------------------------------------------------------------------------------------------------------------------------ name: log: C:\university\women\ej\robustnesscheck.log log type: text opened on: 26 Mar 2013, 15:44:05 . . set linesize 120 // default is 80 . set varabbrev off, permanently // avoid ambigous variable abbreviations (set varabbrev preference recorded) . . * B. READ in DATA . * . clear . use robustcheck.dta, clear // . * Propeity data source obtained from Manifest Information Services Ltd. . * Replication is possible upon purchasing a full licence from Manifest and requesting the do files used > to clean the data from the authors. . . * C. DEFINE TREATMENT VARIABLE . . *Explore three treatments: . *1. Any female added serving on the board . *2. Any female executive serving on the board . *3. Any female addition on the board. . . gen anyfemale = 0 if allmale==1 // Includes any female > executive or non-executive director (4553 missing values generated) . replace anyfemale = 1 if allmale==0 (4553 real changes made) . . gen anyfemaleexec = 1 if p_female_exec>0 & p_female_exec!=. // Just any female executive (12399 missing values generated) . replace anyfemaleexec = 0 if p_female_exec==0 (12399 real changes made) . . *Female addition is already coded as 'addfemale' . . tab anyfemale anyfemale | Freq. Percent Cum. ------------+----------------------------------- 0 | 9,317 67.17 67.17 1 | 4,553 32.83 100.00 ------------+----------------------------------- Total | 13,870 100.00 . tab anyfemaleexec anyfemaleex | ec | Freq. Percent Cum. ------------+----------------------------------- 0 | 12,399 89.39 89.39 1 | 1,471 10.61 100.00 ------------+----------------------------------- Total | 13,870 100.00 . tab addfemale addfemale | Freq. Percent Cum. ------------+----------------------------------- 0 | 12,730 91.78 91.78 1 | 1,140 8.22 100.00 ------------+----------------------------------- Total | 13,870 100.00 . . * . ********************************************************************** . * * . * D. MATCH regression runs * . * * . ********************************************************************** . * . *Nearest Neighbour Matching using 4 nearest neighbours. Note need to set seed if want exact replication. . *Pooled matching - treatment as any female director . psmatch2 anyfemale l_w_lnsize l_w_bsize l_w_p_neds l_w_p_ind l_w_volatility year_* sic_*, out(w_tsr) n(4) ai(4) note: year_1 != 0 predicts failure perfectly year_1 dropped and 4 obs not used note: year_2 dropped because of collinearity note: year_19 dropped because of collinearity note: sic_8 dropped because of collinearity Probit regression Number of obs = 13725 LR chi2(30) = 2428.95 Prob > chi2 = 0.0000 Log likelihood = -7486.6127 Pseudo R2 = 0.1396 ------------------------------------------------------------------------------ anyfemale | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- l_w_lnsize | .0835518 .0071216 11.73 0.000 .0695937 .0975099 l_w_bsize | .0997416 .00519 19.22 0.000 .0895694 .1099139 l_w_p_neds | .5001037 .0678245 7.37 0.000 .3671701 .6330373 l_w_p_ind | -.6015443 .0733844 -8.20 0.000 -.7453751 -.4577136 l_w_volati~y | -.0695179 .1327425 -0.52 0.600 -.3296885 .1906527 year_3 | .0072237 .1840326 0.04 0.969 -.3534735 .3679209 year_4 | -.0684135 .1708834 -0.40 0.689 -.4033389 .2665118 year_5 | .0489793 .1699337 0.29 0.773 -.2840847 .3820432 year_6 | .105993 .1698028 0.62 0.532 -.2268144 .4388003 year_7 | .2349488 .1692142 1.39 0.165 -.096705 .5666026 year_8 | .2910319 .1688289 1.72 0.085 -.0398667 .6219305 year_9 | .3518861 .1686717 2.09 0.037 .0212956 .6824765 year_10 | .5446623 .1684579 3.23 0.001 .2144909 .8748337 year_11 | .5861102 .1689648 3.47 0.001 .2549453 .9172751 year_12 | .709816 .1686837 4.21 0.000 .379202 1.04043 year_13 | .7598403 .1684095 4.51 0.000 .4297638 1.089917 year_14 | .753369 .1679653 4.49 0.000 .4241631 1.082575 year_15 | .7548346 .1681833 4.49 0.000 .4252014 1.084468 year_16 | .7362722 .1685611 4.37 0.000 .4058986 1.066646 year_17 | .8099919 .1682398 4.81 0.000 .4802479 1.139736 year_18 | .9474414 .18012 5.26 0.000 .5944127 1.30047 sic_1 | -.6360988 .1108931 -5.74 0.000 -.8534452 -.4187524 sic_2 | -.852806 .1072585 -7.95 0.000 -1.063029 -.6425832 sic_3 | -.7944779 .0915643 -8.68 0.000 -.9739406 -.6150153 sic_4 | -.4306283 .0958035 -4.49 0.000 -.6183997 -.2428569 sic_5 | -.138065 .1034547 -1.33 0.182 -.3408324 .0647024 sic_6 | -.0118842 .0914695 -0.13 0.897 -.1911612 .1673928 sic_7 | .2194477 .1433367 1.53 0.126 -.0614871 .5003825 sic_9 | -.3236066 .0919297 -3.52 0.000 -.5037855 -.1434276 sic_10 | -.5094035 .0978391 -5.21 0.000 -.7011646 -.3176423 _cons | -2.521545 .2010419 -12.54 0.000 -2.915579 -2.12751 ------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------- Variable Sample | Treated Controls Difference S.E. T-stat ----------------------------+----------------------------------------------------------- w_tsr Unmatched | .003260131 -.012984449 .01624458 .009738949 1.67 ATT | .003260131 -.004049406 .007309537 .021349968 0.34 ----------------------------+----------------------------------------------------------- Note: Sample S.E. | psmatch2: psmatch2: | Common Treatment | support assignment | On suppor | Total -----------+-----------+---------- Untreated | 9,200 | 9,200 Treated | 4,525 | 4,525 -----------+-----------+---------- Total | 13,725 | 13,725 . psmatch2 anyfemale l_w_lnsize l_w_bsize l_w_p_neds l_w_p_ind l_w_volatility year_* sic_*, out(w_roa) n(4) ai(4) note: year_1 != 0 predicts failure perfectly year_1 dropped and 4 obs not used note: year_2 dropped because of collinearity note: year_19 dropped because of collinearity note: sic_8 dropped because of collinearity Probit regression Number of obs = 13725 LR chi2(30) = 2428.95 Prob > chi2 = 0.0000 Log likelihood = -7486.6127 Pseudo R2 = 0.1396 ------------------------------------------------------------------------------ anyfemale | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- l_w_lnsize | .0835518 .0071216 11.73 0.000 .0695937 .0975099 l_w_bsize | .0997416 .00519 19.22 0.000 .0895694 .1099139 l_w_p_neds | .5001037 .0678245 7.37 0.000 .3671701 .6330373 l_w_p_ind | -.6015443 .0733844 -8.20 0.000 -.7453751 -.4577136 l_w_volati~y | -.0695179 .1327425 -0.52 0.600 -.3296885 .1906527 year_3 | .0072237 .1840326 0.04 0.969 -.3534735 .3679209 year_4 | -.0684135 .1708834 -0.40 0.689 -.4033389 .2665118 year_5 | .0489793 .1699337 0.29 0.773 -.2840847 .3820432 year_6 | .105993 .1698028 0.62 0.532 -.2268144 .4388003 year_7 | .2349488 .1692142 1.39 0.165 -.096705 .5666026 year_8 | .2910319 .1688289 1.72 0.085 -.0398667 .6219305 year_9 | .3518861 .1686717 2.09 0.037 .0212956 .6824765 year_10 | .5446623 .1684579 3.23 0.001 .2144909 .8748337 year_11 | .5861102 .1689648 3.47 0.001 .2549453 .9172751 year_12 | .709816 .1686837 4.21 0.000 .379202 1.04043 year_13 | .7598403 .1684095 4.51 0.000 .4297638 1.089917 year_14 | .753369 .1679653 4.49 0.000 .4241631 1.082575 year_15 | .7548346 .1681833 4.49 0.000 .4252014 1.084468 year_16 | .7362722 .1685611 4.37 0.000 .4058986 1.066646 year_17 | .8099919 .1682398 4.81 0.000 .4802479 1.139736 year_18 | .9474414 .18012 5.26 0.000 .5944127 1.30047 sic_1 | -.6360988 .1108931 -5.74 0.000 -.8534452 -.4187524 sic_2 | -.852806 .1072585 -7.95 0.000 -1.063029 -.6425832 sic_3 | -.7944779 .0915643 -8.68 0.000 -.9739406 -.6150153 sic_4 | -.4306283 .0958035 -4.49 0.000 -.6183997 -.2428569 sic_5 | -.138065 .1034547 -1.33 0.182 -.3408324 .0647024 sic_6 | -.0118842 .0914695 -0.13 0.897 -.1911612 .1673928 sic_7 | .2194477 .1433367 1.53 0.126 -.0614871 .5003825 sic_9 | -.3236066 .0919297 -3.52 0.000 -.5037855 -.1434276 sic_10 | -.5094035 .0978391 -5.21 0.000 -.7011646 -.3176423 _cons | -2.521545 .2010419 -12.54 0.000 -2.915579 -2.12751 ------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------- Variable Sample | Treated Controls Difference S.E. T-stat ----------------------------+----------------------------------------------------------- w_roa Unmatched | .032727028 .026128543 .006598484 .002487019 2.65 ATT | .032727028 .034459028 -.001732 .005131497 -0.34 ----------------------------+----------------------------------------------------------- Note: Sample S.E. | psmatch2: psmatch2: | Common Treatment | support assignment | On suppor | Total -----------+-----------+---------- Untreated | 9,200 | 9,200 Treated | 4,525 | 4,525 -----------+-----------+---------- Total | 13,725 | 13,725 . psmatch2 anyfemale l_w_lnsize l_w_bsize l_w_p_neds l_w_p_ind l_w_volatility year_* sic_*, out(w_roe) n(4) ai(4) note: year_1 != 0 predicts failure perfectly year_1 dropped and 4 obs not used note: year_2 dropped because of collinearity note: year_19 dropped because of collinearity note: sic_8 dropped because of collinearity Probit regression Number of obs = 13725 LR chi2(30) = 2428.95 Prob > chi2 = 0.0000 Log likelihood = -7486.6127 Pseudo R2 = 0.1396 ------------------------------------------------------------------------------ anyfemale | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- l_w_lnsize | .0835518 .0071216 11.73 0.000 .0695937 .0975099 l_w_bsize | .0997416 .00519 19.22 0.000 .0895694 .1099139 l_w_p_neds | .5001037 .0678245 7.37 0.000 .3671701 .6330373 l_w_p_ind | -.6015443 .0733844 -8.20 0.000 -.7453751 -.4577136 l_w_volati~y | -.0695179 .1327425 -0.52 0.600 -.3296885 .1906527 year_3 | .0072237 .1840326 0.04 0.969 -.3534735 .3679209 year_4 | -.0684135 .1708834 -0.40 0.689 -.4033389 .2665118 year_5 | .0489793 .1699337 0.29 0.773 -.2840847 .3820432 year_6 | .105993 .1698028 0.62 0.532 -.2268144 .4388003 year_7 | .2349488 .1692142 1.39 0.165 -.096705 .5666026 year_8 | .2910319 .1688289 1.72 0.085 -.0398667 .6219305 year_9 | .3518861 .1686717 2.09 0.037 .0212956 .6824765 year_10 | .5446623 .1684579 3.23 0.001 .2144909 .8748337 year_11 | .5861102 .1689648 3.47 0.001 .2549453 .9172751 year_12 | .709816 .1686837 4.21 0.000 .379202 1.04043 year_13 | .7598403 .1684095 4.51 0.000 .4297638 1.089917 year_14 | .753369 .1679653 4.49 0.000 .4241631 1.082575 year_15 | .7548346 .1681833 4.49 0.000 .4252014 1.084468 year_16 | .7362722 .1685611 4.37 0.000 .4058986 1.066646 year_17 | .8099919 .1682398 4.81 0.000 .4802479 1.139736 year_18 | .9474414 .18012 5.26 0.000 .5944127 1.30047 sic_1 | -.6360988 .1108931 -5.74 0.000 -.8534452 -.4187524 sic_2 | -.852806 .1072585 -7.95 0.000 -1.063029 -.6425832 sic_3 | -.7944779 .0915643 -8.68 0.000 -.9739406 -.6150153 sic_4 | -.4306283 .0958035 -4.49 0.000 -.6183997 -.2428569 sic_5 | -.138065 .1034547 -1.33 0.182 -.3408324 .0647024 sic_6 | -.0118842 .0914695 -0.13 0.897 -.1911612 .1673928 sic_7 | .2194477 .1433367 1.53 0.126 -.0614871 .5003825 sic_9 | -.3236066 .0919297 -3.52 0.000 -.5037855 -.1434276 sic_10 | -.5094035 .0978391 -5.21 0.000 -.7011646 -.3176423 _cons | -2.521545 .2010419 -12.54 0.000 -2.915579 -2.12751 ------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------- Variable Sample | Treated Controls Difference S.E. T-stat ----------------------------+----------------------------------------------------------- w_roe Unmatched | .063469812 .037199565 .026270247 .007287189 3.60 ATT | .063469812 .052552403 .010917409 .018773826 0.58 ----------------------------+----------------------------------------------------------- Note: Sample S.E. | psmatch2: psmatch2: | Common Treatment | support assignment | On suppor | Total -----------+-----------+---------- Untreated | 9,200 | 9,200 Treated | 4,525 | 4,525 -----------+-----------+---------- Total | 13,725 | 13,725 . psmatch2 anyfemale l_w_lnsize l_w_bsize l_w_p_neds l_w_p_ind l_w_volatility year_* sic_*, out(w_lnptob) n(4) ai(4) note: year_1 != 0 predicts failure perfectly year_1 dropped and 4 obs not used note: year_2 dropped because of collinearity note: year_19 dropped because of collinearity note: sic_8 dropped because of collinearity Probit regression Number of obs = 13725 LR chi2(30) = 2428.95 Prob > chi2 = 0.0000 Log likelihood = -7486.6127 Pseudo R2 = 0.1396 ------------------------------------------------------------------------------ anyfemale | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- l_w_lnsize | .0835518 .0071216 11.73 0.000 .0695937 .0975099 l_w_bsize | .0997416 .00519 19.22 0.000 .0895694 .1099139 l_w_p_neds | .5001037 .0678245 7.37 0.000 .3671701 .6330373 l_w_p_ind | -.6015443 .0733844 -8.20 0.000 -.7453751 -.4577136 l_w_volati~y | -.0695179 .1327425 -0.52 0.600 -.3296885 .1906527 year_3 | .0072237 .1840326 0.04 0.969 -.3534735 .3679209 year_4 | -.0684135 .1708834 -0.40 0.689 -.4033389 .2665118 year_5 | .0489793 .1699337 0.29 0.773 -.2840847 .3820432 year_6 | .105993 .1698028 0.62 0.532 -.2268144 .4388003 year_7 | .2349488 .1692142 1.39 0.165 -.096705 .5666026 year_8 | .2910319 .1688289 1.72 0.085 -.0398667 .6219305 year_9 | .3518861 .1686717 2.09 0.037 .0212956 .6824765 year_10 | .5446623 .1684579 3.23 0.001 .2144909 .8748337 year_11 | .5861102 .1689648 3.47 0.001 .2549453 .9172751 year_12 | .709816 .1686837 4.21 0.000 .379202 1.04043 year_13 | .7598403 .1684095 4.51 0.000 .4297638 1.089917 year_14 | .753369 .1679653 4.49 0.000 .4241631 1.082575 year_15 | .7548346 .1681833 4.49 0.000 .4252014 1.084468 year_16 | .7362722 .1685611 4.37 0.000 .4058986 1.066646 year_17 | .8099919 .1682398 4.81 0.000 .4802479 1.139736 year_18 | .9474414 .18012 5.26 0.000 .5944127 1.30047 sic_1 | -.6360988 .1108931 -5.74 0.000 -.8534452 -.4187524 sic_2 | -.852806 .1072585 -7.95 0.000 -1.063029 -.6425832 sic_3 | -.7944779 .0915643 -8.68 0.000 -.9739406 -.6150153 sic_4 | -.4306283 .0958035 -4.49 0.000 -.6183997 -.2428569 sic_5 | -.138065 .1034547 -1.33 0.182 -.3408324 .0647024 sic_6 | -.0118842 .0914695 -0.13 0.897 -.1911612 .1673928 sic_7 | .2194477 .1433367 1.53 0.126 -.0614871 .5003825 sic_9 | -.3236066 .0919297 -3.52 0.000 -.5037855 -.1434276 sic_10 | -.5094035 .0978391 -5.21 0.000 -.7011646 -.3176423 _cons | -2.521545 .2010419 -12.54 0.000 -2.915579 -2.12751 ------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------- Variable Sample | Treated Controls Difference S.E. T-stat ----------------------------+----------------------------------------------------------- w_lnptob