Table 4 Propensity score matching

CPAO_t−1

− 0.186**

− 0.088**

− 0.045*

(0.038)

(0.011)

(0.090)

DTURN_t−1

0.341***

0.137***

0.122***

(0.002)

(0.007)

(0.000)

NCSKEW_t−1

0.062***

0.055***

0.039***

(0.000)

(0.000)

(0.000)

SIGMA_t−1

− 3.921***

− 1.657***

− 1.316***

(0.000)

(0.000)

(0.000)

RET_t−1

17.878***

14.835***

10.355***

(0.000)

(0.000)

(0.000)

SIZE_t−1

0.007

0.049***

0.026***

(0.510)

(0.000)

(0.000)

MB_t−1

0.046***

0.070***

0.060***

(0.000)

(0.000)

(0.000)

LEV_t−1

− 0.058

− 0.094***

− 0.061**

(0.460)

(0.009)

(0.031)

ROA_t−1

0.226**

0.023

− 0.003

(0.018)

(0.561)

(0.914)

ACC_t−1

0.026

0.010

0.011

(0.614)

(0.706)

(0.569)

R&D_t−1

− 0.185

− 0.229*

− 0.281***

(0.509)

(0.075)

(0.002)

R&D_MISSING_t−1

− 0.076**

0.017

0.021*

(0.044)

(0.239)

(0.064)

KUR_t−1

0.033***

0.002

0.002

(0.000)

(0.349)

(0.162)

GW_t−1

0.353**

0.088

0.032

(0.034)

(0.245)

(0.568)

LOG_FIRM_AGE_t−1

− 0.116***

− 0.074***

− 0.045***

(0.000)

(0.000)

(0.000)

Constant

− 1.270***

− 0.430***

− 0.291***

(0.000)

(0.001)

(0.002)

Year FE

Yes

Yes

Yes

Industry FE

Yes

Yes

Yes

Observations

44,124

44,124

44,124

Pseudo/Adj. R²

0.032

0.056

0.058