
. set maxvar 25000


. import sas using "W:\Tutkimusprojektit\Kirjanpito\Dokumentaatio\JAR\Datat\stata_talous_011025.sas7bdat", clear
(224 vars, 391,722 obs)

. 
. ebalance P_D_talous_kaikki_2 P_D_muu_rikos_4_2 P_BUSINESS_SOCIALDEG P_LN_EDULEVEL P_D_MARITAL_STATUS P_LN_CUM_SUM_DIVORCE P_LN_TOTALINCOME2 P_D_CUM_SUBSTANCE P_D_CUM_ALL_BUT_SUBS D_Muu_rikos_4 MALE LN_AGE BUSINESS_SOCIALDEG LN_EDULEVEL D_MARITAL_STAT
> US LN_CUM_SUM_DIVORCE LN_TOTALINCOME2 D_CUM_SUBSTANCE D_CUM_ALL_BUT_SUBS D_FMOB LN_NUM_POSITIONS Mean_OMAVARAISUUS2 Mean_LNTASE2 Mean_ROA2 Mean_LN_Boardsize Mean_Current_Ratio2 i.YEAR i.Industry_2002_3, targets(3) maxiter(25)
note: 1995b.YEAR omitted because of collinearity
note: 1b.Industry_2002_3 omitted because of collinearity
note: higher order constraint omitted due to too few values of __00000X
note: higher order constraint omitted due to too few values of __000016
note: higher order constraint omitted due to too few values of __00001Y
note: higher order constraint omitted due to too few values of __000029


Data Setup
Treatment variable:   P_D_talous_kaikki_2
Covariate adjustment: P_D_muu_rikos_4_2 P_BUSINESS_SOCIALDEG P_LN_EDULEVEL P_D_MARITAL_STATUS P_LN_CUM_SUM_DIVORCE P_LN_TOTALINCOME2 P_D_CUM_SUBSTANCE P_D_CUM_ALL_BUT_SUBS D_Muu_rikos_4 MALE LN_AGE BUSINESS_SOCIALDEG LN_EDULEVEL D_MARITAL_STATUS LN_CUM
> _SUM_DIVORCE LN_TOTALINCOME2 D_CUM_SUBSTANCE D_CUM_ALL_BUT_SUBS D_FMOB LN_NUM_POSITIONS Mean_OMAVARAISUUS2 Mean_LNTASE2 Mean_ROA2 Mean_LN_Boardsize Mean_Current_Ratio2 1996.YEAR 1997.YEAR 1998.YEAR 1999.YEAR 2000.YEAR 2001.YEAR 2002.YEAR 2003.YEAR 20
> 04.YEAR 2005.YEAR 2006.YEAR 2007.YEAR 2008.YEAR 2009.YEAR 2010.YEAR 2011.YEAR 2012.YEAR 2013.YEAR 2014.YEAR 2015.YEAR 2016.YEAR 2017.YEAR 2018.YEAR 2019.YEAR 2.Industry_2002_3 5.Industry_2002_3 10.Industry_2002_3 13.Industry_2002_3 14.Industry_2002_3
>  15.Industry_2002_3 17.Industry_2002_3 18.Industry_2002_3 19.Industry_2002_3 20.Industry_2002_3 21.Industry_2002_3 22.Industry_2002_3 23.Industry_2002_3 24.Industry_2002_3 25.Industry_2002_3 26.Industry_2002_3 27.Industry_2002_3 28.Industry_2002_3 29
> .Industry_2002_3 30.Industry_2002_3 31.Industry_2002_3 32.Industry_2002_3 33.Industry_2002_3 34.Industry_2002_3 35.Industry_2002_3 36.Industry_2002_3 37.Industry_2002_3 40.Industry_2002_3 41.Industry_2002_3 45.Industry_2002_3 50.Industry_2002_3 51.In
> dustry_2002_3 52.Industry_2002_3 55.Industry_2002_3 60.Industry_2002_3 61.Industry_2002_3 62.Industry_2002_3 63.Industry_2002_3 64.Industry_2002_3 65.Industry_2002_3 66.Industry_2002_3 67.Industry_2002_3 70.Industry_2002_3 71.Industry_2002_3 72.Indus
> try_2002_3 73.Industry_2002_3 74.Industry_2002_3 75.Industry_2002_3 80.Industry_2002_3 85.Industry_2002_3 90.Industry_2002_3 91.Industry_2002_3 92.Industry_2002_3 93.Industry_2002_3 (1st order). P_D_muu_rikos_4_2 P_BUSINESS_SOCIALDEG P_LN_EDULEVEL P_
> D_MARITAL_STATUS P_LN_CUM_SUM_DIVORCE P_LN_TOTALINCOME2 P_D_CUM_SUBSTANCE P_D_CUM_ALL_BUT_SUBS D_Muu_rikos_4 MALE LN_AGE BUSINESS_SOCIALDEG LN_EDULEVEL D_MARITAL_STATUS LN_CUM_SUM_DIVORCE LN_TOTALINCOME2 D_CUM_SUBSTANCE D_CUM_ALL_BUT_SUBS D_FMOB LN_N
> UM_POSITIONS Mean_OMAVARAISUUS2 Mean_LNTASE2 Mean_ROA2 Mean_LN_Boardsize Mean_Current_Ratio2 1996.YEAR 1997.YEAR 1998.YEAR 1999.YEAR 2000.YEAR 2001.YEAR 2002.YEAR 2003.YEAR 2004.YEAR 2005.YEAR 2006.YEAR 2007.YEAR 2008.YEAR 2009.YEAR 2010.YEAR 2011.YE
> AR 2012.YEAR 2013.YEAR 2014.YEAR 2015.YEAR 2016.YEAR 2017.YEAR 2018.YEAR 2019.YEAR 2.Industry_2002_3 5.Industry_2002_3 10.Industry_2002_3 14.Industry_2002_3 15.Industry_2002_3 17.Industry_2002_3 18.Industry_2002_3 19.Industry_2002_3 20.Industry_2002_
> 3 21.Industry_2002_3 22.Industry_2002_3 24.Industry_2002_3 25.Industry_2002_3 26.Industry_2002_3 27.Industry_2002_3 28.Industry_2002_3 29.Industry_2002_3 30.Industry_2002_3 31.Industry_2002_3 32.Industry_2002_3 33.Industry_2002_3 34.Industry_2002_3 3
> 5.Industry_2002_3 36.Industry_2002_3 37.Industry_2002_3 40.Industry_2002_3 41.Industry_2002_3 45.Industry_2002_3 50.Industry_2002_3 51.Industry_2002_3 52.Industry_2002_3 55.Industry_2002_3 60.Industry_2002_3 61.Industry_2002_3 62.Industry_2002_3 63.I
> ndustry_2002_3 64.Industry_2002_3 65.Industry_2002_3 67.Industry_2002_3 70.Industry_2002_3 71.Industry_2002_3 72.Industry_2002_3 73.Industry_2002_3 74.Industry_2002_3 75.Industry_2002_3 80.Industry_2002_3 85.Industry_2002_3 90.Industry_2002_3 92.Indu
> stry_2002_3 93.Industry_2002_3 (2nd order). P_D_muu_rikos_4_2 P_BUSINESS_SOCIALDEG P_LN_EDULEVEL P_D_MARITAL_STATUS P_LN_CUM_SUM_DIVORCE P_LN_TOTALINCOME2 P_D_CUM_SUBSTANCE P_D_CUM_ALL_BUT_SUBS D_Muu_rikos_4 MALE LN_AGE BUSINESS_SOCIALDEG LN_EDULEVEL
>  D_MARITAL_STATUS LN_CUM_SUM_DIVORCE LN_TOTALINCOME2 D_CUM_SUBSTANCE D_CUM_ALL_BUT_SUBS D_FMOB LN_NUM_POSITIONS Mean_OMAVARAISUUS2 Mean_LNTASE2 Mean_ROA2 Mean_LN_Boardsize Mean_Current_Ratio2 1996.YEAR 1997.YEAR 1998.YEAR 1999.YEAR 2000.YEAR 2001.YEA
> R 2002.YEAR 2003.YEAR 2004.YEAR 2005.YEAR 2006.YEAR 2007.YEAR 2008.YEAR 2009.YEAR 2010.YEAR 2011.YEAR 2012.YEAR 2013.YEAR 2014.YEAR 2015.YEAR 2016.YEAR 2017.YEAR 2018.YEAR 2019.YEAR 2.Industry_2002_3 5.Industry_2002_3 10.Industry_2002_3 14.Industry_2
> 002_3 15.Industry_2002_3 17.Industry_2002_3 18.Industry_2002_3 19.Industry_2002_3 20.Industry_2002_3 21.Industry_2002_3 22.Industry_2002_3 24.Industry_2002_3 25.Industry_2002_3 26.Industry_2002_3 27.Industry_2002_3 28.Industry_2002_3 29.Industry_2002
> _3 30.Industry_2002_3 31.Industry_2002_3 32.Industry_2002_3 33.Industry_2002_3 34.Industry_2002_3 35.Industry_2002_3 36.Industry_2002_3 37.Industry_2002_3 40.Industry_2002_3 41.Industry_2002_3 45.Industry_2002_3 50.Industry_2002_3 51.Industry_2002_3 
> 52.Industry_2002_3 55.Industry_2002_3 60.Industry_2002_3 61.Industry_2002_3 62.Industry_2002_3 63.Industry_2002_3 64.Industry_2002_3 65.Industry_2002_3 67.Industry_2002_3 70.Industry_2002_3 71.Industry_2002_3 72.Industry_2002_3 73.Industry_2002_3 74.
> Industry_2002_3 75.Industry_2002_3 80.Industry_2002_3 85.Industry_2002_3 90.Industry_2002_3 92.Industry_2002_3 93.Industry_2002_3 (3rd order).


Optimizing...
Iteration 1: Max Difference = 2994254.44
Iteration 2: Max Difference = 1101522.88
Iteration 3: Max Difference = 405225.853
Iteration 4: Max Difference = 149072.491
Iteration 5: Max Difference = 54838.9354
Iteration 6: Max Difference = 20172.3479
Iteration 7: Max Difference = 7419.22376
Iteration 8: Max Difference = 2727.61349
Iteration 9: Max Difference = 1001.67172
Iteration 10: Max Difference = 366.747243
Iteration 11: Max Difference = 133.209064
Iteration 12: Max Difference = 47.3925151
Iteration 13: Max Difference = 16.0546725
Iteration 14: Max Difference = 4.95628101
Iteration 15: Max Difference = 1.34820893
Iteration 16: Max Difference = .412380052
Iteration 17: Max Difference = .08665414
Iteration 18: Max Difference = .006911246
maximum difference smaller than the tolerance level; convergence achieved


Treated units: 23350   total of weights: 23350
Control units: 368372  total of weights: 23350


Before: without weighting

             |              Treat              |             Control             
             |      mean   variance   skewness |      mean   variance   skewness 
-------------+---------------------------------+--------------------------------
P_D_muu_~4_2 |     .6785      .2182     -.7642 |     .2755      .1996      1.005 
P_BUSINESS~G |     .2983      .2093      .8816 |     .2654       .195      1.063 
P_LN_EDULE~L |     .6926      .1938     .07245 |     .7555      .2292     .02776 
P_D_MARITA~S |       .43      .2451      .2827 |     .3186      .2171      .7785 
P_LN_CUM_S~E |     .2221        .11      .9776 |     .1215     .07092      1.847 
P_LN_TOTAL~2 |     10.42      .6836      1.103 |     10.49      .4888      .9463 
P_D_CUM_SU~E |     .1277      .1114      2.231 |    .05244     .04969      4.016 
P_D_CUM_AL~S |     .2743      .1991      1.011 |     .1945      .1567      1.544 
D_Muu_riko~4 |     .2572      .1911      1.111 |     .1838        .15      1.632 
        MALE |     .7443      .1903      -1.12 |     .7896      .1661     -1.421 
      LN_AGE |     3.505     .03937     -.4904 |     3.546     .03384     -.5814 
BUSINESS_S~G |     .2332      .1788      1.262 |     .2249      .1743      1.317 
 LN_EDULEVEL |     .8363      .2676    -.08347 |     .9673      .2505     -.2881 
D_MARITAL_~S |     .2476      .1863      1.169 |     .2052      .1631       1.46 
LN_CUM_SUM~E |    .06399     .04225       2.99 |    .06164     .04067      3.051 
LN_TOTALIN~2 |      10.7      .7658     -.4409 |     10.79       .636     -.5568 
D_CUM_SUBS~E |    .01336     .01318      8.477 |    .01125     .01113      9.266 
D_CUM_ALL_~S |    .09272     .08413      2.808 |    .07748     .07148      3.161 
      D_FMOB |     .3773       .235      .5063 |     .3318      .2217      .7146 
LN_NUM_POS~S |     .1198      .1069      3.132 |     .1066     .09745      3.431 
Mean_OMAVA~2 |     .3994     .07397      .2906 |     .4435     .07706      .1271 
Mean_LNTASE2 |     13.32      1.669      1.087 |     13.36      1.758      1.161 
   Mean_ROA2 |     .1066      .0354      .1968 |     .1195     .03753      .2929 
Mean_LN_Bo~e |     .7474      .3525     .05927 |     .8896      .3435      -.147 
Mean_Curre~2 |     2.432      6.696       2.41 |     2.774      8.012      2.117 
   1996.YEAR |   .001713     .00171       24.1 |   .001314    .001312      27.53 
   1997.YEAR |   .002869    .002861      18.59 |   .002383    .002378      20.41 
   1998.YEAR |   .006167    .006129      12.62 |   .003757    .003743      16.22 
   1999.YEAR |    .00788    .007818      11.13 |   .005239    .005212      13.71 
   2000.YEAR |    .01036     .01026      9.669 |   .007066    .007016      11.77 
   2001.YEAR |    .01293     .01277      8.622 |   .009447    .009358      10.14 
   2002.YEAR |     .0161     .01584      7.689 |    .01181     .01167       9.04 
   2003.YEAR |     .0179     .01758      7.272 |     .0146     .01439      8.093 
   2004.YEAR |    .02188     .02141      6.536 |    .01736     .01706      7.391 
   2005.YEAR |    .02437     .02378      6.169 |    .02064     .02022      6.742 
   2006.YEAR |    .02762     .02686      5.765 |    .02465     .02404      6.131 
   2007.YEAR |    .03349     .03237      5.186 |    .02999     .02909      5.512 
   2008.YEAR |     .0412      .0395      4.617 |    .03648     .03515      4.944 
   2009.YEAR |    .04814     .04582      4.222 |    .04264     .04083      4.527 
   2010.YEAR |    .05045     .04791      4.108 |    .04691     .04471      4.286 
   2011.YEAR |    .05443     .05147      3.928 |     .0532     .05037      3.982 
   2012.YEAR |    .05983     .05625      3.712 |    .05997     .05638      3.706 
   2013.YEAR |    .06437     .06023       3.55 |    .06642     .06201      3.482 
   2014.YEAR |    .06775     .06316       3.44 |    .07254     .06728      3.296 
   2015.YEAR |    .07143     .06633      3.328 |    .07839     .07225      3.137 
   2016.YEAR |    .07807     .07198      3.145 |    .08533     .07805      2.969 
   2017.YEAR |     .0815     .07486      3.059 |    .08817     .08039      2.905 
   2018.YEAR |    .09426     .08538      2.777 |     .1032     .09252      2.609 
   2019.YEAR |     .1048     .09385       2.58 |     .1181      .1042      2.366 
2.Industry~3 |   .006253    .006214      12.53 |    .01597     .01572      7.722 
5.Industry~3 |  .0003426   .0003425         54 |  .0006705   .0006701      38.58 
10.Industr~3 |    .00137    .001369      26.96 |   .002451    .002445      20.12 
13.Industr~3 |         0          0          . |  .0000624   .0000624      126.5 
14.Industr~3 |   .003126    .003117       17.8 |   .002014     .00201      22.21 
15.Industr~3 |    .01148     .01135      9.173 |    .01267     .01251      8.713 
17.Industr~3 |   .002784    .002776      18.87 |    .00234    .002335       20.6 
18.Industr~3 |   .002099    .002094      21.76 |   .001531    .001529       25.5 
19.Industr~3 |  .0003426   .0003425         54 |  .0007818   .0007812      35.72 
20.Industr~3 |   .009679    .009586      10.02 |    .01043     .01032      9.638 
21.Industr~3 |   .002141    .002137      21.54 |   .001824    .001821      23.35 
22.Industr~3 |    .01362     .01343      8.393 |    .01222     .01207      8.878 
23.Industr~3 |         0          0          . |  .0000652   .0000651      123.9 
24.Industr~3 |    .00227    .002265      20.92 |   .002769    .002761      18.92 
25.Industr~3 |   .007152    .007101       11.7 |   .005641    .005609       13.2 
26.Industr~3 |   .005139    .005113      13.84 |   .004884     .00486       14.2 
27.Industr~3 |  .0008994   .0008986       33.3 |   .001015    .001014      31.34 
28.Industr~3 |    .03246     .03141      5.276 |    .03413     .03297      5.132 
29.Industr~3 |    .01837     .01804      7.173 |    .02031     .01989      6.802 
30.Industr~3 |  .0003854   .0003853      50.91 |  .0003638   .0003636       52.4 
31.Industr~3 |   .006424    .006383      12.36 |   .003667    .003654      16.42 
32.Industr~3 |   .001842    .001838      23.24 |   .002041    .002037      22.06 
33.Industr~3 |   .002784    .002776      18.87 |   .004246    .004228      15.25 
34.Industr~3 |   .002912    .002904      18.45 |   .001968    .001964      22.47 
35.Industr~3 |   .002827    .002819      18.73 |   .003616    .003603      16.54 
36.Industr~3 |   .006852    .006806      11.96 |   .007433    .007377      11.47 
37.Industr~3 |  .0003854   .0003853      50.91 |  .0005728   .0005725      41.75 
40.Industr~3 |   .004026     .00401      15.67 |   .008171    .008104      10.93 
41.Industr~3 |  .0008994   .0008986       33.3 |     .0019    .001897      22.87 
45.Industr~3 |     .1774      .1459      1.689 |     .1472      .1255      1.992 
50.Industr~3 |    .05216     .04944      4.028 |    .04239      .0406      4.542 
51.Industr~3 |    .08197     .07525      3.048 |    .07834     .07221      3.138 
52.Industr~3 |    .07717     .07122      3.169 |    .07656      .0707      3.185 
55.Industr~3 |    .04608     .04396       4.33 |    .03778     .03635      4.849 
60.Industr~3 |    .05812     .05474      3.777 |    .05956     .05601      3.722 
61.Industr~3 |   .002441    .002435      20.17 |   .001672    .001669      24.39 
62.Industr~3 |  .0004711   .0004709      46.04 |  .0002497   .0002497      63.25 
63.Industr~3 |     .0197     .01931      6.912 |    .01581     .01556      7.763 
64.Industr~3 |   .005439     .00541      13.45 |    .00421    .004193      15.31 
65.Industr~3 |    .01165     .01151      9.103 |    .01252     .01236      8.768 
66.Industr~3 |         0          0          . |  .0000516   .0000516      139.2 
67.Industr~3 |   .007195    .007143      11.66 |   .006911    .006864       11.9 
70.Industr~3 |     .0606     .05693      3.683 |    .05234      .0496       4.02 
71.Industr~3 |   .008437    .008366      10.75 |   .005815    .005781         13 
72.Industr~3 |    .03872     .03722      4.782 |    .05546     .05238      3.885 
73.Industr~3 |   .001756    .001753       23.8 |   .002584    .002578      19.59 
74.Industr~3 |     .1204      .1059      2.333 |     .1324      .1149      2.169 
75.Industr~3 |  .0000428   .0000428      152.8 |  .0004561   .0004559      46.79 
80.Industr~3 |   .003812    .003797       16.1 |   .006868    .006821      11.94 
85.Industr~3 |    .02874     .02791      5.642 |     .0387      .0372      4.783 
90.Industr~3 |   .005824    .005791      12.99 |   .007335    .007281      11.55 
91.Industr~3 |         0          0          . |  .0001004   .0001004      99.76 
92.Industr~3 |    .02685     .02613      5.854 |    .02773     .02696      5.752 
93.Industr~3 |   .005439     .00541      13.45 |      .005    .004975      14.04 