Unmatched | .592334782 .476734418 .115600364 .017073232 6.77 ATT | .592334782 .559858706 .032476076 .042772118 0.76 ----------------------------+----------------------------------------------------------- Note: Sample S.E. | psmatch2: psmatch2: | Common Treatment | support assignment | On suppor | Total -----------+-----------+---------- Untreated | 9,200 | 9,200 Treated | 4,525 | 4,525 -----------+-----------+---------- Total | 13,725 | 13,725 . . *Pooled matching - treatment as any female executive . psmatch2 anyfemaleexec l_w_lnsize l_w_bsize l_w_p_neds l_w_p_ind l_w_volatility year_* sic_*, out(w_tsr) n(4) ai(4) note: year_1 != 0 predicts failure perfectly year_1 dropped and 4 obs not used note: year_2 dropped because of collinearity note: year_19 dropped because of collinearity note: sic_8 dropped because of collinearity Probit regression Number of obs = 13725 LR chi2(30) = 894.54 Prob > chi2 = 0.0000 Log likelihood = -4203.7068 Pseudo R2 = 0.0962 ------------------------------------------------------------------------------ anyfemalee~c | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- l_w_lnsize | -.0390556 .0088812 -4.40 0.000 -.0564623 -.0216488 l_w_bsize | .0677442 .0062831 10.78 0.000 .0554296 .0800588 l_w_p_neds | -1.673941 .0915913 -18.28 0.000 -1.853457 -1.494426 l_w_p_ind | -.0825533 .1026317 -0.80 0.421 -.2837077 .1186011 l_w_volati~y | .0423894 .1610903 0.26 0.792 -.2733418 .3581206 year_3 | -.0403281 .2583477 -0.16 0.876 -.5466803 .4660241 year_4 | -.0559151 .2407481 -0.23 0.816 -.5277726 .4159424 year_5 | .0786642 .2389354 0.33 0.742 -.3896404 .5469689 year_6 | .1513349 .2384353 0.63 0.526 -.3159898 .6186595 year_7 | .2673239 .2375404 1.13 0.260 -.1982468 .7328946 year_8 | .316846 .2370271 1.34 0.181 -.1477186 .7814106 year_9 | .3205935 .2371768 1.35 0.176 -.1442645 .7854515 year_10 | .4228082 .236975 1.78 0.074 -.0416543 .8872706 year_11 | .4103407 .2376708 1.73 0.084 -.0554854 .8761668 year_12 | .4783024 .237137 2.02 0.044 .0135223 .9430825 year_13 | .5252763 .2366694 2.22 0.026 .0614127 .9891399 year_14 | .5359937 .2363644 2.27 0.023 .0727281 .9992594 year_15 | .6140623 .2365223 2.60 0.009 .1504871 1.077637 year_16 | .5778998 .2373828 2.43 0.015 .112638 1.043161 year_17 | .5860699 .236973 2.47 0.013 .1216114 1.050528 year_18 | .6056078 .2511254 2.41 0.016 .113411 1.097805 sic_1 | .0985937 .1536951 0.64 0.521 -.2026431 .3998305 sic_2 | -.1367879 .1564386 -0.87 0.382 -.4434018 .1698261 sic_3 | .0438053 .1330321 0.33 0.742 -.2169328 .3045433 sic_4 | .1049621 .1383063 0.76 0.448 -.1661133 .3760376 sic_5 | .3600015 .144659 2.49 0.013 .0764751 .6435279 sic_6 | .6057221 .1317157 4.60 0.000 .3475641 .8638801 sic_7 | -.5710807 .2675021 -2.13 0.033 -1.095375 -.0467862 sic_9 | .2319564 .1330399 1.74 0.081 -.0287971 .4927098 sic_10 | .2954346 .1382665 2.14 0.033 .0244372 .566432 _cons | -1.066797 .2815237 -3.79 0.000 -1.618573 -.5150207 ------------------------------------------------------------------------------ There are observations with identical propensity score values. The sort order of the data could affect your results. Make sure that the sort order is random before calling psmatch2. ---------------------------------------------------------------------------------------- Variable Sample | Treated Controls Difference S.E. T-stat ----------------------------+----------------------------------------------------------- w_tsr Unmatched |-.038584228 -.003943895 -.034640333 .014847831 -2.33 ATT |-.038584228 -.021807167 -.016777061 .051067741 -0.33 ----------------------------+----------------------------------------------------------- Note: Sample S.E. | psmatch2: psmatch2: | Common Treatment | support assignment | On suppor | Total -----------+-----------+---------- Untreated | 12,265 | 12,265 Treated | 1,460 | 1,460 -----------+-----------+---------- Total | 13,725 | 13,725 . psmatch2 anyfemaleexec l_w_lnsize l_w_bsize l_w_p_neds l_w_p_ind l_w_volatility year_* sic_*, out(w_roa) n(4) ai(4) note: year_1 != 0 predicts failure perfectly year_1 dropped and 4 obs not used note: year_2 dropped because of collinearity note: year_19 dropped because of collinearity note: sic_8 dropped because of collinearity Probit regression Number of obs = 13725 LR chi2(30) = 894.54 Prob > chi2 = 0.0000 Log likelihood = -4203.7068 Pseudo R2 = 0.0962 ------------------------------------------------------------------------------ anyfemalee~c | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- l_w_lnsize | -.0390556 .0088812 -4.40 0.000 -.0564623 -.0216488 l_w_bsize | .0677442 .0062831 10.78 0.000 .0554296 .0800588 l_w_p_neds | -1.673941 .0915913 -18.28 0.000 -1.853457 -1.494426 l_w_p_ind | -.0825533 .1026317 -0.80 0.421 -.2837077 .1186011 l_w_volati~y | .0423894 .1610903 0.26 0.792 -.2733418 .3581206 year_3 | -.0403281 .2583477 -0.16 0.876 -.5466803 .4660241 year_4 | -.0559151 .2407481 -0.23 0.816 -.5277726 .4159424 year_5 | .0786642 .2389354 0.33 0.742 -.3896404 .5469689 year_6 | .1513349 .2384353 0.63 0.526 -.3159898 .6186595 year_7 | .2673239 .2375404 1.13 0.260 -.1982468 .7328946 year_8 | .316846 .2370271 1.34 0.181 -.1477186 .7814106 year_9 | .3205935 .2371768 1.35 0.176 -.1442645 .7854515 year_10 | .4228082 .236975 1.78 0.074 -.0416543 .8872706 year_11 | .4103407 .2376708 1.73 0.084 -.0554854 .8761668 year_12 | .4783024 .237137 2.02 0.044 .0135223 .9430825 year_13 | .5252763 .2366694 2.22 0.026 .0614127 .9891399 year_14 | .5359937 .2363644 2.27 0.023 .0727281 .9992594 year_15 | .6140623 .2365223 2.60 0.009 .1504871 1.077637 year_16 | .5778998 .2373828 2.43 0.015 .112638 1.043161 year_17 | .5860699 .236973 2.47 0.013 .1216114 1.050528 year_18 | .6056078 .2511254 2.41 0.016 .113411 1.097805 sic_1 | .0985937 .1536951 0.64 0.521 -.2026431 .3998305 sic_2 | -.1367879 .1564386 -0.87 0.382 -.4434018 .1698261 sic_3 | .0438053 .1330321 0.33 0.742 -.2169328 .3045433 sic_4 | .1049621 .1383063 0.76 0.448 -.1661133 .3760376 sic_5 | .3600015 .144659 2.49 0.013 .0764751 .6435279 sic_6 | .6057221 .1317157 4.60 0.000 .3475641 .8638801 sic_7 | -.5710807 .2675021 -2.13 0.033 -1.095375 -.0467862 sic_9 | .2319564 .1330399 1.74 0.081 -.0287971 .4927098 sic_10 | .2954346 .1382665 2.14 0.033 .0244372 .566432 _cons | -1.066797 .2815237 -3.79 0.000 -1.618573 -.5150207 ------------------------------------------------------------------------------ There are observations with identical propensity score values. The sort order of the data could affect your results. Make sure that the sort order is random before calling psmatch2. ---------------------------------------------------------------------------------------- Variable Sample | Treated Controls Difference S.E. T-stat ----------------------------+----------------------------------------------------------- w_roa Unmatched | .017558014 .02958318 -.012025166 .003791616 -3.17 ATT | .017558014 .021489503 -.00393149 .013148578 -0.30 ----------------------------+----------------------------------------------------------- Note: Sample S.E. | psmatch2: psmatch2: | Common Treatment | support assignment | On suppor | Total -----------+-----------+---------- Untreated | 12,265 | 12,265 Treated | 1,460 | 1,460 -----------+-----------+---------- Total | 13,725 | 13,725 . psmatch2 anyfemaleexec l_w_lnsize l_w_bsize l_w_p_neds l_w_p_ind l_w_volatility year_* sic_*, out(w_roe) n(4) ai(4) note: year_1 != 0 predicts failure perfectly year_1 dropped and 4 obs not used note: year_2 dropped because of collinearity note: year_19 dropped because of collinearity note: sic_8 dropped because of collinearity Probit regression Number of obs = 13725 LR chi2(30) = 894.54 Prob > chi2 = 0.0000 Log likelihood = -4203.7068 Pseudo R2 = 0.0962 ------------------------------------------------------------------------------ anyfemalee~c | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- l_w_lnsize | -.0390556 .0088812 -4.40 0.000 -.0564623 -.0216488 l_w_bsize | .0677442 .0062831 10.78 0.000 .0554296 .0800588 l_w_p_neds | -1.673941 .0915913 -18.28 0.000 -1.853457 -1.494426 l_w_p_ind | -.0825533 .1026317 -0.80 0.421 -.2837077 .1186011 l_w_volati~y | .0423894 .1610903 0.26 0.792 -.2733418 .3581206 year_3 | -.0403281 .2583477 -0.16 0.876 -.5466803 .4660241 year_4 | -.0559151 .2407481 -0.23 0.816 -.5277726 .4159424 year_5 | .0786642 .2389354 0.33 0.742 -.3896404 .5469689 year_6 | .1513349 .2384353 0.63 0.526 -.3159898 .6186595 year_7 | .2673239 .2375404 1.13 0.260 -.1982468 .7328946 year_8 | .316846 .2370271 1.34 0.181 -.1477186 .7814106 year_9 | .3205935 .2371768 1.35 0.176 -.1442645 .7854515 year_10 | .4228082 .236975 1.78 0.074 -.0416543 .8872706 year_11 | .4103407 .2376708 1.73 0.084 -.0554854 .8761668 year_12 | .4783024 .237137 2.02 0.044 .0135223 .9430825 year_13 | .5252763 .2366694 2.22 0.026 .0614127 .9891399 year_14 | .5359937 .2363644 2.27 0.023 .0727281 .9992594 year_15 | .6140623 .2365223 2.60 0.009 .1504871 1.077637 year_16 | .5778998 .2373828 2.43 0.015 .112638 1.043161 year_17 | .5860699 .236973 2.47 0.013 .1216114 1.050528 year_18 | .6056078 .2511254 2.41 0.016 .113411 1.097805 sic_1 | .0985937 .1536951 0.64 0.521 -.2026431 .3998305 sic_2 | -.1367879 .1564386 -0.87 0.382 -.4434018 .1698261 sic_3 | .0438053 .1330321 0.33 0.742 -.2169328 .3045433 sic_4 | .1049621 .1383063 0.76 0.448 -.1661133 .3760376 sic_5 | .3600015 .144659 2.49 0.013 .0764751 .6435279 sic_6 | .6057221 .1317157 4.60 0.000 .3475641 .8638801 sic_7 | -.5710807 .2675021 -2.13 0.033 -1.095375 -.0467862 sic_9 | .2319564 .1330399 1.74 0.081 -.0287971 .4927098 sic_10 | .2954346 .1382665 2.14 0.033 .0244372 .566432 _cons | -1.066797 .2815237 -3.79 0.000 -1.618573 -.5150207 ------------------------------------------------------------------------------ There are observations with identical propensity score values. The sort order of the data could affect your results. Make sure that the sort order is random before calling psmatch2. ---------------------------------------------------------------------------------------- Variable Sample | Treated Controls Difference S.E. T-stat ----------------------------+----------------------------------------------------------- w_roe Unmatched | .026735 .048137285 -.021402285 .011114756 -1.93 ATT | .026735 .041188733 -.014453733 .038673032 -0.37 ----------------------------+----------------------------------------------------------- Note: Sample S.E. | psmatch2: psmatch2: | Common Treatment | support assignment | On suppor | Total -----------+-----------+---------- Untreated | 12,265 | 12,265 Treated | 1,460 | 1,460 -----------+-----------+---------- Total | 13,725 | 13,725 . psmatch2 anyfemaleexec l_w_lnsize l_w_bsize l_w_p_neds l_w_p_ind l_w_volatility year_* sic_*, out(w_lnptob) n(4) ai(4 > ) note: year_1 != 0 predicts failure perfectly year_1 dropped and 4 obs not used note: year_2 dropped because of collinearity note: year_19 dropped because of collinearity note: sic_8 dropped because of collinearity Probit regression Number of obs = 13725 LR chi2(30) = 894.54 Prob > chi2 = 0.0000 Log likelihood = -4203.7068 Pseudo R2 = 0.0962 ------------------------------------------------------------------------------ anyfemalee~c | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- l_w_lnsize | -.0390556 .0088812 -4.40 0.000 -.0564623 -.0216488 l_w_bsize | .0677442 .0062831 10.78 0.000 .0554296 .0800588 l_w_p_neds | -1.673941 .0915913 -18.28 0.000 -1.853457 -1.494426 l_w_p_ind | -.0825533 .1026317 -0.80 0.421 -.2837077 .1186011 l_w_volati~y | .0423894 .1610903 0.26 0.792 -.2733418 .3581206 year_3 | -.0403281 .2583477 -0.16 0.876 -.5466803 .4660241 year_4 | -.0559151 .2407481 -0.23 0.816 -.5277726 .4159424 year_5 | .0786642 .2389354 0.33 0.742 -.3896404 .5469689 year_6 | .1513349 .2384353 0.63 0.526 -.3159898 .6186595 year_7 | .2673239 .2375404 1.13 0.260 -.1982468 .7328946 year_8 | .316846 .2370271 1.34 0.181 -.1477186 .7814106 year_9 | .3205935 .2371768 1.35 0.176 -.1442645 .7854515 year_10 | .4228082 .236975 1.78 0.074 -.0416543 .8872706 year_11 | .4103407 .2376708 1.73 0.084 -.0554854 .8761668 year_12 | .4783024 .237137 2.02 0.044 .0135223 .9430825 year_13 | .5252763 .2366694 2.22 0.026 .0614127 .9891399 year_14 | .5359937 .2363644 2.27 0.023 .0727281 .9992594 year_15 | .6140623 .2365223 2.60 0.009 .1504871 1.077637 year_16 | .5778998 .2373828 2.43 0.015 .112638 1.043161 year_17 | .5860699 .236973 2.47 0.013 .1216114 1.050528 year_18 | .6056078 .2511254 2.41 0.016 .113411 1.097805 sic_1 | .0985937 .1536951 0.64 0.521 -.2026431 .3998305 sic_2 | -.1367879 .1564386 -0.87 0.382 -.4434018 .1698261 sic_3 | .0438053 .1330321 0.33 0.742 -.2169328 .3045433 sic_4 | .1049621 .1383063 0.76 0.448 -.1661133 .3760376 sic_5 | .3600015 .144659 2.49 0.013 .0764751 .6435279 sic_6 | .6057221 .1317157 4.60 0.000 .3475641 .8638801 sic_7 | -.5710807 .2675021 -2.13 0.033 -1.095375 -.0467862 sic_9 | .2319564 .1330399 1.74 0.081 -.0287971 .4927098 sic_10 | .2954346 .1382665 2.14 0.033 .0244372 .566432 _cons | -1.066797 .2815237 -3.79 0.000 -1.618573 -.5150207 ------------------------------------------------------------------------------ There are observations with identical propensity score values. The sort order of the data could affect your results. Make sure that the sort order is random before calling psmatch2. ---------------------------------------------------------------------------------------- Variable Sample | Treated Controls Difference S.E. T-stat ----------------------------+----------------------------------------------------------- w_lnptob Unmatched | .631598799 .500948821 .130649978 .026051657 5.02 ATT | .631598799 .622926087 .008672713 .085979863 0.10 ----------------------------+----------------------------------------------------------- Note: Sample S.E. | psmatch2: psmatch2: | Common Treatment | support assignment | On suppor | Total -----------+-----------+---------- Untreated | 12,265 | 12,265 Treated | 1,460 | 1,460 -----------+-----------+---------- Total | 13,725 | 13,725 . . *Pooled matching - treatment is added (net) one or more females in the year. . psmatch2 addfemale l_w_lnsize l_w_bsize l_w_p_neds l_w_p_ind l_w_volatility