Table 11 OLS and fixed-effects results –...

Table 11

OLS and fixed-effects results – after propensity score matching

Variables	OLS			Panel – Fixed effect
Variables	(31)	(32)	(33)	(34)	(35)	(36)
AvgID_Total	0.004			0.004
AvgID_Total	(1.40)			(0.85)
AvgID_Inside		0.002			−0.007
AvgID_Inside		(0.59)			(−1.25)
AvgID_Outside			0.006*			0.010**
AvgID_Outside			(1.88)			(2.00)
SIZE	−0.003*	−0.003**	−0.000	0.008	0.015	0.006
SIZE	(−1.77)	(−2.02)	(−0.33)	(0.47)	(1.09)	(0.29)
LEV	0.006	0.028***	0.006	0.015	0.081*	0.039
LEV	(0.69)	(2.91)	(0.66)	(0.32)	(1.91)	(0.86)
CFO_t-1	−0.010	−0.037	−0.016	−0.069	0.019	0.014
CFO_t-1	(−0.36)	(−1.35)	(−0.60)	(−1.24)	(0.30)	(0.27)
MB	0.004***	0.002*	0.002**	−0.001	−0.000	0.001
MB	(3.43)	(1.74)	(2.36)	(−0.47)	(−0.05)	(0.75)
ROA_t-1	−0.013	0.029	0.028	−0.008	−0.056	0.075
ROA_t-1	(−0.52)	(1.07)	(0.98)	(−0.13)	(−1.10)	(1.19)
PPE_t-1	−0.028***	−0.043***	−0.028***	−0.010	−0.004	−0.029
PPE_t-1	(−3.41)	(−4.94)	(−3.36)	(−0.24)	(−0.10)	(−0.95)
INTAN_t-1	0.012	−0.068	−0.053	0.232	−0.044	0.065
INTAN_t-1	(0.29)	(−1.40)	(−1.31)	(1.61)	(−0.25)	(0.50)
OWN	−0.027**	−0.032***	−0.043***	0.021	0.075	−0.052
OWN	(−2.36)	(−2.96)	(−3.99)	(0.13)	(0.54)	(−1.06)
FOR	−0.009	0.004	−0.007	0.070	0.075	0.077
FOR	(−0.41)	(0.22)	(−0.40)	(1.14)	(1.25)	(1.55)
AGE	−0.001	−0.005**	−0.006***	0.032	−0.025	−0.002
AGE	(−0.57)	(−2.37)	(−3.12)	(1.61)	(−1.19)	(−0.21)
LOSS	0.000	0.002	0.011**	−0.011*	−0.001	0.010**
LOSS	(0.10)	(0.38)	(2.57)	(−1.76)	(−0.16)	(1.98)
BIG4	0.003	0.005	−0.000	–	–	–
BIG4	(0.89)	(1.34)	(−0.11)	–	–	–
N	902	935	1,022	902	935	1,022
Fixed Effects
Year	Yes	Yes	Yes	Yes	Yes	Yes
Industry	Yes	Yes	Yes	No	No	No
Firm	No	No	No	Yes	Yes	Yes
Adj R2	0.04	0.07	0.05	–	–	–
within R2	–	–	–	0.05	0.07	0.06
F-Statistics	2.73***	4.04***	3.48***	2.09***	2.44***	2.27***

Variables	OLS			Panel – Fixed effect
Variables	(31)	(32)	(33)	(34)	(35)	(36)
AvgID_Total	0.004			0.004
AvgID_Total	(1.40)			(0.85)
AvgID_Inside		0.002			−0.007
AvgID_Inside		(0.59)			(−1.25)
AvgID_Outside			0.006*			0.010**
AvgID_Outside			(1.88)			(2.00)
SIZE	−0.003*	−0.003**	−0.000	0.008	0.015	0.006
SIZE	(−1.77)	(−2.02)	(−0.33)	(0.47)	(1.09)	(0.29)
LEV	0.006	0.028***	0.006	0.015	0.081*	0.039
LEV	(0.69)	(2.91)	(0.66)	(0.32)	(1.91)	(0.86)
CFO_t-1	−0.010	−0.037	−0.016	−0.069	0.019	0.014
CFO_t-1	(−0.36)	(−1.35)	(−0.60)	(−1.24)	(0.30)	(0.27)
MB	0.004***	0.002*	0.002**	−0.001	−0.000	0.001
MB	(3.43)	(1.74)	(2.36)	(−0.47)	(−0.05)	(0.75)
ROA_t-1	−0.013	0.029	0.028	−0.008	−0.056	0.075
ROA_t-1	(−0.52)	(1.07)	(0.98)	(−0.13)	(−1.10)	(1.19)
PPE_t-1	−0.028***	−0.043***	−0.028***	−0.010	−0.004	−0.029
PPE_t-1	(−3.41)	(−4.94)	(−3.36)	(−0.24)	(−0.10)	(−0.95)
INTAN_t-1	0.012	−0.068	−0.053	0.232	−0.044	0.065
INTAN_t-1	(0.29)	(−1.40)	(−1.31)	(1.61)	(−0.25)	(0.50)
OWN	−0.027**	−0.032***	−0.043***	0.021	0.075	−0.052
OWN	(−2.36)	(−2.96)	(−3.99)	(0.13)	(0.54)	(−1.06)
FOR	−0.009	0.004	−0.007	0.070	0.075	0.077
FOR	(−0.41)	(0.22)	(−0.40)	(1.14)	(1.25)	(1.55)
AGE	−0.001	−0.005**	−0.006***	0.032	−0.025	−0.002
AGE	(−0.57)	(−2.37)	(−3.12)	(1.61)	(−1.19)	(−0.21)
LOSS	0.000	0.002	0.011**	−0.011*	−0.001	0.010**
LOSS	(0.10)	(0.38)	(2.57)	(−1.76)	(−0.16)	(1.98)
BIG4	0.003	0.005	−0.000	–	–	–
BIG4	(0.89)	(1.34)	(−0.11)	–	–	–
N	902	935	1,022	902	935	1,022
Fixed Effects
Year	Yes	Yes	Yes	Yes	Yes	Yes
Industry	Yes	Yes	Yes	No	No	No
Firm	No	No	No	Yes	Yes	Yes
Adj R2	0.04	0.07	0.05	–	–	–
within R2	–	–	–	0.05	0.07	0.06
F-Statistics	2.73***	4.04***	3.48***	2.09***	2.44***	2.27***

Note(s): Standard errors are clustered at the firm level

*, **, and *** indicate statistical significance at the 10%, 5%, and 1% levels, respectively

Source(s): Table by author

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