
. 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_sakko_2 P_D_Talous_kaikki_vankeus_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 L
> N_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 i.MAAKUNTA i.YEAR i.In
> dustry_2002_3 [aweight=_webal], cluster(ID)
(sum of wgt is 46,700)

Linear regression                               Number of obs     =    391,722
                                                F(122, 75923)     =       3.49
                                                Prob > F          =     0.0000
                                                R-squared         =     0.0224
                                                Root MSE          =     .08322

                                               (Std. err. adjusted for 75,924 clusters in ID)
---------------------------------------------------------------------------------------------
                            |               Robust
      D_Vaste_talous_kaikki | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
----------------------------+----------------------------------------------------------------
  P_D_Talous_kaikki_sakko_2 |   .0019215   .0008952     2.15   0.032     .0001669    .0036761
P_D_Talous_kaikki_vankeus_2 |    .009665   .0018898     5.11   0.000      .005961     .013369
          P_D_muu_rikos_4_2 |    .000302   .0008751     0.35   0.730    -.0014133    .0020172
       P_BUSINESS_SOCIALDEG |   .0016908   .0011099     1.52   0.128    -.0004846    .0038663
              P_LN_EDULEVEL |  -.0018622   .0011074    -1.68   0.093    -.0040327    .0003083
         P_D_MARITAL_STATUS |   .0009913    .001174     0.84   0.398    -.0013099    .0032924
       P_LN_CUM_SUM_DIVORCE |   .0000387   .0017664     0.02   0.983    -.0034236    .0035009
          P_LN_TOTALINCOME2 |   .0000841   .0007638     0.11   0.912     -.001413    .0015812
          P_D_CUM_SUBSTANCE |   -.000094   .0014409    -0.07   0.948    -.0029182    .0027301
       P_D_CUM_ALL_BUT_SUBS |  -.0002831   .0010305    -0.27   0.784    -.0023029    .0017367
              D_Muu_rikos_4 |   .0100686   .0014787     6.81   0.000     .0071702    .0129669
                       MALE |   .0018977   .0008598     2.21   0.027     .0002125    .0035829
                     LN_AGE |   -.004164   .0033687    -1.24   0.216    -.0107665    .0024386
         BUSINESS_SOCIALDEG |   .0022919   .0011147     2.06   0.040      .000107    .0044768
                LN_EDULEVEL |  -.0038685   .0010787    -3.59   0.000    -.0059828   -.0017542
           D_MARITAL_STATUS |   .0019254   .0012683     1.52   0.129    -.0005604    .0044112
         LN_CUM_SUM_DIVORCE |   .0030113   .0022816     1.32   0.187    -.0014606    .0074831
            LN_TOTALINCOME2 |  -.0027225     .00079    -3.45   0.001    -.0042709   -.0011741
            D_CUM_SUBSTANCE |   .0099381   .0059953     1.66   0.097    -.0018127    .0216889
         D_CUM_ALL_BUT_SUBS |   .0016173   .0015128     1.07   0.285    -.0013477    .0045824
                     D_FMOB |  -.0028093   .0011798    -2.38   0.017    -.0051217   -.0004969
           LN_NUM_POSITIONS |   .0030376   .0013021     2.33   0.020     .0004855    .0055898
         Mean_OMAVARAISUUS2 |  -.0108834   .0019692    -5.53   0.000    -.0147429   -.0070238
               Mean_LNTASE2 |   .0012838   .0003353     3.83   0.000     .0006266    .0019411
                  Mean_ROA2 |  -.0044278   .0022508    -1.97   0.049    -.0088394   -.0000161
          Mean_LN_Boardsize |    -.00574   .0008188    -7.01   0.000    -.0073448   -.0041351
        Mean_Current_Ratio2 |   .0004385   .0001705     2.57   0.010     .0001043    .0007728
                            |
                   MAAKUNTA |
                         2  |   .0030358   .0018451     1.65   0.100    -.0005807    .0066522
                         4  |   .0016414   .0022763     0.72   0.471    -.0028202     .006103
                         5  |  -.0015853   .0025547    -0.62   0.535    -.0065924    .0034218
                         6  |   .0005708   .0015211     0.38   0.707    -.0024106    .0035522
                         7  |  -.0005815    .001954    -0.30   0.766    -.0044114    .0032484
                         8  |   .0015199    .003255     0.47   0.641    -.0048598    .0078996
                         9  |  -.0032269   .0017949    -1.80   0.072    -.0067448    .0002911
                        10  |   .0017062   .0040097     0.43   0.670    -.0061527    .0095651
                        11  |   .0036128   .0028825     1.25   0.210    -.0020369    .0092625
                        12  |  -.0004483   .0023494    -0.19   0.849    -.0050532    .0041566