year_* sic_*, out(w_tsr) n(4) ai(4) note: year_1 != 0 predicts failure perfectly year_1 dropped and 4 obs not used note: year_2 dropped because of collinearity note: year_19 dropped because of collinearity note: sic_8 dropped because of collinearity Probit regression Number of obs = 13725 LR chi2(30) = 496.81 Prob > chi2 = 0.0000 Log likelihood = -3660.1756 Pseudo R2 = 0.0636 ------------------------------------------------------------------------------ addfemale | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- l_w_lnsize | .0714497 .0096649 7.39 0.000 .0525068 .0903927 l_w_bsize | .0401184 .0067194 5.97 0.000 .0269487 .0532882 l_w_p_neds | .164428 .0940315 1.75 0.080 -.0198703 .3487263 l_w_p_ind | -.2252949 .1017927 -2.21 0.027 -.424805 -.0257849 l_w_volati~y | .2108334 .1797372 1.17 0.241 -.1414451 .5631119 year_3 | -.0109768 .2426253 -0.05 0.964 -.4865136 .46456 year_4 | -.2341633 .2279107 -1.03 0.304 -.68086 .2125334 year_5 | -.0441575 .2240142 -0.20 0.844 -.4832173 .3949023 year_6 | -.0664024 .2244239 -0.30 0.767 -.5062652 .3734604 year_7 | .1175123 .2221124 0.53 0.597 -.31782 .5528447 year_8 | .0618131 .2224421 0.28 0.781 -.3741654 .4977917 year_9 | .1183463 .2217716 0.53 0.594 -.3163181 .5530106 year_10 | .2951256 .2205406 1.34 0.181 -.1371261 .7273773 year_11 | .3243732 .2209859 1.47 0.142 -.1087512 .7574976 year_12 | .3427679 .2207022 1.55 0.120 -.0898004 .7753362 year_13 | .2480551 .2210631 1.12 0.262 -.1852205 .6813308 year_14 | .2927773 .2202421 1.33 0.184 -.1388892 .7244438 year_15 | .1769846 .2214294 0.80 0.424 -.257009 .6109783 year_16 | .1171554 .2225357 0.53 0.599 -.3190065 .5533173 year_17 | .3356468 .2203527 1.52 0.128 -.0962366 .7675301 year_18 | .6677753 .230505 2.90 0.004 .2159939 1.119557 sic_1 | -.2660292 .1371876 -1.94 0.052 -.5349119 .0028534 sic_2 | -.424128 .1342487 -3.16 0.002 -.6872506 -.1610053 sic_3 | -.3824456 .1086525 -3.52 0.000 -.5954005 -.1694907 sic_4 | -.2576371 .1149479 -2.24 0.025 -.4829308 -.0323434 sic_5 | .0587897 .1240949 0.47 0.636 -.1844318 .3020113 sic_6 | -.0034152 .107004 -0.03 0.975 -.2131391 .2063087 sic_7 | .0957696 .1607035 0.60 0.551 -.2192036 .4107427 sic_9 | -.1523692 .1085719 -1.40 0.160 -.3651662 .0604279 sic_10 | -.2840476 .1201633 -2.36 0.018 -.5195633 -.0485319 _cons | -2.664889 .2581465 -10.32 0.000 -3.170847 -2.158931 ------------------------------------------------------------------------------ There are observations with identical propensity score values. The sort order of the data could affect your results. Make sure that the sort order is random before calling psmatch2. ---------------------------------------------------------------------------------------- Variable Sample | Treated Controls Difference S.E. T-stat ----------------------------+----------------------------------------------------------- w_tsr Unmatched | .029623132 -.010977386 .040600518 .01664092 2.44 ATT | .029623132 .004323508 .025299624 .06291792 0.40 ----------------------------+----------------------------------------------------------- Note: Sample S.E. | psmatch2: psmatch2: | Common Treatment | support assignment | On suppor | Total -----------+-----------+---------- Untreated | 12,593 | 12,593 Treated | 1,132 | 1,132 -----------+-----------+---------- Total | 13,725 | 13,725 . psmatch2 addfemale l_w_lnsize l_w_bsize l_w_p_neds l_w_p_ind l_w_volatility year_* sic_*, out(w_roa) n(4) ai(4) note: year_1 != 0 predicts failure perfectly year_1 dropped and 4 obs not used note: year_2 dropped because of collinearity note: year_19 dropped because of collinearity note: sic_8 dropped because of collinearity Probit regression Number of obs = 13725 LR chi2(30) = 496.81 Prob > chi2 = 0.0000 Log likelihood = -3660.1756 Pseudo R2 = 0.0636 ------------------------------------------------------------------------------ addfemale | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- l_w_lnsize | .0714497 .0096649 7.39 0.000 .0525068 .0903927 l_w_bsize | .0401184 .0067194 5.97 0.000 .0269487 .0532882 l_w_p_neds | .164428 .0940315 1.75 0.080 -.0198703 .3487263 l_w_p_ind | -.2252949 .1017927 -2.21 0.027 -.424805 -.0257849 l_w_volati~y | .2108334 .1797372 1.17 0.241 -.1414451 .5631119 year_3 | -.0109768 .2426253 -0.05 0.964 -.4865136 .46456 year_4 | -.2341633 .2279107 -1.03 0.304 -.68086 .2125334 year_5 | -.0441575 .2240142 -0.20 0.844 -.4832173 .3949023 year_6 | -.0664024 .2244239 -0.30 0.767 -.5062652 .3734604 year_7 | .1175123 .2221124 0.53 0.597 -.31782 .5528447 year_8 | .0618131 .2224421 0.28 0.781 -.3741654 .4977917 year_9 | .1183463 .2217716 0.53 0.594 -.3163181 .5530106 year_10 | .2951256 .2205406 1.34 0.181 -.1371261 .7273773 year_11 | .3243732 .2209859 1.47 0.142 -.1087512 .7574976 year_12 | .3427679 .2207022 1.55 0.120 -.0898004 .7753362 year_13 | .2480551 .2210631 1.12 0.262 -.1852205 .6813308 year_14 | .2927773 .2202421 1.33 0.184 -.1388892 .7244438 year_15 | .1769846 .2214294 0.80 0.424 -.257009 .6109783 year_16 | .1171554 .2225357 0.53 0.599 -.3190065 .5533173 year_17 | .3356468 .2203527 1.52 0.128 -.0962366 .7675301 year_18 | .6677753 .230505 2.90 0.004 .2159939 1.119557 sic_1 | -.2660292 .1371876 -1.94 0.052 -.5349119 .0028534 sic_2 | -.424128 .1342487 -3.16 0.002 -.6872506 -.1610053 sic_3 | -.3824456 .1086525 -3.52 0.000 -.5954005 -.1694907 sic_4 | -.2576371 .1149479 -2.24 0.025 -.4829308 -.0323434 sic_5 | .0587897 .1240949 0.47 0.636 -.1844318 .3020113 sic_6 | -.0034152 .107004 -0.03 0.975 -.2131391 .2063087 sic_7 | .0957696 .1607035 0.60 0.551 -.2192036 .4107427 sic_9 | -.1523692 .1085719 -1.40 0.160 -.3651662 .0604279 sic_10 | -.2840476 .1201633 -2.36 0.018 -.5195633 -.0485319 _cons | -2.664889 .2581465 -10.32 0.000 -3.170847 -2.158931 ------------------------------------------------------------------------------ There are observations with identical propensity score values. The sort order of the data could affect your results. Make sure that the sort order is random before calling psmatch2. ---------------------------------------------------------------------------------------- Variable Sample | Treated Controls Difference S.E. T-stat ----------------------------+----------------------------------------------------------- w_roa Unmatched | .030432509 .028112666 .002319843 .004251098 0.55 ATT | .030432509 .037950375 -.007517867 .016044199 -0.47 ----------------------------+----------------------------------------------------------- Note: Sample S.E. | psmatch2: psmatch2: | Common Treatment | support assignment | On suppor | Total -----------+-----------+---------- Untreated | 12,593 | 12,593 Treated | 1,132 | 1,132 -----------+-----------+---------- Total | 13,725 | 13,725 . psmatch2 addfemale l_w_lnsize l_w_bsize l_w_p_neds l_w_p_ind l_w_volatility year_* sic_*, out(w_roe) n(4) ai(4) note: year_1 != 0 predicts failure perfectly year_1 dropped and 4 obs not used note: year_2 dropped because of collinearity note: year_19 dropped because of collinearity note: sic_8 dropped because of collinearity Probit regression Number of obs = 13725 LR chi2(30) = 496.81 Prob > chi2 = 0.0000 Log likelihood = -3660.1756 Pseudo R2 = 0.0636 ------------------------------------------------------------------------------ addfemale | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- l_w_lnsize | .0714497 .0096649 7.39 0.000 .0525068 .0903927 l_w_bsize | .0401184 .0067194 5.97 0.000 .0269487 .0532882 l_w_p_neds | .164428 .0940315 1.75 0.080 -.0198703 .3487263 l_w_p_ind | -.2252949 .1017927 -2.21 0.027 -.424805 -.0257849 l_w_volati~y | .2108334 .1797372 1.17 0.241 -.1414451 .5631119 year_3 | -.0109768 .2426253 -0.05 0.964 -.4865136 .46456 year_4 | -.2341633 .2279107 -1.03 0.304 -.68086 .2125334 year_5 | -.0441575 .2240142 -0.20 0.844 -.4832173 .3949023 year_6 | -.0664024 .2244239 -0.30 0.767 -.5062652 .3734604 year_7 | .1175123 .2221124 0.53 0.597 -.31782 .5528447 year_8 | .0618131 .2224421 0.28 0.781 -.3741654 .4977917 year_9 | .1183463 .2217716 0.53 0.594 -.3163181 .5530106 year_10 | .2951256 .2205406 1.34 0.181 -.1371261 .7273773 year_11 | .3243732 .2209859 1.47 0.142 -.1087512 .7574976 year_12 | .3427679 .2207022 1.55 0.120 -.0898004 .7753362 year_13 | .2480551 .2210631 1.12 0.262 -.1852205 .6813308 year_14 | .2927773 .2202421 1.33 0.184 -.1388892 .7244438 year_15 | .1769846 .2214294 0.80 0.424 -.257009 .6109783 year_16 | .1171554 .2225357 0.53 0.599 -.3190065 .5533173 year_17 | .3356468 .2203527 1.52 0.128 -.0962366 .7675301 year_18 | .6677753 .230505 2.90 0.004 .2159939 1.119557 sic_1 | -.2660292 .1371876 -1.94 0.052 -.5349119 .0028534 sic_2 | -.424128 .1342487 -3.16 0.002 -.6872506 -.1610053 sic_3 | -.3824456 .1086525 -3.52 0.000 -.5954005 -.1694907 sic_4 | -.2576371 .1149479 -2.24 0.025 -.4829308 -.0323434 sic_5 | .0587897 .1240949 0.47 0.636 -.1844318 .3020113 sic_6 | -.0034152 .107004 -0.03 0.975 -.2131391 .2063087 sic_7 | .0957696 .1607035 0.60 0.551 -.2192036 .4107427 sic_9 | -.1523692 .1085719 -1.40 0.160 -.3651662 .0604279 sic_10 | -.2840476 .1201633 -2.36 0.018 -.5195633 -.0485319 _cons | -2.664889 .2581465 -10.32 0.000 -3.170847 -2.158931 ------------------------------------------------------------------------------ There are observations with identical propensity score values. The sort order of the data could affect your results. Make sure that the sort order is random before calling psmatch2. ---------------------------------------------------------------------------------------- Variable Sample | Treated Controls Difference S.E. T-stat ----------------------------+----------------------------------------------------------- w_roe Unmatched | .065566254 .044089248 .021477006 .012457588 1.72 ATT | .065566254 .080726921 -.015160667 .047387482 -0.32 ----------------------------+----------------------------------------------------------- Note: Sample S.E. | psmatch2: psmatch2: | Common Treatment | support assignment | On suppor | Total -----------+-----------+---------- Untreated | 12,593 | 12,593 Treated | 1,132 | 1,132 -----------+-----------+---------- Total | 13,725 | 13,725 . psmatch2 addfemale l_w_lnsize l_w_bsize l_w_p_neds l_w_p_ind l_w_volatility year_* sic_*, out(w_lnptob) n(4) ai(4) note: year_1 != 0 predicts failure perfectly year_1 dropped and 4 obs not used note: year_2 dropped because of collinearity note: year_19 dropped because of collinearity note: sic_8 dropped because of collinearity Probit regression Number of obs = 13725 LR chi2(30) = 496.81 Prob > chi2 = 0.0000 Log likelihood = -3660.1756 Pseudo R2 = 0.0636 ------------------------------------------------------------------------------ addfemale | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- l_w_lnsize | .0714497 .0096649 7.39 0.000 .0525068 .0903927 l_w_bsize | .0401184 .0067194 5.97 0.000 .0269487 .0532882 l_w_p_neds | .164428 .0940315 1.75 0.080 -.0198703 .3487263 l_w_p_ind | -.2252949 .1017927 -2.21 0.027 -.424805 -.0257849 l_w_volati~y | .2108334 .1797372 1.17 0.241 -.1414451 .5631119 year_3 | -.0109768 .2426253 -0.05 0.964 -.4865136 .46456 year_4 | -.2341633 .2279107 -1.03 0.304 -.68086 .2125334 year_5 | -.0441575 .2240142 -0.20 0.844 -.4832173 .3949023 year_6 | -.0664024 .2244239 -0.30 0.767 -.5062652 .3734604 year_7 | .1175123 .2221124 0.53 0.597 -.31782 .5528447 year_8 | .0618131 .2224421 0.28 0.781 -.3741654 .4977917 year_9 | .1183463 .2217716 0.53 0.594 -.3163181 .5530106 year_10 | .2951256 .2205406 1.34 0.181 -.1371261 .7273773 year_11 | .3243732 .2209859 1.47 0.142 -.1087512 .7574976 year_12 | .3427679 .2207022 1.55 0.120 -.0898004 .7753362 year_13 | .2480551 .2210631 1.12 0.262 -.1852205 .6813308 year_14 | .2927773 .2202421 1.33 0.184 -.1388892 .7244438 year_15 | .1769846 .2214294 0.80 0.424 -.257009 .6109783 year_16 | .1171554 .2225357 0.53 0.599 -.3190065 .5533173 year_17 | .3356468 .2203527 1.52 0.128 -.0962366 .7675301 year_18 | .6677753 .230505 2.90 0.004 .2159939 1.119557 sic_1 | -.2660292 .1371876 -1.94 0.052 -.5349119 .0028534 sic_2 | -.424128 .1342487 -3.16 0.002 -.6872506 -.1610053 sic_3 | -.3824456 .1086525 -3.52 0.000 -.5954005 -.1694907 sic_4 | -.2576371 .1149479 -2.24 0.025 -.4829308 -.0323434 sic_5 | .0587897 .1240949 0.47 0.636 -.1844318 .3020113 sic_6 | -.0034152 .107004 -0.03 0.975 -.2131391 .2063087 sic_7 | .0957696 .1607035 0.60 0.551 -.2192036 .4107427 sic_9 | -.1523692 .1085719 -1.40 0.160 -.3651662 .0604279 sic_10 | -.2840476 .1201633 -2.36 0.018 -.5195633 -.0485319 _cons | -2.664889 .2581465 -10.32 0.000 -3.170847 -2.158931 ------------------------------------------------------------------------------ There are observations with identical propensity score values. The sort order of the data could affect your results. Make sure that the sort order is random before calling psmatch2. ---------------------------------------------------------------------------------------- Variable Sample | Treated Controls Difference S.E. T-stat ----------------------------+----------------------------------------------------------- w_lnptob Unmatched | .641620885 .503450861 .138170023 .029201245 4.73 ATT | .641620885 .606245409 .035375476 .110393846 0.32 ----------------------------+----------------------------------------------------------- Note: Sample S.E. | psmatch2: psmatch2: | Common Treatment | support assignment | On suppor | Total -----------+-----------+---------- Untreated | 12,593 | 12,593 Treated | 1,132 | 1,132 -----------+-----------+---------- Total | 13,725 | 13,725 . . *Above placed into latex tables by hand (no current automation available). . . *Further robustness checks (unreported). . *Change n(4) ai(4) options. . psmatch2 anyfemale l_w_lnsize l_w_bsize l_w_p_neds l_w_p_ind l_w_volatility year_* sic_*, out(w_tsr) n(2) ai(2) note: year_1 != 0 predicts failure perfectly year_1 dropped and 4 obs not used note: year_2 dropped because of collinearity note: year_19 dropped because of collinearity note: sic_8 dropped because of collinearity Probit regression Number of obs = 13725 LR chi2(30) = 2428.95 Prob > chi2 = 0.0000 Log likelihood = -7486.6127 Pseudo R2 = 0.1396 ------------------------------------------------------------------------------ anyfemale | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- l_w_lnsize | .0835518 .0071216 11.73 0.000 .0695937 .0975099 l_w_bsize | .0997416 .00519 19.22 0.000 .0895694 .1099139 l_w_p_neds | .5001037 .0678245 7.37 0.000 .3671701 .6330373 l_w_p_ind | -.6015443 .0733844 -8.20 0.000 -.7453751 -.4577136 l_w_volati~y | -.0695179 .1327425 -0.52 0.600 -.3296885 .1906527 year_3 | .0072237 .1840326 0.04 0.969 -.3534735 .3679209 year_4 | -.0684135 .1708834 -0.40 0.689 -.4033389 .2665118 year_5 | .0489793 .1699337 0.29 0.773 -.2840847 .3820432 year_6 | .105993 .1698028 0.62 0.532 -.2268144 .4388003 year_7 | .2349488 .1692142 1.39 0.165 -.096705 .5666026 year_8 | .2910319 .1688289 1.72 0.085 -.0398667 .6219305 year_9 | .3518861 .1686717 2.09 0.037 .0212956 .6824765 year_10 | .5446623 .1684579 3.23 0.001 .2144909 .8748337 year_11 | .5861102 .1689648 3.47 0.001 .2549453 .9172751 year_12 | .709816 .1686837 4.21 0.000 .379202 1.04043 year_13 | .7598403 .1684095 4.51 0.000 .4297638 1.089917 year_14 | .753369 .1679653 4.49 0.000 .4241631 1.082575 year_15 | .7548346 .1681833 4.49 0.000 .4252014 1.084468 year_16 | .7362722 .1685611 4.37 0.000 .4058986 1.066646 year_17 | .8099919 .1682398 4.81 0.000 .4802479 1.139736 year_18 | .9474414 .18012 5.26 0.000 .5944127 1.30047 sic_1 | -.6360988 .1108931 -5.74 0.000 -.8534452 -.4187524 sic_2 | -.852806 .1072585 -7.95 0.000 -1.063029 -.6425832 sic_3 | -.7944779 .0915643 -8.68 0.000 -.9739406 -.6150153 sic_4 | -.4306283 .0958035 -4.49 0.000 -.6183997 -.2428569 sic_5 | -.138065 .1034547 -1.33 0.182 -.3408324 .0647024 sic_6 | -.0118842 .0914695 -0.13 0.897 -.1911612 .1673928 sic_7 | .2194477 .1433367 1.53 0.126 -.0614871 .5003825 sic_9 | -.3236066 .0919297 -3.52 0.000 -.5037855 -.1434276 sic_10 | -.5094035 .0978391 -5.21 0.000 -.7011646 -.3176423 _cons | -2.521545 .2010419 -12.54 0.000 -2.915579 -2.12751 ------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------- Variable Sample | Treated Controls Difference S.E. T-stat ----------------------------+----------------------------------------------------------- w_tsr Unmatched | .003260131 -.012984449 .01624458 .009738949 1.67 ATT | .003260131 -.008441397 .011701528 .022587485 0.52 ----------------------------+----------------------------------------------------------- Note: Sample S.E. | psmatch2: psmatch2: | Common Treatment | support assignment | On suppor | Total -----------+-----------+---------- Untreated | 9,200 | 9,200 Treated | 4,525 | 4,525 -----------+-----------+---------- Total | 13,725 | 13,725 . psmatch2 anyfemaleexec l_w_lnsize l_w_bsize l_w_p_neds l_w_p_ind l_w_volatility year_* sic_*, out(w_roa) n(2) ai(2) note: year_1 != 0 predicts failure perfectly year_1 dropped and 4 obs not used note: year_2 dropped because of collinearity note: year_19 dropped because of collinearity note: sic_8 dropped because of collinearity Probit regression Number of obs = 13725 LR chi2(30) = 894.54 Prob > chi2 = 0.0000 Log likelihood = -4203.7068 Pseudo R2 = 0.0962 ------------------------------------------------------------------------------ anyfemalee~c | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- l_w_lnsize | -.0390556 .0088812 -4.40 0.000 -.0564623 -.0216488 l_w_bsize | .0677442 .0062831 10.78 0.000 .0554296 .0800588 l_w_p_neds | -1.673941 .0915913 -18.28 0.000 -1.853457 -1.494426 l_w_p_ind | -.0825533 .1026317 -0.80 0.421 -.2837077 .1186011 l_w_volati~y | .0423894 .1610903 0.26 0.792 -.2733418 .3581206 year_3 | -.0403281 .2583477 -0.16 0.876 -.5466803 .4660241 year_4 | -.0559151 .2407481 -0.23 0.816 -.5277726 .4159424 year_5 | .0786642 .2389354 0.33 0.742 -.3896404 .5469689 year_6 | .1513349 .2384353 0.63 0.526 -.3159898 .6186595 year_7 | .2673239 .2375404 1.13 0.260 -.1982468 .7328946 year_8 | .316846 .2370271 1.34 0.181 -.1477186 .7814106 year_9 | .3205935 .2371768 1.35 0.176 -.1442645 .7854515 year_10 | .4228082 .236975 1.78 0.074 -.0416543 .8872706 year_11 | .4103407 .2376708 1.73 0.084 -.0554854 .8761668 year_12 | .4783024 .237137 2.02 0.044 .0135223 .9430825 year_13 | .5252763 .2366694 2.22 0.026 .0614127 .9891399 year_14 | .5359937 .2363644 2.27 0.023 .0727281 .9992594 year_15 | .6140623 .2365223 2.60 0.009 .1504871 1.077637 year_16 | .5778998 .2373828 2.43 0.015 .112638 1.043161 year_17 | .5860699 .236973 2.47 0.013 .1216114 1.050528 year_18 | .6056078 .2511254 2.41 0.016 .113411 1.097805 sic_1 | .0985937 .1536951 0.64 0.521 -.2026431 .3998305 sic_2 | -.1367879 .1564386 -0.87 0.382 -.4434018 .1698261 sic_3 | .0438053 .1330321 0.33 0.742 -.2169328 .3045433 sic_4 | .1049621 .1383063 0.76 0.448 -.1661133 .3760376 sic_5 | .3600015 .144659 2.49 0.013 .0764751 .6435279 sic_6 | .6057221 .1317157 4.60 0.000 .3475641 .8638801 sic_7 | -.5710807 .2675021 -2.13 0.033 -1.095375 -.0467862 sic_9 | .2319564 .1330399 1.74 0.081 -.0287971 .4927098 sic_10 | .2954346 .1382665 2.14 0.033 .0244372 .566432 _cons | -1.066797 .2815237 -3.79 0.000 -1.618573 -.5150207 ------------------------------------------------------------------------------ There are observations with identical propensity score values. The sort order of the data could affect your results. Make sure that the sort order is random before calling psmatch2. ---------------------------------------------------------------------------------------- Variable Sample | Treated Controls Difference S.E. T-stat ----------------------------+----------------------------------------------------------- w_roa Unmatched | .017558014 .02958318 -.012025166 .003791616 -3.17 ATT | .017558014 .016822055 .000735959 .013927942 0.05 ----------------------------+----------------------------------------------------------- Note: Sample S.E. | psmatch2: psmatch2: | Common Treatment | support assignment | On suppor | Total -----------+-----------+---------- Untreated | 12,265 | 12,265 Treated | 1,460 | 1,460 -----------+-----------+---------- Total | 13,725 | 13,725 . psmatch2 addfemale l_w_lnsize l_w_bsize l_w_p_neds l_w_p_ind l_w_volatility year_* sic_*, out(w_roe) n(2) ai(2) note: year_1 != 0 predicts failure perfectly year_1 dropped and 4 obs not used note: year_2 dropped because of collinearity note: year_19 dropped because of collinearity note: sic_8 dropped because of collinearity Probit regression Number of obs = 13725 LR chi2(30) = 496.81 Prob > chi2 = 0.0000 Log likelihood = -3660.1756 Pseudo R2 = 0.0636 ------------------------------------------------------------------------------ addfemale | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- l_w_lnsize | .0714497 .0096649 7.39 0.000 .0525068 .0903927 l_w_bsize | .0401184 .0067194 5.97 0.000 .0269487 .0532882 l_w_p_neds | .164428 .0940315 1.75 0.080 -.0198703 .3487263 l_w_p_ind | -.2252949 .1017927 -2.21 0.027 -.424805 -.0257849 l_w_volati~y | .2108334 .1797372 1.17 0.241 -.1414451 .5631119 year_3 | -.0109768 .2426253 -0.05 0.964 -.4865136 .46456 year_4 | -.2341633 .2279107 -1.03 0.304 -.68086 .2125334 year_5 | -.0441575 .2240142 -0.20 0.844 -.4832173 .3949023 year_6 | -.0664024 .2244239 -0.30 0.767 -.5062652 .3734604 year_7 | .1175123 .2221124 0.53 0.597 -.31782 .5528447 year_8 | .0618131 .2224421 0.28 0.781 -.3741654 .4977917 year_9 | .1183463 .2217716 0.53 0.594 -.3163181 .5530106 year_10 | .2951256 .2205406 1.34 0.181 -.1371261 .7273773 year_11 | .3243732 .2209859 1.47 0.142 -.1087512 .7574976 year_12 | .3427679 .2207022 1.55 0.120 -.0898004 .7753362 year_13 | .2480551 .2210631 1.12 0.262 -.1852205 .6813308 year_14 | .2927773 .2202421 1.33 0.184 -.1388892 .7244438 year_15 | .1769846 .2214294 0.80 0.424 -.257009 .6109783 year_16 | .1171554 .2225357 0.53 0.599 -.3190065 .5533173 year_17 | .3356468 .2203527 1.52 0.128 -.0962366 .7675301 year_18 | .6677753 .230505 2.90 0.004 .2159939 1.119557 sic_1 | -.2660292 .1371876 -1.94 0.052 -.5349119 .0028534 sic_2 | -.424128 .1342487 -3.16 0.002 -.6872506 -.1610053 sic_3 | -.3824456 .1086525 -3.52 0.000 -.5954005 -.1694907 sic_4 | -.2576371 .1149479 -2.24 0.025 -.4829308 -.0323434 sic_5 | .0587897 .1240949 0.47 0.636 -.1844318 .3020113 sic_6 | -.0034152 .107004 -0.03 0.975 -.2131391 .2063087 sic_7 | .0957696 .1607035 0.60 0.551 -.2192036 .4107427 sic_9 | -.1523692 .1085719 -1.40 0.160 -.3651662 .0604279 sic_10 | -.2840476 .1201633 -2.36 0.018 -.5195633 -.0485319 _cons | -2.664889 .2581465 -10.32 0.000 -3.170847 -2.158931 ------------------------------------------------------------------------------ There are observations with identical propensity score values. The sort order of the data could affect your results. Make sure that the sort order is random before calling psmatch2. ---------------------------------------------------------------------------------------- Variable Sample | Treated Controls Difference S.E. T-stat ----------------------------+----------------------------------------------------------- w_roe Unmatched | .065566254 .044089248 .021477006 .012457588 1.72 ATT | .065566254 .073087721 -.007521466 .049356691 -0.15 ----------------------------+----------------------------------------------------------- Note: Sample S.E. | psmatch2: psmatch2: | Common Treatment | support assignment | On suppor | Total -----------+-----------+---------- Untreated | 12,593 | 12,593 Treated | 1,132 | 1,132 -----------+-----------+---------- Total | 13,725 | 13,725 . psmatch2 addfemale l_w_lnsize l_w_bsize l_w_p_neds l_w_p_ind l_w_volatility year_* sic_*, out(w_lnptob) n(2) ai(2) note: year_1 != 0 predicts failure perfectly year_1 dropped and 4 obs not used note: year_2 dropped because of collinearity note: year_19 dropped because of collinearity note: sic_8 dropped because of collinearity Probit regression Number of obs = 13725 LR chi2(30) = 496.81 Prob > chi2 = 0.0000 Log likelihood = -3660.1756 Pseudo R2 = 0.0636 ------------------------------------------------------------------------------ addfemale | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- l_w_lnsize | .0714497 .0096649 7.39 0.000 .0525068 .0903927 l_w_bsize | .0401184 .0067194 5.97 0.000 .0269487 .0532882 l_w_p_neds | .164428 .0940315 1.75 0.080 -.0198703 .3487263 l_w_p_ind | -.2252949 .1017927 -2.21 0.027 -.424805 -.0257849 l_w_volati~y | .2108334 .1797372 1.17 0.241 -.1414451 .5631119 year_3 | -.0109768 .2426253 -0.05 0.964 -.4865136 .46456 year_4 | -.2341633 .2279107 -1.03 0.304 -.68086 .2125334 year_5 | -.0441575 .2240142 -0.20 0.844 -.4832173 .3949023 year_6 | -.0664024 .2244239 -0.30 0.767 -.5062652 .3734604 year_7 | .1175123 .2221124 0.53 0.597 -.31782 .5528447 year_8 | .0618131 .2224421 0.28 0.781 -.3741654 .4977917 year_9 | .1183463 .2217716 0.53 0.594 -.3163181 .5530106 year_10 | .2951256 .2205406 1.34 0.181 -.1371261 .7273773 year_11 | .3243732 .2209859 1.47 0.142 -.1087512 .7574976 year_12 | .3427679 .2207022 1.55 0.120 -.0898004 .7753362 year_13 | .2480551 .2210631 1.12 0.262 -.1852205 .6813308 year_14 | .2927773 .2202421 1.33 0.184 -.1388892 .7244438 year_15 | .1769846 .2214294 0.80 0.424 -.257009 .6109783 year_16 | .1171554 .2225357 0.53 0.599 -.3190065 .5533173 year_17 | .3356468 .2203527 1.52 0.128 -.0962366 .7675301 year_18 | .6677753 .230505 2.90 0.004 .2159939 1.119557 sic_1 | -.2660292 .1371876 -1.94 0.052 -.5349119 .0028534 sic_2 | -.424128 .1342487 -3.16 0.002 -.6872506 -.1610053 sic_3 | -.3824456 .1086525 -3.52 0.000 -.5954005 -.1694907 sic_4 | -.2576371 .1149479 -2.24 0.025 -.4829308 -.0323434 sic_5 | .0587897 .1240949 0.47 0.636 -.1844318 .3020113 sic_6 | -.0034152 .107004 -0.03 0.975 -.2131391 .2063087 sic_7 | .0957696 .1607035 0.60 0.551 -.2192036 .4107427 sic_9 | -.1523692 .1085719 -1.40 0.160 -.3651662 .0604279 sic_10 | -.2840476 .1201633 -2.36 0.018 -.5195633 -.0485319 _cons | -2.664889 .2581465 -10.32 0.000 -3.170847 -2.158931 ------------------------------------------------------------------------------ There are observations with identical propensity score values. The sort order of the data could affect your results. Make sure that the sort order is random before calling psmatch2. ---------------------------------------------------------------------------------------- Variable Sample | Treated Controls Difference S.E. T-stat ----------------------------+----------------------------------------------------------- w_lnptob Unmatched | .641620885 .503450861 .138170023 .029201245 4.73 ATT | .641620885 .603491645 .038129239 .115874193 0.33 ----------------------------+----------------------------------------------------------- Note: Sample S.E. | psmatch2: psmatch2: | Common Treatment | support assignment | On suppor | Total -----------+-----------+---------- Untreated | 12,593 | 12,593 Treated | 1,132 | 1,132 -----------+-----------+---------- Total | 13,725 | 13,725 . . psmatch2 anyfemale l_w_lnsize l_w_bsize l_w_p_neds l_w_p_ind l_w_volatility year_* sic_*, out(w_tsr) n(6) ai(6) note: year_1 != 0 predicts failure perfectly year_1 dropped and 4 obs not used note: year_2 dropped because of collinearity note: year_19 dropped because of collinearity note: sic_8 dropped because of collinearity Probit regression Number of obs = 13725 LR chi2(30) = 2428.95 Prob > chi2 = 0.0000 Log likelihood = -7486.6127 Pseudo R2 = 0.1396 ------------------------------------------------------------------------------ anyfemale | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- l_w_lnsize | .0835518 .0071216 11.73 0.000 .0695937 .0975099 l_w_bsize | .0997416 .00519 19.22 0.000 .0895694 .1099139 l_w_p_neds | .5001037 .0678245 7.37 0.000 .3671701 .6330373 l_w_p_ind | -.6015443 .0733844 -8.20 0.000 -.7453751 -.4577136 l_w_volati~y | -.0695179 .1327425 -0.52 0.600 -.3296885 .1906527 year_3 | .0072237 .1840326 0.04 0.969 -.3534735 .3679209 year_4 | -.0684135 .1708834 -0.40 0.689 -.4033389 .2665118 year_5 | .0489793 .1699337 0.29 0.773 -.2840847 .3820432 year_6 | .105993 .1698028 0.62 0.532 -.2268144 .4388003 year_7 | .2349488 .1692142 1.39 0.165 -.096705 .5666026 year_8 | .2910319 .1688289 1.72 0.085 -.0398667 .6219305 year_9 | .3518861 .1686717 2.09 0.037 .0212956 .6824765 year_10 | .5446623 .1684579 3.23 0.001 .2144909 .8748337 year_11 | .5861102 .1689648 3.47 0.001 .2549453 .9172751 year_12 | .709816 .1686837 4.21 0.000 .379202 1.04043 year_13 | .7598403 .1684095 4.51 0.000 .4297638 1.089917 year_14 | .753369 .1679653 4.49 