Table 9 Entropy balancing.
Variables | Treatment group | Control group | ||||
|---|---|---|---|---|---|---|
mean | variance | skewness | mean | variance | skewness | |
Panel A: Before Entropy Balancing | ||||||
BS | 8.799 | 3.336 | 0.877 | 9.036 | 3.405 | 0.881 |
BI | 0.372 | 0.003 | 1.463 | 0.365 | 0.003 | 1.433 |
CEO_Dual | 0.235 | 0.18 | 1.248 | 0.212 | 0.167 | 1.408 |
LEV | 0.449 | 0.047 | 0.244 | 0.447 | 0.044 | 0.184 |
Age | 9.61 | 41.8 | 0.358 | 9.018 | 36.53 | 0.486 |
Size | 22.06 | 1.765 | 0.649 | 22 | 1.672 | 0.728 |
RDI | 0.002 | 0 | 11.77 | 0.002 | 0 | 11.35 |
Tang | 0.929 | 0.009 | −3.028 | 0.937 | 0.007 | −3.452 |
Panel B: After Entropy Balancing | ||||||
BS | 8.799 | 3.336 | 0.877 | 8.799 | 3.145 | 0.77 |
BI | 0.372 | 0.003 | 1.463 | 0.372 | 0.003 | 1.568 |
CEO_Dual | 0.235 | 0.18 | 1.248 | 0.235 | 0.18 | 1.248 |
LEV | 0.449 | 0.047 | 0.244 | 0.449 | 0.045 | 0.201 |
Age | 9.61 | 41.8 | 0.358 | 9.61 | 40.44 | 0.368 |
Size | 22.06 | 1.765 | 0.649 | 22.06 | 1.731 | 0.588 |
RDI | 0.002 | 0 | 11.77 | 0.002 | 0 | 10.84 |
Tang | 0.929 | 0.009 | −3.028 | 0.929 | 0.009 | −3.268 |
Panel C: Regression results | ||||||
(1) ROA | ||||||
DLWY_dummy | −0.006*** | |||||
(0.001) | ||||||
BS | 0.014*** | |||||
(0.005) | ||||||
BI | −0.004*** | |||||
(0.001) | ||||||
CEO_Dual | 0.001 | |||||
(0.002) | ||||||
LEV | −0.142*** | |||||
(0.006) | ||||||
Age | −0.005*** | |||||
(0.001) | ||||||
Size | 0.013*** | |||||
(0.001) | ||||||
RDI | −0.160*** | |||||
(0.033) | ||||||
Tang | 0.027*** | |||||
(0.007) | ||||||
Cons | −0.232*** | |||||
(0.026) | ||||||
Observations | 20427 | |||||
R-squared | 0.284 | |||||
Industry Dummy | Yes | |||||
Year Dummy | Yes | |||||
