Matching ratio

1:1

1:2

1:3

inn

eri

eti

inn

eri

eti

inn

eri

eti

${\beta }_1$

0.165***

0.165***

0.165***

0.176***

0.176***

0.176***

0.184***

0.184***

0.184***

(6.73)

(6.73)

(6.73)

(7.54)

(7.54)

(7.54)

(7.91)

(7.91)

(7.91)

${\alpha }_1$

0.363***

0.193***

0.170***

0.293***

0.149***

0.143***

0.274***

0.140***

0.134***

(3.99)

(4.02)

(3.23)

(3.53)

(3.45)

(2.98)

(3.37)

(3.31)

(2.86)

$c_1$

0.156***

0.157***

0.159***

0.169***

0.170***

0.171***

0.178***

0.179***

0.180***

(6.40)

(6.45)

(6.53)

(7.29)

(7.35)

(7.37)

(7.68)

(7.73)

(7.76)

$c_2$

0.025***

0.043***

0.033***

0.025***

0.039***

0.035***

0.023***

0.036***

0.032***

(5.71)

(5.58)

(4.90)

(6.44)

(5.93)

(5.98)

(5.98)

(5.62)

(5.58)

Year

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Enterprise

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Sobel

4.69

4.47

3.66

4.89

4.45

3.99

4.91

4.50

3.98

Goodman-1

(Aroian)

4.67

4.45

3.63

4.87

4.43

3.97

4.90

4.48

3.96

Goodman-2

4.72

4.50

3.69

4.90

4.47

4.01

4.93

4.52

4.00

Mediating Effect

0.009

0.008

0.006

0.007

0.006

0.005

0.006

0.005

0.004

Mediating effect/total effect

5.50%

5.03%

3.40%

4.16%

3.30%

2.84%

3.43%

2.74%

2.33%

Observations

9566

9566

9566

13,825

13,825

13,825

15,996

15,996

15,996