                        13  |   .0010493   .0021521     0.49   0.626    -.0031689    .0052675
                        14  |   .0032085   .0028161     1.14   0.255     -.002311    .0087281
                        15  |  -.0004153   .0023225    -0.18   0.858    -.0049674    .0041369
                        16  |   .0065338   .0060103     1.09   0.277    -.0052463    .0183139
                        17  |   .0024661   .0016862     1.46   0.144    -.0008389     .005771
                        18  |  -.0000886   .0036818    -0.02   0.981    -.0073049    .0071278
                        19  |   .0014713   .0032409     0.45   0.650    -.0048807    .0078234
                            |
                       YEAR |
                      1996  |   .0157942   .0121564     1.30   0.194    -.0080323    .0396207
                      1997  |   .0133021   .0083981     1.58   0.113    -.0031581    .0297622
                      1998  |   .0387676    .010122     3.83   0.000     .0189286    .0586066
                      1999  |    .032892   .0086432     3.81   0.000     .0159515    .0498326
                      2000  |   .0109202   .0037827     2.89   0.004     .0035061    .0183342
                      2001  |    .014539   .0041482     3.50   0.000     .0064086    .0226694
                      2002  |   .0161896   .0040682     3.98   0.000      .008216    .0241632
                      2003  |   .0153206   .0037184     4.12   0.000     .0080324    .0226087
                      2004  |   .0175538   .0036532     4.81   0.000     .0103935    .0247141
                      2005  |   .0206018   .0037668     5.47   0.000     .0132189    .0279847
                      2006  |   .0204918   .0037414     5.48   0.000     .0131586    .0278249
                      2007  |   .0196806   .0035347     5.57   0.000     .0127527    .0266085
                      2008  |   .0221865   .0033282     6.67   0.000     .0156633    .0287097
                      2009  |   .0235384   .0033717     6.98   0.000     .0169299    .0301469
                      2010  |   .0126117   .0027723     4.55   0.000     .0071779    .0180454
                      2011  |   .0125234   .0027117     4.62   0.000     .0072084    .0178383
                      2012  |   .0127675   .0027138     4.70   0.000     .0074484    .0180865
                      2013  |   .0094213   .0022991     4.10   0.000     .0049152    .0139275
                      2014  |   .0078493     .00226     3.47   0.001     .0034197    .0122789
                      2015  |   .0059582   .0022409     2.66   0.008      .001566    .0103504
                      2016  |   .0056152   .0022277     2.52   0.012      .001249    .0099814
                      2017  |   .0040604   .0021743     1.87   0.062    -.0002013    .0083222
                      2018  |   .0045774   .0022279     2.05   0.040     .0002107     .008944
                      2019  |   .0047969   .0022434     2.14   0.033     .0003998    .0091939
                            |
            Industry_2002_3 |
                         2  |  -.0002399   .0021921    -0.11   0.913    -.0045364    .0040566
                         5  |   .0017984   .0044048     0.41   0.683     -.006835    .0104318
                        10  |  -.0026577   .0027557    -0.96   0.335     -.008059    .0027435
                        13  |   .0048748   .0031366     1.55   0.120    -.0012729    .0110225
                        14  |   .0014589    .001935     0.75   0.451    -.0023338    .0052515
                        15  |   .0050883   .0044044     1.16   0.248    -.0035443    .0137208
                        17  |  -.0003661   .0020967    -0.17   0.861    -.0044757    .0037435
                        18  |  -.0007832   .0023567    -0.33   0.740    -.0054023    .0038359
                        19  |  -.0036957   .0032343    -1.14   0.253    -.0100348    .0026435
                        20  |  -.0030947   .0017454    -1.77   0.076    -.0065157    .0003263
                        21  |   .0084846   .0071502     1.19   0.235    -.0055297     .022499
                        22  |   .0056607   .0029294     1.93   0.053     -.000081    .0114024
                        23  |   .0069734   .0040583     1.72   0.086    -.0009809    .0149277
                        24  |   .0044878   .0026279     1.71   0.088    -.0006628    .0096384
                        25  |   .0089563    .003985     2.25   0.025     .0011457    .0167669
                        26  |   .0011799   .0019208     0.61   0.539    -.0025849    .0049446
