Matching ratio

1:1

1:2

inn

eri

eti

inn

eri

eti

${\beta }_1$

0.169***

0.169***

0.169***

0.165***

0.165***

0.165***

(5.77)

(5.77)

(5.77)

(6.49)

(6.49)

(6.49)

${\alpha }_1$

0.227***

0.552***

0.753*

0.202***

0.373**

0.773**

(4.05)

(2.74)

(1.91)

(4.43)

(2.38)

(2.23)

$c_1$

0.126***

0.167***

0.167***

0.126***

0.164***

0.163***

(4.70)

(5.72)

(5.72)

(5.53)

(6.46)

(6.45)

$c_2$

0.190***

0.003**

0.002*

0.194***

0.003**

0.003***

(9.03)

(2.23)

(1.94)

(11.26)

(2.53)

(2.78)

Year

Yes

Yes

Yes

Yes

Yes

Yes

Industry

Yes

Yes

Yes

Yes

Yes

Yes

Sobel

6.12

1.76

1.77

7.11

1.79

2.43

Goodman-1

(Aroian)

6.11

1.70

1.71

7.11

1.73

2.38

Goodman-2

6.12

1.84

1.85

7.12

1.86

2.48

Mediating Effect

0.043

0.002

0.002

0.039

0.001

0.002

Mediating effect/total effect

25.52%

0.98%

0.89%

23.75%

0.68%

1.41%

Observations

6909

6909

6909

10041

10041

10041