Table 14 PSM regression results (1) (2)...

Table 14

PSM regression results

	(1)	(2)	(3)	(4)	(5)
	GAPD	TOBINQ	MKTBK	LNBMEET	BMEET
GAPD		−0.103***	−0.001***	−0.022***	−0.023***
GAPD		(−4.754)	(−5.273)	(−3.881)	(−4.027)
Controls	Yes	Yes	Yes	Yes	Yes
Constant	−0.526***	18.851***	2.416***	0.381***	0.846***
Constant	(−2.753)	(18.595)	(240.928)	(3.800)	(8.878)
Industry	Yes	Yes	Yes	Yes	Yes
Year	Yes	Yes	Yes	Yes	Yes
Observations	37,200	18,789	18,789	18,789	18,789
F-statistics		84.85***	1408.75***	113.55***
Adjusted-R²/Pseudo R²	0.2271	0.4119	0.8659	0.2134
Unmatched (S.E.; T-stat)		0.0205; −20.50	0.0006; 7.37	0.0045; −5.69	0.0579; 1.00
ATT (S.E.; T-stat)		0.0264; −7.99	0.0006; −0.31	0.0054; −3.33	0.0710; −1.87

	(1)	(2)	(3)	(4)	(5)
	GAPD	TOBINQ	MKTBK	LNBMEET	BMEET
GAPD		−0.103***	−0.001***	−0.022***	−0.023***
GAPD		(−4.754)	(−5.273)	(−3.881)	(−4.027)
Controls	Yes	Yes	Yes	Yes	Yes
Constant	−0.526***	18.851***	2.416***	0.381***	0.846***
Constant	(−2.753)	(18.595)	(240.928)	(3.800)	(8.878)
Industry	Yes	Yes	Yes	Yes	Yes
Year	Yes	Yes	Yes	Yes	Yes
Observations	37,200	18,789	18,789	18,789	18,789
F-statistics		84.85***	1408.75***	113.55***
Adjusted-R²/Pseudo R²	0.2271	0.4119	0.8659	0.2134
Unmatched (S.E.; T-stat)		0.0205; −20.50	0.0006; 7.37	0.0045; −5.69	0.0579; 1.00
ATT (S.E.; T-stat)		0.0264; −7.99	0.0006; −0.31	0.0054; −3.33	0.0710; −1.87

Note(s): Table 14 reports the PSM regression Test using the Nearest Neighbour Matching approach. S.E. does not take into account the estimated propensity score. Column (1) is Probit regression, columns (2), (3), and (4) are OLS regressions, and column (5) is Poisson regression. t-statistics in parentheses. *p < 0.10, **p < 0.05, ***p < 0.01. Robust t-statistics (in parentheses) are based on standard errors clustered by industry and year. All the variables are defined in Appendix

Source(s): Authors’ own calculation

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