After:  _webal as the weighting variable

             |              Treat              |             Control             
             |      mean   variance   skewness |      mean   variance   skewness 
-------------+---------------------------------+--------------------------------
P_D_muu_~4_2 |     .6785      .2182     -.7642 |     .6784      .2182     -.7641 
P_BUSINESS~G |     .2983      .2093      .8816 |     .2983      .2093      .8815 
P_LN_EDULE~L |     .6926      .1938     .07245 |     .6926      .1938      .0725 
P_D_MARITA~S |       .43      .2451      .2827 |       .43      .2451      .2827 
P_LN_CUM_S~E |     .2221        .11      .9776 |     .2221        .11      .9776 
P_LN_TOTAL~2 |     10.42      .6836      1.103 |     10.42      .6836      1.104 
P_D_CUM_SU~E |     .1277      .1114      2.231 |     .1277      .1114      2.231 
P_D_CUM_AL~S |     .2743      .1991      1.011 |     .2744      .1991      1.011 
D_Muu_riko~4 |     .2572      .1911      1.111 |     .2572      .1911      1.111 
        MALE |     .7443      .1903      -1.12 |     .7443      .1903      -1.12 
      LN_AGE |     3.505     .03937     -.4904 |     3.505     .03937     -.4899 
BUSINESS_S~G |     .2332      .1788      1.262 |     .2332      .1788      1.262 
 LN_EDULEVEL |     .8363      .2676    -.08347 |     .8363      .2676    -.08343 
D_MARITAL_~S |     .2476      .1863      1.169 |     .2476      .1863      1.169 
LN_CUM_SUM~E |    .06399     .04225       2.99 |    .06399     .04225       2.99 
LN_TOTALIN~2 |      10.7      .7658     -.4409 |      10.7      .7658     -.4406 
D_CUM_SUBS~E |    .01336     .01318      8.477 |    .01336     .01318      8.477 
D_CUM_ALL_~S |    .09272     .08413      2.808 |    .09272     .08412      2.808 
      D_FMOB |     .3773       .235      .5063 |     .3773      .2349      .5062 
LN_NUM_POS~S |     .1198      .1069      3.132 |     .1198      .1069      3.132 
Mean_OMAVA~2 |     .3994     .07397      .2906 |     .3994     .07397      .2906 
Mean_LNTASE2 |     13.32      1.669      1.087 |     13.32      1.669      1.088 
   Mean_ROA2 |     .1066      .0354      .1968 |     .1066      .0354      .1969 
Mean_LN_Bo~e |     .7474      .3525     .05927 |     .7474      .3525      .0593 
Mean_Curre~2 |     2.432      6.696       2.41 |     2.432      6.696       2.41 
   1996.YEAR |   .001713     .00171       24.1 |   .001713     .00171       24.1 
   1997.YEAR |   .002869    .002861      18.59 |   .002869    .002861      18.59 
   1998.YEAR |   .006167    .006129      12.62 |   .006167    .006129      12.62 
   1999.YEAR |    .00788    .007818      11.13 |    .00788    .007818      11.13 
   2000.YEAR |    .01036     .01026      9.669 |    .01036     .01026      9.669 
   2001.YEAR |    .01293     .01277      8.622 |    .01293     .01277      8.621 
   2002.YEAR |     .0161     .01584      7.689 |     .0161     .01584      7.689 
   2003.YEAR |     .0179     .01758      7.272 |     .0179     .01758      7.272 
   2004.YEAR |    .02188     .02141      6.536 |    .02189     .02141      6.536 
   2005.YEAR |    .02437     .02378      6.169 |    .02437     .02377      6.169 
   2006.YEAR |    .02762     .02686      5.765 |    .02762     .02686      5.764 
   2007.YEAR |    .03349     .03237      5.186 |    .03349     .03237      5.186 
   2008.YEAR |     .0412      .0395      4.617 |     .0412      .0395      4.617 
   2009.YEAR |    .04814     .04582      4.222 |    .04814     .04582      4.222 
   2010.YEAR |    .05045     .04791      4.108 |    .05045     .04791      4.108 
   2011.YEAR |    .05443     .05147      3.928 |    .05443     .05147      3.928 
   2012.YEAR |    .05983     .05625      3.712 |    .05983     .05625      3.712 
   2013.YEAR |    .06437     .06023       3.55 |    .06437     .06023       3.55 
   2014.YEAR |    .06775     .06316       3.44 |    .06775     .06316       3.44 
   2015.YEAR |    .07143     .06633      3.328 |    .07144     .06633      3.328 
   2016.YEAR |    .07807     .07198      3.145 |    .07807     .07198      3.145 
   2017.YEAR |     .0815     .07486      3.059 |     .0815     .07486      3.059 
   2018.YEAR |    .09426     .08538      2.777 |    .09426     .08538      2.777 
   2019.YEAR |     .1048     .09385       2.58 |     .1048     .09385       2.58 
2.Industry~3 |   .006253    .006214      12.53 |   .006253    .006214      12.53 
5.Industry~3 |  .0003426   .0003425         54 |  .0003426   .0003425         54 
10.Industr~3 |    .00137    .001369      26.96 |    .00137    .001369      26.96 
13.Industr~3 |         0          0          . |  1.12e-06   1.12e-06      946.8 
14.Industr~3 |   .003126    .003117       17.8 |   .003126    .003117       17.8 
15.Industr~3 |    .01148     .01135      9.173 |    .01148     .01135      9.173 
17.Industr~3 |   .002784    .002776      18.87 |   .002784    .002776      18.87 
18.Industr~3 |   .002099    .002094      21.76 |   .002099    .002094      21.76 
19.Industr~3 |  .0003426   .0003425         54 |  .0003426   .0003425         54 
20.Industr~3 |   .009679    .009586      10.02 |   .009679    .009585      10.02 
21.Industr~3 |   .002141    .002137      21.54 |   .002141    .002137      21.54 
22.Industr~3 |    .01362     .01343      8.393 |    .01362     .01343      8.393 
23.Industr~3 |         0          0          . |  1.11e-06   1.11e-06      948.7 
24.Industr~3 |    .00227    .002265      20.92 |    .00227    .002265      20.92 
25.Industr~3 |   .007152    .007101       11.7 |   .007152    .007101       11.7 
26.Industr~3 |   .005139    .005113      13.84 |   .005139    .005113      13.84 
27.Industr~3 |  .0008994   .0008986       33.3 |  .0008994   .0008986       33.3 
28.Industr~3 |    .03246     .03141      5.276 |    .03246     .03141      5.276 
29.Industr~3 |    .01837     .01804      7.173 |    .01837     .01804      7.173 
30.Industr~3 |  .0003854   .0003853      50.91 |  .0003854   .0003853      50.91 
31.Industr~3 |   .006424    .006383      12.36 |   .006424    .006383      12.36 
32.Industr~3 |   .001842    .001838      23.24 |   .001842    .001838      23.24 
33.Industr~3 |   .002784    .002776      18.87 |   .002784    .002776      18.87 
34.Industr~3 |   .002912    .002904      18.45 |   .002912    .002904      18.45 
35.Industr~3 |   .002827    .002819      18.73 |   .002827    .002819      18.73 
36.Industr~3 |   .006852    .006806      11.96 |   .006852    .006805      11.96 
37.Industr~3 |  .0003854   .0003853      50.91 |  .0003854   .0003853      50.91 
40.Industr~3 |   .004026     .00401      15.67 |   .004026     .00401      15.67 
41.Industr~3 |  .0008994   .0008986       33.3 |  .0008994   .0008986       33.3 
45.Industr~3 |     .1774      .1459      1.689 |     .1774      .1459      1.689 
50.Industr~3 |    .05216     .04944      4.028 |    .05216     .04944      4.028 
51.Industr~3 |    .08197     .07525      3.048 |    .08197     .07525      3.048 
52.Industr~3 |    .07717     .07122      3.169 |    .07717     .07122      3.169 
55.Industr~3 |    .04608     .04396       4.33 |    .04608     .04396       4.33 
60.Industr~3 |    .05812     .05474      3.777 |    .05812     .05474      3.777 
61.Industr~3 |   .002441    .002435      20.17 |   .002441    .002435      20.17 
62.Industr~3 |  .0004711   .0004709      46.04 |  .0004711   .0004709      46.04 
63.Industr~3 |     .0197     .01931      6.912 |     .0197     .01931      6.912 
64.Industr~3 |   .005439     .00541      13.45 |   .005439     .00541      13.45 
65.Industr~3 |    .01165     .01151      9.103 |    .01165     .01151      9.103 
66.Industr~3 |         0          0          . |  8.35e-07   8.35e-07       1094 
67.Industr~3 |   .007195    .007143      11.66 |   .007195    .007143      11.66 
70.Industr~3 |     .0606     .05693      3.683 |     .0606     .05693      3.683 
71.Industr~3 |   .008437    .008366      10.75 |   .008437    .008366      10.75 
72.Industr~3 |    .03872     .03722      4.782 |    .03872     .03722      4.782 
73.Industr~3 |   .001756    .001753       23.8 |   .001756    .001753       23.8 
74.Industr~3 |     .1204      .1059      2.333 |     .1204      .1059      2.333 
75.Industr~3 |  .0000428   .0000428      152.8 |  .0000435   .0000435      151.6 
80.Industr~3 |   .003812    .003797       16.1 |   .003812    .003797       16.1 
85.Industr~3 |    .02874     .02791      5.642 |    .02874     .02791      5.642 
90.Industr~3 |   .005824    .005791      12.99 |   .005825    .005791      12.99 
91.Industr~3 |         0          0          . |  1.57e-06   1.57e-06      797.6 
92.Industr~3 |    .02685     .02613      5.854 |    .02685     .02613      5.854 
93.Industr~3 |   .005439     .00541      13.45 |   .005439     .00541      13.45 

. 
. reg D_Vaste_talous_kaikki P_D_talous_kaikki_2 P_D_muu_rikos_4_2 P_BUSINESS_SOCIALDEG P_LN_EDULEVEL P_D_MARITAL_STATUS P_LN_CUM_SUM_DIVORCE P_LN_TOTALINCOME2 P_D_CUM_SUBSTANCE P_D_CUM_ALL_BUT_SUBS D_Muu_rikos_4 MALE LN_AGE BUSINESS_SOCIALDEG LN_EDULEV
> EL D_MARITAL_STATUS LN_CUM_SUM_DIVORCE LN_TOTALINCOME2 D_CUM_SUBSTANCE D_CUM_ALL_BUT_SUBS D_FMOB LN_NUM_POSITIONS Mean_OMAVARAISUUS2 Mean_LNTASE2 Mean_ROA2 Mean_LN_Boardsize Mean_Current_Ratio2 i.MAAKUNTA i.YEAR i.Industry_2002_3 [aweight=_webal], cl
> uster(ID)
(sum of wgt is 46,700)

Linear regression                               Number of obs     =    391,722
                                                F(121, 75923)     =       3.54
                                                Prob > F          =     0.0000
                                                R-squared         =     0.0215
                                                Root MSE          =     .08326

                                        (Std. err. adjusted for 75,924 clusters in ID)
--------------------------------------------------------------------------------------
                     |               Robust
D_Vaste_talous_kai~i | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
---------------------+----------------------------------------------------------------
 P_D_talous_kaikki_2 |   .0046131   .0008965     5.15   0.000     .0028559    .0063702
   P_D_muu_rikos_4_2 |   .0007063   .0008702     0.81   0.417    -.0009993    .0024119
P_BUSINESS_SOCIALDEG |   .0016525   .0011073     1.49   0.136    -.0005178    .0038229
       P_LN_EDULEVEL |  -.0018523   .0011049    -1.68   0.094    -.0040179    .0003133
  P_D_MARITAL_STATUS |   .0010852   .0011716     0.93   0.354    -.0012111    .0033815
P_LN_CUM_SUM_DIVORCE |  -.0000357   .0017628    -0.02   0.984    -.0034908    .0034193
   P_LN_TOTALINCOME2 |  -.0001667   .0007755    -0.21   0.830    -.0016867    .0013532
   P_D_CUM_SUBSTANCE |  -.0004472   .0014506    -0.31   0.758    -.0032905     .002396
P_D_CUM_ALL_BUT_SUBS |  -.0003366   .0010296    -0.33   0.744    -.0023546    .0016815
       D_Muu_rikos_4 |   .0101129     .00148     6.83   0.000     .0072121    .0130138
                MALE |   .0020243    .000857     2.36   0.018     .0003447     .003704
              LN_AGE |  -.0053435   .0033661    -1.59   0.112     -.011941     .001254
  BUSINESS_SOCIALDEG |   .0023671   .0011136     2.13   0.034     .0001846    .0045497
         LN_EDULEVEL |  -.0039144   .0010769    -3.64   0.000    -.0060251   -.0018038
    D_MARITAL_STATUS |   .0020469   .0012711     1.61   0.107    -.0004445    .0045383
  LN_CUM_SUM_DIVORCE |   .0029397    .002273     1.29   0.196    -.0015154    .0073948
     LN_TOTALINCOME2 |  -.0027555   .0007903    -3.49   0.000    -.0043046   -.0012065
     D_CUM_SUBSTANCE |    .010212   .0059571     1.71   0.086    -.0014639    .0218878
  D_CUM_ALL_BUT_SUBS |    .001667   .0015055     1.11   0.268    -.0012838    .0046179
              D_FMOB |  -.0028462   .0011759    -2.42   0.016     -.005151   -.0005414
    LN_NUM_POSITIONS |   .0031943    .001298     2.46   0.014     .0006501    .0057384
  Mean_OMAVARAISUUS2 |  -.0108744   .0019673    -5.53   0.000    -.0147303   -.0070184
        Mean_LNTASE2 |   .0012724   .0003342     3.81   0.000     .0006174    .0019273
           Mean_ROA2 |  -.0045236   .0022505    -2.01   0.044    -.0089346   -.0001125
   Mean_LN_Boardsize |  -.0060729   .0008525    -7.12   0.000    -.0077439    -.004402
 Mean_Current_Ratio2 |    .000442   .0001708     2.59   0.010     .0001072    .0007768
                     |
            MAAKUNTA |
                  2  |   .0030168   .0018399     1.64   0.101    -.0005894     .006623
                  4  |   .0015652   .0022731     0.69   0.491    -.0028901    .0060205
                  5  |  -.0018774   .0025568    -0.73   0.463    -.0068888     .003134
                  6  |   .0005602   .0015147     0.37   0.712    -.0024087    .0035291
                  7  |  -.0012044   .0019638    -0.61   0.540    -.0050534    .0026447
                  8  |   .0012305   .0032534     0.38   0.705    -.0051462    .0076072
                  9  |  -.0033321   .0017939    -1.86   0.063    -.0068481     .000184
                 10  |   .0014637   .0039997     0.37   0.714    -.0063756     .009303
                 11  |   .0034714   .0028758     1.21   0.227    -.0021652     .009108
                 12  |   -.000416   .0023484    -0.18   0.859    -.0050189     .004187
                 13  |   .0008573   .0021454     0.40   0.689    -.0033477    .0050623
                 14  |   .0026805   .0028247     0.95   0.343     -.002856    .0082169
                 15  |  -.0005157   .0023016    -0.22   0.823    -.0050269    .0039955
                 16  |   .0059548   .0060152     0.99   0.322    -.0058349    .0177445
                 17  |   .0021783   .0016819     1.30   0.195    -.0011182    .0054748
                 18  |  -.0008316   .0036863    -0.23   0.822    -.0080568    .0063935
                 19  |   .0012048   .0032351     0.37   0.710    -.0051361    .0075457
                     |
                YEAR |
               1996  |   .0166836   .0122512     1.36   0.173    -.0073287    .0406959
               1997  |   .0142193   .0083926     1.69   0.090    -.0022302    .0306688
               1998  |   .0398995     .01021     3.91   0.000      .019888     .059911
               1999  |   .0341315   .0087139     3.92   0.000     .0170523    .0512107
               2000  |   .0121707   .0038346     3.17   0.002     .0046549    .0196865
               2001  |   .0158767   .0042134     3.77   0.000     .0076184    .0241349
               2002  |   .0175258   .0041621     4.21   0.000     .0093682    .0256835
               2003  |    .016631   .0038298     4.34   0.000     .0091247    .0241374
               2004  |   .0189225   .0037901     4.99   0.000      .011494    .0263511
               2005  |   .0220641    .003896     5.66   0.000      .014428    .0297002
               2006  |   .0218682   .0038824     5.63   0.000     .0142586    .0294778
               2007  |   .0210389   .0036888     5.70   0.000     .0138088     .028269
               2008  |   .0235824   .0034656     6.80   0.000     .0167898     .030375
               2009  |   .0249835   .0035531     7.03   0.000     .0180195    .0319476
               2010  |   .0140506   .0029332     4.79   0.000     .0083016    .0197996
               2011  |   .0140586   .0028481     4.94   0.000     .0084765    .0196408
               2012  |   .0143413   .0028543     5.02   0.000     .0087469    .0199357
               2013  |   .0109884    .002453     4.48   0.000     .0061806    .0157963
               2014  |   .0094556    .002419     3.91   0.000     .0047143    .0141969
               2015  |   .0076032   .0024053     3.16   0.002     .0028887    .0123176
               2016  |   .0072792   .0023901     3.05   0.002     .0025946    .0119638
               2017  |   .0057414   .0023341     2.46   0.014     .0011666    .0103163
               2018  |   .0062855   .0023854     2.63   0.008     .0016101    .0109609
               2019  |   .0065677   .0024064     2.73   0.006     .0018511    .0112843
                     |
     Industry_2002_3 |
                  2  |  -.0001086   .0021878    -0.05   0.960    -.0043968    .0041795
                  5  |   .0006981     .00439     0.16   0.874    -.0079063    .0093025
                 10  |  -.0020896   .0024685    -0.85   0.397    -.0069278    .0027486
                 13  |   .0059053   .0031537     1.87   0.061     -.000276    .0120866
                 14  |   .0013207   .0018846     0.70   0.483    -.0023731    .0050145
                 15  |   .0062562    .004434     1.41   0.158    -.0024344    .0149468
                 17  |   .0017098   .0020699     0.83   0.409    -.0023472    .0057667
                 18  |   .0001939   .0026285     0.07   0.941     -.004958    .0053458
                 19  |  -.0021574   .0041494    -0.52   0.603    -.0102902    .0059753
                 20  |  -.0033347   .0018138    -1.84   0.066    -.0068897    .0002203
                 21  |   .0099229   .0071606     1.39   0.166    -.0041118    .0239576
                 22  |   .0063635   .0029141     2.18   0.029      .000652    .0120751
                 23  |   .0073788   .0042997     1.72   0.086    -.0010485    .0158061
                 24  |   .0048093   .0028081     1.71   0.087    -.0006945    .0103131
                 25  |   .0089532   .0040331     2.22   0.026     .0010483     .016858
                 26  |   .0011319   .0018777     0.60   0.547    -.0025485    .0048122
                 27  |   -.000248   .0030735    -0.08   0.936    -.0062721    .0057761
                 28  |   .0070012   .0027054     2.59   0.010     .0016986    .0123038
                 29  |   .0041743   .0020357     2.05   0.040     .0001844    .0081643
                 30  |   .0038848   .0030251     1.28   0.199    -.0020443    .0098139
                 31  |   .0150805   .0079497     1.90   0.058    -.0005009    .0306619
                 32  |    .004394   .0028173     1.56   0.119    -.0011278    .0099159
                 33  |   .0044608   .0022596     1.97   0.048      .000032    .0088896
                 34  |   .0027056     .00482     0.56   0.575    -.0067416    .0121527
                 35  |  -.0002652   .0022937    -0.12   0.908    -.0047609    .0042305
                 36  |  -.0019965   .0018213    -1.10   0.273    -.0055663    .0015733
                 37  |   .0004879   .0035629     0.14   0.891    -.0064953    .0074711
                 40  |   .0124284   .0057092     2.18   0.029     .0012384    .0236184
                 41  |   .0059114   .0030666     1.93   0.054     -.000099    .0119219
                 45  |   .0090857   .0018384     4.94   0.000     .0054824    .0126889
                 50  |   .0060262   .0027291     2.21   0.027     .0006771    .0113752
                 51  |   .0051393   .0020721     2.48   0.013     .0010779    .0092006
                 52  |   .0030145   .0019952     1.51   0.131    -.0008962    .0069251
                 55  |   .0081754   .0026193     3.12   0.002     .0030415    .0133094
                 60  |   .0049621    .002542     1.95   0.051    -.0000203    .0099444
                 61  |  -.0019722    .002462    -0.80   0.423    -.0067976    .0028533
                 62  |  -.0002892   .0063701    -0.05   0.964    -.0127746    .0121963
                 63  |   .0087318   .0044879     1.95   0.052    -.0000645     .017528
                 64  |  -.0007713   .0022478    -0.34   0.732     -.005177    .0036344
                 65  |   .0063119   .0027133     2.33   0.020     .0009938    .0116299
                 66  |   .0115182   .0033873     3.40   0.001      .004879    .0181573
                 67  |   .0051692   .0025809     2.00   0.045     .0001106    .0102278
                 70  |   .0066685   .0024476     2.72   0.006     .0018711    .0114658
                 71  |   .0066892    .004904     1.36   0.173    -.0029226     .016301
                 72  |   .0067215   .0017587     3.82   0.000     .0032744    .0101685
                 73  |   .0177896   .0122296     1.45   0.146    -.0061805    .0417596
                 74  |   .0117492   .0021659     5.42   0.000     .0075042    .0159943
                 75  |   .0163929   .0034066     4.81   0.000      .009716    .0230698
                 80  |   .0044396   .0019419     2.29   0.022     .0006334    .0082458
                 85  |   .0078897   .0020579     3.83   0.000     .0038561    .0119233
                 90  |  -.0005518   .0017986    -0.31   0.759    -.0040772    .0029735
                 91  |   .0040478   .0045517     0.89   0.374    -.0048735     .012969
                 92  |   .0050877   .0019216     2.65   0.008     .0013214     .008854
                 93  |   .0039633   .0019831     2.00   0.046     .0000763    .0078503
                     |
               _cons |    .024401   .0129409     1.89   0.059     -.000963    .0497651
--------------------------------------------------------------------------------------

. 
. ereturn list r2_a
scalar e(r2_a)     =  .0211933993238216

. 
. tabulate D_Vaste_talous_kaikki P_D_talous_kaikki_2 

D_Vaste_ta |
lous_kaikk |  P_D_talous_kaikki_2
         i |         0          1 |     Total
-----------+----------------------+----------
         0 |   367,413     23,129 |   390,542 
         1 |       959        221 |     1,180 
-----------+----------------------+----------
     Total |   368,372     23,350 |   391,722 