0.000 .4241631 1.082575 year_15 | .7548346 .1681833 4.49 0.000 .4252014 1.084468 year_16 | .7362722 .1685611 4.37 0.000 .4058986 1.066646 year_17 | .8099919 .1682398 4.81 0.000 .4802479 1.139736 year_18 | .9474414 .18012 5.26 0.000 .5944127 1.30047 sic_1 | -.6360988 .1108931 -5.74 0.000 -.8534452 -.4187524 sic_2 | -.852806 .1072585 -7.95 0.000 -1.063029 -.6425832 sic_3 | -.7944779 .0915643 -8.68 0.000 -.9739406 -.6150153 sic_4 | -.4306283 .0958035 -4.49 0.000 -.6183997 -.2428569 sic_5 | -.138065 .1034547 -1.33 0.182 -.3408324 .0647024 sic_6 | -.0118842 .0914695 -0.13 0.897 -.1911612 .1673928 sic_7 | .2194477 .1433367 1.53 0.126 -.0614871 .5003825 sic_9 | -.3236066 .0919297 -3.52 0.000 -.5037855 -.1434276 sic_10 | -.5094035 .0978391 -5.21 0.000 -.7011646 -.3176423 _cons | -2.521545 .2010419 -12.54 0.000 -2.915579 -2.12751 ------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------- Variable Sample | Treated Controls Difference S.E. T-stat ----------------------------+----------------------------------------------------------- w_tsr Unmatched | .003260131 -.012984449 .01624458 .009738949 1.67 ATT | .003260131 -.003853742 .007113873 .020939699 0.34 ----------------------------+----------------------------------------------------------- Note: Sample S.E. | psmatch2: psmatch2: | Common Treatment | support assignment | On suppor | Total -----------+-----------+---------- Untreated | 9,200 | 9,200 Treated | 4,525 | 4,525 -----------+-----------+---------- Total | 13,725 | 13,725 . psmatch2 anyfemaleexec l_w_lnsize l_w_bsize l_w_p_neds l_w_p_ind l_w_volatility year_* sic_*, out(w_roa) n(6) ai(6) note: year_1 != 0 predicts failure perfectly year_1 dropped and 4 obs not used note: year_2 dropped because of collinearity note: year_19 dropped because of collinearity note: sic_8 dropped because of collinearity Probit regression Number of obs = 13725 LR chi2(30) = 894.54 Prob > chi2 = 0.0000 Log likelihood = -4203.7068 Pseudo R2 = 0.0962 ------------------------------------------------------------------------------ anyfemalee~c | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- l_w_lnsize | -.0390556 .0088812 -4.40 0.000 -.0564623 -.0216488 l_w_bsize | .0677442 .0062831 10.78 0.000 .0554296 .0800588 l_w_p_neds | -1.673941 .0915913 -18.28 0.000 -1.853457 -1.494426 l_w_p_ind | -.0825533 .1026317 -0.80 0.421 -.2837077 .1186011 l_w_volati~y | .0423894 .1610903 0.26 0.792 -.2733418 .3581206 year_3 | -.0403281 .2583477 -0.16 0.876 -.5466803 .4660241 year_4 | -.0559151 .2407481 -0.23 0.816 -.5277726 .4159424 year_5 | .0786642 .2389354 0.33 0.742 -.3896404 .5469689 year_6 | .1513349 .2384353 0.63 0.526 -.3159898 .6186595 year_7 | .2673239 .2375404 1.13 0.260 -.1982468 .7328946 year_8 | .316846 .2370271 1.34 0.181 -.1477186 .7814106 year_9 | .3205935 .2371768 1.35 0.176 -.1442645 .7854515 year_10 | .4228082 .236975 1.78 0.074 -.0416543 .8872706 year_11 | .4103407 .2376708 1.73 0.084 -.0554854 .8761668 year_12 | .4783024 .237137 2.02 0.044 .0135223 .9430825 year_13 | .5252763 .2366694 2.22 0.026 .0614127 .9891399 year_14 | .5359937 .2363644 2.27 0.023 .0727281 .9992594 year_15 | .6140623 .2365223 2.60 0.009 .1504871 1.077637 year_16 | .5778998 .2373828 2.43 0.015 .112638 1.043161 year_17 | .5860699 .236973 2.47 0.013 .1216114 1.050528 year_18 | .6056078 .2511254 2.41 0.016 .113411 1.097805 sic_1 | .0985937 .1536951 0.64 0.521 -.2026431 .3998305 sic_2 | -.1367879 .1564386 -0.87 0.382 -.4434018 .1698261 sic_3 | .0438053 .1330321 0.33 0.742 -.2169328 .3045433 sic_4 | .1049621 .1383063 0.76 0.448 -.1661133 .3760376 sic_5 | .3600015 .144659 2.49 0.013 .0764751 .6435279 sic_6 | .6057221 .1317157 4.60 0.000 .3475641 .8638801 sic_7 | -.5710807 .2675021 -2.13 0.033 -1.095375 -.0467862 sic_9 | .2319564 .1330399 1.74 0.081 -.0287971 .4927098 sic_10 | .2954346 .1382665 2.14 0.033 .0244372 .566432 _cons | -1.066797 .2815237 -3.79 0.000 -1.618573 -.5150207 ------------------------------------------------------------------------------ There are observations with identical propensity score values. The sort order of the data could affect your results. Make sure that the sort order is random before calling psmatch2. ---------------------------------------------------------------------------------------- Variable Sample | Treated Controls Difference S.E. T-stat ----------------------------+----------------------------------------------------------- w_roa Unmatched | .017558014 .02958318 -.012025166 .003791616 -3.17 ATT | .017558014 .020225217 -.002667203 .012923563 -0.21 ----------------------------+----------------------------------------------------------- Note: Sample S.E. | psmatch2: psmatch2: | Common Treatment | support assignment | On suppor | Total -----------+-----------+---------- Untreated | 12,265 | 12,265 Treated | 1,460 | 1,460 -----------+-----------+---------- Total | 13,725 | 13,725 . psmatch2 addfemale l_w_lnsize l_w_bsize l_w_p_neds l_w_p_ind l_w_volatility year_* sic_*, out(w_roe) n(6) ai(6) note: year_1 != 0 predicts failure perfectly year_1 dropped and 4 obs not used note: year_2 dropped because of collinearity note: year_19 dropped because of collinearity note: sic_8 dropped because of collinearity Probit regression Number of obs = 13725 LR chi2(30) = 496.81 Prob > chi2 = 0.0000 Log likelihood = -3660.1756 Pseudo R2 = 0.0636 ------------------------------------------------------------------------------ addfemale | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- l_w_lnsize | .0714497 .0096649 7.39 0.000 .0525068 .0903927 l_w_bsize | .0401184 .0067194 5.97 0.000 .0269487 .0532882 l_w_p_neds | .164428 .0940315 1.75 0.080 -.0198703 .3487263 l_w_p_ind | -.2252949 .1017927 -2.21 0.027 -.424805 -.0257849 l_w_volati~y | .2108334 .1797372 1.17 0.241 -.1414451 .5631119 year_3 | -.0109768 .2426253 -0.05 0.964 -.4865136 .46456 year_4 | -.2341633 .2279107 -1.03 0.304 -.68086 .2125334 year_5 | -.0441575 .2240142 -0.20 0.844 -.4832173 .3949023 year_6 | -.0664024 .2244239 -0.30 0.767 -.5062652 .3734604 year_7 | .1175123 .2221124 0.53 0.597 -.31782 .5528447 year_8 | .0618131 .2224421 0.28 0.781 -.3741654 .4977917 year_9 | .1183463 .2217716 0.53 0.594 -.3163181 .5530106 year_10 | .2951256 .2205406 1.34 0.181 -.1371261 .7273773 year_11 | .3243732 .2209859 1.47 0.142 -.1087512 .7574976 year_12 | .3427679 .2207022 1.55 0.120 -.0898004 .7753362 year_13 | .2480551 .2210631 1.12 0.262 -.1852205 .6813308 year_14 | .2927773 .2202421 1.33 0.184 -.1388892 .7244438 year_15 | .1769846 .2214294 0.80 0.424 -.257009 .6109783 year_16 | .1171554 .2225357 0.53 0.599 -.3190065 .5533173 year_17 | .3356468 .2203527 1.52 0.128 -.0962366 .7675301 year_18 | .6677753 .230505 2.90 0.004 .2159939 1.119557 sic_1 | -.2660292 .1371876 -1.94 0.052 -.5349119 .0028534 sic_2 | -.424128 .1342487 -3.16 0.002 -.6872506 -.1610053 sic_3 | -.3824456 .1086525 -3.52 0.000 -.5954005 -.1694907 sic_4 | -.2576371 .1149479 -2.24 0.025 -.4829308 -.0323434 sic_5 | .0587897 .1240949 0.47 0.636 -.1844318 .3020113 sic_6 | -.0034152 .107004 -0.03 0.975 -.2131391 .2063087 sic_7 | .0957696 .1607035 0.60 0.551 -.2192036 .4107427 sic_9 | -.1523692 .1085719 -1.40 0.160 -.3651662 .0604279 sic_10 | -.2840476 .1201633 -2.36 0.018 -.5195633 -.0485319 _cons | -2.664889 .2581465 -10.32 0.000 -3.170847 -2.158931 ------------------------------------------------------------------------------ There are observations with identical propensity score values. The sort order of the data could affect your results. Make sure that the sort order is random before calling psmatch2. ---------------------------------------------------------------------------------------- Variable Sample | Treated Controls Difference S.E. T-stat ----------------------------+----------------------------------------------------------- w_roe Unmatched | .065566254 .044089248 .021477006 .012457588 1.72 ATT | .065566254 .075722688 -.010156434 .047209901 -0.22 ----------------------------+----------------------------------------------------------- Note: Sample S.E. | psmatch2: psmatch2: | Common Treatment | support assignment | On suppor | Total -----------+-----------+---------- Untreated | 12,593 | 12,593 Treated | 1,132 | 1,132 -----------+-----------+---------- Total | 13,725 | 13,725 . psmatch2 addfemale l_w_lnsize l_w_bsize l_w_p_neds l_w_p_ind l_w_volatility year_* sic_*, out(w_lnptob) n(6) ai(6) note: year_1 != 0 predicts failure perfectly year_1 dropped and 4 obs not used note: year_2 dropped because of collinearity note: year_19 dropped because of collinearity note: sic_8 dropped because of collinearity Probit regression Number of obs = 13725 LR chi2(30) = 496.81 Prob > chi2 = 0.0000 Log likelihood = -3660.1756 Pseudo R2 = 0.0636 ------------------------------------------------------------------------------ addfemale | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- l_w_lnsize | .0714497 .0096649 7.39 0.000 .0525068 .0903927 l_w_bsize | .0401184 .0067194 5.97 0.000 .0269487 .0532882 l_w_p_neds | .164428 .0940315 1.75 0.080 -.0198703 .3487263 l_w_p_ind | -.2252949 .1017927 -2.21 0.027 -.424805 -.0257849 l_w_volati~y | .2108334 .1797372 1.17 0.241 -.1414451 .5631119 year_3 | -.0109768 .2426253 -0.05 0.964 -.4865136 .46456 year_4 | -.2341633 .2279107 -1.03 0.304 -.68086 .2125334 year_5 | -.0441575 .2240142 -0.20 0.844 -.4832173 .3949023 year_6 | -.0664024 .2244239 -0.30 0.767 -.5062652 .3734604 year_7 | .1175123 .2221124 0.53 0.597 -.31782 .5528447 year_8 | .0618131 .2224421 0.28 0.781 -.3741654 .4977917 year_9 | .1183463 .2217716 0.53 0.594 -.3163181 .5530106 year_10 | .2951256 .2205406 1.34 0.181 -.1371261 .7273773 year_11 | .3243732 .2209859 1.47 0.142 -.1087512 .7574976 year_12 | .3427679 .2207022 1.55 0.120 -.0898004 .7753362 year_13 | .2480551 .2210631 1.12 0.262 -.1852205 .6813308 year_14 | .2927773 .2202421 1.33 0.184 -.1388892 .7244438 year_15 | .1769846 .2214294 0.80 0.424 -.257009 .6109783 year_16 | .1171554 .2225357 0.53 0.599 -.3190065 .5533173 year_17 | .3356468 .2203527 1.52 0.128 -.0962366 .7675301 year_18 | .6677753 .230505 2.90 0.004 .2159939 1.119557 sic_1 | -.2660292 .1371876 -1.94 0.052 -.5349119 .0028534 sic_2 | -.424128 .1342487 -3.16 0.002 -.6872506 -.1610053 sic_3 | -.3824456 .1086525 -3.52 0.000 -.5954005 -.1694907 sic_4 | -.2576371 .1149479 -2.24 0.025 -.4829308 -.0323434 sic_5 | .0587897 .1240949 0.47 0.636 -.1844318 .3020113 sic_6 | -.0034152 .107004 -0.03 0.975 -.2131391 .2063087 sic_7 | .0957696 .1607035 0.60 0.551 -.2192036 .4107427 sic_9 | -.1523692 .1085719 -1.40 0.160 -.3651662 .0604279 sic_10 | -.2840476 .1201633 -2.36 0.018 -.5195633 -.0485319 _cons | -2.664889 .2581465 -10.32 0.000 -3.170847 -2.158931 ------------------------------------------------------------------------------ There are observations with identical propensity score values. The sort order of the data could affect your results. Make sure that the sort order is random before calling psmatch2. ---------------------------------------------------------------------------------------- Variable Sample | Treated Controls Difference S.E. T-stat ----------------------------+----------------------------------------------------------- w_lnptob Unmatched | .641620885 .503450861 .138170023 .029201245 4.73 ATT | .641620885 .613147403 .028473481 .108468281 0.26 ----------------------------+----------------------------------------------------------- Note: Sample S.E. | psmatch2: psmatch2: | Common Treatment | support assignment | On suppor | Total -----------+-----------+---------- Untreated | 12,593 | 12,593 Treated | 1,132 | 1,132 -----------+-----------+---------- Total | 13,725 | 13,725 . . *Alternative matching technique - mahalanobis . psmatch2 anyfemale, mahalanobis(l_w_lnsize l_w_bsize l_w_p_neds l_w_p_ind l_w_volatility year_* sic_*) outcome(w_tsr) > ai(4) ---------------------------------------------------------------------------------------- Variable Sample | Treated Controls Difference S.E. T-stat ----------------------------+----------------------------------------------------------- w_tsr Unmatched | .003260131 -.013027325 .016287456 .009737274 1.67 ATT | .003260131 .017345269 -.014085138 .012898506 -1.09 ----------------------------+----------------------------------------------------------- Note: Sample S.E. | psmatch2: psmatch2: | Common Treatment | support assignment | On suppor | Total -----------+-----------+---------- Untreated | 9,204 | 9,204 Treated | 4,525 | 4,525 -----------+-----------+---------- Total | 13,729 | 13,729 . psmatch2 anyfemaleexec, mahalanobis(l_w_lnsize l_w_bsize l_w_p_neds l_w_p_ind l_w_volatility year_* sic_*) outcome(w_t > sr) ai(4) ---------------------------------------------------------------------------------------- Variable Sample | Treated Controls Difference S.E. T-stat ----------------------------+----------------------------------------------------------- w_tsr Unmatched |-.038584228 -.003979007 -.034605221 .014846097 -2.33 ATT |-.038584228 -.040984767 .002400539 .019781685 0.12 ----------------------------+----------------------------------------------------------- Note: Sample S.E. | psmatch2: psmatch2: | Common Treatment | support assignment | On suppor | Total -----------+-----------+---------- Untreated | 12,269 | 12,269 Treated | 1,460 | 1,460 -----------+-----------+---------- Total | 13,729 | 13,729 . psmatch2 addfemale , mahalanobis(l_w_lnsize l_w_bsize l_w_p_neds l_w_p_ind l_w_volatility year_* sic_*) outcome(w_tsr) > ai(4) ---------------------------------------------------------------------------------------- Variable Sample | Treated Controls Difference S.E. T-stat ----------------------------+----------------------------------------------------------- w_tsr Unmatched | .029623132 -.011009351 .040632483 .016639035 2.44 ATT | .029623132 .030034533 -.000411401 .020167348 -0.02 ----------------------------+----------------------------------------------------------- Note: Sample S.E. | psmatch2: psmatch2: | Common Treatment | support assignment | On suppor | Total -----------+-----------+---------- Untreated | 12,597 | 12,597 Treated | 1,132 | 1,132 -----------+-----------+---------- Total | 13,729 | 13,729 . . ********************************************************************** . * * . * E. 2-stage Least Squares * . * * . ********************************************************************** . . use robustcheck2.dta, clear . . *Calcuation of female connectedness instrument. For each director-year, want number of working relationships with wome > n at OTHER companies. . *1. For each firm-year, create var X = total number of women on board. . *2. For each individualid-year, create var Y = sum X over all companies in year minus X . *3. For each firm-year, create var Z = sum of Y over all individualids in the firm-year. . . gen ave_w_network = w_network/bsize // Avoids size bias from larger boards . sum ave_w_network, detail ave_w_network ------------------------------------------------------------- Percentiles Smallest 1% 0 0 5% 0 0 10% 0 0 Obs 13870 25% 0 0 Sum of Wgt. 13870 50% .2 Mean .4304216 Largest Std. Dev. .6810906 75% .6 9.857142 90% 1.142857 12.25 Variance .4638844 95% 1.6 13.6 Skewness 5.810622 99% 3 21 Kurtosis 96.12509 . . ivregress 2sls w_tsr l_w_lnsize l_w_bsize l_w_p_neds l_w_p_ind l_w_volatility sic_* year_3-year_17 (l_w_p_female = ave > _w_network), vce(cluster companyid) first note: sic_10 omitted because of collinearity First-stage regressions ----------------------- Number of obs = 13729 N. of clusters = 2306 F( 30, 13698) = 24.05 Prob > F = 0.0000 R-squared = 0.1707 Adj R-squared = 0.1688 Root MSE = 0.0716 -------------------------------------------------------------------------------- | Robust l_w_p_female | Coef. Std. Err. t P>|t| [95% Conf. Interval] ---------------+---------------------------------------------------------------- l_w_lnsize | .0002022 .0007643 0.26 0.791 -.0012959 .0017003 l_w_bsize | .001668 .0004999 3.34 0.001 .0006881 .0026478 l_w_p_neds | .0012791 .0074982 0.17 0.865 -.0134184 .0159766 l_w_p_ind | -.0266291 .0062965 -4.23 0.000 -.0389712 -.014287 l_w_volatility | -.0031752 .0091913 -0.35 0.730 -.0211913 .0148409 sic_1 | -.0055478 .0073399 -0.76 0.450 -.019935 .0088393 sic_2 | -.0118392 .0064334 -1.84 0.066 -.0244496 .0007712 sic_3 | -.0091802 .0055624 -1.65 0.099 -.0200833 .0017229 sic_4 | .0044931 .0066913 0.67 0.502 -.0086228 .0176091 sic_5 | .0174655 .0082487 2.12 0.034 .0012968 .0336341 sic_6 | .0259029 .0063699 4.07 0.000 .0134171 .0383887 sic_7 | .0301768 .0114633 2.63 0.008 .0077072 .0526463 sic_8 | .0227526 .0111478 2.04 0.041 .0009014 .0446039 sic_9 | .0040782 .0056185 0.73 0.468 -.0069348 .0150912 sic_10 | 0 (omitted) year_3 | -.0449504 .0053694 -8.37 0.000 -.0554751 -.0344257 year_4 | -.0421137 .0048893 -8.61 0.000 -.0516973 -.0325301 year_5 | -.0402594 .004868 -8.27 0.000 -.0498013 -.0307174 year_6 | -.0386352 .0049748 -7.77 0.000 -.0483865 -.028884 year_7 | -.0368861 .0050334 -7.33 0.000 -.0467523 -.0270199 year_8 | -.0325285 .0050402 -6.45 0.000 -.0424079 -.0226491 year_9 | -.0305322 .0050086 -6.10 0.000 -.0403498 -.0207146 year_10 | -.0257626 .0050215 -5.13 0.000 -.0356055 -.0159197 year_11 | -.0221767 .0051008 -4.35 0.000 -.0321749 -.0121784 year_12 | -.0203613 .0051607 -3.95 0.000 -.030477 -.0102456 year_13 | -.0154295 .0050818 -3.04 0.002 -.0253906 -.0054684 year_14 | -.0105518 .0049685 -2.12 0.034 -.0202907 -.0008128 year_15 | -.0067843 .0048622 -1.40 0.163 -.0163148 .0027462 year_16 | -.0103893 .004879 -2.13 0.033 -.0199528 -.0008258 year_17 | -.0086538 .00461 -1.88 0.061 -.0176901 .0003825 ave_w_network | .0339396 .0023791 14.27 0.000 .0292762 .0386029 _cons | .0373462 .0106239 3.52 0.000 .0165218 .0581705 -------------------------------------------------------------------------------- Instrumental variables (2SLS) regression Number of obs = 13729 Wald chi2(30) = 2267.62 Prob > chi2 = 0.0000 R-squared = 0.1585 Root MSE = .49198 (Std. Err. adjusted for 2306 clusters in companyid) -------------------------------------------------------------------------------- | Robust w_tsr | Coef. Std. Err. z P>|z| [95% Conf. Interval] ---------------+---------------------------------------------------------------- l_w_p_female | -.258501 .1926644 -1.34 0.180 -.6361163 .1191143 l_w_lnsize | .0214725 .0026406 8.13 0.000 .0162969 .026648 l_w_bsize | -.0047007 .001811 -2.60 0.009 -.0082502 -.0011513 l_w_p_neds | .0870711 .0240737 3.62 0.000 .0398876 .1342546 l_w_p_ind | .0536976 .0251863 2.13 0.033 .0043335 .1030618 l_w_volatility | -.0858775 .0593616 -1.45 0.148 -.2022241 .0304691 sic_1 | .143051 .030461 4.70 0.000 .0833485 .2027535 sic_2 | .0943577 .0288664 3.27 0.001 .0377807 .1509348 sic_3 | .0716923 .0199555 3.59 0.000 .0325804 .1108043 sic_4 | .0631543 .0218946 2.88 0.004 .0202417 .1060668 sic_5 | .0412715 .0279059 1.48 0.139 -.013423 .0959661 sic_6 | .0805784 .0210872 3.82 0.000 .0392482 .1219085 sic_7 | .0558042 .0423516 1.32 0.188 -.0272035 .1388119 sic_8 | .1592019 .026863 5.93 0.000 .1065514 .2118525 sic_9 | .1298089 .0204016 6.36 0.000 .0898225 .1697953 sic_10 | 0 (omitted) year_3 | .015276 .0309294 0.49 0.621 -.0453446 .0758965 year_4 | -.0243262 .0265605 -0.92 0.360 -.0763837 .0277314 year_5 | -.1258181 .0281401 -4.47 0.000 -.1809717 -.0706644 year_6 | .0078843 .0280946 0.28 0.779 -.0471801 .0629487 year_7 | .016289 .0285733 0.57 0.569 -.0397135 .0722916 year_8 | -.3188141 .0311939 -10.22 0.000 -.379953 -.2576752 year_9 | -.3418235 .0305268 -11.20 0.000 -.401655 -.2819921 year_10 | -.0710373 .0280867 -2.53 0.011 -.1260862 -.0159883 year_11 | .17303 .0249215 6.94 0.000 .1241847 .2218752 year_12 | .0868375 .0247429 3.51 0.000 .0383424 .1353326 year_13 | .0369338 .0249991 1.48 0.140 -.0120635 .0859311 year_14 | -.0688361 .0254434 -2.71 0.007 -.1187041 -.018968 year_15 | -.6067731 .0278349 -21.80 0.000 -.6613285 -.5522177 year_16 | -.1574769 .0299234 -5.26 0.000 -.2161258 -.098828 year_17 | .1485024 .0248549 5.97 0.000 .0997877 .1972172 _cons | -.252921 .0413159 -6.12 0.000 -.3338987 -.1719433 -------------------------------------------------------------------------------- Instrumented: l_w_p_female Instruments: l_w_lnsize l_w_bsize l_w_p_neds l_w_p_ind l_w_volatility sic_1 sic_2 sic_3 sic_4 sic_5 sic_6 sic_7 sic_8 sic_9 year_3 year_4 year_5 year_6 year_7 year_8 year_9 year_10 year_11 year_12 year_13 year_14 year_15 year_16 year_17 ave_w_network . ivregress 2sls w_roa l_w_lnsize l_w_bsize l_w_p_neds l_w_p_ind l_w_volatility sic_* year_3-year_17 (l_w_p_female = ave > _w_network), vce(cluster companyid) note: sic_10 omitted because of collinearity Instrumental variables (2SLS) regression Number of obs = 13729 Wald chi2(30) = 692.04 Prob > chi2 = 0.0000 R-squared = 0.1375 Root MSE = .12722 (Std. Err. adjusted for 2306 clusters in companyid) -------------------------------------------------------------------------------- | Robust w_roa | Coef. Std. Err. z P>|z| [95% Conf. Interval] ---------------+---------------------------------------------------------------- l_w_p_female | -.2961489 .0691858 -4.28 0.000 -.4317505 -.1605472 l_w_lnsize | .0222638 .0015024 14.82 0.000 .0193193 .0252084 l_w_bsize | -.0066527 .0007371 -9.03 0.000 -.0080973 -.0052081 l_w_p_neds | .0313763 .0090728 3.46 0.001 .0135939 .0491586 l_w_p_ind | -.027932 .0094019 -2.97 0.003 -.0463594 -.0095046 l_w_volatility | -.0994901 .0203877 -4.88 0.000 -.1394494 -.0595309 sic_1 | .0366355 .0142156 2.58 0.010 .0087735 .0644976 sic_2 | .0296935 .0131996 2.25 0.024 .0038229 .0555642 sic_3 | .0409303 .0096462 4.24 0.000 .0220241 .0598365 sic_4 | .0464335 .0099365 4.67 0.000 .0269584 .0659087 sic_5 | -.0340419 .0190723 -1.78 0.074 -.0714229 .0033391 sic_6 | .0546426 .0096119 5.68 0.000 .0358036 .0734815 sic_7 | .0007108 .0210873 0.03 0.973 -.0406196 .0420411 sic_8 | .0435957 .0115952 3.76 0.000 .0208696 .0663218 sic_9 | .0609404 .0093301 6.53 0.000 .0426536 .0792271 sic_10 | 0 (omitted) year_3 | .0031142 .0084105 0.37 0.711 -.0133701 .0195985 year_4 | .0162215 .0073074 2.22 0.026 .0018992 .0305437 year_5 | .0140763 .0075136 1.87 0.061 -.00065 .0288026 year_6 | .0098028 .0074187 1.32 0.186 -.0047376 .0243432 year_7 | -.0024826 .0074565 -0.33 0.739 -.017097 .0121318 year_8 | -.0356999 .0077975 -4.58 0.000 -.0509827 -.0204171 year_9 | -.038032 .0078097 -4.87 0.000 -.0533387 -.0227253 year_10 | -.0233569 .0073267 -3.19 0.001 -.037717 -.0089967 year_11 | -.0037359 .0069174 -0.54 0.589 -.0172938 .0098219 year_12 | .0056265 .0069872 0.81 0.421 -.0080682 .0193212 year_13 | .0061665 .0070978 0.87 0.385 -.0077448 .0200779 year_14 | .0076117 .0070928 1.07 0.283 -.00629 .0215134 year_15 | -.021522 .0074071 -2.91 0.004 -.0360397 -.0070043 year_16 | -.032385 .0072545 -4.46 0.000 -.0466035 -.0181665 year_17 | -.0050575 .0062461 -0.81 0.418 -.0172997 .0071847 _cons | -.1950862 .0188809 -10.33 0.000 -.2320922 -.1580803 -------------------------------------------------------------------------------- Instrumented: l_w_p_female Instruments: l_w_lnsize l_w_bsize l_w_p_neds l_w_p_ind l_w_volatility sic_1 sic_2 sic_3 sic_4 sic_5 sic_6 sic_7 sic_8 sic_9 year_3 year_4 year_5 year_6 year_7 year_8 year_9 year_10 year_11 year_12 year_13 year_14 year_15 year_16 year_17 ave_w_network . ivregress 2sls w_roe l_w_lnsize l_w_bsize l_w_p_neds l_w_p_ind l_w_volatility sic_* year_3-year_17 (l_w_p_female = ave > _w_network), vce(cluster companyid) note: sic_10 omitted because of collinearity Instrumental variables (2SLS) regression Number of obs = 13729 Wald chi2(30) = 616.41 Prob > chi2 = 0.0000 R-squared = 0.0942 Root MSE = .38211 (Std. Err. adjusted for 2306 clusters in companyid) -------------------------------------------------------------------------------- | Robust w_roe | Coef. Std. Err. z P>|z| [95% Conf. Interval] ---------------+---------------------------------------------------------------- l_w_p_female | -.3810137 .1725937 -2.21 0.027 -.7192911 -.0427363 l_w_lnsize | .0447117 .0031457 14.21 0.000 .0385463 .0508771 l_w_bsize | -.0079587 .0021695 -3.67 0.000 -.0122108 -.0037066 l_w_p_neds | .0900107 .0256932 3.50 0.000 .039653 .1403685 l_w_p_ind | -.0804605 .0239154 -3.36 0.001 -.1273339 -.0335871 l_w_volatility | -.2836898 .0536946 -5.28 0.000 -.3889294 -.1784503 sic_1 | .0553278 .0310488 1.78 0.075 -.0055268 .1161824 sic_2 | .0416549 .029276 1.42 0.155 -.0157249 .0990348 sic_3 | .0983784 .0227172 4.33 0.000 .0538535 .1429033 sic_4 | .0831831 .0241425 3.45 0.001 .0358646 .1305015 sic_5 | -.0691641 .0426914 -1.62 0.105 -.1528377 .0145095 sic_6 | .1114153 .023571 4.73 0.000 .0652171 .1576136 sic_7 | .0040461 .0592925 0.07 0.946 -.1121651 .1202573 sic_8 | .1122824 .0335024 3.35 0.001 .0466189 .1779459 sic_9 | .128618 .0222944 5.77 0.000 .0849217 .1723143 sic_10 | 0 (omitted) year_3 | .0589649 .0288072 2.05 0.041 .0025039 .1154259 year_4 | .058837 .0242943 2.42 0.015 .0112211 .106453 year_5 | .0802672 .0242941 3.30 0.001 .0326517 .1278827 year_6 | .0512273 .0244086 2.10 0.036 .0033873 .0990673 year_7 | .0343638 .0240884 1.43 0.154 -.0128485 .0815761 year_8 | -.0333804 .0245831 -1.36 0.175 -.0815623 .0148015 year_9 | -.0694943 .0244324 -2.84 0.004 -.117381 -.0216076 year_10 | -.0560913 .0242524 -2.31 0.021 -.1036252 -.0085574 year_11 | -.0028788 .0236023 -0.12 0.903 -.0491385 .0433808 year_12 | .053591 .0227813 2.35 0.019 .0089404 .0982415 year_13 | .035001 .0231996 1.51 0.131 -.0104694 .0804714 year_14 | .0253928 .0239706 1.06 0.289 -.0215886 .0723742 year_15 | -.0076527 .0232873 -0.33 0.742 -.053295 .0379896 year_16 | -.1083508 .0243374 -4.45 0.000 -.1560513 -.0606503 year_17 | -.001512 .0214946 -0.07 0.944 -.0436405 .0406166 _cons | -.4790164 .0450614 -10.63 0.000 -.5673351 -.3906978 -------------------------------------------------------------------------------- Instrumented: l_w_p_female Instruments: l_w_lnsize l_w_bsize l_w_p_neds l_w_p_ind l_w_volatility sic_1 sic_2 sic_3 sic_4 sic_5 sic_6 sic_7 sic_8 sic_9 year_3 year_4 year_5 year_6 year_7 year_8 year_9 year_10 year_11 year_12 year_13 year_14 year_15 year_16 year_17 ave_w_network . ivregress 2sls w_lnptob l_w_lnsize l_w_bsize l_w_p_neds l_w_p_ind l_w_volatility sic_* year_3-year_17 (l_w_p_female = > ave_w_network), vce(cluster companyid) note: sic_10 omitted because of collinearity Instrumental variables (2SLS) regression Number of obs = 13729 Wald chi2(30) = 2041.74 Prob > chi2 = 0.0000 R-squared = 0.2136 Root MSE = .83514 (Std. Err. adjusted for 2306 clusters in companyid) -------------------------------------------------------------------------------- | Robust w_lnptob | Coef. Std. Err. z P>|z| [95% Conf. Interval] ---------------+---------------------------------------------------------------- l_w_p_female | .2769702 .4772145 0.58 0.562 -.6583531 1.212293 l_w_lnsize | .0344191 .0080545 4.27 0.000 .0186325 .0502057 l_w_bsize | .0301721 .0058098 5.19 0.000 .0187851 .0415591 l_w_p_neds | -.2403749 .0767974 -3.13 0.002 -.390895 -.0898548 l_w_p_ind | -.0348415 .0640931 -0.54 0.587 -.1604616 .0907786 l_w_volatility | .2116721 .112571 1.88 0.060 -.0089631 .4323072 sic_1 | -.3112767 .0755403 -4.12 0.000 -.4593331 -.1632203 sic_2 | -.4885917 .0900669 -5.42 0.000 -.6651195 -.3120639 sic_3 | -.3239477 .0650552 -4.98 0.000 -.4514535 -.1964419 sic_4 | -.5440334 .0790366 -6.88 0.000 -.6989423 -.3891245 sic_5 | .2080695 .081175 2.56 0.010 .0489694 .3671697 sic_6 | -.3046601 .0729502 -4.18 0.000 -.4476398 -.1616804 sic_7 | -.1120541 .1796743 -0.62 0.533 -.4642092 .2401009 sic_8 | -.3322175 .1049173 -3.17 0.002 -.5378517 -.1265833 sic_9 | -.760903 .0642608 -11.84 0.000 -.8868518 -.6349541 sic_10 | 0 (omitted) year_3 | .4542287 .0727325 6.25 0.000 .3116756 .5967817 year_4 | .3996363 .0586174 6.82 0.000 .2847483 .5145244 year_5 | .1071597 .0584199 1.83 0.067 -.0073412 .2216606 year_6 | .2419634 .0584332 4.14 0.000 .1274364 .3564903 year_7 | .1410048 .05625 2.51 0.012 .0307569 .2512528 year_8 | -.014734 .0559625 -0.26 0.792 -.1244184 .0949504 year_9 | -.221042 .056412 -3.92 0.000 -.3316075 -.1104765 year_10 | .0704722 .0543274 1.30 0.195 -.0360076 .176952 year_11 | .1563758 .0533121 2.93 0.003 .051886 .2608656 year_12 | .3049727 .0532514 5.73 0.000 .2006019 .4093435 year_13 | .3607708 .052915 6.82 0.000 .2570593 .4644822 year_14 | .2086298 .0516729 4.04 0.000 .1073528 .3099068 year_15 | -.4141015 .0529964 -7.81 0.000 -.5179726 -.3102304 