Table 6 Endogeneity test (PSM method with logit and entropy balance matching).
From: The impact of industrial robot adoption on firm’s trade credit
(1) | (2) | |
|---|---|---|
Logit | Ebalance | |
VARIABLES | Credit | Credit |
lnexposure | 0.005*** | 0.007*** |
(2.72) | (3.27) | |
Size | 0.010** | 0.011*** |
(2.56) | (3.08) | |
Age | 0.033*** | 0.027*** |
(5.78) | (4.74) | |
ROA | −0.087*** | −0.105*** |
(−5.03) | (−5.87) | |
LEV | −0.124*** | −0.114*** |
(−7.12) | (−6.30) | |
Growth | 0.005*** | 0.004*** |
(3.17) | (2.64) | |
CashFlow | 0.087*** | 0.088*** |
(6.59) | (7.03) | |
PPE | 0.009 | 0.014 |
(0.66) | (1.02) | |
SOE | 0.022*** | 0.023*** |
(2.77) | (2.94) | |
Top1 | 0.000** | 0.000** |
(2.41) | (2.08) | |
Inst | −0.000** | −0.000** |
(−2.29) | (−2.26) | |
Dual | −0.001 | −0.001 |
(−0.60) | (−0.50) | |
Indep | 0.000 | 0.000 |
(0.59) | (0.96) | |
Board | 0.014 | 0.016 |
(1.33) | (1.57) | |
StaffIntensity | −0.010*** | −0.010*** |
(−5.15) | (−5.68) | |
MarketShare | 0.248*** | 0.324*** |
(2.79) | (2.96) | |
Constant | −0.185** | −0.210*** |
(−2.10) | (−2.61) | |
N | 9795 | 11,162 |
Firm fixed effect | YES | YES |
Year fixed effect | YES | YES |
Adj-R2 | 0.807 | 0.811 |
