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Table 4 Propensity score matching (PSM) procedure

From: The capital market spillover effect of product market advertising: Evidence from stock price synchronicity

Panel A: Descriptive statistics for propensity-score-matched sample
 Large_ad = 1Large_ad = 0Test of difference
VariableNo. of obs.MeanNo. of obs.MeanMeant-stat
Debt1,4500.4451,4500.449−0.004−0.57
Size1,45022.0961,45022.0840.0120.27
Mb1,4501.8021,4501.7880.0140.22
Turnover1,4501.7331,4501.7070.0260.55
Big41,4500.0521,4500.0490.0030.34
Age1,4502.3911,4502.3820.0090.37
Roa1,4500.0391,4500.0390.000−0.13
Institution1,4500.3991,4500.403−0.004−0.5
Top11,4500.3381,4500.347−0.009−1.55
Msh1,4500.7871,4500.7770.0100.63
Independent1,4500.3451,4500.375−0.030−0.41
Panel B: The regression results using PSM procedure
 (1)(2)(3)
 Variable SynSynSyn
Ad−1.116b (−2.34)−0.815a (−3.00)−0.751a (−2.79)
Debt−0.320a (−3.50)−0.306a (−3.98)−0.313a (−4.27)
Size0.018 (0.91)−0.014 (−0.87)−0.008 (−0.52)
Mb−0.074a (−6.31)−0.088a (−7.85)−0.089a (−8.01)
Turnover−0.082a (−5.37)−0.092a (−7.38)−0.094a (−7.81)
Big4−0.183b (−2.39)−0.148a (−2.92)−0.143a (−2.87)
Age0.067b (2.44)0.077a (3.51)0.071a (3.29)
Roa−0.119 (−0.40)−0.290 (−1.18)−0.268 (−1.10)
Institution−0.149c (−1.92)−0.193a (−3.21)−0.190a (−3.20)
Top1−0.251b (−2.31)−0.165c (−1.88)−0.184b (−2.13)
Msh−0.017 (−0.52)0.009 (0.33)0.014 (0.53)
Independent0.070 (0.28)0.211 (1.06)0.257 (1.32)
_Cons0.258 (0.48)0.814b (2.22)0.738b (2.07)
Year fixed effectsYesYesYes
Industry fixed effectsYesYesYes
No. of obs.2,9004,7085,022
Adj. R20.3240.3320.334
  1. Notes.Numbers in parentheses are t-statistics based on standard errors clustered by firm when we control for year and industry effects
  2. a, b, and c denote statistical significance at the 1%, 5%, and 10% levels, respectively