. 
. 
. 
. ebalance P_D_talous_kaikki_2 P_D_muu_rikos_4_2 P_BUSINESS_SOCIALDEG P_LN_EDULEVEL P_D_MARITAL_STATUS P_LN_CUM_SUM_DIVORCE P_LN_TOTALINCOME2 P_D_CUM_SUBSTANCE P_D_CUM_ALL_BUT_SUBS D_Muu_rikos_4 MALE LN_AGE BUSINESS_SOCIALDEG LN_EDULEVEL D_MARITAL_STAT
> US LN_CUM_SUM_DIVORCE LN_TOTALINCOME2 D_CUM_SUBSTANCE D_CUM_ALL_BUT_SUBS D_FMOB LN_NUM_POSITIONS Mean_OMAVARAISUUS2 Mean_LNTASE2 Mean_ROA2 Mean_LN_Boardsize Mean_Current_Ratio2 i.YEAR i.Industry_2002_3 if Finan_mukaan == 1, targets(3) maxiter(25)
note: 1995b.YEAR omitted because of collinearity
note: 1b.Industry_2002_3 omitted because of collinearity
note: higher order constraint omitted due to too few values of __00000X
note: higher order constraint omitted due to too few values of __000016
note: higher order constraint omitted due to too few values of __00001Y
note: higher order constraint omitted due to too few values of __000029


Data Setup
Treatment variable:   P_D_talous_kaikki_2
Covariate adjustment: P_D_muu_rikos_4_2 P_BUSINESS_SOCIALDEG P_LN_EDULEVEL P_D_MARITAL_STATUS P_LN_CUM_SUM_DIVORCE P_LN_TOTALINCOME2 P_D_CUM_SUBSTANCE P_D_CUM_ALL_BUT_SUBS D_Muu_rikos_4 MALE LN_AGE BUSINESS_SOCIALDEG LN_EDULEVEL D_MARITAL_STATUS LN_CUM
> _SUM_DIVORCE LN_TOTALINCOME2 D_CUM_SUBSTANCE D_CUM_ALL_BUT_SUBS D_FMOB LN_NUM_POSITIONS Mean_OMAVARAISUUS2 Mean_LNTASE2 Mean_ROA2 Mean_LN_Boardsize Mean_Current_Ratio2 1996.YEAR 1997.YEAR 1998.YEAR 1999.YEAR 2000.YEAR 2001.YEAR 2002.YEAR 2003.YEAR 20
> 04.YEAR 2005.YEAR 2006.YEAR 2007.YEAR 2008.YEAR 2009.YEAR 2010.YEAR 2011.YEAR 2012.YEAR 2013.YEAR 2014.YEAR 2015.YEAR 2016.YEAR 2017.YEAR 2018.YEAR 2019.YEAR 2.Industry_2002_3 5.Industry_2002_3 10.Industry_2002_3 13.Industry_2002_3 14.Industry_2002_3
>  15.Industry_2002_3 17.Industry_2002_3 18.Industry_2002_3 19.Industry_2002_3 20.Industry_2002_3 21.Industry_2002_3 22.Industry_2002_3 23.Industry_2002_3 24.Industry_2002_3 25.Industry_2002_3 26.Industry_2002_3 27.Industry_2002_3 28.Industry_2002_3 29
> .Industry_2002_3 30.Industry_2002_3 31.Industry_2002_3 32.Industry_2002_3 33.Industry_2002_3 34.Industry_2002_3 35.Industry_2002_3 36.Industry_2002_3 37.Industry_2002_3 40.Industry_2002_3 41.Industry_2002_3 45.Industry_2002_3 50.Industry_2002_3 51.In
> dustry_2002_3 52.Industry_2002_3 55.Industry_2002_3 60.Industry_2002_3 61.Industry_2002_3 62.Industry_2002_3 63.Industry_2002_3 64.Industry_2002_3 65.Industry_2002_3 66.Industry_2002_3 67.Industry_2002_3 70.Industry_2002_3 71.Industry_2002_3 72.Indus
> try_2002_3 73.Industry_2002_3 74.Industry_2002_3 75.Industry_2002_3 80.Industry_2002_3 85.Industry_2002_3 90.Industry_2002_3 91.Industry_2002_3 92.Industry_2002_3 93.Industry_2002_3 (1st order). P_D_muu_rikos_4_2 P_BUSINESS_SOCIALDEG P_LN_EDULEVEL P_
> D_MARITAL_STATUS P_LN_CUM_SUM_DIVORCE P_LN_TOTALINCOME2 P_D_CUM_SUBSTANCE P_D_CUM_ALL_BUT_SUBS D_Muu_rikos_4 MALE LN_AGE BUSINESS_SOCIALDEG LN_EDULEVEL D_MARITAL_STATUS LN_CUM_SUM_DIVORCE LN_TOTALINCOME2 D_CUM_SUBSTANCE D_CUM_ALL_BUT_SUBS D_FMOB LN_N
> UM_POSITIONS Mean_OMAVARAISUUS2 Mean_LNTASE2 Mean_ROA2 Mean_LN_Boardsize Mean_Current_Ratio2 1996.YEAR 1997.YEAR 1998.YEAR 1999.YEAR 2000.YEAR 2001.YEAR 2002.YEAR 2003.YEAR 2004.YEAR 2005.YEAR 2006.YEAR 2007.YEAR 2008.YEAR 2009.YEAR 2010.YEAR 2011.YE
> AR 2012.YEAR 2013.YEAR 2014.YEAR 2015.YEAR 2016.YEAR 2017.YEAR 2018.YEAR 2019.YEAR 2.Industry_2002_3 5.Industry_2002_3 10.Industry_2002_3 14.Industry_2002_3 15.Industry_2002_3 17.Industry_2002_3 18.Industry_2002_3 19.Industry_2002_3 20.Industry_2002_
> 3 21.Industry_2002_3 22.Industry_2002_3 24.Industry_2002_3 25.Industry_2002_3 26.Industry_2002_3 27.Industry_2002_3 28.Industry_2002_3 29.Industry_2002_3 30.Industry_2002_3 31.Industry_2002_3 32.Industry_2002_3 33.Industry_2002_3 34.Industry_2002_3 3
> 5.Industry_2002_3 36.Industry_2002_3 37.Industry_2002_3 40.Industry_2002_3 41.Industry_2002_3 45.Industry_2002_3 50.Industry_2002_3 51.Industry_2002_3 52.Industry_2002_3 55.Industry_2002_3 60.Industry_2002_3 61.Industry_2002_3 62.Industry_2002_3 63.I
> ndustry_2002_3 64.Industry_2002_3 65.Industry_2002_3 67.Industry_2002_3 70.Industry_2002_3 71.Industry_2002_3 72.Industry_2002_3 73.Industry_2002_3 74.Industry_2002_3 75.Industry_2002_3 80.Industry_2002_3 85.Industry_2002_3 90.Industry_2002_3 92.Indu
> stry_2002_3 93.Industry_2002_3 (2nd order). P_D_muu_rikos_4_2 P_BUSINESS_SOCIALDEG P_LN_EDULEVEL P_D_MARITAL_STATUS P_LN_CUM_SUM_DIVORCE P_LN_TOTALINCOME2 P_D_CUM_SUBSTANCE P_D_CUM_ALL_BUT_SUBS D_Muu_rikos_4 MALE LN_AGE BUSINESS_SOCIALDEG LN_EDULEVEL
>  D_MARITAL_STATUS LN_CUM_SUM_DIVORCE LN_TOTALINCOME2 D_CUM_SUBSTANCE D_CUM_ALL_BUT_SUBS D_FMOB LN_NUM_POSITIONS Mean_OMAVARAISUUS2 Mean_LNTASE2 Mean_ROA2 Mean_LN_Boardsize Mean_Current_Ratio2 1996.YEAR 1997.YEAR 1998.YEAR 1999.YEAR 2000.YEAR 2001.YEA
> R 2002.YEAR 2003.YEAR 2004.YEAR 2005.YEAR 2006.YEAR 2007.YEAR 2008.YEAR 2009.YEAR 2010.YEAR 2011.YEAR 2012.YEAR 2013.YEAR 2014.YEAR 2015.YEAR 2016.YEAR 2017.YEAR 2018.YEAR 2019.YEAR 2.Industry_2002_3 5.Industry_2002_3 10.Industry_2002_3 14.Industry_2
> 002_3 15.Industry_2002_3 17.Industry_2002_3 18.Industry_2002_3 19.Industry_2002_3 20.Industry_2002_3 21.Industry_2002_3 22.Industry_2002_3 24.Industry_2002_3 25.Industry_2002_3 26.Industry_2002_3 27.Industry_2002_3 28.Industry_2002_3 29.Industry_2002
> _3 30.Industry_2002_3 31.Industry_2002_3 32.Industry_2002_3 33.Industry_2002_3 34.Industry_2002_3 35.Industry_2002_3 36.Industry_2002_3 37.Industry_2002_3 40.Industry_2002_3 41.Industry_2002_3 45.Industry_2002_3 50.Industry_2002_3 51.Industry_2002_3 
> 52.Industry_2002_3 55.Industry_2002_3 60.Industry_2002_3 61.Industry_2002_3 62.Industry_2002_3 63.Industry_2002_3 64.Industry_2002_3 65.Industry_2002_3 67.Industry_2002_3 70.Industry_2002_3 71.Industry_2002_3 72.Industry_2002_3 73.Industry_2002_3 74.
> Industry_2002_3 75.Industry_2002_3 80.Industry_2002_3 85.Industry_2002_3 90.Industry_2002_3 92.Industry_2002_3 93.Industry_2002_3 (3rd order).


Optimizing...
Iteration 1: Max Difference = 2991575.6
Iteration 2: Max Difference = 1100537.39
Iteration 3: Max Difference = 404863.314
Iteration 4: Max Difference = 148939.123
Iteration 5: Max Difference = 54789.8743
Iteration 6: Max Difference = 20154.3017
Iteration 7: Max Difference = 7412.58731
Iteration 8: Max Difference = 2725.17445
Iteration 9: Max Difference = 1000.77679
Iteration 10: Max Difference = 366.420312
Iteration 11: Max Difference = 133.090956
Iteration 12: Max Difference = 47.3508768
Iteration 13: Max Difference = 16.0402963
Iteration 14: Max Difference = 4.95029151
Iteration 15: Max Difference = 1.34665416
Iteration 16: Max Difference = .411322029
Iteration 17: Max Difference = .086132038
Iteration 18: Max Difference = .006808504
maximum difference smaller than the tolerance level; convergence achieved


Treated units: 23225   total of weights: 23225
Control units: 367844  total of weights: 23225


Before: without weighting

             |              Treat              |             Control             
             |      mean   variance   skewness |      mean   variance   skewness 
-------------+---------------------------------+--------------------------------
P_D_muu_~4_2 |     .6776      .2185     -.7599 |     .2754      .1996      1.006 
P_BUSINESS~G |     .2983      .2093      .8815 |     .2655       .195      1.062 
P_LN_EDULE~L |     .6935       .194     .07014 |     .7557      .2292     .02739 
P_D_MARITA~S |     .4293       .245      .2856 |     .3185      .2171      .7792 
P_LN_CUM_S~E |     .2218      .1099      .9798 |     .1214     .07091      1.848 
P_LN_TOTAL~2 |     10.42      .6832      1.102 |     10.49      .4889      .9464 
P_D_CUM_SU~E |     .1274      .1112      2.235 |    .05244     .04969      4.016 
P_D_CUM_AL~S |     .2744      .1991      1.011 |     .1945      .1567      1.543 
D_Muu_riko~4 |     .2554      .1902      1.122 |     .1834      .1498      1.636 
        MALE |     .7435      .1907     -1.115 |     .7895      .1662      -1.42 
      LN_AGE |     3.505     .03929     -.4937 |     3.546     .03384     -.5821 
BUSINESS_S~G |     .2338      .1791      1.258 |     .2251      .1744      1.317 
 LN_EDULEVEL |     .8382      .2674    -.08609 |     .9677      .2504     -.2888 
D_MARITAL_~S |     .2468      .1859      1.175 |      .205       .163      1.461 
LN_CUM_SUM~E |    .06394     .04219      2.987 |    .06161     .04066      3.052 
LN_TOTALIN~2 |     10.71      .7627     -.4347 |     10.79       .635      -.555 
D_CUM_SUBS~E |    .01313     .01296      8.553 |    .01122     .01109      9.282 
D_CUM_ALL_~S |    .09262     .08404      2.811 |    .07742     .07142      3.162 
      D_FMOB |     .3777       .235      .5047 |      .332      .2218      .7135 
LN_NUM_POS~S |     .1199       .107      3.133 |     .1066     .09746      3.432 
Mean_OMAVA~2 |     .4001     .07393      .2874 |     .4437     .07704      .1262 
Mean_LNTASE2 |     13.32      1.672      1.087 |     13.36      1.759      1.161 
   Mean_ROA2 |     .1066      .0354      .1968 |     .1196     .03752      .2935 
Mean_LN_Bo~e |     .7499      .3522     .05411 |     .8901      .3434      -.148 
Mean_Curre~2 |     2.433      6.687      2.408 |     2.775      8.016      2.116 
   1996.YEAR |   .001679    .001676      24.34 |   .001313    .001311      27.54 
   1997.YEAR |   .002842    .002834      18.68 |   .002379    .002373      20.43 
   1998.YEAR |   .006028    .005992      12.76 |   .003746    .003732      16.25 
   1999.YEAR |   .007621    .007563      11.32 |   .005228      .0052      13.72 
   2000.YEAR |    .01033     .01023      9.684 |   .007044    .006994      11.79 
   2001.YEAR |    .01283     .01267      8.657 |   .009425    .009336      10.15 
   2002.YEAR |    .01606      .0158      7.699 |    .01178     .01164      9.051 
   2003.YEAR |    .01778     .01747      7.297 |    .01459     .01438      8.096 
   2004.YEAR |    .02183     .02135      6.545 |    .01733     .01703      7.398 
   2005.YEAR |    .02416     .02357      6.199 |    .02061     .02019      6.748 
   2006.YEAR |    .02743     .02668      5.787 |    .02461       .024      6.137 
   2007.YEAR |    .03341      .0323      5.193 |    .02993     .02904      5.517 
   2008.YEAR |    .04069     .03904       4.65 |    .03637     .03505      4.953 
   2009.YEAR |    .04771     .04543      4.244 |    .04254     .04073      4.534 
   2010.YEAR |    .05042     .04788      4.109 |    .04685     .04465      4.289 
   2011.YEAR |    .05451     .05154      3.925 |    .05316     .05034      3.983 
   2012.YEAR |    .05972     .05616      3.716 |    .05995     .05636      3.707 
   2013.YEAR |    .06446      .0603      3.547 |    .06644     .06202      3.482 
   2014.YEAR |     .0679     .06329      3.435 |    .07256      .0673      3.295 
   2015.YEAR |    .07169     .06655      3.321 |    .07845     .07229      3.136 
   2016.YEAR |    .07841     .07226      3.137 |    .08542     .07812      2.967 
   2017.YEAR |    .08194     .07523      3.049 |    .08829     .08049      2.902 
   2018.YEAR |    .09473     .08576      2.768 |     .1033     .09263      2.607 
   2019.YEAR |     .1054      .0943       2.57 |     .1183      .1043      2.364 
2.Industry~3 |   .006286    .006247      12.49 |    .01599     .01573      7.717 
5.Industry~3 |  .0003445   .0003444      53.85 |  .0006715    .000671      38.55 
10.Industr~3 |   .001378    .001376      26.88 |   .002455    .002449      20.11 
13.Industr~3 |         0          0          . |  .0000625   .0000625      126.5 
14.Industr~3 |   .003143    .003133      17.75 |   .002017    .002013       22.2 
15.Industr~3 |    .01145     .01132      9.183 |    .01269     .01253      8.708 
17.Industr~3 |   .002799    .002791      18.82 |   .002343    .002338      20.58 
18.Industr~3 |    .00211    .002105       21.7 |   .001533    .001531      25.48 
19.Industr~3 |  .0003445   .0003444      53.85 |  .0007829   .0007823       35.7 
20.Industr~3 |   .009731    .009637      9.989 |    .01043     .01032      9.636 
21.Industr~3 |   .002153    .002148      21.48 |   .001821    .001818      23.37 
22.Industr~3 |    .01369     .01351      8.369 |    .01222     .01207      8.879 
23.Industr~3 |         0          0          . |  .0000652   .0000652      123.8 
24.Industr~3 |   .002282    .002277      20.86 |   .002773    .002765      18.91 
25.Industr~3 |   .007147    .007097       11.7 |   .005641    .005609       13.2 
26.Industr~3 |   .005167     .00514       13.8 |   .004888    .004864       14.2 
27.Industr~3 |  .0009042   .0009034      33.21 |   .001017    .001016      31.31 
28.Industr~3 |    .03247     .03141      5.276 |    .03414     .03297      5.131 
29.Industr~3 |    .01847     .01813      7.152 |    .02032     .01991        6.8 
30.Industr~3 |  .0003875   .0003874      50.77 |  .0003643   .0003642      52.37 
31.Industr~3 |   .006372    .006332      12.41 |   .003673    .003659      16.41 
32.Industr~3 |   .001851    .001848      23.18 |   .002033    .002029      22.11 
33.Industr~3 |   .002799    .002791      18.82 |   .004252    .004234      15.24 
34.Industr~3 |   .002928    .002919       18.4 |   .001971    .001967      22.46 
35.Industr~3 |   .002842    .002834      18.68 |   .003618    .003605      16.53 
36.Industr~3 |   .006889    .006842      11.92 |   .007438    .007383      11.47 
37.Industr~3 |  .0003875   .0003874      50.77 |  .0005736   .0005733      41.72 
40.Industr~3 |   .004004    .003988      15.71 |    .00818    .008113      10.92 
41.Industr~3 |  .0009042   .0009034      33.21 |   .001903    .001899      22.86 
45.Industr~3 |     .1769      .1456      1.693 |      .147      .1254      1.993 
50.Industr~3 |    .05193     .04923      4.039 |    .04236     .04057      4.544 
51.Industr~3 |    .08189     .07519       3.05 |    .07836     .07222      3.138 
52.Industr~3 |    .07737     .07139      3.164 |    .07653     .07068      3.186 
55.Industr~3 |    .04586     .04375      4.342 |    .03776     .03633       4.85 
60.Industr~3 |      .058     .05464      3.782 |    .05956     .05601      3.722 
61.Industr~3 |   .002454    .002448      20.11 |   .001675    .001672      24.38 
62.Industr~3 |  .0004736   .0004734      45.92 |  .0002501     .00025      63.21 
63.Industr~3 |    .01968     .01929      6.917 |    .01581     .01556      7.763 
64.Industr~3 |   .005468    .005439      13.41 |   .004214    .004196      15.31 
65.Industr~3 |    .01171     .01157      9.077 |    .01253     .01237      8.766 
66.Industr~3 |         0          0          . |  .0000517   .0000516      139.1 
67.Industr~3 |   .007234    .007182      11.63 |   .006913    .006865       11.9 
70.Industr~3 |    .06041     .05676       3.69 |    .05235     .04961       4.02 
71.Industr~3 |   .008396    .008326      10.78 |    .00581    .005776      13.01 
72.Industr~3 |    .03892     .03741      4.768 |     .0555     .05242      3.883 
73.Industr~3 |   .001722    .001719      24.03 |   .002588    .002581      19.58 
74.Industr~3 |     .1205       .106      2.332 |     .1325      .1149      2.169 
75.Industr~3 |  .0000431   .0000431      152.4 |  .0004567   .0004565      46.76 
80.Industr~3 |   .003832    .003818      16.06 |   .006875    .006828      11.94 
85.Industr~3 |    .02885     .02802       5.63 |    .03872     .03722      4.782 
90.Industr~3 |   .005856    .005822      12.95 |   .007346    .007292      11.54 
91.Industr~3 |         0          0          . |  .0001006   .0001006      99.69 
92.Industr~3 |      .027     .02627      5.837 |    .02775     .02698       5.75 
93.Industr~3 |   .005468    .005439      13.41 |   .005002    .004977      14.03 


