Table 7 Matching results for the...

Table 7

Matching results for the variables before and after entropy balancing

	Treat			Control (before entropy weighting)			Control (after entropy weighting)
Variable	Mean	Variance	Skewness	Mean	Variance	Skewness	Mean	Variance	Skewness
Size	22.140	1.610	0.731	22.240	1.707	0.729	22.140	1.610	0.731
Lev	0.422	0.043	0.181	0.428	0.039	0.214	0.422	0.043	0.181
Roa	0.051	0.002	−0.416	0.046	0.002	−0.792	0.051	0.002	−0.416
Cfo	0.047	0.005	−0.142	0.051	0.004	−0.026	0.047	0.005	−0.142
PB	3.561	7.925	2.664	3.677	9.505	2.646	3.561	7.925	2.664
Exfin	1.942	73.040	7.171	2.133	85.750	6.680	1.942	73.040	7.170
Top1	0.344	0.021	0.512	0.352	0.022	0.460	0.344	0.021	0.512
Indep	0.373	0.003	1.446	0.377	0.003	1.243	0.373	0.003	1.446
Board	2.145	0.039	−0.291	2.122	0.040	−0.288	2.145	0.039	−0.291
Exeshare	0.078	0.021	2.109	0.075	0.020	2.150	0.078	0.021	2.109
Exepay	14.34	0.518	0.162	14.43	0.441	0.232	14.34	0.518	0.162
Audit	0.982	0.018	−7.293	0.982	0.018	−7.178	0.982	0.018	−7.293

	Treat			Control (before entropy weighting)			Control (after entropy weighting)
Variable	Mean	Variance	Skewness	Mean	Variance	Skewness	Mean	Variance	Skewness
Size	22.140	1.610	0.731	22.240	1.707	0.729	22.140	1.610	0.731
Lev	0.422	0.043	0.181	0.428	0.039	0.214	0.422	0.043	0.181
Roa	0.051	0.002	−0.416	0.046	0.002	−0.792	0.051	0.002	−0.416
Cfo	0.047	0.005	−0.142	0.051	0.004	−0.026	0.047	0.005	−0.142
PB	3.561	7.925	2.664	3.677	9.505	2.646	3.561	7.925	2.664
Exfin	1.942	73.040	7.171	2.133	85.750	6.680	1.942	73.040	7.170
Top1	0.344	0.021	0.512	0.352	0.022	0.460	0.344	0.021	0.512
Indep	0.373	0.003	1.446	0.377	0.003	1.243	0.373	0.003	1.446
Board	2.145	0.039	−0.291	2.122	0.040	−0.288	2.145	0.039	−0.291
Exeshare	0.078	0.021	2.109	0.075	0.020	2.150	0.078	0.021	2.109
Exepay	14.34	0.518	0.162	14.43	0.441	0.232	14.34	0.518	0.162
Audit	0.982	0.018	−7.293	0.982	0.018	−7.178	0.982	0.018	−7.293

Note(s): This table reports matching results for the variables before and after entropy balancing. We divide the whole sample into two groups based on Commun, in which the high-interaction companies are the treated group and the low-interaction companies are the control group. The control variables in model (2) are weighted to reduce the differences between the two groups in the first moment (mean), second moment (variance) and third moment (skewness). Ultimately, we obtained 16,665 matching sample observations

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