(0.0961)	(0.105)	(0.0959)	(0.0966)
FE_IND		−0.695^***
FE_IND		(0.215)
FE_LED			−0.0629^***
FE_LED			(0.0177)
FE_EXP				−0.345^***
FE_EXP				(0.113)
FE_HEDU					−0.341^***
FE_HEDU					(0.131)
FE_FOREDU						−0.360^***
FE_FOREDU						(0.119)
FE_ACFI							−0.101
FE_ACFI							(0.177)
Constant	2.479^***	2.404^***	2.391^***	1.523^***	1.499^***	1.546^***	1.564^***
Constant	(0.486)	(0.483)	(0.477)	(0.569)	(0.560)	(0.567)	(0.578)
All controls	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Year fixed	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Industry fixed	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Observations	365	358	358	328	328	328	328
R-squared	0.677	0.684	0.683	0.711	0.710	0.710	0.706
Adj. R-squared	0.661	0.667	0.666	0.694	0.693	0.693	0.689
F-statistic	14.43^***	14.70^***	14.07^***	12.76^***	12.67^***	12.91^***	12.67^***

Note(s): Numbers in parentheses are robust standard error. Superscripts ^***, ^**, and ^* denote significance at the 1%, 5%, and 10% levels, respectively. The definitions of variables are given in Appendix

Source(s): Created by author

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