Robustness checks: PSM method
| (4) | (5) | |
|---|---|---|
| Cross | 0.180** | 0.262*** |
| (0.077) | (0.068) | |
| Growth | −0.219*** | −0.152*** |
| (0.037) | (0.032) | |
| IND | 1.423*** | 1.473*** |
| (0.502) | (0.458) | |
| Lev | −0.306 | −0.269 |
| (0.198) | (0.171) | |
| Cash | −0.282 | −0.137 |
| (0.285) | (0.256) | |
| PPE | −1.191*** | −0.945*** |
| (0.205) | (0.177) | |
| ROA | 2.734*** | 2.489*** |
| (0.514) | (0.436) | |
| Share | 0.181 | −0.106 |
| (0.201) | (0.178) | |
| Separation | −0.499 | −0.223 |
| (0.377) | (0.331) | |
| SOE | −0.015 | 0.083 |
| (0.060) | (0.053) | |
| Size | 0.330*** | 0.360*** |
| (0.031) | (0.028) | |
| Tobin_q | −0.029 | 0.009 |
| (0.024) | (0.021) | |
| Age | −0.349*** | −0.286*** |
| (0.093) | (0.081) | |
| Year FEs | Yes | Yes |
| Industry FEs | Yes | Yes |
| Constant | −7.256*** | −8.077*** |
| (0.841) | (0.726) | |
| Observations | 3,548 | 3,548 |
| 0.235 | 0.215 |
| (4) | (5) | |
|---|---|---|
| 0.180** | 0.262*** | |
| (0.077) | (0.068) | |
| −0.219*** | −0.152*** | |
| (0.037) | (0.032) | |
| 1.423*** | 1.473*** | |
| (0.502) | (0.458) | |
| −0.306 | −0.269 | |
| (0.198) | (0.171) | |
| −0.282 | −0.137 | |
| (0.285) | (0.256) | |
| −1.191*** | −0.945*** | |
| (0.205) | (0.177) | |
| 2.734*** | 2.489*** | |
| (0.514) | (0.436) | |
| 0.181 | −0.106 | |
| (0.201) | (0.178) | |
| −0.499 | −0.223 | |
| (0.377) | (0.331) | |
| −0.015 | 0.083 | |
| (0.060) | (0.053) | |
| 0.330*** | 0.360*** | |
| (0.031) | (0.028) | |
| −0.029 | 0.009 | |
| (0.024) | (0.021) | |
| −0.349*** | −0.286*** | |
| (0.093) | (0.081) | |
| Yes | Yes | |
| Yes | Yes | |
| −7.256*** | −8.077*** | |
| (0.841) | (0.726) | |
| 3,548 | 3,548 | |
| 0.235 | 0.215 |
Note(s): ***, ** and * denote significance at the 1%, 5% and 10% level, respectively
Source(s): Authors' own work
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