After:  _webal as the weighting variable

             |              Treat              |             Control             
             |      mean   variance   skewness |      mean   variance   skewness 
-------------+---------------------------------+--------------------------------
P_D_muu_~4_2 |     .6776      .2185     -.7599 |     .6776      .2185     -.7598 
P_BUSINESS~G |     .2983      .2093      .8815 |     .2984      .2093      .8815 
P_LN_EDULE~L |     .6935       .194     .07014 |     .6935       .194     .07019 
P_D_MARITA~S |     .4293       .245      .2856 |     .4293       .245      .2856 
P_LN_CUM_S~E |     .2218      .1099      .9798 |     .2218      .1099      .9799 
P_LN_TOTAL~2 |     10.42      .6832      1.102 |     10.42      .6832      1.103 
P_D_CUM_SU~E |     .1274      .1112      2.235 |     .1274      .1112      2.235 
P_D_CUM_AL~S |     .2744      .1991      1.011 |     .2744      .1991      1.011 
D_Muu_riko~4 |     .2554      .1902      1.122 |     .2554      .1902      1.122 
        MALE |     .7435      .1907     -1.115 |     .7435      .1907     -1.115 
      LN_AGE |     3.505     .03929     -.4937 |     3.505     .03929     -.4932 
BUSINESS_S~G |     .2338      .1791      1.258 |     .2338      .1791      1.258 
 LN_EDULEVEL |     .8382      .2674    -.08609 |     .8382      .2674    -.08605 
D_MARITAL_~S |     .2468      .1859      1.175 |     .2468      .1859      1.175 
LN_CUM_SUM~E |    .06394     .04219      2.987 |    .06394     .04219      2.987 
LN_TOTALIN~2 |     10.71      .7627     -.4347 |     10.71      .7627     -.4344 
D_CUM_SUBS~E |    .01313     .01296      8.553 |    .01313     .01296      8.553 
D_CUM_ALL_~S |    .09262     .08404      2.811 |    .09262     .08404      2.811 
      D_FMOB |     .3777       .235      .5047 |     .3777       .235      .5047 
LN_NUM_POS~S |     .1199       .107      3.133 |     .1199       .107      3.133 
Mean_OMAVA~2 |     .4001     .07393      .2874 |     .4001     .07393      .2874 
Mean_LNTASE2 |     13.32      1.672      1.087 |     13.32      1.672      1.087 
   Mean_ROA2 |     .1066      .0354      .1968 |     .1066      .0354      .1968 
Mean_LN_Bo~e |     .7499      .3522     .05411 |     .7499      .3522     .05414 
Mean_Curre~2 |     2.433      6.687      2.408 |     2.433      6.687      2.408 
   1996.YEAR |   .001679    .001676      24.34 |   .001679    .001676      24.34 
   1997.YEAR |   .002842    .002834      18.68 |   .002842    .002834      18.68 
   1998.YEAR |   .006028    .005992      12.76 |   .006028    .005992      12.76 
   1999.YEAR |   .007621    .007563      11.32 |   .007621    .007563      11.32 
   2000.YEAR |    .01033     .01023      9.684 |    .01033     .01023      9.684 
   2001.YEAR |    .01283     .01267      8.657 |    .01283     .01267      8.657 
   2002.YEAR |    .01606      .0158      7.699 |    .01606      .0158      7.699 
   2003.YEAR |    .01778     .01747      7.297 |    .01778     .01747      7.297 
   2004.YEAR |    .02183     .02135      6.545 |    .02183     .02135      6.544 
   2005.YEAR |    .02416     .02357      6.199 |    .02416     .02357      6.199 
   2006.YEAR |    .02743     .02668      5.787 |    .02743     .02668      5.787 
   2007.YEAR |    .03341      .0323      5.193 |    .03341      .0323      5.193 
   2008.YEAR |    .04069     .03904       4.65 |    .04069     .03903       4.65 
   2009.YEAR |    .04771     .04543      4.244 |    .04771     .04543      4.244 
   2010.YEAR |    .05042     .04788      4.109 |    .05042     .04788      4.109 
   2011.YEAR |    .05451     .05154      3.925 |    .05451     .05154      3.925 
   2012.YEAR |    .05972     .05616      3.716 |    .05972     .05615      3.716 
   2013.YEAR |    .06446      .0603      3.547 |    .06446      .0603      3.547 
   2014.YEAR |     .0679     .06329      3.435 |     .0679     .06329      3.435 
   2015.YEAR |    .07169     .06655      3.321 |    .07169     .06655      3.321 
   2016.YEAR |    .07841     .07226      3.137 |    .07841     .07226      3.137 
   2017.YEAR |    .08194     .07523      3.049 |    .08194     .07523      3.049 
   2018.YEAR |    .09473     .08576      2.768 |    .09473     .08575      2.768 
   2019.YEAR |     .1054      .0943       2.57 |     .1054      .0943       2.57 
2.Industry~3 |   .006286    .006247      12.49 |   .006287    .006247      12.49 
5.Industry~3 |  .0003445   .0003444      53.85 |  .0003445   .0003443      53.85 
10.Industr~3 |   .001378    .001376      26.88 |   .001378    .001376      26.88 
13.Industr~3 |         0          0          . |  1.11e-06   1.11e-06      947.2 
14.Industr~3 |   .003143    .003133      17.75 |   .003143    .003133      17.75 
15.Industr~3 |    .01145     .01132      9.183 |    .01145     .01132      9.183 
17.Industr~3 |   .002799    .002791      18.82 |   .002799    .002791      18.82 
18.Industr~3 |    .00211    .002105       21.7 |    .00211    .002105       21.7 
19.Industr~3 |  .0003445   .0003444      53.85 |  .0003445   .0003443      53.85 
20.Industr~3 |   .009731    .009637      9.989 |   .009731    .009636      9.989 
21.Industr~3 |   .002153    .002148      21.48 |   .002153    .002148      21.48 
22.Industr~3 |    .01369     .01351      8.369 |    .01369      .0135      8.369 
23.Industr~3 |         0          0          . |  1.11e-06   1.11e-06      949.2 
24.Industr~3 |   .002282    .002277      20.86 |   .002282    .002277      20.86 
25.Industr~3 |   .007147    .007097       11.7 |   .007148    .007097       11.7 
26.Industr~3 |   .005167     .00514       13.8 |   .005167     .00514       13.8 
27.Industr~3 |  .0009042   .0009034      33.21 |  .0009042   .0009034      33.21 
28.Industr~3 |    .03247     .03141      5.276 |    .03247     .03141      5.276 
29.Industr~3 |    .01847     .01813      7.152 |    .01847     .01813      7.152 
30.Industr~3 |  .0003875   .0003874      50.77 |  .0003875   .0003874      50.77 
31.Industr~3 |   .006372    .006332      12.41 |   .006373    .006332      12.41 
32.Industr~3 |   .001851    .001848      23.18 |   .001851    .001848      23.18 
33.Industr~3 |   .002799    .002791      18.82 |   .002799    .002791      18.82 
34.Industr~3 |   .002928    .002919       18.4 |   .002928    .002919       18.4 
35.Industr~3 |   .002842    .002834      18.68 |   .002842    .002834      18.68 
36.Industr~3 |   .006889    .006842      11.92 |   .006889    .006842      11.92 
37.Industr~3 |  .0003875   .0003874      50.77 |  .0003875   .0003874      50.77 
40.Industr~3 |   .004004    .003988      15.71 |   .004004    .003988      15.71 
41.Industr~3 |  .0009042   .0009034      33.21 |  .0009042   .0009034      33.21 
45.Industr~3 |     .1769      .1456      1.693 |     .1769      .1456      1.693 
50.Industr~3 |    .05193     .04923      4.039 |    .05193     .04923      4.039 
51.Industr~3 |    .08189     .07519       3.05 |     .0819     .07519       3.05 
52.Industr~3 |    .07737     .07139      3.164 |    .07737     .07139      3.164 
55.Industr~3 |    .04586     .04375      4.342 |    .04586     .04375      4.342 
60.Industr~3 |      .058     .05464      3.782 |      .058     .05464      3.782 
61.Industr~3 |   .002454    .002448      20.11 |   .002454    .002448      20.11 
62.Industr~3 |  .0004736   .0004734      45.92 |  .0004736   .0004734      45.92 
63.Industr~3 |    .01968     .01929      6.917 |    .01968     .01929      6.917 
64.Industr~3 |   .005468    .005439      13.41 |   .005468    .005438      13.41 
65.Industr~3 |    .01171     .01157      9.077 |    .01171     .01157      9.077 
66.Industr~3 |         0          0          . |  8.35e-07   8.35e-07       1094 
67.Industr~3 |   .007234    .007182      11.63 |   .007234    .007181      11.63 
70.Industr~3 |    .06041     .05676       3.69 |    .06041     .05676       3.69 
71.Industr~3 |   .008396    .008326      10.78 |   .008396    .008326      10.78 
72.Industr~3 |    .03892     .03741      4.768 |    .03892     .03741      4.768 
73.Industr~3 |   .001722    .001719      24.03 |   .001722    .001719      24.03 
74.Industr~3 |     .1205       .106      2.332 |     .1205       .106      2.332 
75.Industr~3 |  .0000431   .0000431      152.4 |  .0000437   .0000437      151.2 
80.Industr~3 |   .003832    .003818      16.06 |   .003832    .003817      16.06 
85.Industr~3 |    .02885     .02802       5.63 |    .02885     .02802       5.63 
90.Industr~3 |   .005856    .005822      12.95 |   .005856    .005822      12.95 
91.Industr~3 |         0          0          . |  1.57e-06   1.57e-06      797.7 
92.Industr~3 |      .027     .02627      5.837 |      .027     .02627      5.837 
93.Industr~3 |   .005468    .005439      13.41 |   .005468    .005438      13.41 

. 
. reg D_Vaste_Finan_rep_fraud P_D_talous_kaikki_2 P_D_muu_rikos_4_2 P_BUSINESS_SOCIALDEG P_LN_EDULEVEL P_D_MARITAL_STATUS P_LN_CUM_SUM_DIVORCE P_LN_TOTALINCOME2 P_D_CUM_SUBSTANCE P_D_CUM_ALL_BUT_SUBS D_Muu_rikos_4 MALE LN_AGE BUSINESS_SOCIALDEG LN_EDUL
> EVEL D_MARITAL_STATUS LN_CUM_SUM_DIVORCE LN_TOTALINCOME2 D_CUM_SUBSTANCE D_CUM_ALL_BUT_SUBS D_FMOB LN_NUM_POSITIONS Mean_OMAVARAISUUS2 Mean_LNTASE2 Mean_ROA2 Mean_LN_Boardsize Mean_Current_Ratio2 i.MAAKUNTA i.YEAR i.Industry_2002_3 [aweight=_webal], 
> cluster(ID)
(sum of wgt is 46,450)

Linear regression                               Number of obs     =    391,069
                                                F(121, 75473)     =       2.12
                                                Prob > F          =     0.0000
                                                R-squared         =     0.0116
                                                Root MSE          =     .05602

                                        (Std. err. adjusted for 75,474 clusters in ID)
--------------------------------------------------------------------------------------
                     |               Robust
D_Vaste_Finan_rep_~d | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
---------------------+----------------------------------------------------------------
 P_D_talous_kaikki_2 |   .0018849    .000512     3.68   0.000     .0008814    .0028885
   P_D_muu_rikos_4_2 |  -.0000797   .0005111    -0.16   0.876    -.0010814     .000922
P_BUSINESS_SOCIALDEG |   .0006871   .0006248     1.10   0.271    -.0005376    .0019118
       P_LN_EDULEVEL |  -.0010062   .0006336    -1.59   0.112     -.002248    .0002356
  P_D_MARITAL_STATUS |  -.0000225   .0006704    -0.03   0.973    -.0013365    .0012914
P_LN_CUM_SUM_DIVORCE |  -.0001018   .0009278    -0.11   0.913    -.0019203    .0017167
   P_LN_TOTALINCOME2 |   .0002043   .0003971     0.51   0.607     -.000574    .0009827
   P_D_CUM_SUBSTANCE |  -.0010127   .0007805    -1.30   0.194    -.0025424    .0005171
P_D_CUM_ALL_BUT_SUBS |  -.0000245   .0005739    -0.04   0.966    -.0011494    .0011004
       D_Muu_rikos_4 |   .0051472   .0008599     5.99   0.000     .0034618    .0068327
                MALE |   .0009595   .0004868     1.97   0.049     5.48e-06    .0019135
              LN_AGE |  -.0013534   .0019244    -0.70   0.482    -.0051252    .0024183
  BUSINESS_SOCIALDEG |   .0016348   .0006591     2.48   0.013      .000343    .0029265
         LN_EDULEVEL |  -.0022711    .000685    -3.32   0.001    -.0036136   -.0009286
    D_MARITAL_STATUS |   .0008779   .0007308     1.20   0.230    -.0005544    .0023101
  LN_CUM_SUM_DIVORCE |   .0009356   .0012666     0.74   0.460    -.0015471    .0034182
     LN_TOTALINCOME2 |  -.0018378   .0005222    -3.52   0.000    -.0028613   -.0008143
     D_CUM_SUBSTANCE |   .0011134   .0025485     0.44   0.662    -.0038816    .0061083
  D_CUM_ALL_BUT_SUBS |   .0008822   .0009636     0.92   0.360    -.0010064    .0027709
              D_FMOB |  -.0020045   .0006273    -3.20   0.001     -.003234   -.0007751
    LN_NUM_POSITIONS |   .0016915   .0008377     2.02   0.043     .0000496    .0033335
  Mean_OMAVARAISUUS2 |  -.0043941   .0012251    -3.59   0.000    -.0067953    -.001993
        Mean_LNTASE2 |   .0004551   .0002017     2.26   0.024     .0000597    .0008506
           Mean_ROA2 |  -.0039938   .0015445    -2.59   0.010    -.0070209   -.0009666
   Mean_LN_Boardsize |  -.0024237   .0004542    -5.34   0.000     -.003314   -.0015334
 Mean_Current_Ratio2 |   .0000631   .0000686     0.92   0.357    -.0000713    .0001975
                     |
            MAAKUNTA |
                  2  |   .0012168   .0010556     1.15   0.249    -.0008523    .0032858
                  4  |   .0003024   .0012524     0.24   0.809    -.0021523    .0027571
                  5  |  -.0006614   .0012438    -0.53   0.595    -.0030992    .0017765
                  6  |  -.0003456   .0008762    -0.39   0.693    -.0020629    .0013717
                  7  |  -.0004704   .0012348    -0.38   0.703    -.0028906    .0019499
                  8  |   .0013207   .0020383     0.65   0.517    -.0026743    .0053156
                  9  |  -.0024171   .0007006    -3.45   0.001    -.0037903   -.0010439
                 10  |   .0016424    .002817     0.58   0.560    -.0038789    .0071636
                 11  |   .0017524   .0016831     1.04   0.298    -.0015466    .0050513
                 12  |  -.0004657   .0013139    -0.35   0.723    -.0030409    .0021095
                 13  |  -.0008132   .0009383    -0.87   0.386    -.0026522    .0010259
                 14  |   .0027704   .0019748     1.40   0.161    -.0011001     .006641
                 15  |  -.0007602   .0011065    -0.69   0.492    -.0029289    .0014084
                 16  |   .0034339   .0036299     0.95   0.344    -.0036808    .0105486
                 17  |   .0003526   .0010378     0.34   0.734    -.0016815    .0023868
                 18  |  -.0001395   .0024923    -0.06   0.955    -.0050243    .0047454
                 19  |   .0004115   .0015544     0.26   0.791    -.0026351    .0034581
                     |
                YEAR |
               1996  |    .002421   .0013583     1.78   0.075    -.0002414    .0050833
               1997  |   .0007127   .0008395     0.85   0.396    -.0009327    .0023582
               1998  |   .0211784   .0075905     2.79   0.005      .006301    .0360558
               1999  |   .0099352   .0046503     2.14   0.033     .0008206    .0190497
               2000  |   .0035593   .0014964     2.38   0.017     .0006264    .0064922
               2001  |   .0050942   .0019998     2.55   0.011     .0011745    .0090138
               2002  |   .0086313    .002902     2.97   0.003     .0029433    .0143193
               2003  |   .0064846   .0020856     3.11   0.002     .0023968    .0105724
               2004  |   .0087685   .0024826     3.53   0.000     .0039026    .0136344
               2005  |   .0099022   .0023469     4.22   0.000     .0053023    .0145021
               2006  |   .0114554   .0026558     4.31   0.000     .0062502    .0166607
               2007  |   .0128154    .002605     4.92   0.000     .0077096    .0179212
               2008  |   .0086143   .0018892     4.56   0.000     .0049115     .012317
               2009  |   .0123138   .0022709     5.42   0.000     .0078628    .0167648
               2010  |   .0065454   .0016585     3.95   0.000     .0032948     .009796
               2011  |   .0082413   .0018517     4.45   0.000      .004612    .0118705
               2012  |   .0064547   .0015283     4.22   0.000     .0034593    .0094501
               2013  |   .0046127   .0012915     3.57   0.000     .0020815     .007144
               2014  |   .0040077   .0013014     3.08   0.002     .0014569    .0065584
               2015  |   .0029188   .0011771     2.48   0.013     .0006117     .005226
               2016  |   .0030938   .0012162     2.54   0.011     .0007101    .0054775
               2017  |   .0026297   .0011967     2.20   0.028     .0002841    .0049752
               2018  |    .002832   .0012187     2.32   0.020     .0004433    .0052206
               2019  |   .0030594   .0012378     2.47   0.013     .0006332    .0054855
                     |
     Industry_2002_3 |
                  2  |   .0000314   .0012876     0.02   0.981    -.0024922     .002555
                  5  |   .0005832   .0024136     0.24   0.809    -.0041475    .0053138
                 10  |  -.0013664    .001281    -1.07   0.286    -.0038773    .0011444
                 13  |   .0031308   .0018871     1.66   0.097    -.0005679    .0068294
                 14  |   .0007677   .0012723     0.60   0.546     -.001726    .0032614
                 15  |   .0017612    .002098     0.84   0.401    -.0023509    .0058733
                 17  |   .0005652   .0011336     0.50   0.618    -.0016566    .0027871
                 18  |   .0005463   .0013853     0.39   0.693    -.0021688    .0032614
                 19  |  -.0000946   .0017635    -0.05   0.957    -.0035511    .0033619
                 20  |  -.0021345   .0010091    -2.12   0.034    -.0041123   -.0001566
                 21  |   .0043988   .0034544     1.27   0.203    -.0023718    .0111694
                 22  |   .0047526   .0025691     1.85   0.064    -.0002828     .009788
                 23  |    .003142   .0021323     1.47   0.141    -.0010373    .0073212
                 24  |   .0025556   .0015459     1.65   0.098    -.0004744    .0055855
                 25  |   .0025992   .0013483     1.93   0.054    -.0000435    .0052419
                 26  |    .000481   .0010881     0.44   0.658    -.0016517    .0026137
                 27  |  -.0005703   .0017208    -0.33   0.740    -.0039431    .0028025
                 28  |   .0043678     .00184     2.37   0.018     .0007615    .0079742
                 29  |   .0024002    .001487     1.61   0.107    -.0005144    .0053148
                 30  |   .0020735   .0015057     1.38   0.168    -.0008776    .0050246
                 31  |   .0065683   .0038563     1.70   0.089      -.00099    .0141266
                 32  |   .0008205   .0012353     0.66   0.507    -.0016007    .0032417
                 33  |   .0026717   .0012083     2.21   0.027     .0003033      .00504
                 34  |   .0028148   .0034953     0.81   0.421    -.0040361    .0096656
                 35  |   .0003751   .0015732     0.24   0.812    -.0027083    .0034585
                 36  |  -.0015278   .0010217    -1.50   0.135    -.0035302    .0004747
                 37  |   .0010995   .0020302     0.54   0.588    -.0028796    .0050787
                 40  |   .0029157    .001166     2.50   0.012     .0006303    .0052011
                 41  |   .0024514   .0015823     1.55   0.121    -.0006498    .0055526
                 45  |   .0041696   .0011709     3.56   0.000     .0018747    .0064645
                 50  |   .0011195   .0012849     0.87   0.384    -.0013988    .0036379
                 51  |    .001993   .0011463     1.74   0.082    -.0002537    .0042397
                 52  |   .0012265   .0012156     1.01   0.313    -.0011561    .0036091
                 55  |   .0023114   .0013794     1.68   0.094    -.0003921     .005015
                 60  |   .0019231   .0016834     1.14   0.253    -.0013763    .0052225
                 61  |  -.0006216   .0013661    -0.45   0.649    -.0032992    .0020561
                 62  |  -.0006432   .0029847    -0.22   0.829    -.0064932    .0052068
                 63  |    .004497   .0028767     1.56   0.118    -.0011414    .0101354
                 64  |  -.0001721   .0015104    -0.11   0.909    -.0031325    .0027882
                 65  |   .0046625   .0022141     2.11   0.035     .0003228    .0090022
                 66  |   .0058027   .0017241     3.37   0.001     .0024234     .009182
                 67  |    .003625   .0020838     1.74   0.082    -.0004592    .0077091
                 70  |     .00141   .0010936     1.29   0.197    -.0007335    .0035534
                 71  |   .0025865   .0029117     0.89   0.374    -.0031204    .0082934
                 72  |   .0029636   .0010271     2.89   0.004     .0009503    .0049768
                 73  |   .0029692   .0012297     2.41   0.016     .0005589    .0053795
                 74  |   .0062929   .0013678     4.60   0.000     .0036119    .0089739
                 75  |   .0077742   .0019398     4.01   0.000     .0039721    .0115763
                 80  |   .0020124    .001093     1.84   0.066    -.0001299    .0041548
                 85  |   .0035965   .0013139     2.74   0.006     .0010213    .0061717
                 90  |  -.0004467   .0010031    -0.45   0.656    -.0024128    .0015195
                 91  |   .0006409   .0023628     0.27   0.786    -.0039902     .005272
                 92  |   .0018323   .0011874     1.54   0.123    -.0004949    .0041595
                 93  |   .0021026   .0013017     1.62   0.106    -.0004488     .004654
                     |
               _cons |   .0138401   .0073958     1.87   0.061    -.0006556    .0283359
--------------------------------------------------------------------------------------

. 
. ereturn list r2_a
scalar e(r2_a)     =  .0113269983684147

. 
. tabulate D_Vaste_talous_kaikki P_D_talous_kaikki_2 if Finan_mukaan == 1

D_Vaste_ta |
lous_kaikk |  P_D_talous_kaikki_2
         i |         0          1 |     Total
-----------+----------------------+----------
         0 |   367,413     23,129 |   390,542 
         1 |       431         96 |       527 
-----------+----------------------+----------
     Total |   367,844     23,225 |   391,069 

