Variables | Nearest-neighbor method | Kernel matching method | Radius matching method |
---|---|---|---|
Panel A: Investment | |||
CapEx | 0.009*** (0.002) | 0.006*** (4.20) | 0.006*** (5.33) |
R&D | 0.022*** (0.003) | 0.018*** (4.93) | 0.013*** (9.90) |
Aqc | 0.008*** (0.003) | 0.003** (2.16) | 0.007 (4.57) |
Total investment | 0.038*** (0.005) | 0.027*** (3.69) | 0.026*** (4.80) |
N | 9034 | 9034 | 9034 |
Panel B: Financing | |||
Equity issuance | 0.056*** (0.006) | 0.017*** (0.001) | 0.016*** (0.004) |
Debt issuance | 0.013*** (0.005) | 0.007** (0.003) | 0.011*** (0.002) |
Total issuance | 0.069*** (0.014) | 0.024*** (0.009) | 0.027*** (0.005) |
N | 9034 | 9034 | 9034 |
Panel C: Payout and cash holdings | |||
Dividend | − 0.001** (0.000) | − 0.002** (0.001) | − 0.002*** (0.001) |
Repurchase | − 0.001* (0.001) | − 0.004*** (0.002) | − 0.001* (0.001) |
Total payout | − 0.002** (0.001) | − 0.005*** (0.002) | − 0.003** (0.001) |
ΔCash | − 0.006** (0.018) | − 0.002** (0.001) | − 0.002** (0.001) |
N | 9034 | 9034 | 9034 |