Table 5 Regression Results of Propensity Score Matching

Returnee (0/1) _i,t

1.274

0.054^*

(1.56)

(1.66)

Returnee number _i,t

0.862^**

0.035^**

(2.53)

(2.48)

State control (0/1) _i,t

1.116

−0.329

0.014

0.000

(0.39)

(−0.14)

(0.12)

(0.00)

Board Independence _i,t

3.047

12.268

0.131

0.526

(0.31)

(1.52)

(0.33)

(1.59)

Power balance _i,t

−0.052

−0.005

−0.002

−0.001

(−0.91)

(−0.11)

(−0.91)

(−0.59)

Duality (0/1) _i,t

−0.042

−1.600*

−0.012

−0.056

(−0.04)

(−1.79)

(−0.27)

(−1.53)

Managerial ownership _i,t

1.424

−0.431

−0.050

−0.088

(0.39)

(−0.15)

(−0.33)

(−0.74)

Institutional ownership _i,t

10.648^***

14.763^***

0.354^***

0.547^***

(4.87)

(7.42)

(4.03)

(6.70)

Firm age _i,t

−0.002

0.041

0.000

0.002

(−0.02)

(0.55)

(0.08)

(0.50)

Size _i,t

6.833^***

6.825^***

0.243^***

0.240^***

(16.05)

(19.04)

(14.20)

(16.32)

ROA _i,t

66.604^***

84.315^***

1.684^***

1.786^***

(8.67)

(14.04)

(5.45)

(7.25)

Leverage _i,t

−7.241^***

−5.911^***

−0.242^**

−0.165^**

(−3.03)

(−3.05)

(−2.52)

(−2.08)

Intercept

−121.646^***

−134.466^***

−2.983^***

−3.412^***

(−12.72)

(−16.34)

(−7.75)

(−10.11)

Year

Yes

Yes

Yes

Yes

Industry

Yes

Yes

Yes

Yes

Observations

2248

2248

2248

2248

Adjusted R–squared

0.32

0.38

0.25

0.28