Note(s): This table reports the results of the mean test and Wilcoxon rank sum test for our sample of 16,665 firm-year observations (10,615 firm-year observations for Commun = 1; 6,050 firm-year observations for Commun = 0). Standard errors after robust adjustment are clustered at the firm-year level. ***, ** and * indicate statistical significance at the 0.01, 0.05 and 0.10 levels, respectively (two-tailed tests)