. 
. 
. 
. ebalance P_D_talous_kaikki_2 P_D_muu_rikos_4_2 P_BUSINESS_SOCIALDEG P_LN_EDULEVEL P_D_MARITAL_STATUS P_LN_CUM_SUM_DIVORCE P_LN_TOTALINCOME2 P_D_CUM_SUBSTANCE P_D_CUM_ALL_BUT_SUBS D_Muu_rikos_4 MALE LN_AGE BUSINESS_SOCIALDEG LN_EDULEVEL D_MARITAL_STAT
> US LN_CUM_SUM_DIVORCE LN_TOTALINCOME2 D_CUM_SUBSTANCE D_CUM_ALL_BUT_SUBS D_FMOB LN_NUM_POSITIONS Mean_OMAVARAISUUS2 Mean_LNTASE2 Mean_ROA2 Mean_LN_Boardsize Mean_Current_Ratio2 i.YEAR i.Industry_2002_3 if Tax_mukaan == 1, targets(3) maxiter(25)
note: 1995b.YEAR omitted because of collinearity
note: 1b.Industry_2002_3 omitted because of collinearity
note: higher order constraint omitted due to too few values of __00000X
note: higher order constraint omitted due to too few values of __000016
note: higher order constraint omitted due to too few values of __00001Y
note: higher order constraint omitted due to too few values of __000029


Data Setup
Treatment variable:   P_D_talous_kaikki_2
Covariate adjustment: P_D_muu_rikos_4_2 P_BUSINESS_SOCIALDEG P_LN_EDULEVEL P_D_MARITAL_STATUS P_LN_CUM_SUM_DIVORCE P_LN_TOTALINCOME2 P_D_CUM_SUBSTANCE P_D_CUM_ALL_BUT_SUBS D_Muu_rikos_4 MALE LN_AGE BUSINESS_SOCIALDEG LN_EDULEVEL D_MARITAL_STATUS LN_CUM
> _SUM_DIVORCE LN_TOTALINCOME2 D_CUM_SUBSTANCE D_CUM_ALL_BUT_SUBS D_FMOB LN_NUM_POSITIONS Mean_OMAVARAISUUS2 Mean_LNTASE2 Mean_ROA2 Mean_LN_Boardsize Mean_Current_Ratio2 1996.YEAR 1997.YEAR 1998.YEAR 1999.YEAR 2000.YEAR 2001.YEAR 2002.YEAR 2003.YEAR 20
> 04.YEAR 2005.YEAR 2006.YEAR 2007.YEAR 2008.YEAR 2009.YEAR 2010.YEAR 2011.YEAR 2012.YEAR 2013.YEAR 2014.YEAR 2015.YEAR 2016.YEAR 2017.YEAR 2018.YEAR 2019.YEAR 2.Industry_2002_3 5.Industry_2002_3 10.Industry_2002_3 13.Industry_2002_3 14.Industry_2002_3
>  15.Industry_2002_3 17.Industry_2002_3 18.Industry_2002_3 19.Industry_2002_3 20.Industry_2002_3 21.Industry_2002_3 22.Industry_2002_3 23.Industry_2002_3 24.Industry_2002_3 25.Industry_2002_3 26.Industry_2002_3 27.Industry_2002_3 28.Industry_2002_3 29
> .Industry_2002_3 30.Industry_2002_3 31.Industry_2002_3 32.Industry_2002_3 33.Industry_2002_3 34.Industry_2002_3 35.Industry_2002_3 36.Industry_2002_3 37.Industry_2002_3 40.Industry_2002_3 41.Industry_2002_3 45.Industry_2002_3 50.Industry_2002_3 51.In
> dustry_2002_3 52.Industry_2002_3 55.Industry_2002_3 60.Industry_2002_3 61.Industry_2002_3 62.Industry_2002_3 63.Industry_2002_3 64.Industry_2002_3 65.Industry_2002_3 66.Industry_2002_3 67.Industry_2002_3 70.Industry_2002_3 71.Industry_2002_3 72.Indus
> try_2002_3 73.Industry_2002_3 74.Industry_2002_3 75.Industry_2002_3 80.Industry_2002_3 85.Industry_2002_3 90.Industry_2002_3 91.Industry_2002_3 92.Industry_2002_3 93.Industry_2002_3 (1st order). P_D_muu_rikos_4_2 P_BUSINESS_SOCIALDEG P_LN_EDULEVEL P_
> D_MARITAL_STATUS P_LN_CUM_SUM_DIVORCE P_LN_TOTALINCOME2 P_D_CUM_SUBSTANCE P_D_CUM_ALL_BUT_SUBS D_Muu_rikos_4 MALE LN_AGE BUSINESS_SOCIALDEG LN_EDULEVEL D_MARITAL_STATUS LN_CUM_SUM_DIVORCE LN_TOTALINCOME2 D_CUM_SUBSTANCE D_CUM_ALL_BUT_SUBS D_FMOB LN_N
> UM_POSITIONS Mean_OMAVARAISUUS2 Mean_LNTASE2 Mean_ROA2 Mean_LN_Boardsize Mean_Current_Ratio2 1996.YEAR 1997.YEAR 1998.YEAR 1999.YEAR 2000.YEAR 2001.YEAR 2002.YEAR 2003.YEAR 2004.YEAR 2005.YEAR 2006.YEAR 2007.YEAR 2008.YEAR 2009.YEAR 2010.YEAR 2011.YE
> AR 2012.YEAR 2013.YEAR 2014.YEAR 2015.YEAR 2016.YEAR 2017.YEAR 2018.YEAR 2019.YEAR 2.Industry_2002_3 5.Industry_2002_3 10.Industry_2002_3 14.Industry_2002_3 15.Industry_2002_3 17.Industry_2002_3 18.Industry_2002_3 19.Industry_2002_3 20.Industry_2002_
> 3 21.Industry_2002_3 22.Industry_2002_3 24.Industry_2002_3 25.Industry_2002_3 26.Industry_2002_3 27.Industry_2002_3 28.Industry_2002_3 29.Industry_2002_3 30.Industry_2002_3 31.Industry_2002_3 32.Industry_2002_3 33.Industry_2002_3 34.Industry_2002_3 3
> 5.Industry_2002_3 36.Industry_2002_3 37.Industry_2002_3 40.Industry_2002_3 41.Industry_2002_3 45.Industry_2002_3 50.Industry_2002_3 51.Industry_2002_3 52.Industry_2002_3 55.Industry_2002_3 60.Industry_2002_3 61.Industry_2002_3 62.Industry_2002_3 63.I
> ndustry_2002_3 64.Industry_2002_3 65.Industry_2002_3 67.Industry_2002_3 70.Industry_2002_3 71.Industry_2002_3 72.Industry_2002_3 73.Industry_2002_3 74.Industry_2002_3 75.Industry_2002_3 80.Industry_2002_3 85.Industry_2002_3 90.Industry_2002_3 92.Indu
> stry_2002_3 93.Industry_2002_3 (2nd order). P_D_muu_rikos_4_2 P_BUSINESS_SOCIALDEG P_LN_EDULEVEL P_D_MARITAL_STATUS P_LN_CUM_SUM_DIVORCE P_LN_TOTALINCOME2 P_D_CUM_SUBSTANCE P_D_CUM_ALL_BUT_SUBS D_Muu_rikos_4 MALE LN_AGE BUSINESS_SOCIALDEG LN_EDULEVEL
>  D_MARITAL_STATUS LN_CUM_SUM_DIVORCE LN_TOTALINCOME2 D_CUM_SUBSTANCE D_CUM_ALL_BUT_SUBS D_FMOB LN_NUM_POSITIONS Mean_OMAVARAISUUS2 Mean_LNTASE2 Mean_ROA2 Mean_LN_Boardsize Mean_Current_Ratio2 1996.YEAR 1997.YEAR 1998.YEAR 1999.YEAR 2000.YEAR 2001.YEA
> R 2002.YEAR 2003.YEAR 2004.YEAR 2005.YEAR 2006.YEAR 2007.YEAR 2008.YEAR 2009.YEAR 2010.YEAR 2011.YEAR 2012.YEAR 2013.YEAR 2014.YEAR 2015.YEAR 2016.YEAR 2017.YEAR 2018.YEAR 2019.YEAR 2.Industry_2002_3 5.Industry_2002_3 10.Industry_2002_3 14.Industry_2
> 002_3 15.Industry_2002_3 17.Industry_2002_3 18.Industry_2002_3 19.Industry_2002_3 20.Industry_2002_3 21.Industry_2002_3 22.Industry_2002_3 24.Industry_2002_3 25.Industry_2002_3 26.Industry_2002_3 27.Industry_2002_3 28.Industry_2002_3 29.Industry_2002
> _3 30.Industry_2002_3 31.Industry_2002_3 32.Industry_2002_3 33.Industry_2002_3 34.Industry_2002_3 35.Industry_2002_3 36.Industry_2002_3 37.Industry_2002_3 40.Industry_2002_3 41.Industry_2002_3 45.Industry_2002_3 50.Industry_2002_3 51.Industry_2002_3 
> 52.Industry_2002_3 55.Industry_2002_3 60.Industry_2002_3 61.Industry_2002_3 62.Industry_2002_3 63.Industry_2002_3 64.Industry_2002_3 65.Industry_2002_3 67.Industry_2002_3 70.Industry_2002_3 71.Industry_2002_3 72.Industry_2002_3 73.Industry_2002_3 74.
> Industry_2002_3 75.Industry_2002_3 80.Industry_2002_3 85.Industry_2002_3 90.Industry_2002_3 92.Industry_2002_3 93.Industry_2002_3 (3rd order).


Optimizing...
Iteration 1: Max Difference = 2990006.9
Iteration 2: Max Difference = 1099960.3
Iteration 3: Max Difference = 404651.008
Iteration 4: Max Difference = 148861.015
Iteration 5: Max Difference = 54761.1358
Iteration 6: Max Difference = 20143.725
Iteration 7: Max Difference = 7408.69197
Iteration 8: Max Difference = 2723.73705
Iteration 9: Max Difference = 1000.24363
Iteration 10: Max Difference = 366.219848
Iteration 11: Max Difference = 133.013002
Iteration 12: Max Difference = 47.3183044
Iteration 13: Max Difference = 16.0252055
Iteration 14: Max Difference = 4.94320368
Iteration 15: Max Difference = 1.34639028
Iteration 16: Max Difference = .411084856
Iteration 17: Max Difference = .08599028
Iteration 18: Max Difference = .006778438
maximum difference smaller than the tolerance level; convergence achieved


Treated units: 23181   total of weights: 23181
Control units: 367644  total of weights: 23181


Before: without weighting

             |              Treat              |             Control             
             |      mean   variance   skewness |      mean   variance   skewness 
-------------+---------------------------------+--------------------------------
P_D_muu_~4_2 |     .6778      .2184     -.7611 |     .2754      .1996      1.006 
P_BUSINESS~G |     .2984      .2094      .8813 |     .2656       .195      1.062 
P_LN_EDULE~L |     .6938       .194     .07004 |     .7558      .2292     .02724 
P_D_MARITA~S |     .4293       .245      .2856 |     .3185       .217      .7793 
P_LN_CUM_S~E |      .222      .1099       .979 |     .1214      .0709      1.848 
P_LN_TOTAL~2 |     10.42      .6838      1.103 |     10.49       .489      .9464 
P_D_CUM_SU~E |     .1278      .1115      2.229 |    .05244     .04969      4.016 
P_D_CUM_AL~S |     .2748      .1993      1.009 |     .1945      .1567      1.544 
D_Muu_riko~4 |     .2548      .1899      1.125 |     .1832      .1497      1.638 
        MALE |     .7433      .1908     -1.114 |     .7894      .1662      -1.42 
      LN_AGE |     3.506      .0393     -.4943 |     3.546     .03384     -.5822 
BUSINESS_S~G |     .2336      .1791      1.259 |     .2251      .1744      1.317 
 LN_EDULEVEL |     .8388      .2671    -.08637 |     .9679      .2504     -.2891 
D_MARITAL_~S |     .2466      .1858      1.176 |      .205       .163      1.462 
LN_CUM_SUM~E |     .0639     .04215      2.987 |    .06161     .04066      3.052 
LN_TOTALIN~2 |     10.71      .7605     -.4301 |     10.79      .6346     -.5538 
D_CUM_SUBS~E |    .01324     .01307      8.516 |     .0112     .01108      9.288 
D_CUM_ALL_~S |    .09271     .08411      2.809 |    .07743     .07143      3.162 
      D_FMOB |     .3777       .235      .5046 |     .3321      .2218      .7128 
LN_NUM_POS~S |     .1201       .107      3.127 |     .1065     .09746      3.432 
Mean_OMAVA~2 |     .4006     .07391      .2859 |     .4439     .07702      .1258 
Mean_LNTASE2 |     13.32      1.673      1.085 |     13.36      1.759       1.16 
   Mean_ROA2 |     .1068     .03534      .1985 |     .1196     .03751      .2939 
Mean_LN_Bo~e |     .7504      .3524     .05307 |     .8904      .3433     -.1485 
Mean_Curre~2 |     2.437      6.704      2.404 |     2.776      8.018      2.116 
   1996.YEAR |   .001682     .00168      24.32 |   .001311    .001309      27.56 
   1997.YEAR |   .002847    .002839      18.66 |   .002383    .002377      20.41 
   1998.YEAR |   .005953    .005918      12.84 |   .003732    .003718      16.28 
   1999.YEAR |   .007549    .007493      11.38 |   .005228    .005201      13.72 
   2000.YEAR |    .01035     .01025      9.675 |   .007037    .006987      11.79 
   2001.YEAR |    .01281     .01265      8.664 |   .009403    .009315      10.17 
   2002.YEAR |    .01613     .01587      7.681 |    .01179     .01165      9.048 
   2003.YEAR |    .01777     .01746      7.299 |    .01459     .01438      8.096 
   2004.YEAR |    .02174     .02127      6.559 |    .01732     .01702        7.4 
   2005.YEAR |    .02411     .02353      6.204 |    .02061     .02018      6.749 
   2006.YEAR |    .02731     .02656      5.801 |    .02461       .024      6.137 
   2007.YEAR |    .03304     .03195      5.225 |     .0299     .02901       5.52 
   2008.YEAR |    .04068     .03903       4.65 |    .03631     .03499      4.957 
   2009.YEAR |    .04758     .04532       4.25 |    .04249     .04069      4.536 
   2010.YEAR |    .05039     .04785      4.111 |    .04684     .04464       4.29 
   2011.YEAR |    .05431     .05136      3.933 |    .05313     .05031      3.985 
   2012.YEAR |    .05975     .05618      3.715 |    .05993     .05634      3.708 
   2013.YEAR |    .06458     .06041      3.543 |    .06642     .06201      3.482 
   2014.YEAR |    .06794     .06333      3.434 |    .07258     .06731      3.295 
   2015.YEAR |    .07191     .06674      3.314 |    .07848     .07232      3.135 
   2016.YEAR |    .07851     .07235      3.134 |    .08546     .07815      2.966 
   2017.YEAR |    .08209     .07536      3.045 |    .08834     .08053      2.901 
   2018.YEAR |    .09491      .0859      2.764 |     .1034     .09268      2.606 
   2019.YEAR |     .1056     .09446      2.567 |     .1184      .1044      2.363 
2.Industry~3 |   .006298    .006259      12.48 |      .016     .01574      7.716 
5.Industry~3 |  .0003451    .000345       53.8 |  .0006718   .0006714      38.54 
10.Industr~3 |    .00138    .001379      26.86 |   .002456     .00245       20.1 
13.Industr~3 |         0          0          . |  .0000626   .0000626      126.4 
14.Industr~3 |   .003149    .003139      17.74 |   .002016    .002011      22.21 
15.Industr~3 |    .01143      .0113      9.192 |    .01269     .01253      8.706 
17.Industr~3 |   .002804    .002796      18.81 |   .002345    .002339      20.58 
18.Industr~3 |   .002114    .002109      21.68 |   .001534    .001532      25.47 
19.Industr~3 |  .0003451    .000345       53.8 |  .0007834   .0007828      35.69 
20.Industr~3 |   .009749    .009655      9.979 |    .01044     .01033      9.633 
21.Industr~3 |   .002157    .002152      21.46 |   .001825    .001822      23.34 
22.Industr~3 |    .01363     .01345      8.389 |    .01223     .01209      8.874 
23.Industr~3 |         0          0          . |  .0000653   .0000653      123.8 
24.Industr~3 |   .002286    .002281      20.84 |   .002774    .002767      18.91 
25.Industr~3 |   .007161     .00711      11.69 |   .005641     .00561       13.2 
26.Industr~3 |   .005177     .00515      13.79 |   .004893    .004869      14.19 
27.Industr~3 |  .0009059   .0009051      33.18 |   .001017    .001016      31.31 
28.Industr~3 |    .03235     .03131      5.286 |    .03415     .03298       5.13 
29.Industr~3 |    .01846     .01812      7.154 |    .02033     .01992      6.798 
30.Industr~3 |  .0003882   .0003881      50.72 |  .0003645   .0003644      52.35 
31.Industr~3 |   .006385    .006344      12.39 |   .003672    .003659      16.41 
32.Industr~3 |   .001855    .001852      23.15 |    .00204    .002036      22.07 
33.Industr~3 |   .002804    .002796      18.81 |   .004254    .004236      15.23 
34.Industr~3 |   .002933    .002925      18.38 |   .001969    .001965      22.47 
35.Industr~3 |   .002847    .002839      18.66 |   .003618    .003605      16.54 
36.Industr~3 |   .006902    .006855      11.91 |   .007445    .007389      11.46 
37.Industr~3 |  .0003882   .0003881      50.72 |  .0005712   .0005709      41.81 
40.Industr~3 |   .004055    .004039      15.61 |   .008185    .008118      10.92 
41.Industr~3 |  .0009059   .0009051      33.18 |   .001904      .0019      22.85 
45.Industr~3 |     .1768      .1456      1.694 |      .147      .1254      1.994 
50.Industr~3 |    .05198     .04928      4.036 |    .04237     .04057      4.544 
51.Industr~3 |    .08205     .07532      3.046 |    .07836     .07222      3.138 
52.Industr~3 |    .07739      .0714      3.163 |    .07654     .07068      3.186 
55.Industr~3 |    .04586     .04376      4.342 |    .03773      .0363      4.852 
60.Industr~3 |    .05794     .05458      3.784 |    .05951     .05597      3.724 
61.Industr~3 |   .002459    .002453      20.09 |   .001676    .001673      24.37 
62.Industr~3 |  .0004745   .0004743      45.87 |  .0002502   .0002502      63.19 
63.Industr~3 |    .01959      .0192      6.934 |    .01582     .01557      7.761 
64.Industr~3 |   .005479    .005449       13.4 |   .004213    .004196      15.31 
65.Industr~3 |    .01169     .01155      9.086 |    .01252     .01237      8.767 
66.Industr~3 |         0          0          . |  .0000517   .0000517      139.1 
67.Industr~3 |   .007247    .007195      11.62 |   .006909    .006861      11.91 
70.Industr~3 |    .06044     .05679      3.689 |    .05234      .0496       4.02 
71.Industr~3 |   .008412    .008342      10.77 |   .005802    .005768      13.01 
72.Industr~3 |      .039     .03748      4.763 |    .05552     .05244      3.882 
73.Industr~3 |   .001769    .001766      23.71 |   .002589    .002583      19.58 
74.Industr~3 |     .1202      .1058      2.335 |     .1325      .1149      2.169 
75.Industr~3 |  .0000431   .0000431      152.2 |   .000457   .0004568      46.75 
80.Industr~3 |   .003839    .003825      16.05 |   .006876    .006829      11.93 
85.Industr~3 |    .02886     .02803      5.628 |    .03874     .03724       4.78 
90.Industr~3 |   .005867    .005833      12.94 |   .007347    .007293      11.54 
91.Industr~3 |         0          0          . |  .0001006   .0001006      99.67 
92.Industr~3 |    .02705     .02632      5.831 |    .02774     .02697      5.751 
93.Industr~3 |   .005479    .005449       13.4 |   .004999    .004974      14.04 


