Table 9 Coarsened exact matching (CEM)... | Emerald Publishing

Table 9

Coarsened exact matching (CEM) result

Panel A: Matching summary
	Digital transformation = 0	Digital transformation = 1
All	128	127
Matched	120	110
Unmatched	8	17

Panel B: Regression result
	(1)
	ESG
DTAR	4.838^*
DTAR	(1.707)
TOBINSQ	−1.445
TOBINSQ	(−1.159)
LEV	−8.655
LEV	(−1.461)
FSIZE	2.648^*
FSIZE	(1.963)
FAGE	0.095
FAGE	(1.640)
BSIZE	0.711^*
BSIZE	(1.949)
BIG4	12.221^***
BIG4	(4.650)
STATEOWN	6.057^***
STATEOWN	(2.789)
_cons	−44.168
_cons	(−1.074)
Year FE	Yes
Industry FE	Yes
R²	0.530
Adjusted R²	0.480
N	230

Panel B: Regression result
	(1)
	ESG
DTAR	4.838^*
DTAR	(1.707)
TOBINSQ	−1.445
TOBINSQ	(−1.159)
LEV	−8.655
LEV	(−1.461)
FSIZE	2.648^*
FSIZE	(1.963)
FAGE	0.095
FAGE	(1.640)
BSIZE	0.711^*
BSIZE	(1.949)
BIG4	12.221^***
BIG4	(4.650)
STATEOWN	6.057^***
STATEOWN	(2.789)
_cons	−44.168
_cons	(−1.074)
Year FE	Yes
Industry FE	Yes
R²	0.530
Adjusted R²	0.480
N	230

Note(s): t-statistics in parentheses; ^*, ^**, and ^*** denote significance at 10%, 5%, and 1% levels respectively

Source(s): The authors (2024)