Table 8

OLS regression results after propensity score matching (PSM)

Var.Bias_SalesBias_NIBias_CFBias_ CAPEX
(1)(2)(3)(4)
PFR−1.053***−0.011*−0.020*−0.085***
(0.000)(0.059)(0.061)(0.000)
SIZE0.080***−0.000−0.001*−0.008***
(0.000)(0.875)(0.062)(0.000)
LEV−1.387***0.004−0.017***−0.048***
(0.000)(0.146)(0.001)(0.000)
ROA−2.294***−0.924***−0.913***−0.145***
(0.000)(0.000)(0.000)(0.000)
MTB−0.023**−0.003***−0.003***−0.011***
(0.027)(0.001)(0.001)(0.000)
BETA0.047**0.005***0.007***0.012***
(0.022)(0.000)(0.000)(0.000)
VOL−0.349***−0.048***−0.058***−0.049***
(0.000)(0.000)(0.000)(0.000)
Foreign−0.053***−0.002***−0.003***0.003*
(0.000)(0.000)(0.000)(0.078)
Blockholder−0.004***−0.000−0.000**−0.000
(0.000)(0.937)(0.034)(0.232)
DA0.348**0.0100.055***0.027
(0.018)(0.303)(0.001)(0.191)
BIG4−0.0320.0010.0000.005
(0.119)(0.268)(0.984)(0.159)
Market0.131***−0.001−0.002−0.013***
(0.000)(0.588)(0.229)(0.001)
Industry FEIncludedIncludedIncludedIncluded
Year FEIncludedIncludedIncludedIncluded
N3,2333,1322,8072,345
R20.4200.9340.8370.311

Note(s): This regression uses robust standard errors. Values in parentheses indicate p-values. *, **, and *** denote statistical significance at the 10, 5, and 1% levels, respectively

Source(s): The authors
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