year_16 | -.0185008 .0504684 -0.37 0.714 -.1174171 .0804155 year_17 | .0712032 .0463098 1.54 0.124 -.0195623 .1619687 _cons | .3092176 .1134477 2.73 0.006 .0868642 .5315711 -------------------------------------------------------------------------------- Instrumented: l_w_p_female Instruments: l_w_lnsize l_w_bsize l_w_p_neds l_w_p_ind l_w_volatility sic_1 sic_2 sic_3 sic_4 sic_5 sic_6 sic_7 sic_8 sic_9 year_3 year_4 year_5 year_6 year_7 year_8 year_9 year_10 year_11 year_12 year_13 year_14 year_15 year_16 year_17 ave_w_network . . *Above placed into latex tables using outreg2. . *Further iv methods (unreported) . ivregress liml w_tsr l_w_lnsize l_w_bsize l_w_p_neds l_w_p_ind l_w_volatility sic_* year_3-year_17 (l_w_p_female = av > e_w_network), vce(cluster companyid) first note: sic_10 omitted because of collinearity First-stage regressions ----------------------- Number of obs = 13729 N. of clusters = 2306 F( 30, 13698) = 24.05 Prob > F = 0.0000 R-squared = 0.1707 Adj R-squared = 0.1688 Root MSE = 0.0716 -------------------------------------------------------------------------------- | Robust l_w_p_female | Coef. Std. Err. t P>|t| [95% Conf. Interval] ---------------+---------------------------------------------------------------- l_w_lnsize | .0002022 .0007643 0.26 0.791 -.0012959 .0017003 l_w_bsize | .001668 .0004999 3.34 0.001 .0006881 .0026478 l_w_p_neds | .0012791 .0074982 0.17 0.865 -.0134184 .0159766 l_w_p_ind | -.0266291 .0062965 -4.23 0.000 -.0389712 -.014287 l_w_volatility | -.0031752 .0091913 -0.35 0.730 -.0211913 .0148409 sic_1 | -.0055478 .0073399 -0.76 0.450 -.019935 .0088393 sic_2 | -.0118392 .0064334 -1.84 0.066 -.0244496 .0007712 sic_3 | -.0091802 .0055624 -1.65 0.099 -.0200833 .0017229 sic_4 | .0044931 .0066913 0.67 0.502 -.0086228 .0176091 sic_5 | .0174655 .0082487 2.12 0.034 .0012968 .0336341 sic_6 | .0259029 .0063699 4.07 0.000 .0134171 .0383887 sic_7 | .0301768 .0114633 2.63 0.008 .0077072 .0526463 sic_8 | .0227526 .0111478 2.04 0.041 .0009014 .0446039 sic_9 | .0040782 .0056185 0.73 0.468 -.0069348 .0150912 sic_10 | 0 (omitted) year_3 | -.0449504 .0053694 -8.37 0.000 -.0554751 -.0344257 year_4 | -.0421137 .0048893 -8.61 0.000 -.0516973 -.0325301 year_5 | -.0402594 .004868 -8.27 0.000 -.0498013 -.0307174 year_6 | -.0386352 .0049748 -7.77 0.000 -.0483865 -.028884 year_7 | -.0368861 .0050334 -7.33 0.000 -.0467523 -.0270199 year_8 | -.0325285 .0050402 -6.45 0.000 -.0424079 -.0226491 year_9 | -.0305322 .0050086 -6.10 0.000 -.0403498 -.0207146 year_10 | -.0257626 .0050215 -5.13 0.000 -.0356055 -.0159197 year_11 | -.0221767 .0051008 -4.35 0.000 -.0321749 -.0121784 year_12 | -.0203613 .0051607 -3.95 0.000 -.030477 -.0102456 year_13 | -.0154295 .0050818 -3.04 0.002 -.0253906 -.0054684 year_14 | -.0105518 .0049685 -2.12 0.034 -.0202907 -.0008128 year_15 | -.0067843 .0048622 -1.40 0.163 -.0163148 .0027462 year_16 | -.0103893 .004879 -2.13 0.033 -.0199528 -.0008258 year_17 | -.0086538 .00461 -1.88 0.061 -.0176901 .0003825 ave_w_network | .0339396 .0023791 14.27 0.000 .0292762 .0386029 _cons | .0373462 .0106239 3.52 0.000 .0165218 .0581705 -------------------------------------------------------------------------------- Instrumental variables (LIML) regression Number of obs = 13729 Wald chi2(30) = 2267.62 Prob > chi2 = 0.0000 R-squared = 0.1585 Root MSE = .49198 (Std. Err. adjusted for 2306 clusters in companyid) -------------------------------------------------------------------------------- | Robust w_tsr | Coef. Std. Err. z P>|z| [95% Conf. Interval] ---------------+---------------------------------------------------------------- l_w_p_female | -.258501 .1926644 -1.34 0.180 -.6361163 .1191143 l_w_lnsize | .0214725 .0026406 8.13 0.000 .0162969 .026648 l_w_bsize | -.0047007 .001811 -2.60 0.009 -.0082502 -.0011513 l_w_p_neds | .0870711 .0240737 3.62 0.000 .0398876 .1342546 l_w_p_ind | .0536976 .0251863 2.13 0.033 .0043335 .1030618 l_w_volatility | -.0858775 .0593616 -1.45 0.148 -.2022241 .0304691 sic_1 | .143051 .030461 4.70 0.000 .0833485 .2027535 sic_2 | .0943577 .0288664 3.27 0.001 .0377807 .1509348 sic_3 | .0716923 .0199555 3.59 0.000 .0325804 .1108043 sic_4 | .0631543 .0218946 2.88 0.004 .0202417 .1060668 sic_5 | .0412715 .0279059 1.48 0.139 -.013423 .0959661 sic_6 | .0805784 .0210872 3.82 0.000 .0392482 .1219085 sic_7 | .0558042 .0423516 1.32 0.188 -.0272035 .1388119 sic_8 | .1592019 .026863 5.93 0.000 .1065514 .2118525 sic_9 | .1298089 .0204016 6.36 0.000 .0898225 .1697953 sic_10 | 0 (omitted) year_3 | .015276 .0309294 0.49 0.621 -.0453446 .0758965 year_4 | -.0243262 .0265605 -0.92 0.360 -.0763837 .0277314 year_5 | -.1258181 .0281401 -4.47 0.000 -.1809717 -.0706644 year_6 | .0078843 .0280946 0.28 0.779 -.0471801 .0629487 year_7 | .016289 .0285733 0.57 0.569 -.0397135 .0722916 year_8 | -.3188141 .0311939 -10.22 0.000 -.379953 -.2576752 year_9 | -.3418235 .0305268 -11.20 0.000 -.401655 -.2819921 year_10 | -.0710373 .0280867 -2.53 0.011 -.1260862 -.0159883 year_11 | .17303 .0249215 6.94 0.000 .1241847 .2218752 year_12 | .0868375 .0247429 3.51 0.000 .0383424 .1353326 year_13 | .0369338 .0249991 1.48 0.140 -.0120635 .0859311 year_14 | -.0688361 .0254434 -2.71 0.007 -.1187041 -.018968 year_15 | -.6067731 .0278349 -21.80 0.000 -.6613285 -.5522177 year_16 | -.1574769 .0299234 -5.26 0.000 -.2161258 -.098828 year_17 | .1485024 .0248549 5.97 0.000 .0997877 .1972172 _cons | -.252921 .0413159 -6.12 0.000 -.3338987 -.1719433 -------------------------------------------------------------------------------- Instrumented: l_w_p_female Instruments: l_w_lnsize l_w_bsize l_w_p_neds l_w_p_ind l_w_volatility sic_1 sic_2 sic_3 sic_4 sic_5 sic_6 sic_7 sic_8 sic_9 year_3 year_4 year_5 year_6 year_7 year_8 year_9 year_10 year_11 year_12 year_13 year_14 year_15 year_16 year_17 ave_w_network . ivregress liml w_roa l_w_lnsize l_w_bsize l_w_p_neds l_w_p_ind l_w_volatility sic_* year_3-year_17 (l_w_p_female = ave > _w_network), vce(cluster companyid) note: sic_10 omitted because of collinearity Instrumental variables (LIML) regression Number of obs = 13729 Wald chi2(30) = 692.04 Prob > chi2 = 0.0000 R-squared = 0.1375 Root MSE = .12722 (Std. Err. adjusted for 2306 clusters in companyid) -------------------------------------------------------------------------------- | Robust w_roa | Coef. Std. Err. z P>|z| [95% Conf. Interval] ---------------+---------------------------------------------------------------- l_w_p_female | -.2961489 .0691858 -4.28 0.000 -.4317505 -.1605472 l_w_lnsize | .0222638 .0015024 14.82 0.000 .0193193 .0252084 l_w_bsize | -.0066527 .0007371 -9.03 0.000 -.0080973 -.0052081 l_w_p_neds | .0313763 .0090728 3.46 0.001 .0135939 .0491586 l_w_p_ind | -.027932 .0094019 -2.97 0.003 -.0463594 -.0095046 l_w_volatility | -.0994901 .0203877 -4.88 0.000 -.1394494 -.0595309 sic_1 | .0366355 .0142156 2.58 0.010 .0087735 .0644976 sic_2 | .0296935 .0131996 2.25 0.024 .0038229 .0555642 sic_3 | .0409303 .0096462 4.24 0.000 .0220241 .0598365 sic_4 | .0464335 .0099365 4.67 0.000 .0269584 .0659087 sic_5 | -.0340419 .0190723 -1.78 0.074 -.0714229 .0033391 sic_6 | .0546426 .0096119 5.68 0.000 .0358036 .0734815 sic_7 | .0007108 .0210873 0.03 0.973 -.0406196 .0420411 sic_8 | .0435957 .0115952 3.76 0.000 .0208696 .0663218 sic_9 | .0609404 .0093301 6.53 0.000 .0426536 .0792271 sic_10 | 0 (omitted) year_3 | .0031142 .0084105 0.37 0.711 -.0133701 .0195985 year_4 | .0162215 .0073074 2.22 0.026 .0018992 .0305437 year_5 | .0140763 .0075136 1.87 0.061 -.00065 .0288026 year_6 | .0098028 .0074187 1.32 0.186 -.0047376 .0243432 year_7 | -.0024826 .0074565 -0.33 0.739 -.017097 .0121318 year_8 | -.0356999 .0077975 -4.58 0.000 -.0509827 -.0204171 year_9 | -.038032 .0078097 -4.87 0.000 -.0533387 -.0227253 year_10 | -.0233569 .0073267 -3.19 0.001 -.037717 -.0089967 year_11 | -.0037359 .0069174 -0.54 0.589 -.0172938 .0098219 year_12 | .0056265 .0069872 0.81 0.421 -.0080682 .0193212 year_13 | .0061665 .0070978 0.87 0.385 -.0077448 .0200779 year_14 | .0076117 .0070928 1.07 0.283 -.00629 .0215134 year_15 | -.021522 .0074071 -2.91 0.004 -.0360397 -.0070043 year_16 | -.032385 .0072545 -4.46 0.000 -.0466035 -.0181665 year_17 | -.0050575 .0062461 -0.81 0.418 -.0172997 .0071847 _cons | -.1950862 .0188809 -10.33 0.000 -.2320922 -.1580803 -------------------------------------------------------------------------------- Instrumented: l_w_p_female Instruments: l_w_lnsize l_w_bsize l_w_p_neds l_w_p_ind l_w_volatility sic_1 sic_2 sic_3 sic_4 sic_5 sic_6 sic_7 sic_8 sic_9 year_3 year_4 year_5 year_6 year_7 year_8 year_9 year_10 year_11 year_12 year_13 year_14 year_15 year_16 year_17 ave_w_network . ivregress liml w_roe l_w_lnsize l_w_bsize l_w_p_neds l_w_p_ind l_w_volatility sic_* year_3-year_17 (l_w_p_female = ave > _w_network), vce(cluster companyid) note: sic_10 omitted because of collinearity Instrumental variables (LIML) regression Number of obs = 13729 Wald chi2(30) = 616.41 Prob > chi2 = 0.0000 R-squared = 0.0942 Root MSE = .38211 (Std. Err. adjusted for 2306 clusters in companyid) -------------------------------------------------------------------------------- | Robust w_roe | Coef. Std. Err. z P>|z| [95% Conf. Interval] ---------------+---------------------------------------------------------------- l_w_p_female | -.3810137 .1725937 -2.21 0.027 -.7192911 -.0427363 l_w_lnsize | .0447117 .0031457 14.21 0.000 .0385463 .0508771 l_w_bsize | -.0079587 .0021695 -3.67 0.000 -.0122108 -.0037066 l_w_p_neds | .0900107 .0256932 3.50 0.000 .039653 .1403685 l_w_p_ind | -.0804605 .0239154 -3.36 0.001 -.1273339 -.0335871 l_w_volatility | -.2836898 .0536946 -5.28 0.000 -.3889294 -.1784503 sic_1 | .0553278 .0310488 1.78 0.075 -.0055268 .1161824 sic_2 | .0416549 .029276 1.42 0.155 -.0157249 .0990348 sic_3 | .0983784 .0227172 4.33 0.000 .0538535 .1429033 sic_4 | .0831831 .0241425 3.45 0.001 .0358646 .1305015 sic_5 | -.0691641 .0426914 -1.62 0.105 -.1528377 .0145095 sic_6 | .1114153 .023571 4.73 0.000 .0652171 .1576136 sic_7 | .0040461 .0592925 0.07 0.946 -.1121651 .1202573 sic_8 | .1122824 .0335024 3.35 0.001 .0466189 .1779459 sic_9 | .128618 .0222944 5.77 0.000 .0849217 .1723143 sic_10 | 0 (omitted) year_3 | .0589649 .0288072 2.05 0.041 .0025039 .1154259 year_4 | .058837 .0242943 2.42 0.015 .0112211 .106453 year_5 | .0802672 .0242941 3.30 0.001 .0326517 .1278827 year_6 | .0512273 .0244086 2.10 0.036 .0033873 .0990673 year_7 | .0343638 .0240884 1.43 0.154 -.0128485 .0815761 year_8 | -.0333804 .0245831 -1.36 0.175 -.0815623 .0148015 year_9 | -.0694943 .0244324 -2.84 0.004 -.117381 -.0216076 year_10 | -.0560913 .0242524 -2.31 0.021 -.1036252 -.0085574 year_11 | -.0028788 .0236023 -0.12 0.903 -.0491385 .0433808 year_12 | .053591 .0227813 2.35 0.019 .0089404 .0982415 year_13 | .035001 .0231996 1.51 0.131 -.0104694 .0804714 year_14 | .0253928 .0239706 1.06 0.289 -.0215886 .0723742 year_15 | -.0076527 .0232873 -0.33 0.742 -.053295 .0379896 year_16 | -.1083508 .0243374 -4.45 0.000 -.1560513 -.0606503 year_17 | -.001512 .0214946 -0.07 0.944 -.0436405 .0406166 _cons | -.4790164 .0450614 -10.63 0.000 -.5673351 -.3906978 -------------------------------------------------------------------------------- Instrumented: l_w_p_female Instruments: l_w_lnsize l_w_bsize l_w_p_neds l_w_p_ind l_w_volatility sic_1 sic_2 sic_3 sic_4 sic_5 sic_6 sic_7 sic_8 sic_9 year_3 year_4 year_5 year_6 year_7 year_8 year_9 year_10 year_11 year_12 year_13 year_14 year_15 year_16 year_17 ave_w_network . ivregress liml w_lnptob l_w_lnsize l_w_bsize l_w_p_neds l_w_p_ind l_w_volatility sic_* year_3-year_17 (l_w_p_female = > ave_w_network), vce(cluster companyid) note: sic_10 omitted because of collinearity Instrumental variables (LIML) regression Number of obs = 13729 Wald chi2(30) = 2041.74 Prob > chi2 = 0.0000 R-squared = 0.2136 Root MSE = .83514 (Std. Err. adjusted for 2306 clusters in companyid) -------------------------------------------------------------------------------- | Robust w_lnptob | Coef. Std. Err. z P>|z| [95% Conf. Interval] ---------------+---------------------------------------------------------------- l_w_p_female | .2769702 .4772145 0.58 0.562 -.6583531 1.212293 l_w_lnsize | .0344191 .0080545 4.27 0.000 .0186325 .0502057 l_w_bsize | .0301721 .0058098 5.19 0.000 .0187851 .0415591 l_w_p_neds | -.2403749 .0767974 -3.13 0.002 -.390895 -.0898548 l_w_p_ind | -.0348415 .0640931 -0.54 0.587 -.1604616 .0907786 l_w_volatility | .2116721 .112571 1.88 0.060 -.0089631 .4323072 sic_1 | -.3112767 .0755403 -4.12 0.000 -.4593331 -.1632203 sic_2 | -.4885917 .0900669 -5.42 0.000 -.6651195 -.3120639 sic_3 | -.3239477 .0650552 -4.98 0.000 -.4514535 -.1964419 sic_4 | -.5440334 .0790366 -6.88 0.000 -.6989423 -.3891245 sic_5 | .2080695 .081175 2.56 0.010 .0489694 .3671697 sic_6 | -.3046601 .0729502 -4.18 0.000 -.4476398 -.1616804 sic_7 | -.1120541 .1796743 -0.62 0.533 -.4642092 .2401009 sic_8 | -.3322175 .1049173 -3.17 0.002 -.5378517 -.1265833 sic_9 | -.760903 .0642608 -11.84 0.000 -.8868518 -.6349541 sic_10 | 0 (omitted) year_3 | .4542287 .0727325 6.25 0.000 .3116756 .5967817 year_4 | .3996363 .0586174 6.82 0.000 .2847483 .5145244 year_5 | .1071597 .0584199 1.83 0.067 -.0073412 .2216606 year_6 | .2419634 .0584332 4.14 0.000 .1274364 .3564903 year_7 | .1410048 .05625 2.51 0.012 .0307569 .2512528 year_8 | -.014734 .0559625 -0.26 0.792 -.1244184 .0949504 year_9 | -.221042 .056412 -3.92 0.000 -.3316075 -.1104765 year_10 | .0704722 .0543274 1.30 0.195 -.0360076 .176952 year_11 | .1563758 .0533121 2.93 0.003 .051886 .2608656 year_12 | .3049727 .0532514 5.73 0.000 .2006019 .4093435 year_13 | .3607708 .052915 6.82 0.000 .2570593 .4644822 year_14 | .2086298 .0516729 4.04 0.000 .1073528 .3099068 year_15 | -.4141015 .0529964 -7.81 0.000 -.5179726 -.3102304 year_16 | -.0185008 .0504684 -0.37 0.714 -.1174171 .0804155 year_17 | .0712032 .0463098 1.54 0.124 -.0195623 .1619687 _cons | .3092176 .1134477 2.73 0.006 .0868642 .5315711 -------------------------------------------------------------------------------- Instrumented: l_w_p_female Instruments: l_w_lnsize l_w_bsize l_w_p_neds l_w_p_ind l_w_volatility sic_1 sic_2 sic_3 sic_4 sic_5 sic_6 sic_7 sic_8 sic_9 year_3 