After:  _webal as the weighting variable

             |              Treat              |             Control             
             |      mean   variance   skewness |      mean   variance   skewness 
-------------+---------------------------------+--------------------------------
P_D_muu_~4_2 |     .6778      .2184     -.7611 |     .6778      .2184     -.7611 
P_BUSINESS~G |     .2984      .2094      .8813 |     .2984      .2094      .8812 
P_LN_EDULE~L |     .6938       .194     .07004 |     .6938       .194     .07008 
P_D_MARITA~S |     .4293       .245      .2856 |     .4293       .245      .2856 
P_LN_CUM_S~E |      .222      .1099       .979 |      .222      .1099       .979 
P_LN_TOTAL~2 |     10.42      .6838      1.103 |     10.42      .6838      1.104 
P_D_CUM_SU~E |     .1278      .1115      2.229 |     .1278      .1115      2.229 
P_D_CUM_AL~S |     .2748      .1993      1.009 |     .2748      .1993      1.009 
D_Muu_riko~4 |     .2548      .1899      1.125 |     .2548      .1899      1.125 
        MALE |     .7433      .1908     -1.114 |     .7433      .1908     -1.114 
      LN_AGE |     3.506      .0393     -.4943 |     3.506      .0393     -.4938 
BUSINESS_S~G |     .2336      .1791      1.259 |     .2337      .1791      1.259 
 LN_EDULEVEL |     .8388      .2671    -.08637 |     .8388      .2671    -.08632 
D_MARITAL_~S |     .2466      .1858      1.176 |     .2466      .1858      1.176 
LN_CUM_SUM~E |     .0639     .04215      2.987 |     .0639     .04215      2.988 
LN_TOTALIN~2 |     10.71      .7605     -.4301 |     10.71      .7605     -.4297 
D_CUM_SUBS~E |    .01324     .01307      8.516 |    .01324     .01307      8.516 
D_CUM_ALL_~S |    .09271     .08411      2.809 |    .09271     .08411      2.809 
      D_FMOB |     .3777       .235      .5046 |     .3777       .235      .5046 
LN_NUM_POS~S |     .1201       .107      3.127 |     .1201       .107      3.127 
Mean_OMAVA~2 |     .4006     .07391      .2859 |     .4006     .07391      .2859 
Mean_LNTASE2 |     13.32      1.673      1.085 |     13.32      1.673      1.086 
   Mean_ROA2 |     .1068     .03534      .1985 |     .1068     .03534      .1985 
Mean_LN_Bo~e |     .7504      .3524     .05307 |     .7504      .3524      .0531 
Mean_Curre~2 |     2.437      6.704      2.404 |     2.437      6.704      2.404 
   1996.YEAR |   .001682     .00168      24.32 |   .001682     .00168      24.32 
   1997.YEAR |   .002847    .002839      18.66 |   .002847    .002839      18.66 
   1998.YEAR |   .005953    .005918      12.84 |   .005953    .005918      12.84 
   1999.YEAR |   .007549    .007493      11.38 |   .007549    .007492      11.38 
   2000.YEAR |    .01035     .01025      9.675 |    .01035     .01025      9.675 
   2001.YEAR |    .01281     .01265      8.664 |    .01281     .01265      8.664 
   2002.YEAR |    .01613     .01587      7.681 |    .01613     .01587      7.681 
   2003.YEAR |    .01777     .01746      7.299 |    .01777     .01746      7.299 
   2004.YEAR |    .02174     .02127      6.559 |    .02174     .02127      6.559 
   2005.YEAR |    .02411     .02353      6.204 |    .02412     .02353      6.204 
   2006.YEAR |    .02731     .02656      5.801 |    .02731     .02656      5.801 
   2007.YEAR |    .03304     .03195      5.225 |    .03304     .03195      5.225 
   2008.YEAR |    .04068     .03903       4.65 |    .04068     .03903       4.65 
   2009.YEAR |    .04758     .04532       4.25 |    .04758     .04532       4.25 
   2010.YEAR |    .05039     .04785      4.111 |    .05039     .04785      4.111 
   2011.YEAR |    .05431     .05136      3.933 |    .05431     .05136      3.933 
   2012.YEAR |    .05975     .05618      3.715 |    .05975     .05618      3.715 
   2013.YEAR |    .06458     .06041      3.543 |    .06458     .06041      3.543 
   2014.YEAR |    .06794     .06333      3.434 |    .06794     .06333      3.434 
   2015.YEAR |    .07191     .06674      3.314 |    .07191     .06674      3.314 
   2016.YEAR |    .07851     .07235      3.134 |    .07851     .07235      3.134 
   2017.YEAR |    .08209     .07536      3.045 |     .0821     .07536      3.045 
   2018.YEAR |    .09491      .0859      2.764 |    .09491      .0859      2.764 
   2019.YEAR |     .1056     .09446      2.567 |     .1056     .09446      2.567 
2.Industry~3 |   .006298    .006259      12.48 |   .006298    .006259      12.48 
5.Industry~3 |  .0003451    .000345       53.8 |  .0003451    .000345       53.8 
10.Industr~3 |    .00138    .001379      26.86 |    .00138    .001379      26.86 
13.Industr~3 |         0          0          . |  1.11e-06   1.11e-06      947.4 
14.Industr~3 |   .003149    .003139      17.74 |   .003149    .003139      17.74 
15.Industr~3 |    .01143      .0113      9.192 |    .01143      .0113      9.192 
17.Industr~3 |   .002804    .002796      18.81 |   .002804    .002796       18.8 
18.Industr~3 |   .002114    .002109      21.68 |   .002114    .002109      21.68 
19.Industr~3 |  .0003451    .000345       53.8 |  .0003451    .000345       53.8 
20.Industr~3 |   .009749    .009655      9.979 |    .00975    .009655      9.979 
21.Industr~3 |   .002157    .002152      21.46 |   .002157    .002152      21.46 
22.Industr~3 |    .01363     .01345      8.389 |    .01363     .01345      8.389 
23.Industr~3 |         0          0          . |  1.11e-06   1.11e-06      949.1 
24.Industr~3 |   .002286    .002281      20.84 |   .002286    .002281      20.84 
25.Industr~3 |   .007161     .00711      11.69 |   .007161     .00711      11.69 
26.Industr~3 |   .005177     .00515      13.79 |   .005177     .00515      13.79 
27.Industr~3 |  .0009059   .0009051      33.18 |  .0009059   .0009051      33.18 
28.Industr~3 |    .03235     .03131      5.286 |    .03235     .03131      5.286 
29.Industr~3 |    .01846     .01812      7.154 |    .01846     .01812      7.154 
30.Industr~3 |  .0003882   .0003881      50.72 |  .0003883   .0003881      50.72 
31.Industr~3 |   .006385    .006344      12.39 |   .006385    .006344      12.39 
32.Industr~3 |   .001855    .001852      23.15 |   .001855    .001852      23.15 
33.Industr~3 |   .002804    .002796      18.81 |   .002804    .002796       18.8 
34.Industr~3 |   .002933    .002925      18.38 |   .002933    .002925      18.38 
35.Industr~3 |   .002847    .002839      18.66 |   .002847    .002839      18.66 
36.Industr~3 |   .006902    .006855      11.91 |   .006902    .006855      11.91 
37.Industr~3 |  .0003882   .0003881      50.72 |  .0003883   .0003881      50.72 
40.Industr~3 |   .004055    .004039      15.61 |   .004055    .004039      15.61 
41.Industr~3 |  .0009059   .0009051      33.18 |  .0009059   .0009051      33.18 
45.Industr~3 |     .1768      .1456      1.694 |     .1768      .1456      1.694 
50.Industr~3 |    .05198     .04928      4.036 |    .05198     .04928      4.036 
51.Industr~3 |    .08205     .07532      3.046 |    .08205     .07532      3.046 
52.Industr~3 |    .07739      .0714      3.163 |    .07739      .0714      3.163 
55.Industr~3 |    .04586     .04376      4.342 |    .04586     .04375      4.342 
60.Industr~3 |    .05794     .05458      3.784 |    .05794     .05458      3.784 
61.Industr~3 |   .002459    .002453      20.09 |   .002459    .002453      20.09 
62.Industr~3 |  .0004745   .0004743      45.87 |  .0004745   .0004743      45.87 
63.Industr~3 |    .01959      .0192      6.934 |    .01959      .0192      6.934 
64.Industr~3 |   .005479    .005449       13.4 |   .005479    .005449       13.4 
65.Industr~3 |    .01169     .01155      9.086 |    .01169     .01155      9.086 
66.Industr~3 |         0          0          . |  8.35e-07   8.35e-07       1094 
67.Industr~3 |   .007247    .007195      11.62 |   .007247    .007195      11.62 
70.Industr~3 |    .06044     .05679      3.689 |    .06044     .05679      3.689 
71.Industr~3 |   .008412    .008342      10.77 |   .008412    .008341      10.76 
72.Industr~3 |      .039     .03748      4.763 |      .039     .03748      4.763 
73.Industr~3 |   .001769    .001766      23.71 |   .001769    .001766      23.71 
74.Industr~3 |     .1202      .1058      2.335 |     .1202      .1058      2.335 
75.Industr~3 |  .0000431   .0000431      152.2 |  .0000438   .0000438      151.1 
80.Industr~3 |   .003839    .003825      16.05 |   .003839    .003825      16.05 
85.Industr~3 |    .02886     .02803      5.628 |    .02886     .02803      5.628 
90.Industr~3 |   .005867    .005833      12.94 |   .005867    .005833      12.94 
91.Industr~3 |         0          0          . |  1.57e-06   1.57e-06      797.7 
92.Industr~3 |    .02705     .02632      5.831 |    .02705     .02632      5.831 
93.Industr~3 |   .005479    .005449       13.4 |   .005479    .005449       13.4 

. 
. reg D_Vaste_Tax_relat_fraud P_D_talous_kaikki_2 P_D_muu_rikos_4_2 P_BUSINESS_SOCIALDEG P_LN_EDULEVEL P_D_MARITAL_STATUS P_LN_CUM_SUM_DIVORCE P_LN_TOTALINCOME2 P_D_CUM_SUBSTANCE P_D_CUM_ALL_BUT_SUBS D_Muu_rikos_4 MALE LN_AGE BUSINESS_SOCIALDEG LN_EDUL
> EVEL D_MARITAL_STATUS LN_CUM_SUM_DIVORCE LN_TOTALINCOME2 D_CUM_SUBSTANCE D_CUM_ALL_BUT_SUBS D_FMOB LN_NUM_POSITIONS Mean_OMAVARAISUUS2 Mean_LNTASE2 Mean_ROA2 Mean_LN_Boardsize Mean_Current_Ratio2 i.MAAKUNTA i.YEAR i.Industry_2002_3 [aweight=_webal], 
> cluster(ID)
(sum of wgt is 46,362)

Linear regression                               Number of obs     =    390,825
                                                F(121, 75249)     =       1.27
                                                Prob > F          =     0.0225
                                                R-squared         =     0.0075
                                                Root MSE          =     .04153

                                        (Std. err. adjusted for 75,250 clusters in ID)
--------------------------------------------------------------------------------------
                     |               Robust
D_Vaste_Tax_relat_~d | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
---------------------+----------------------------------------------------------------
 P_D_talous_kaikki_2 |   .0009703   .0003607     2.69   0.007     .0002634    .0016772
   P_D_muu_rikos_4_2 |   .0006136   .0002762     2.22   0.026     .0000722    .0011551
P_BUSINESS_SOCIALDEG |   .0008658   .0004809     1.80   0.072    -.0000767    .0018082
       P_LN_EDULEVEL |  -.0010208   .0004679    -2.18   0.029     -.001938   -.0001036
  P_D_MARITAL_STATUS |  -.0001411   .0004949    -0.29   0.776    -.0011111    .0008289
P_LN_CUM_SUM_DIVORCE |   .0003876   .0008203     0.47   0.637    -.0012202    .0019954
   P_LN_TOTALINCOME2 |    .000353   .0003135     1.13   0.260    -.0002614    .0009674
   P_D_CUM_SUBSTANCE |    .000887   .0008099     1.10   0.273    -.0007003    .0024744
P_D_CUM_ALL_BUT_SUBS |   .0003564   .0004803     0.74   0.458    -.0005849    .0012977
       D_Muu_rikos_4 |   .0026538   .0005839     4.54   0.000     .0015093    .0037984
                MALE |   .0005482   .0003539     1.55   0.121    -.0001455    .0012419
              LN_AGE |  -.0014675   .0014867    -0.99   0.324    -.0043815    .0014464
  BUSINESS_SOCIALDEG |   .0002091    .000326     0.64   0.521    -.0004298    .0008481
         LN_EDULEVEL |  -.0010928   .0004717    -2.32   0.021    -.0020172   -.0001683
    D_MARITAL_STATUS |   .0004964   .0005894     0.84   0.400    -.0006589    .0016516
  LN_CUM_SUM_DIVORCE |   .0002479   .0008833     0.28   0.779    -.0014835    .0019792
     LN_TOTALINCOME2 |  -.0008307    .000363    -2.29   0.022    -.0015422   -.0001192
     D_CUM_SUBSTANCE |   .0026484   .0034833     0.76   0.447     -.004179    .0094757
  D_CUM_ALL_BUT_SUBS |   .0013397   .0008553     1.57   0.117    -.0003366    .0030161
              D_FMOB |  -.0014557   .0003894    -3.74   0.000    -.0022189   -.0006926
    LN_NUM_POSITIONS |   .0014584   .0007103     2.05   0.040     .0000663    .0028506
  Mean_OMAVARAISUUS2 |  -.0018245   .0006888    -2.65   0.008    -.0031745   -.0004744
        Mean_LNTASE2 |   .0004298    .000144     2.99   0.003     .0001476    .0007121
           Mean_ROA2 |  -.0005178   .0009351    -0.55   0.580    -.0023506     .001315
   Mean_LN_Boardsize |  -.0017155   .0003202    -5.36   0.000    -.0023432   -.0010878
 Mean_Current_Ratio2 |   .0000934   .0000614     1.52   0.128    -.0000269    .0002137
                     |
            MAAKUNTA |
                  2  |   .0014434   .0009812     1.47   0.141    -.0004798    .0033666
                  4  |   .0008472   .0010391     0.82   0.415    -.0011895    .0028839
                  5  |   -.001441   .0003718    -3.88   0.000    -.0021697   -.0007123
                  6  |  -.0001192   .0005925    -0.20   0.841    -.0012806    .0010421
                  7  |  -.0009995    .000718    -1.39   0.164    -.0024067    .0004077
                  8  |   -.000126    .001092    -0.12   0.908    -.0022662    .0020143
                  9  |   -.000983   .0005215    -1.88   0.059    -.0020052    .0000393
                 10  |  -.0001968   .0012166    -0.16   0.872    -.0025812    .0021877
                 11  |  -.0003933   .0007925    -0.50   0.620    -.0019466      .00116
                 12  |   -.000093   .0009925    -0.09   0.925    -.0020382    .0018522
                 13  |  -.0003844   .0006361    -0.60   0.546    -.0016312    .0008624
                 14  |   .0017104   .0014351     1.19   0.233    -.0011024    .0045233
                 15  |   .0001625   .0009502     0.17   0.864       -.0017     .002025
                 16  |     .00224   .0031582     0.71   0.478      -.00395    .0084301
                 17  |   .0012675    .000848     1.49   0.135    -.0003945    .0029295
                 18  |  -.0003424   .0008851    -0.39   0.699    -.0020772    .0013924
                 19  |   .0000482   .0009567     0.05   0.960    -.0018268    .0019233
                     |
                YEAR |
               1996  |   .0017741   .0012425     1.43   0.153    -.0006611    .0042093
               1997  |   .0016208   .0011009     1.47   0.141     -.000537    .0037787
               1998  |   .0121339   .0057375     2.11   0.034     .0008883    .0233794
               1999  |   .0038793   .0020228     1.92   0.055    -.0000854     .007844
               2000  |   .0011056   .0007772     1.42   0.155    -.0004176    .0026288
               2001  |   .0014643   .0008049     1.82   0.069    -.0001134    .0030419
               2002  |   .0075775   .0028517     2.66   0.008     .0019883    .0131668
               2003  |   .0039852   .0015922     2.50   0.012     .0008644     .007106
               2004  |   .0047972   .0017762     2.70   0.007     .0013158    .0082786
               2005  |   .0058514   .0017832     3.28   0.001     .0023562    .0093466
               2006  |   .0057767   .0019281     3.00   0.003     .0019975    .0095558
               2007  |   .0046151   .0014918     3.09   0.002     .0016912     .007539
               2008  |   .0053479   .0016186     3.30   0.001     .0021755    .0085203
               2009  |    .007124   .0015447     4.61   0.000     .0040965    .0101516
               2010  |   .0039745   .0013342     2.98   0.003     .0013594    .0065896
               2011  |   .0034194   .0012788     2.67   0.007     .0009131    .0059258
               2012  |   .0038104   .0014228     2.68   0.007     .0010217    .0065991
               2013  |   .0023991   .0010486     2.29   0.022     .0003437    .0044544
               2014  |   .0019661     .00094     2.09   0.036     .0001238    .0038085
               2015  |   .0020552   .0009975     2.06   0.039     .0001001    .0040102
               2016  |   .0013478   .0009053     1.49   0.137    -.0004266    .0031222
               2017  |   .0012142   .0009165     1.32   0.185    -.0005822    .0030105
               2018  |    .001273   .0009256     1.38   0.169    -.0005412    .0030872
               2019  |   .0014217    .000936     1.52   0.129    -.0004129    .0032562
                     |
     Industry_2002_3 |
                  2  |   .0010428   .0008865     1.18   0.239    -.0006948    .0027804
                  5  |   .0005074   .0014457     0.35   0.726    -.0023262     .003341
                 10  |  -.0001469   .0007977    -0.18   0.854    -.0017103    .0014165
                 13  |   .0011166   .0014444     0.77   0.440    -.0017145    .0039476
                 14  |   .0008367   .0006266     1.34   0.182    -.0003915    .0020649
                 15  |   .0009147   .0005582     1.64   0.101    -.0001795    .0020088
                 17  |   .0012393   .0007414     1.67   0.095    -.0002139    .0026925
                 18  |   .0008829    .000681     1.30   0.195    -.0004518    .0022176
                 19  |   .0000292    .001076     0.03   0.978    -.0020797    .0021381
                 20  |  -.0000629    .000568    -0.11   0.912    -.0011762    .0010504
                 21  |   .0083045   .0069455     1.20   0.232    -.0053086    .0219177
                 22  |   .0021995   .0010738     2.05   0.041     .0000948    .0043042
                 23  |   .0021507   .0017236     1.25   0.212    -.0012276    .0055291
                 24  |   .0020662   .0009504     2.17   0.030     .0002033     .003929
                 25  |   .0023325   .0011639     2.00   0.045     .0000512    .0046138
                 26  |   .0011255   .0006464     1.74   0.082    -.0001415    .0023925
                 27  |   .0004821   .0009729     0.50   0.620    -.0014248    .0023889
                 28  |   .0021966   .0010475     2.10   0.036     .0001434    .0042498
                 29  |   .0012613   .0005855     2.15   0.031     .0001137    .0024089
                 30  |   .0011272   .0011202     1.01   0.314    -.0010684    .0033229
                 31  |   .0053399   .0036006     1.48   0.138    -.0017173    .0123971
                 32  |   .0031605   .0019023     1.66   0.097     -.000568     .006889
                 33  |   .0016564   .0007921     2.09   0.037     .0001039    .0032089
                 34  |   .0004378   .0009436     0.46   0.643    -.0014117    .0022873
                 35  |   .0007503    .000923     0.81   0.416    -.0010589    .0025595
                 36  |   .0002807   .0006045     0.46   0.642    -.0009042    .0014656
                 37  |  -.0001971   .0011778    -0.17   0.867    -.0025055    .0021114
                 40  |   .0074974   .0054319     1.38   0.168     -.003149    .0181439
                 41  |   .0018386   .0009526     1.93   0.054    -.0000285    .0037057
                 45  |   .0036602   .0007766     4.71   0.000      .002138    .0051824
                 50  |   .0017339   .0012295     1.41   0.158    -.0006758    .0041437
                 51  |   .0023976   .0009281     2.58   0.010     .0005785    .0042167
                 52  |   .0011121    .000641     1.73   0.083    -.0001443    .0023685
                 55  |   .0017051   .0008346     2.04   0.041     .0000692     .003341
                 60  |    .001068   .0008262     1.29   0.196    -.0005514    .0026873
                 61  |  -.0002377   .0009268    -0.26   0.798    -.0020543    .0015788
                 62  |   .0006028   .0020773     0.29   0.772    -.0034687    .0046744
                 63  |   .0019371    .001228     1.58   0.115    -.0004699    .0043441
                 64  |  -.0002888   .0006668    -0.43   0.665    -.0015957     .001018
                 65  |   .0012993   .0007662     1.70   0.090    -.0002024     .002801
                 66  |   .0030618    .001336     2.29   0.022     .0004432    .0056803
                 67  |   .0009426    .000659     1.43   0.153    -.0003491    .0022342
                 70  |   .0010522   .0006785     1.55   0.121    -.0002776     .002382
                 71  |   .0035466   .0027371     1.30   0.195    -.0018181    .0089112
                 72  |   .0022907   .0007159     3.20   0.001     .0008874    .0036939
                 73  |   .0143839   .0122221     1.18   0.239    -.0095715    .0383392
                 74  |   .0033518   .0009262     3.62   0.000     .0015364    .0051673
                 75  |   .0042791   .0009961     4.30   0.000     .0023267    .0062314
                 80  |   .0017469   .0006793     2.57   0.010     .0004155    .0030783
                 85  |   .0021628   .0006594     3.28   0.001     .0008703    .0034553
                 90  |   .0002307   .0006059     0.38   0.703    -.0009569    .0014183
                 91  |   .0019045   .0013916     1.37   0.171     -.000823     .004632
                 92  |   .0012348   .0005681     2.17   0.030     .0001213    .0023484
                 93  |   .0014186   .0006202     2.29   0.022      .000203    .0026341
                     |
               _cons |     .00199    .006361     0.31   0.754    -.0104776    .0144577
--------------------------------------------------------------------------------------

. 
. ereturn list r2_a
scalar e(r2_a)     =  .0072377103558365

. 
. tabulate D_Vaste_talous_kaikki P_D_talous_kaikki_2 if Tax_mukaan == 1

D_Vaste_ta |
lous_kaikk |  P_D_talous_kaikki_2
         i |         0          1 |     Total
-----------+----------------------+----------
         0 |   367,413     23,129 |   390,542 
         1 |       231         52 |       283 
-----------+----------------------+----------
     Total |   367,644     23,181 |   390,825 

