Table 10

Propensity score matching method

Variables(1)
LnSGA
LnIncome0.457***
(25.53)
LnIncome×D−0.062
(−0.52)
LnIncome×D×Treat−0.176***
(−2.86)
LnIncome×D×Post−0.115*
(−1.66)
LnIncome×D×Treat×Post0.156**
(2.03)
Treat−0.028***
(−3.74)
Post0.098***
(6.35)
Treat×Post0.009
(0.98)
LnIncome×D×D_Twoyear0.133***
(2.94)
LnIncome×D×Eco_Growth0.413
(0.59)
LnIncome×D×Employ_Inten−0.003
(−0.38)
LnIncome×D×Asset_Inten−0.023***
(−5.30)
D_Twoyear−0.013
(−1.46)
Employ_Inten0.001
(0.32)
Asset_Inten−0.005***
(−3.57)
ROA0.022
(0.47)
Lev−0.006
(−0.40)
MKI0.002*
(1.71)
Firsthold0.072***
(5.59)
Ind−0.033
(−0.96)
Dual−0.005
(−0.93)
Mshare0.149***
(7.56)
Constant−0.035
(−1.25)
IndustryYes
YearYes
Observations13,789
Adjusted R-squared0.305

Note(s): ***, ** and * denote statistical significance at the 1, 5 and 10% levels, respectively; robust t-statistics are in parentheses; standard errors clustered at the firm level

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