year_4 year_5 year_6 year_7 year_8 year_9 year_10 year_11 year_12 year_13 year_14 year_15 year_16 year_17 ave_w_network . . ivregress gmm w_tsr l_w_lnsize l_w_bsize l_w_p_neds l_w_p_ind l_w_volatility sic_* year_3-year_17 (l_w_p_female = ave > _w_network), vce(cluster companyid) first note: sic_10 omitted because of collinearity First-stage regressions ----------------------- Number of obs = 13729 N. of clusters = 2306 F( 30, 13698) = 24.05 Prob > F = 0.0000 R-squared = 0.1707 Adj R-squared = 0.1688 Root MSE = 0.0716 -------------------------------------------------------------------------------- | Robust l_w_p_female | Coef. Std. Err. t P>|t| [95% Conf. Interval] ---------------+---------------------------------------------------------------- l_w_lnsize | .0002022 .0007643 0.26 0.791 -.0012959 .0017003 l_w_bsize | .001668 .0004999 3.34 0.001 .0006881 .0026478 l_w_p_neds | .0012791 .0074982 0.17 0.865 -.0134184 .0159766 l_w_p_ind | -.0266291 .0062965 -4.23 0.000 -.0389712 -.014287 l_w_volatility | -.0031752 .0091913 -0.35 0.730 -.0211913 .0148409 sic_1 | -.0055478 .0073399 -0.76 0.450 -.019935 .0088393 sic_2 | -.0118392 .0064334 -1.84 0.066 -.0244496 .0007712 sic_3 | -.0091802 .0055624 -1.65 0.099 -.0200833 .0017229 sic_4 | .0044931 .0066913 0.67 0.502 -.0086228 .0176091 sic_5 | .0174655 .0082487 2.12 0.034 .0012968 .0336341 sic_6 | .0259029 .0063699 4.07 0.000 .0134171 .0383887 sic_7 | .0301768 .0114633 2.63 0.008 .0077072 .0526463 sic_8 | .0227526 .0111478 2.04 0.041 .0009014 .0446039 sic_9 | .0040782 .0056185 0.73 0.468 -.0069348 .0150912 sic_10 | 0 (omitted) year_3 | -.0449504 .0053694 -8.37 0.000 -.0554751 -.0344257 year_4 | -.0421137 .0048893 -8.61 0.000 -.0516973 -.0325301 year_5 | -.0402594 .004868 -8.27 0.000 -.0498013 -.0307174 year_6 | -.0386352 .0049748 -7.77 0.000 -.0483865 -.028884 year_7 | -.0368861 .0050334 -7.33 0.000 -.0467523 -.0270199 year_8 | -.0325285 .0050402 -6.45 0.000 -.0424079 -.0226491 year_9 | -.0305322 .0050086 -6.10 0.000 -.0403498 -.0207146 year_10 | -.0257626 .0050215 -5.13 0.000 -.0356055 -.0159197 year_11 | -.0221767 .0051008 -4.35 0.000 -.0321749 -.0121784 year_12 | -.0203613 .0051607 -3.95 0.000 -.030477 -.0102456 year_13 | -.0154295 .0050818 -3.04 0.002 -.0253906 -.0054684 year_14 | -.0105518 .0049685 -2.12 0.034 -.0202907 -.0008128 year_15 | -.0067843 .0048622 -1.40 0.163 -.0163148 .0027462 year_16 | -.0103893 .004879 -2.13 0.033 -.0199528 -.0008258 year_17 | -.0086538 .00461 -1.88 0.061 -.0176901 .0003825 ave_w_network | .0339396 .0023791 14.27 0.000 .0292762 .0386029 _cons | .0373462 .0106239 3.52 0.000 .0165218 .0581705 -------------------------------------------------------------------------------- Instrumental variables (GMM) regression Number of obs = 13729 Wald chi2(30) = 2267.62 Prob > chi2 = 0.0000 R-squared = 0.1585 GMM weight matrix: Cluster (companyid) Root MSE = .49198 (Std. Err. adjusted for 2306 clusters in companyid) -------------------------------------------------------------------------------- | Robust w_tsr | Coef. Std. Err. z P>|z| [95% Conf. Interval] ---------------+---------------------------------------------------------------- l_w_p_female | -.258501 .1926644 -1.34 0.180 -.6361163 .1191143 l_w_lnsize | .0214725 .0026406 8.13 0.000 .0162969 .026648 l_w_bsize | -.0047007 .001811 -2.60 0.009 -.0082502 -.0011513 l_w_p_neds | .0870711 .0240737 3.62 0.000 .0398876 .1342546 l_w_p_ind | .0536976 .0251863 2.13 0.033 .0043335 .1030618 l_w_volatility | -.0858775 .0593616 -1.45 0.148 -.2022241 .0304691 sic_1 | .143051 .030461 4.70 0.000 .0833485 .2027535 sic_2 | .0943577 .0288664 3.27 0.001 .0377807 .1509348 sic_3 | .0716923 .0199555 3.59 0.000 .0325804 .1108043 sic_4 | .0631543 .0218946 2.88 0.004 .0202417 .1060668 sic_5 | .0412715 .0279059 1.48 0.139 -.013423 .0959661 sic_6 | .0805784 .0210872 3.82 0.000 .0392482 .1219085 sic_7 | .0558042 .0423516 1.32 0.188 -.0272035 .1388119 sic_8 | .1592019 .026863 5.93 0.000 .1065514 .2118525 sic_9 | .1298089 .0204016 6.36 0.000 .0898225 .1697953 sic_10 | 0 (omitted) year_3 | .015276 .0309294 0.49 0.621 -.0453446 .0758965 year_4 | -.0243262 .0265605 -0.92 0.360 -.0763837 .0277314 year_5 | -.1258181 .0281401 -4.47 0.000 -.1809717 -.0706644 year_6 | .0078843 .0280946 0.28 0.779 -.0471801 .0629487 year_7 | .016289 .0285733 0.57 0.569 -.0397135 .0722916 year_8 | -.3188141 .0311939 -10.22 0.000 -.379953 -.2576752 year_9 | -.3418235 .0305268 -11.20 0.000 -.401655 -.2819921 year_10 | -.0710373 .0280867 -2.53 0.011 -.1260862 -.0159883 year_11 | .17303 .0249215 6.94 0.000 .1241847 .2218752 year_12 | .0868375 .0247429 3.51 0.000 .0383424 .1353326 year_13 | .0369338 .0249991 1.48 0.140 -.0120635 .0859311 year_14 | -.0688361 .0254434 -2.71 0.007 -.1187041 -.018968 year_15 | -.6067731 .0278349 -21.80 0.000 -.6613285 -.5522177 year_16 | -.1574769 .0299234 -5.26 0.000 -.2161258 -.098828 year_17 | .1485024 .0248549 5.97 0.000 .0997877 .1972172 _cons | -.252921 .0413159 -6.12 0.000 -.3338987 -.1719433 -------------------------------------------------------------------------------- Instrumented: l_w_p_female Instruments: l_w_lnsize l_w_bsize l_w_p_neds l_w_p_ind l_w_volatility sic_1 sic_2 sic_3 sic_4 sic_5 sic_6 sic_7 sic_8 sic_9 year_3 year_4 year_5 year_6 year_7 year_8 year_9 year_10 year_11 year_12 year_13 year_14 year_15 year_16 year_17 ave_w_network . ivregress gmm w_roa l_w_lnsize l_w_bsize l_w_p_neds l_w_p_ind l_w_volatility sic_* year_3-year_17 (l_w_p_female = ave_ > w_network), vce(cluster companyid) note: sic_10 omitted because of collinearity Instrumental variables (GMM) regression Number of obs = 13729 Wald chi2(30) = 692.04 Prob > chi2 = 0.0000 R-squared = 0.1375 GMM weight matrix: Cluster (companyid) Root MSE = .12722 (Std. Err. adjusted for 2306 clusters in companyid) -------------------------------------------------------------------------------- | Robust w_roa | Coef. Std. Err. z P>|z| [95% Conf. Interval] ---------------+---------------------------------------------------------------- l_w_p_female | -.2961489 .0691858 -4.28 0.000 -.4317505 -.1605472 l_w_lnsize | .0222638 .0015024 14.82 0.000 .0193193 .0252084 l_w_bsize | -.0066527 .0007371 -9.03 0.000 -.0080973 -.0052081 l_w_p_neds | .0313763 .0090728 3.46 0.001 .0135939 .0491586 l_w_p_ind | -.027932 .0094019 -2.97 0.003 -.0463594 -.0095046 l_w_volatility | -.0994901 .0203877 -4.88 0.000 -.1394494 -.0595309 sic_1 | .0366355 .0142156 2.58 0.010 .0087735 .0644976 sic_2 | .0296935 .0131996 2.25 0.024 .0038229 .0555642 sic_3 | .0409303 .0096462 4.24 0.000 .0220241 .0598365 sic_4 | .0464335 .0099365 4.67 0.000 .0269584 .0659087 sic_5 | -.0340419 .0190723 -1.78 0.074 -.0714229 .0033391 sic_6 | .0546426 .0096119 5.68 0.000 .0358036 .0734815 sic_7 | .0007108 .0210873 0.03 0.973 -.0406196 .0420411 sic_8 | .0435957 .0115952 3.76 0.000 .0208696 .0663218 sic_9 | .0609404 .0093301 6.53 0.000 .0426536 .0792271 sic_10 | 0 (omitted) year_3 | .0031142 .0084105 0.37 0.711 -.0133701 .0195985 year_4 | .0162215 .0073074 2.22 0.026 .0018992 .0305437 year_5 | .0140763 .0075136 1.87 0.061 -.00065 .0288026 year_6 | .0098028 .0074187 1.32 0.186 -.0047376 .0243432 year_7 | -.0024826 .0074565 -0.33 0.739 -.017097 .0121318 year_8 | -.0356999 .0077975 -4.58 0.000 -.0509827 -.0204171 year_9 | -.038032 .0078097 -4.87 0.000 -.0533387 -.0227253 year_10 | -.0233569 .0073267 -3.19 0.001 -.037717 -.0089967 year_11 | -.0037359 .0069174 -0.54 0.589 -.0172938 .0098219 year_12 | .0056265 .0069872 0.81 0.421 -.0080682 .0193212 year_13 | .0061665 .0070978 0.87 0.385 -.0077448 .0200779 year_14 | .0076117 .0070928 1.07 0.283 -.00629 .0215134 year_15 | -.021522 .0074071 -2.91 0.004 -.0360397 -.0070043 year_16 | -.032385 .0072545 -4.46 0.000 -.0466035 -.0181665 year_17 | -.0050575 .0062461 -0.81 0.418 -.0172997 .0071847 _cons | -.1950862 .0188809 -10.33 0.000 -.2320922 -.1580803 -------------------------------------------------------------------------------- Instrumented: l_w_p_female Instruments: l_w_lnsize l_w_bsize l_w_p_neds l_w_p_ind l_w_volatility sic_1 sic_2 sic_3 sic_4 sic_5 sic_6 sic_7 sic_8 sic_9 year_3 year_4 year_5 year_6 year_7 year_8 year_9 year_10 year_11 year_12 year_13 year_14 year_15 year_16 year_17 ave_w_network . ivregress gmm w_roe l_w_lnsize l_w_bsize l_w_p_neds l_w_p_ind l_w_volatility sic_* year_3-year_17 (l_w_p_female = ave_ > w_network), vce(cluster companyid) note: sic_10 omitted because of collinearity Instrumental variables (GMM) regression Number of obs = 13729 Wald chi2(30) = 616.41 Prob > chi2 = 0.0000 R-squared = 0.0942 GMM weight matrix: Cluster (companyid) Root MSE = .38211 (Std. Err. adjusted for 2306 clusters in companyid) -------------------------------------------------------------------------------- | Robust w_roe | Coef. Std. Err. z P>|z| [95% Conf. Interval] ---------------+---------------------------------------------------------------- l_w_p_female | -.3810137 .1725937 -2.21 0.027 -.7192911 -.0427363 l_w_lnsize | .0447117 .0031457 14.21 0.000 .0385463 .0508771 l_w_bsize | -.0079587 .0021695 -3.67 0.000 -.0122108 -.0037066 l_w_p_neds | .0900107 .0256932 3.50 0.000 .039653 .1403685 l_w_p_ind | -.0804605 .0239154 -3.36 0.001 -.1273339 -.0335871 l_w_volatility | -.2836898 .0536946 -5.28 0.000 -.3889294 -.1784503 sic_1 | .0553278 .0310488 1.78 0.075 -.0055268 .1161824 sic_2 | .0416549 .029276 1.42 0.155 -.0157249 .0990348 sic_3 | .0983784 .0227172 4.33 0.000 .0538535 .1429033 sic_4 | .0831831 .0241425 3.45 0.001 .0358646 .1305015 sic_5 | -.0691641 .0426914 -1.62 0.105 -.1528377 .0145095 sic_6 | .1114153 .023571 4.73 0.000 .0652171 .1576136 sic_7 | .0040461 .0592925 0.07 0.946 -.1121651 .1202573 sic_8 | .1122824 .0335024 3.35 0.001 .0466189 .1779459 sic_9 | .128618 .0222944 5.77 0.000 .0849217 .1723143 sic_10 | 0 (omitted) year_3 | .0589649 .0288072 2.05 0.041 .0025039 .1154259 year_4 | .058837 .0242943 2.42 0.015 .0112211 .106453 year_5 | .0802672 .0242941 3.30 0.001 .0326517 .1278827 year_6 | .0512273 .0244086 2.10 0.036 .0033873 .0990673 year_7 | .0343638 .0240884 1.43 0.154 -.0128485 .0815761 year_8 | -.0333804 .0245831 -1.36 0.175 -.0815623 .0148015 year_9 | -.0694943 .0244324 -2.84 0.004 -.117381 -.0216076 year_10 | -.0560913 .0242524 -2.31 0.021 -.1036252 -.0085574 year_11 | -.0028788 .0236023 -0.12 0.903 -.0491385 .0433808 year_12 | .053591 .0227813 2.35 0.019 .0089404 .0982415 year_13 | .035001 .0231996 1.51 0.131 -.0104694 .0804714 year_14 | .0253928 .0239706 1.06 0.289 -.0215886 .0723742 year_15 | -.0076527 .0232873 -0.33 0.742 -.053295 .0379896 year_16 | -.1083508 .0243374 -4.45 0.000 -.1560513 -.0606503 year_17 | -.001512 .0214946 -0.07 0.944 -.0436405 .0406166 _cons | -.4790164 .0450614 -10.63 0.000 -.5673351 -.3906978 -------------------------------------------------------------------------------- Instrumented: l_w_p_female Instruments: l_w_lnsize l_w_bsize l_w_p_neds l_w_p_ind l_w_volatility sic_1 sic_2 sic_3 sic_4 sic_5 sic_6 sic_7 sic_8 sic_9 year_3 year_4 year_5 year_6 year_7 year_8 year_9 year_10 year_11 year_12 year_13 year_14 year_15 year_16 year_17 ave_w_network . ivregress gmm w_lnptob l_w_lnsize l_w_bsize l_w_p_neds l_w_p_ind l_w_volatility sic_* year_3-year_17 (l_w_p_female = a > ve_w_network), vce(cluster companyid) note: sic_10 omitted because of collinearity Instrumental variables (GMM) regression Number of obs = 13729 Wald chi2(30) = 2041.74 Prob > chi2 = 0.0000 R-squared = 0.2136 GMM weight matrix: Cluster (companyid) Root MSE = .83514 (Std. Err. adjusted for 2306 clusters in companyid) -------------------------------------------------------------------------------- | Robust w_lnptob | Coef. Std. Err. z P>|z| [95% Conf. Interval] ---------------+---------------------------------------------------------------- l_w_p_female | .2769702 .4772145 0.58 0.562 -.6583531 1.212293 l_w_lnsize | .0344191 .0080545 4.27 0.000 .0186325 .0502057 l_w_bsize | .0301721 .0058098 5.19 0.000 .0187851 .0415591 l_w_p_neds | -.2403749 .0767974 -3.13 0.002 -.390895 -.0898548 l_w_p_ind | -.0348415 .0640931 -0.54 0.587 -.1604616 .0907786 l_w_volatility | .2116721 .112571 1.88 0.060 -.0089631 .4323072 sic_1 | -.3112767 .0755403 -4.12 0.000 -.4593331 -.1632203 sic_2 | -.4885917 .0900669 -5.42 0.000 -.6651195 -.3120639 sic_3 | -.3239477 .0650552 -4.98 0.000 -.4514535 -.1964419 sic_4 | -.5440334 .0790366 -6.88 0.000 -.6989423 -.3891245 sic_5 | .2080695 .081175 2.56 0.010 .0489694 .3671697 sic_6 | -.3046601 .0729502 -4.18 0.000 -.4476398 -.1616804 sic_7 | -.1120541 .1796743 -0.62 0.533 -.4642092 .2401009 sic_8 | -.3322175 .1049173 -3.17 0.002 -.5378517 -.1265833 sic_9 | -.760903 .0642608 -11.84 0.000 -.8868518 -.6349541 sic_10 | 0 (omitted) year_3 | .4542287 .0727325 6.25 0.000 .3116756 .5967817 year_4 | .3996363 .0586174 6.82 0.000 .2847483 .5145244 year_5 | .1071597 .0584199 1.83 0.067 -.0073412 .2216606 year_6 | .2419634 .0584332 4.14 0.000 .1274364 .3564903 year_7 | .1410048 .05625 2.51 0.012 .0307569 .2512528 year_8 | -.014734 .0559625 -0.26 0.792 -.1244184 .0949504 year_9 | -.221042 .056412 -3.92 0.000 -.3316075 -.1104765 year_10 | .0704722 .0543274 1.30 0.195 -.0360076 .176952 year_11 | .1563758 .0533121 2.93 0.003 .051886 .2608656 year_12 | .3049727 .0532514 5.73 0.000 .2006019 .4093435 year_13 | .3607708 .052915 6.82 0.000 .2570593 .4644822 year_14 | .2086298 .0516729 4.04 0.000 .1073528 .3099068 year_15 | -.4141015 .0529964 -7.81 0.000 -.5179726 -.3102304 year_16 | -.0185008 .0504684 -0.37 0.714 -.1174171 .0804155 year_17 | .0712032 .0463098 1.54 0.124 -.0195623 .1619687 _cons | .3092176 .1134477 2.73 0.006 .0868642 .5315711 -------------------------------------------------------------------------------- Instrumented: l_w_p_female Instruments: l_w_lnsize l_w_bsize l_w_p_neds l_w_p_ind l_w_volatility sic_1 sic_2 sic_3 sic_4 sic_5 sic_6 sic_7 sic_8 sic_9 year_3 year_4 year_5 year_6 year_7 year_8 year_9 year_10 year_11 year_12 year_13 year_14 year_15 year_16 year_17 ave_w_network . . log close name: log: C:\university\women\ej\robustnesscheck.log log type: text closed on: 26 Mar 2013, 15:49:46 ------------------------------------------------------------------------------------------------------------------------