. 
. 
. 
. ebalance P_D_talous_kaikki_2 P_D_muu_rikos_4_2 P_BUSINESS_SOCIALDEG P_LN_EDULEVEL P_D_MARITAL_STATUS P_LN_CUM_SUM_DIVORCE P_LN_TOTALINCOME2 P_D_CUM_SUBSTANCE P_D_CUM_ALL_BUT_SUBS D_Muu_rikos_4 MALE LN_AGE BUSINESS_SOCIALDEG LN_EDULEVEL D_MARITAL_STAT
> US LN_CUM_SUM_DIVORCE LN_TOTALINCOME2 D_CUM_SUBSTANCE D_CUM_ALL_BUT_SUBS D_FMOB LN_NUM_POSITIONS Mean_OMAVARAISUUS2 Mean_LNTASE2 Mean_ROA2 Mean_LN_Boardsize Mean_Current_Ratio2 i.YEAR i.Industry_2002_3 if Other_mukaan == 1, targets(3) maxiter(25)
note: 1995b.YEAR omitted because of collinearity
note: 1b.Industry_2002_3 omitted because of collinearity
note: higher order constraint omitted due to too few values of __00000X
note: higher order constraint omitted due to too few values of __000016
note: higher order constraint omitted due to too few values of __00001Y
note: higher order constraint omitted due to too few values of __000029


Data Setup
Treatment variable:   P_D_talous_kaikki_2
Covariate adjustment: P_D_muu_rikos_4_2 P_BUSINESS_SOCIALDEG P_LN_EDULEVEL P_D_MARITAL_STATUS P_LN_CUM_SUM_DIVORCE P_LN_TOTALINCOME2 P_D_CUM_SUBSTANCE P_D_CUM_ALL_BUT_SUBS D_Muu_rikos_4 MALE LN_AGE BUSINESS_SOCIALDEG LN_EDULEVEL D_MARITAL_STATUS LN_CUM
> _SUM_DIVORCE LN_TOTALINCOME2 D_CUM_SUBSTANCE D_CUM_ALL_BUT_SUBS D_FMOB LN_NUM_POSITIONS Mean_OMAVARAISUUS2 Mean_LNTASE2 Mean_ROA2 Mean_LN_Boardsize Mean_Current_Ratio2 1996.YEAR 1997.YEAR 1998.YEAR 1999.YEAR 2000.YEAR 2001.YEAR 2002.YEAR 2003.YEAR 20
> 04.YEAR 2005.YEAR 2006.YEAR 2007.YEAR 2008.YEAR 2009.YEAR 2010.YEAR 2011.YEAR 2012.YEAR 2013.YEAR 2014.YEAR 2015.YEAR 2016.YEAR 2017.YEAR 2018.YEAR 2019.YEAR 2.Industry_2002_3 5.Industry_2002_3 10.Industry_2002_3 13.Industry_2002_3 14.Industry_2002_3
>  15.Industry_2002_3 17.Industry_2002_3 18.Industry_2002_3 19.Industry_2002_3 20.Industry_2002_3 21.Industry_2002_3 22.Industry_2002_3 23.Industry_2002_3 24.Industry_2002_3 25.Industry_2002_3 26.Industry_2002_3 27.Industry_2002_3 28.Industry_2002_3 29
> .Industry_2002_3 30.Industry_2002_3 31.Industry_2002_3 32.Industry_2002_3 33.Industry_2002_3 34.Industry_2002_3 35.Industry_2002_3 36.Industry_2002_3 37.Industry_2002_3 40.Industry_2002_3 41.Industry_2002_3 45.Industry_2002_3 50.Industry_2002_3 51.In
> dustry_2002_3 52.Industry_2002_3 55.Industry_2002_3 60.Industry_2002_3 61.Industry_2002_3 62.Industry_2002_3 63.Industry_2002_3 64.Industry_2002_3 65.Industry_2002_3 66.Industry_2002_3 67.Industry_2002_3 70.Industry_2002_3 71.Industry_2002_3 72.Indus
> try_2002_3 73.Industry_2002_3 74.Industry_2002_3 75.Industry_2002_3 80.Industry_2002_3 85.Industry_2002_3 90.Industry_2002_3 91.Industry_2002_3 92.Industry_2002_3 93.Industry_2002_3 (1st order). P_D_muu_rikos_4_2 P_BUSINESS_SOCIALDEG P_LN_EDULEVEL P_
> D_MARITAL_STATUS P_LN_CUM_SUM_DIVORCE P_LN_TOTALINCOME2 P_D_CUM_SUBSTANCE P_D_CUM_ALL_BUT_SUBS D_Muu_rikos_4 MALE LN_AGE BUSINESS_SOCIALDEG LN_EDULEVEL D_MARITAL_STATUS LN_CUM_SUM_DIVORCE LN_TOTALINCOME2 D_CUM_SUBSTANCE D_CUM_ALL_BUT_SUBS D_FMOB LN_N
> UM_POSITIONS Mean_OMAVARAISUUS2 Mean_LNTASE2 Mean_ROA2 Mean_LN_Boardsize Mean_Current_Ratio2 1996.YEAR 1997.YEAR 1998.YEAR 1999.YEAR 2000.YEAR 2001.YEAR 2002.YEAR 2003.YEAR 2004.YEAR 2005.YEAR 2006.YEAR 2007.YEAR 2008.YEAR 2009.YEAR 2010.YEAR 2011.YE
> AR 2012.YEAR 2013.YEAR 2014.YEAR 2015.YEAR 2016.YEAR 2017.YEAR 2018.YEAR 2019.YEAR 2.Industry_2002_3 5.Industry_2002_3 10.Industry_2002_3 14.Industry_2002_3 15.Industry_2002_3 17.Industry_2002_3 18.Industry_2002_3 19.Industry_2002_3 20.Industry_2002_
> 3 21.Industry_2002_3 22.Industry_2002_3 24.Industry_2002_3 25.Industry_2002_3 26.Industry_2002_3 27.Industry_2002_3 28.Industry_2002_3 29.Industry_2002_3 30.Industry_2002_3 31.Industry_2002_3 32.Industry_2002_3 33.Industry_2002_3 34.Industry_2002_3 3
> 5.Industry_2002_3 36.Industry_2002_3 37.Industry_2002_3 40.Industry_2002_3 41.Industry_2002_3 45.Industry_2002_3 50.Industry_2002_3 51.Industry_2002_3 52.Industry_2002_3 55.Industry_2002_3 60.Industry_2002_3 61.Industry_2002_3 62.Industry_2002_3 63.I
> ndustry_2002_3 64.Industry_2002_3 65.Industry_2002_3 67.Industry_2002_3 70.Industry_2002_3 71.Industry_2002_3 72.Industry_2002_3 73.Industry_2002_3 74.Industry_2002_3 75.Industry_2002_3 80.Industry_2002_3 85.Industry_2002_3 90.Industry_2002_3 92.Indu
> stry_2002_3 93.Industry_2002_3 (2nd order). P_D_muu_rikos_4_2 P_BUSINESS_SOCIALDEG P_LN_EDULEVEL P_D_MARITAL_STATUS P_LN_CUM_SUM_DIVORCE P_LN_TOTALINCOME2 P_D_CUM_SUBSTANCE P_D_CUM_ALL_BUT_SUBS D_Muu_rikos_4 MALE LN_AGE BUSINESS_SOCIALDEG LN_EDULEVEL
>  D_MARITAL_STATUS LN_CUM_SUM_DIVORCE LN_TOTALINCOME2 D_CUM_SUBSTANCE D_CUM_ALL_BUT_SUBS D_FMOB LN_NUM_POSITIONS Mean_OMAVARAISUUS2 Mean_LNTASE2 Mean_ROA2 Mean_LN_Boardsize Mean_Current_Ratio2 1996.YEAR 1997.YEAR 1998.YEAR 1999.YEAR 2000.YEAR 2001.YEA
> R 2002.YEAR 2003.YEAR 2004.YEAR 2005.YEAR 2006.YEAR 2007.YEAR 2008.YEAR 2009.YEAR 2010.YEAR 2011.YEAR 2012.YEAR 2013.YEAR 2014.YEAR 2015.YEAR 2016.YEAR 2017.YEAR 2018.YEAR 2019.YEAR 2.Industry_2002_3 5.Industry_2002_3 10.Industry_2002_3 14.Industry_2
> 002_3 15.Industry_2002_3 17.Industry_2002_3 18.Industry_2002_3 19.Industry_2002_3 20.Industry_2002_3 21.Industry_2002_3 22.Industry_2002_3 24.Industry_2002_3 25.Industry_2002_3 26.Industry_2002_3 27.Industry_2002_3 28.Industry_2002_3 29.Industry_2002
> _3 30.Industry_2002_3 31.Industry_2002_3 32.Industry_2002_3 33.Industry_2002_3 34.Industry_2002_3 35.Industry_2002_3 36.Industry_2002_3 37.Industry_2002_3 40.Industry_2002_3 41.Industry_2002_3 45.Industry_2002_3 50.Industry_2002_3 51.Industry_2002_3 
> 52.Industry_2002_3 55.Industry_2002_3 60.Industry_2002_3 61.Industry_2002_3 62.Industry_2002_3 63.Industry_2002_3 64.Industry_2002_3 65.Industry_2002_3 67.Industry_2002_3 70.Industry_2002_3 71.Industry_2002_3 72.Industry_2002_3 73.Industry_2002_3 74.
> Industry_2002_3 75.Industry_2002_3 80.Industry_2002_3 85.Industry_2002_3 90.Industry_2002_3 92.Industry_2002_3 93.Industry_2002_3 (3rd order).


Optimizing...
Iteration 1: Max Difference = 2992286.46
Iteration 2: Max Difference = 1100798.9
Iteration 3: Max Difference = 404959.514
Iteration 4: Max Difference = 148974.51
Iteration 5: Max Difference = 54802.8897
Iteration 6: Max Difference = 20159.087
Iteration 7: Max Difference = 7414.34489
Iteration 8: Max Difference = 2725.8182
Iteration 9: Max Difference = 1001.0108
Iteration 10: Max Difference = 366.503621
Iteration 11: Max Difference = 133.118908
Iteration 12: Max Difference = 47.3586876
Iteration 13: Max Difference = 16.0412719
Iteration 14: Max Difference = 4.9499429
Iteration 15: Max Difference = 1.34718263
Iteration 16: Max Difference = .411678026
Iteration 17: Max Difference = .086306041
Iteration 18: Max Difference = .00684251
maximum difference smaller than the tolerance level; convergence achieved


Treated units: 23266   total of weights: 23266
Control units: 367976  total of weights: 23266


Before: without weighting

             |              Treat              |             Control             
             |      mean   variance   skewness |      mean   variance   skewness 
-------------+---------------------------------+--------------------------------
P_D_muu_~4_2 |     .6779      .2184     -.7612 |     .2754      .1996      1.005 
P_BUSINESS~G |     .2985      .2094      .8809 |     .2655       .195      1.062 
P_LN_EDULE~L |     .6934      .1938     .07122 |     .7557      .2292     .02738 
P_D_MARITA~S |     .4298      .2451      .2837 |     .3185      .2171       .779 
P_LN_CUM_S~E |      .222      .1099      .9786 |     .1215     .07092      1.847 
P_LN_TOTAL~2 |     10.42      .6836      1.103 |     10.49      .4889      .9461 
P_D_CUM_SU~E |     .1276      .1113      2.232 |    .05244     .04969      4.016 
P_D_CUM_AL~S |     .2741       .199      1.013 |     .1945      .1567      1.544 
D_Muu_riko~4 |      .256      .1905      1.118 |     .1836      .1499      1.635 
        MALE |     .7439      .1905     -1.118 |     .7895      .1662      -1.42 
      LN_AGE |     3.505     .03935     -.4925 |     3.546     .03384     -.5818 
BUSINESS_S~G |     .2337      .1791      1.259 |     .2251      .1744      1.317 
 LN_EDULEVEL |     .8377      .2673    -.08531 |     .9676      .2504     -.2887 
D_MARITAL_~S |     .2473      .1862      1.171 |     .2051       .163      1.461 
LN_CUM_SUM~E |    .06402     .04226      2.987 |    .06161     .04066      3.052 
LN_TOTALIN~2 |     10.71      .7627     -.4354 |     10.79      .6353     -.5552 
D_CUM_SUBS~E |    .01328     .01311      8.503 |    .01122      .0111       9.28 
D_CUM_ALL_~S |    .09254     .08398      2.812 |    .07746     .07146      3.161 
      D_FMOB |     .3775       .235      .5052 |      .332      .2218      .7137 
LN_NUM_POS~S |     .1199      .1068      3.129 |     .1065     .09745      3.432 
Mean_OMAVA~2 |     .3998     .07394      .2888 |     .4437     .07704      .1264 
Mean_LNTASE2 |     13.32       1.67      1.088 |     13.36      1.759      1.161 
   Mean_ROA2 |     .1066      .0354      .1968 |     .1196     .03753      .2935 
Mean_LN_Bo~e |     .7488      .3524     .05647 |     .8901      .3434     -.1478 
Mean_Curre~2 |     2.433      6.698      2.409 |     2.775      8.015      2.117 
   1996.YEAR |   .001719    .001716      24.06 |   .001313    .001311      27.55 
   1997.YEAR |    .00288    .002872      18.55 |   .002383    .002378      20.41 
   1998.YEAR |   .006146    .006109      12.64 |   .003745    .003731      16.25 
   1999.YEAR |   .007823    .007762      11.17 |   .005218    .005191      13.74 
   2000.YEAR |     .0104     .01029      9.651 |    .00706     .00701      11.77 
   2001.YEAR |    .01294     .01277       8.62 |    .00943    .009341      10.15 
   2002.YEAR |    .01595     .01569      7.728 |    .01178     .01164       9.05 
   2003.YEAR |    .01784     .01752      7.286 |    .01458     .01436        8.1 
   2004.YEAR |    .02183     .02136      6.544 |    .01734     .01704      7.395 
   2005.YEAR |    .02428      .0237      6.181 |    .02062     .02019      6.747 
   2006.YEAR |    .02734     .02659      5.797 |    .02463     .02402      6.134 
   2007.YEAR |    .03335     .03224      5.198 |    .02994     .02904      5.517 
   2008.YEAR |    .04105     .03936      4.627 |    .03641     .03508       4.95 
   2009.YEAR |    .04771     .04543      4.244 |    .04256     .04075      4.532 
   2010.YEAR |    .05037     .04784      4.112 |    .04684     .04464      4.289 
   2011.YEAR |    .05446     .05149      3.927 |    .05318     .05035      3.983 
   2012.YEAR |    .05957     .05603      3.722 |    .05996     .05637      3.707 
   2013.YEAR |    .06443     .06028      3.548 |    .06641       .062      3.483 
   2014.YEAR |    .06795     .06334      3.433 |    .07257     .06731      3.295 
   2015.YEAR |    .07161     .06648      3.323 |    .07845     .07229      3.136 
   2016.YEAR |    .07831     .07218      3.139 |    .08541     .07812      2.967 
   2017.YEAR |    .08179     .07511      3.052 |    .08826     .08047      2.903 
   2018.YEAR |     .0946     .08566       2.77 |     .1033     .09261      2.607 
   2019.YEAR |     .1052     .09415      2.573 |     .1183      .1043      2.364 
2.Industry~3 |   .006275    .006236       12.5 |    .01599     .01573      7.718 
5.Industry~3 |  .0003438   .0003437       53.9 |  .0006712   .0006708      38.56 
10.Industr~3 |   .001375    .001374      26.91 |   .002454    .002448      20.11 
13.Industr~3 |         0          0          . |  .0000625   .0000625      126.5 
14.Industr~3 |   .003138    .003128      17.77 |   .002014     .00201      22.22 
15.Industr~3 |    .01148     .01134      9.173 |    .01269     .01252      8.709 
17.Industr~3 |   .002794    .002786      18.84 |   .002343    .002337      20.59 
18.Industr~3 |   .002106    .002102      21.72 |   .001533     .00153      25.48 
19.Industr~3 |  .0003438   .0003437       53.9 |  .0007827    .000782       35.7 
20.Industr~3 |   .009714     .00962      9.998 |    .01044     .01033      9.634 
21.Industr~3 |   .002149    .002145       21.5 |   .001821    .001817      23.37 
22.Industr~3 |    .01367     .01348      8.377 |    .01222     .01207      8.879 
23.Industr~3 |         0          0          . |  .0000652   .0000652      123.8 
24.Industr~3 |   .002278    .002273      20.88 |   .002772    .002764      18.91 
25.Industr~3 |   .007178    .007127      11.68 |   .005642     .00561       13.2 
26.Industr~3 |   .005158    .005131      13.82 |   .004886    .004862       14.2 
27.Industr~3 |  .0009026   .0009018      33.24 |   .001016    .001015      31.32 
28.Industr~3 |    .03241     .03136      5.281 |    .03412     .03296      5.132 
29.Industr~3 |     .0184     .01806      7.168 |    .02032     .01991        6.8 
30.Industr~3 |  .0003868   .0003867      50.81 |  .0003642    .000364      52.37 
31.Industr~3 |   .006361    .006321      12.42 |   .003671    .003658      16.41 
32.Industr~3 |   .001848    .001845       23.2 |   .002038    .002034      22.08 
33.Industr~3 |   .002794    .002786      18.84 |    .00425    .004232      15.24 
34.Industr~3 |   .002923    .002914      18.42 |    .00197    .001966      22.46 
35.Industr~3 |   .002837    .002829       18.7 |   .003614    .003601      16.54 
36.Industr~3 |   .006877     .00683      11.93 |   .007438    .007383      11.47 
37.Industr~3 |  .0003868   .0003867      50.81 |  .0005707   .0005704      41.82 
40.Industr~3 |   .003997    .003981      15.72 |    .00818    .008113      10.92 
41.Industr~3 |  .0009026   .0009018      33.24 |   .001902    .001899      22.86 
45.Industr~3 |     .1767      .1455      1.696 |     .1471      .1254      1.993 
50.Industr~3 |    .05214     .04942      4.029 |    .04238     .04059      4.543 
51.Industr~3 |    .08192     .07521      3.049 |    .07836     .07222      3.138 
52.Industr~3 |    .07732     .07135      3.165 |    .07655     .07069      3.185 
55.Industr~3 |    .04608     .04395       4.33 |    .03775     .03633      4.851 
60.Industr~3 |    .05811     .05474      3.778 |    .05953     .05599      3.723 
61.Industr~3 |    .00245    .002444      20.13 |   .001674    .001671      24.38 
62.Industr~3 |  .0004728   .0004726      45.96 |    .00025     .00025      63.22 
63.Industr~3 |    .01973     .01934      6.907 |    .01582     .01557      7.762 
64.Industr~3 |   .005459    .005429      13.42 |   .004212    .004194      15.31 
65.Industr~3 |    .01165     .01151      9.103 |    .01252     .01236      8.768 
66.Industr~3 |         0          0          . |  .0000516   .0000516      139.2 
67.Industr~3 |   .007221    .007169      11.64 |   .006916    .006868       11.9 
70.Industr~3 |    .06073     .05705      3.678 |    .05236     .04962      4.019 
71.Industr~3 |   .008424    .008354      10.76 |   .005797    .005763      13.02 
72.Industr~3 |    .03885     .03735      4.773 |    .05549     .05241      3.883 
73.Industr~3 |   .001719    .001716      24.06 |   .002587     .00258      19.58 
74.Industr~3 |     .1203      .1059      2.334 |     .1325      .1149      2.168 
75.Industr~3 |   .000043    .000043      152.5 |  .0004566   .0004563      46.77 
80.Industr~3 |   .003825    .003811      16.08 |   .006873    .006826      11.94 
85.Industr~3 |     .0288     .02797      5.635 |    .03873     .03723      4.781 
90.Industr~3 |   .005845    .005812      12.96 |    .00734    .007286      11.54 
91.Industr~3 |         0          0          . |  .0001006   .0001005      99.71 
92.Industr~3 |    .02695     .02622      5.842 |    .02774     .02697      5.752 
93.Industr~3 |   .005459    .005429      13.42 |      .005    .004975      14.04 


