Regression results using PSM
| Variable | (1) |
|---|---|
| Abtone | |
| D&O | 0.006* |
| (1.75) | |
| Size | 0.003* |
| (1.95) | |
| Growth | −0.003** |
| (−2.22) | |
| Dir | 0.045* |
| (1.68) | |
| Top1 | 0.028** |
| (2.20) | |
| ROE | −0.034** |
| (−2.55) | |
| Loss | −0.008 |
| (−1.20) | |
| OCF | −0.014 |
| (−0.52) | |
| LR | −0.005*** |
| (−3.77) | |
| Dual | 0.007 |
| (1.39) | |
| B/M | −0.008*** |
| (−4.81) | |
| Board | −0.016* |
| (−1.66) | |
| _cons | −0.069 |
| (−1.53) | |
| Year | Yes |
| Industry | Yes |
| N | 3872.000 |
| r2_a | 0.129 |
| Variable | (1) |
|---|---|
| 0.006* | |
| (1.75) | |
| 0.003* | |
| (1.95) | |
| −0.003** | |
| (−2.22) | |
| 0.045* | |
| (1.68) | |
| 0.028** | |
| (2.20) | |
| −0.034** | |
| (−2.55) | |
| −0.008 | |
| (−1.20) | |
| −0.014 | |
| (−0.52) | |
| −0.005*** | |
| (−3.77) | |
| 0.007 | |
| (1.39) | |
| −0.008*** | |
| (−4.81) | |
| −0.016* | |
| (−1.66) | |
| −0.069 | |
| (−1.53) | |
| Yes | |
| Yes | |
| N | 3872.000 |
| r2_a | 0.129 |
Note(s): ***, **, and * denote statistical significance at the 1%, 5%, and 10% levels, respectively Numbers in parentheses are the t-values
Source(s): Table by authors
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