Table 6 Robustness test (PSM and entropy...

Table 6

Robustness test (PSM and entropy balancing)

Variables	PSM		Entropy balancing
Variables	Coeff	t-value	Coeff	t-value
FOWN	0.137**	2.840	0.213***	4.790
BLOWN	−0.317***	−4.850	−0.249***	−3.220
GOWN	0.580***	5.680	0.526***	6.040
INSOWN	0.390***	3.710	0.337***	4.240
SIZE	0.000	−0.250	1.19e−14***	4.340
AGE	0.039	0.920	0.112***	3.080
ROA	−0.076	−0.510	−0.259	−1.860
LEV	−0.363***	−0.534	−0.456***	−6.280
Model Statistics
Obs	270		205
R-squared	0.297		0.477
F-statistic	13.81***		–
PSM Matched
Treated	135
Untreated	70
Entropy Balancing Weighted
Treated Units			135
Control Units			75

Variables	PSM		Entropy balancing
Variables	Coeff	t-value	Coeff	t-value
FOWN	0.137**	2.840	0.213***	4.790
BLOWN	−0.317***	−4.850	−0.249***	−3.220
GOWN	0.580***	5.680	0.526***	6.040
INSOWN	0.390***	3.710	0.337***	4.240
SIZE	0.000	−0.250	1.19e−14***	4.340
AGE	0.039	0.920	0.112***	3.080
ROA	−0.076	−0.510	−0.259	−1.860
LEV	−0.363***	−0.534	−0.456***	−6.280
Model Statistics
Obs	270		205
R-squared	0.297		0.477
F-statistic	13.81***		–
PSM Matched
Treated	135
Untreated	70
Entropy Balancing Weighted
Treated Units			135
Control Units			75

Note(s): Significance levels: *p ≤ 0.1, **p ≤ 0.05, ***p ≤ 0.01

Variable Definition: FOWN: Foreign Ownership, BLOWN: Blockholder Ownership, GOWN: Government Ownership, INSOWN: Institutional Ownership, FZ: Firm Size, AGE: Firm Age, ROA: Return on Assets, LEV: Leverage

Source(s): Created by authors

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