After:  _webal as the weighting variable

             |              Treat              |             Control             
             |      mean   variance   skewness |      mean   variance   skewness 
-------------+---------------------------------+--------------------------------
P_D_muu_~4_2 |     .6779      .2184     -.7612 |     .6778      .2184     -.7611 
P_BUSINESS~G |     .2985      .2094      .8809 |     .2985      .2094      .8808 
P_LN_EDULE~L |     .6934      .1938     .07122 |     .6934      .1938     .07126 
P_D_MARITA~S |     .4298      .2451      .2837 |     .4298      .2451      .2837 
P_LN_CUM_S~E |      .222      .1099      .9786 |      .222      .1099      .9787 
P_LN_TOTAL~2 |     10.42      .6836      1.103 |     10.42      .6836      1.103 
P_D_CUM_SU~E |     .1276      .1113      2.232 |     .1276      .1113      2.232 
P_D_CUM_AL~S |     .2741       .199      1.013 |     .2741       .199      1.013 
D_Muu_riko~4 |      .256      .1905      1.118 |      .256      .1905      1.118 
        MALE |     .7439      .1905     -1.118 |     .7439      .1905     -1.118 
      LN_AGE |     3.505     .03935     -.4925 |     3.505     .03935      -.492 
BUSINESS_S~G |     .2337      .1791      1.259 |     .2337      .1791      1.259 
 LN_EDULEVEL |     .8377      .2673    -.08531 |     .8377      .2673    -.08527 
D_MARITAL_~S |     .2473      .1862      1.171 |     .2473      .1862      1.171 
LN_CUM_SUM~E |    .06402     .04226      2.987 |    .06402     .04226      2.987 
LN_TOTALIN~2 |     10.71      .7627     -.4354 |     10.71      .7627     -.4351 
D_CUM_SUBS~E |    .01328     .01311      8.503 |    .01328     .01311      8.503 
D_CUM_ALL_~S |    .09254     .08398      2.812 |    .09254     .08398      2.812 
      D_FMOB |     .3775       .235      .5052 |     .3776       .235      .5052 
LN_NUM_POS~S |     .1199      .1068      3.129 |     .1199      .1068      3.129 
Mean_OMAVA~2 |     .3998     .07394      .2888 |     .3998     .07394      .2889 
Mean_LNTASE2 |     13.32       1.67      1.088 |     13.32       1.67      1.088 
   Mean_ROA2 |     .1066      .0354      .1968 |     .1066     .03539      .1968 
Mean_LN_Bo~e |     .7488      .3524     .05647 |     .7488      .3524      .0565 
Mean_Curre~2 |     2.433      6.698      2.409 |     2.433      6.698      2.409 
   1996.YEAR |   .001719    .001716      24.06 |   .001719    .001716      24.05 
   1997.YEAR |    .00288    .002872      18.55 |    .00288    .002872      18.55 
   1998.YEAR |   .006146    .006109      12.64 |   .006146    .006109      12.64 
   1999.YEAR |   .007823    .007762      11.17 |   .007823    .007762      11.17 
   2000.YEAR |     .0104     .01029      9.651 |     .0104     .01029      9.651 
   2001.YEAR |    .01294     .01277       8.62 |    .01294     .01277       8.62 
   2002.YEAR |    .01595     .01569      7.728 |    .01595     .01569      7.728 
   2003.YEAR |    .01784     .01752      7.286 |    .01784     .01752      7.286 
   2004.YEAR |    .02183     .02136      6.544 |    .02184     .02136      6.544 
   2005.YEAR |    .02428      .0237      6.181 |    .02428      .0237      6.181 
   2006.YEAR |    .02734     .02659      5.797 |    .02734     .02659      5.797 
   2007.YEAR |    .03335     .03224      5.198 |    .03335     .03224      5.198 
   2008.YEAR |    .04105     .03936      4.627 |    .04105     .03936      4.627 
   2009.YEAR |    .04771     .04543      4.244 |    .04771     .04543      4.244 
   2010.YEAR |    .05037     .04784      4.112 |    .05037     .04784      4.111 
   2011.YEAR |    .05446     .05149      3.927 |    .05446     .05149      3.927 
   2012.YEAR |    .05957     .05603      3.722 |    .05957     .05602      3.721 
   2013.YEAR |    .06443     .06028      3.548 |    .06443     .06028      3.548 
   2014.YEAR |    .06795     .06334      3.433 |    .06795     .06334      3.433 
   2015.YEAR |    .07161     .06648      3.323 |    .07161     .06648      3.323 
   2016.YEAR |    .07831     .07218      3.139 |    .07831     .07218      3.139 
   2017.YEAR |    .08179     .07511      3.052 |     .0818     .07511      3.052 
   2018.YEAR |     .0946     .08566       2.77 |     .0946     .08565       2.77 
   2019.YEAR |     .1052     .09415      2.573 |     .1052     .09415      2.573 
2.Industry~3 |   .006275    .006236       12.5 |   .006275    .006236       12.5 
5.Industry~3 |  .0003438   .0003437       53.9 |  .0003439   .0003437       53.9 
10.Industr~3 |   .001375    .001374      26.91 |   .001375    .001374      26.91 
13.Industr~3 |         0          0          . |  1.11e-06   1.11e-06      947.6 
14.Industr~3 |   .003138    .003128      17.77 |   .003138    .003128      17.77 
15.Industr~3 |    .01148     .01134      9.173 |    .01148     .01134      9.173 
17.Industr~3 |   .002794    .002786      18.84 |   .002794    .002786      18.84 
18.Industr~3 |   .002106    .002102      21.72 |   .002106    .002102      21.72 
19.Industr~3 |  .0003438   .0003437       53.9 |  .0003439   .0003437       53.9 
20.Industr~3 |   .009714     .00962      9.998 |   .009714     .00962      9.998 
21.Industr~3 |   .002149    .002145       21.5 |   .002149    .002144       21.5 
22.Industr~3 |    .01367     .01348      8.377 |    .01367     .01348      8.377 
23.Industr~3 |         0          0          . |  1.11e-06   1.11e-06      949.1 
24.Industr~3 |   .002278    .002273      20.88 |   .002278    .002273      20.88 
25.Industr~3 |   .007178    .007127      11.68 |   .007178    .007126      11.68 
26.Industr~3 |   .005158    .005131      13.82 |   .005158    .005131      13.82 
27.Industr~3 |  .0009026   .0009018      33.24 |  .0009026   .0009018      33.24 
28.Industr~3 |    .03241     .03136      5.281 |    .03241     .03136      5.281 
29.Industr~3 |     .0184     .01806      7.168 |     .0184     .01806      7.168 
30.Industr~3 |  .0003868   .0003867      50.81 |  .0003868   .0003867      50.81 
31.Industr~3 |   .006361    .006321      12.42 |   .006361    .006321      12.42 
32.Industr~3 |   .001848    .001845       23.2 |   .001848    .001845       23.2 
33.Industr~3 |   .002794    .002786      18.84 |   .002794    .002786      18.84 
34.Industr~3 |   .002923    .002914      18.42 |   .002923    .002914      18.42 
35.Industr~3 |   .002837    .002829       18.7 |   .002837    .002829       18.7 
36.Industr~3 |   .006877     .00683      11.93 |   .006877     .00683      11.93 
37.Industr~3 |  .0003868   .0003867      50.81 |  .0003868   .0003867      50.81 
40.Industr~3 |   .003997    .003981      15.72 |   .003997    .003981      15.72 
41.Industr~3 |  .0009026   .0009018      33.24 |  .0009026   .0009018      33.24 
45.Industr~3 |     .1767      .1455      1.696 |     .1767      .1455      1.696 
50.Industr~3 |    .05214     .04942      4.029 |    .05214     .04942      4.029 
51.Industr~3 |    .08192     .07521      3.049 |    .08192     .07521      3.049 
52.Industr~3 |    .07732     .07135      3.165 |    .07732     .07135      3.165 
55.Industr~3 |    .04608     .04395       4.33 |    .04608     .04395       4.33 
60.Industr~3 |    .05811     .05474      3.778 |    .05811     .05473      3.778 
61.Industr~3 |    .00245    .002444      20.13 |    .00245    .002444      20.13 
62.Industr~3 |  .0004728   .0004726      45.96 |  .0004728   .0004726      45.96 
63.Industr~3 |    .01973     .01934      6.907 |    .01973     .01934      6.907 
64.Industr~3 |   .005459    .005429      13.42 |   .005459    .005429      13.42 
65.Industr~3 |    .01165     .01151      9.103 |    .01165     .01151      9.103 
66.Industr~3 |         0          0          . |  8.35e-07   8.35e-07       1094 
67.Industr~3 |   .007221    .007169      11.64 |   .007221    .007169      11.64 
70.Industr~3 |    .06073     .05705      3.678 |    .06073     .05704      3.678 
71.Industr~3 |   .008424    .008354      10.76 |   .008424    .008354      10.76 
72.Industr~3 |    .03885     .03735      4.773 |    .03886     .03735      4.772 
73.Industr~3 |   .001719    .001716      24.06 |   .001719    .001716      24.05 
74.Industr~3 |     .1203      .1059      2.334 |     .1204      .1059      2.334 
75.Industr~3 |   .000043    .000043      152.5 |  .0000437   .0000437      151.3 
80.Industr~3 |   .003825    .003811      16.08 |   .003825    .003811      16.08 
85.Industr~3 |     .0288     .02797      5.635 |     .0288     .02797      5.635 
90.Industr~3 |   .005845    .005812      12.96 |   .005846    .005811      12.96 
91.Industr~3 |         0          0          . |  1.57e-06   1.57e-06      797.7 
92.Industr~3 |    .02695     .02622      5.842 |    .02695     .02622      5.842 
93.Industr~3 |   .005459    .005429      13.42 |   .005459    .005429      13.42 

. 
. reg D_Vaste_Other_finan_crime P_D_talous_kaikki_2 P_D_muu_rikos_4_2 P_BUSINESS_SOCIALDEG P_LN_EDULEVEL P_D_MARITAL_STATUS P_LN_CUM_SUM_DIVORCE P_LN_TOTALINCOME2 P_D_CUM_SUBSTANCE P_D_CUM_ALL_BUT_SUBS D_Muu_rikos_4 MALE LN_AGE BUSINESS_SOCIALDEG LN_ED
> ULEVEL D_MARITAL_STATUS LN_CUM_SUM_DIVORCE LN_TOTALINCOME2 D_CUM_SUBSTANCE D_CUM_ALL_BUT_SUBS D_FMOB LN_NUM_POSITIONS Mean_OMAVARAISUUS2 Mean_LNTASE2 Mean_ROA2 Mean_LN_Boardsize Mean_Current_Ratio2 i.MAAKUNTA i.YEAR i.Industry_2002_3 [aweight=_webal]
> , cluster(ID)
(sum of wgt is 46,532)

Linear regression                               Number of obs     =    391,242
                                                F(121, 75592)     =       2.44
                                                Prob > F          =     0.0000
                                                R-squared         =     0.0149
                                                Root MSE          =     .06577

                                        (Std. err. adjusted for 75,593 clusters in ID)
--------------------------------------------------------------------------------------
                     |               Robust
D_Vaste_Other_fina~e | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
---------------------+----------------------------------------------------------------
 P_D_talous_kaikki_2 |    .002956   .0006922     4.27   0.000     .0015992    .0043128
   P_D_muu_rikos_4_2 |  -.0000245   .0007335    -0.03   0.973    -.0014621    .0014131
P_BUSINESS_SOCIALDEG |   .0012306   .0008748     1.41   0.160     -.000484    .0029453
       P_LN_EDULEVEL |  -.0009074   .0008086    -1.12   0.262    -.0024923    .0006774
  P_D_MARITAL_STATUS |   .0007293    .000881     0.83   0.408    -.0009976    .0024561
P_LN_CUM_SUM_DIVORCE |   .0005455     .00132     0.41   0.679    -.0020416    .0031326
   P_LN_TOTALINCOME2 |   .0000138   .0006273     0.02   0.982    -.0012157    .0012432
   P_D_CUM_SUBSTANCE |   .0001231   .0009931     0.12   0.901    -.0018235    .0020696
P_D_CUM_ALL_BUT_SUBS |  -.0014731   .0007383    -2.00   0.046    -.0029201    -.000026
       D_Muu_rikos_4 |   .0068249   .0011856     5.76   0.000     .0045011    .0091487
                MALE |   .0015421   .0006107     2.53   0.012     .0003451     .002739
              LN_AGE |  -.0030237   .0023974    -1.26   0.207    -.0077226    .0016752
  BUSINESS_SOCIALDEG |   .0020747   .0009446     2.20   0.028     .0002234     .003926
         LN_EDULEVEL |  -.0022965   .0007709    -2.98   0.003    -.0038073   -.0007856
    D_MARITAL_STATUS |   .0017987    .000981     1.83   0.067     -.000124    .0037214
  LN_CUM_SUM_DIVORCE |   .0018811   .0017659     1.07   0.287    -.0015801    .0053422
     LN_TOTALINCOME2 |  -.0014778   .0006047    -2.44   0.015    -.0026631   -.0002925
     D_CUM_SUBSTANCE |   .0062652   .0046864     1.34   0.181    -.0029201    .0154505
  D_CUM_ALL_BUT_SUBS |   .0009881   .0010746     0.92   0.358     -.001118    .0030943
              D_FMOB |  -.0018769   .0009172    -2.05   0.041    -.0036746   -.0000793
    LN_NUM_POSITIONS |   .0011779   .0009048     1.30   0.193    -.0005955    .0029513
  Mean_OMAVARAISUUS2 |  -.0080809   .0015662    -5.16   0.000    -.0111506   -.0050112
        Mean_LNTASE2 |   .0007036   .0002532     2.78   0.005     .0002073    .0011999
           Mean_ROA2 |  -.0032355   .0017843    -1.81   0.070    -.0067328    .0002617
   Mean_LN_Boardsize |  -.0039818   .0007091    -5.62   0.000    -.0053716    -.002592
 Mean_Current_Ratio2 |   .0003026   .0001455     2.08   0.038     .0000175    .0005878
                     |
            MAAKUNTA |
                  2  |   .0008417   .0012928     0.65   0.515    -.0016922    .0033756
                  4  |   .0009794    .001764     0.56   0.579     -.002478    .0044367
                  5  |  -.0000514   .0024471    -0.02   0.983    -.0048478     .004745
                  6  |   .0006173   .0011644     0.53   0.596     -.001665    .0028996
                  7  |  -.0005914   .0015836    -0.37   0.709    -.0036953    .0025124
                  8  |   .0008905   .0021639     0.41   0.681    -.0033509    .0051318
                  9  |  -.0016384   .0015942    -1.03   0.304     -.004763    .0014862
                 10  |   .0004595   .0021716     0.21   0.832    -.0037969    .0047159
                 11  |   .0041277   .0026604     1.55   0.121    -.0010868    .0093421
                 12  |  -.0003478   .0017507    -0.20   0.843    -.0037792    .0030835
                 13  |   .0005636    .001736     0.32   0.745     -.002839    .0039661
                 14  |   .0012012   .0019518     0.62   0.538    -.0026244    .0050267
                 15  |  -.0015671   .0012143    -1.29   0.197    -.0039472     .000813
                 16  |   .0014395   .0035645     0.40   0.686    -.0055468    .0084258
                 17  |     .00086   .0012752     0.67   0.500    -.0016392    .0033593
                 18  |   .0010333   .0035456     0.29   0.771     -.005916    .0079826
                 19  |   -.000565   .0024944    -0.23   0.821    -.0054541    .0043241
                     |
                YEAR |
               1996  |   .0146225    .012228     1.20   0.232    -.0093444    .0385894
               1997  |   .0130578   .0082648     1.58   0.114    -.0031411    .0292568
               1998  |   .0336589   .0096059     3.50   0.000     .0148313    .0524865
               1999  |   .0218254   .0073504     2.97   0.003     .0074188    .0362321
               2000  |   .0087852   .0033788     2.60   0.009     .0021628    .0154077
               2001  |   .0113836   .0036167     3.15   0.002     .0042949    .0184723
               2002  |   .0073046   .0024468     2.99   0.003     .0025089    .0121003
               2003  |   .0087259   .0028075     3.11   0.002     .0032233    .0142285
               2004  |   .0124208   .0029865     4.16   0.000     .0065673    .0182742
               2005  |   .0134283   .0030414     4.42   0.000     .0074673    .0193894
               2006  |   .0118923   .0028174     4.22   0.000     .0063703    .0174144
               2007  |   .0129611   .0029815     4.35   0.000     .0071174    .0188049
               2008  |   .0154672   .0027094     5.71   0.000     .0101568    .0207775
               2009  |   .0146338   .0027387     5.34   0.000     .0092659    .0200017
               2010  |   .0075083   .0021232     3.54   0.000     .0033469    .0116697
               2011  |   .0093737   .0021459     4.37   0.000     .0051678    .0135795
               2012  |   .0071979   .0019037     3.78   0.000     .0034667    .0109291
               2013  |   .0060114   .0017052     3.53   0.000     .0026691    .0093536
               2014  |    .006097   .0017667     3.45   0.001     .0026344    .0095597
               2015  |   .0041943   .0017112     2.45   0.014     .0008403    .0075483
               2016  |   .0044303     .00173     2.56   0.010     .0010395    .0078212
               2017  |   .0033028   .0016581     1.99   0.046      .000053    .0065526
               2018  |    .003743   .0017164     2.18   0.029     .0003788    .0071072
               2019  |   .0038344   .0017267     2.22   0.026     .0004501    .0072186
                     |
     Industry_2002_3 |
                  2  |  -.0005213    .001413    -0.37   0.712    -.0032907    .0022482
                  5  |  -.0004002   .0031874    -0.13   0.900    -.0066474     .005847
                 10  |  -.0013504   .0015678    -0.86   0.389    -.0044232    .0017225
                 13  |    .003077    .002285     1.35   0.178    -.0014016    .0075557
                 14  |   .0000447   .0010554     0.04   0.966    -.0020238    .0021132
                 15  |   .0039491   .0028443     1.39   0.165    -.0016257     .009524
                 17  |   .0001515   .0013156     0.12   0.908    -.0024272    .0027301
                 18  |  -.0006375   .0016936    -0.38   0.707    -.0039568    .0026819
                 19  |  -.0014666   .0027662    -0.53   0.596    -.0068884    .0039551
                 20  |  -.0022816   .0011713    -1.95   0.051    -.0045773    .0000142
                 21  |   .0019996   .0014915     1.34   0.180    -.0009238    .0049229
                 22  |   .0041946   .0024384     1.72   0.085    -.0005846    .0089739
                 23  |   .0035542   .0028348     1.25   0.210    -.0020019    .0091104
                 24  |   .0027669   .0017279     1.60   0.109    -.0006198    .0061536
                 25  |   .0064673   .0034267     1.89   0.059     -.000249    .0131836
                 26  |   .0002464   .0011604     0.21   0.832    -.0020279    .0025208
                 27  |  -.0006753   .0019107    -0.35   0.724    -.0044203    .0030696
                 28  |   .0036046   .0018441     1.95   0.051    -9.84e-06     .007219
                 29  |   .0016088   .0010685     1.51   0.132    -.0004854     .003703
                 30  |   .0010734   .0022738     0.47   0.637    -.0033833    .0055302
                 31  |    .006299   .0037332     1.69   0.092    -.0010181     .013616
                 32  |    .001369   .0012765     1.07   0.284    -.0011329     .003871
                 33  |   .0024463   .0014298     1.71   0.087    -.0003561    .0052487
                 34  |   .0026926   .0038372     0.70   0.483    -.0048284    .0102135
                 35  |  -.0006762   .0012438    -0.54   0.587     -.003114    .0017616
                 36  |  -.0018218   .0011708    -1.56   0.120    -.0041167     .000473
                 37  |  -.0002309   .0020674    -0.11   0.911     -.004283    .0038212
                 40  |    .004634   .0013001     3.56   0.000     .0020858    .0071822
                 41  |   .0042647   .0019145     2.23   0.026     .0005122    .0080172
                 45  |   .0045916   .0011559     3.97   0.000     .0023261    .0068571
                 50  |   .0036164   .0018591     1.95   0.052    -.0000274    .0072602
                 51  |   .0022853   .0013839     1.65   0.099    -.0004272    .0049978
                 52  |   .0015273   .0013413     1.14   0.255    -.0011017    .0041563
                 55  |   .0057012   .0021334     2.67   0.008     .0015197    .0098827
                 60  |   .0029407   .0019254     1.53   0.127     -.000833    .0067144
                 61  |  -.0013926   .0015425    -0.90   0.367    -.0044158    .0016307
                 62  |  -.0008334    .004035    -0.21   0.836    -.0087419    .0070752
                 63  |   .0067346   .0041669     1.62   0.106    -.0014324    .0149017
                 64  |    -.00144   .0012593    -1.14   0.253    -.0039082    .0010283
                 65  |   .0019764   .0011201     1.76   0.078    -.0002191    .0041718
                 66  |   .0065753   .0021144     3.11   0.002     .0024311    .0107196
                 67  |   .0035645   .0021151     1.69   0.092    -.0005811      .00771
                 70  |   .0052176   .0020783     2.51   0.012     .0011442     .009291
                 71  |     .00342   .0038736     0.88   0.377    -.0041722    .0110123
                 72  |   .0036955   .0010963     3.37   0.001     .0015467    .0058444
                 73  |    .003267    .001362     2.40   0.016     .0005975    .0059365
                 74  |   .0069701   .0014653     4.76   0.000     .0040982    .0098421
                 75  |    .010262   .0023489     4.37   0.000     .0056581    .0148658
                 80  |   .0026573    .001161     2.29   0.022     .0003818    .0049329
                 85  |   .0044865   .0013541     3.31   0.001     .0018325    .0071405
                 90  |  -.0004811   .0011272    -0.43   0.670    -.0026904    .0017281
                 91  |   .0016768   .0029565     0.57   0.571     -.004118    .0074716
                 92  |   .0034542   .0014181     2.44   0.015     .0006747    .0062337
                 93  |   .0024193   .0014352     1.69   0.092    -.0003938    .0052323
                     |
               _cons |   .0126259   .0089856     1.41   0.160    -.0049859    .0302377
--------------------------------------------------------------------------------------

. 
. ereturn list r2_a
scalar e(r2_a)     =  .0145796414962679

. 
. tabulate D_Vaste_talous_kaikki P_D_talous_kaikki_2 if Other_mukaan == 1

D_Vaste_ta |
lous_kaikk |  P_D_talous_kaikki_2
         i |         0          1 |     Total
-----------+----------------------+----------
         0 |   367,413     23,129 |   390,542 
         1 |       563        137 |       700 
-----------+----------------------+----------
     Total |   367,976     23,266 |   391,242 

. 