                        27  |   .0001823   .0027797     0.07   0.948     -.005266    .0056306
                        28  |   .0065188   .0026782     2.43   0.015     .0012695     .011768
                        29  |   .0036892   .0020429     1.81   0.071    -.0003148    .0076932
                        30  |   .0043101   .0026042     1.66   0.098    -.0007941    .0094144
                        31  |   .0146698   .0079028     1.86   0.063    -.0008197    .0301593
                        32  |   .0047293   .0026821     1.76   0.078    -.0005275    .0099862
                        33  |   .0040464   .0022128     1.83   0.067    -.0002906    .0083835
                        34  |   .0022369   .0052689     0.42   0.671    -.0080901    .0125639
                        35  |  -.0001956   .0022312    -0.09   0.930    -.0045688    .0041776
                        36  |  -.0020151   .0017831    -1.13   0.258      -.00551    .0014797
                        37  |   .0005022   .0040227     0.12   0.901    -.0073822    .0083866
                        40  |   .0117764   .0057115     2.06   0.039     .0005819    .0229709
                        41  |   .0060456   .0030844     1.96   0.050     1.98e-07     .012091
                        45  |   .0085849   .0018206     4.72   0.000     .0050166    .0121532
                        50  |   .0058888   .0027128     2.17   0.030     .0005718    .0112059
                        51  |    .004591   .0020824     2.20   0.027     .0005095    .0086724
                        52  |    .002469   .0019806     1.25   0.213     -.001413     .006351
                        55  |   .0079524   .0026141     3.04   0.002     .0028288    .0130759
                        60  |     .00478   .0025455     1.88   0.060    -.0002092    .0097691
                        61  |  -.0031852   .0027073    -1.18   0.239    -.0084914    .0021211
                        62  |  -.0025338   .0058515    -0.43   0.665    -.0140027    .0089351
                        63  |   .0079648   .0044371     1.80   0.073     -.000732    .0166615
                        64  |  -.0010571   .0022468    -0.47   0.638    -.0054608    .0033467
                        65  |   .0059363   .0026997     2.20   0.028     .0006449    .0112277
                        66  |   .0112268   .0032942     3.41   0.001     .0047701    .0176835
                        67  |   .0046051   .0026041     1.77   0.077    -.0004989    .0097091
                        70  |   .0060391   .0024092     2.51   0.012     .0013172    .0107611
                        71  |   .0061583   .0049208     1.25   0.211    -.0034864    .0158031
                        72  |   .0060354   .0017398     3.47   0.001     .0026254    .0094453
                        73  |   .0173989   .0120791     1.44   0.150    -.0062761    .0410739
                        74  |   .0112528   .0021426     5.25   0.000     .0070534    .0154522
                        75  |   .0130678   .0026029     5.02   0.000     .0079661    .0181695
                        80  |   .0033718   .0022208     1.52   0.129    -.0009809    .0077245
                        85  |   .0074245    .002031     3.66   0.000     .0034438    .0114052
                        90  |  -.0008181   .0019031    -0.43   0.667    -.0045481     .002912
                        91  |   .0035464   .0044214     0.80   0.422    -.0051195    .0122123
                        92  |   .0048052   .0019068     2.52   0.012     .0010679    .0085425
                        93  |   .0035835   .0019156     1.87   0.061    -.0001711    .0073382
                            |
                      _cons |   .0191477   .0128812     1.49   0.137    -.0060994    .0443947
---------------------------------------------------------------------------------------------

. 
. ereturn list r2_a
scalar e(r2_a)     =  .0221087556627239

. 
. tabulate D_Vaste_talous_kaikki P_D_Talous_kaikki_sakko_2

D_Vaste_ta | P_D_Talous_kaikki_sak
lous_kaikk |         ko_2
         i |         0          1 |     Total
-----------+----------------------+----------
         0 |   375,390     15,152 |   390,542 
         1 |     1,090         90 |     1,180 
-----------+----------------------+----------
     Total |   376,480     15,242 |   391,722 

. 
. tabulate D_Vaste_talous_kaikki P_D_Talous_kaikki_vankeus_2 

D_Vaste_ta | P_D_Talous_kaikki_van
lous_kaikk |        keus_2
         i |         0          1 |     Total
-----------+----------------------+----------
         0 |   382,565      7,977 |   390,542 
         1 |     1,049        131 |     1,180 
-----------+----------------------+----------
     Total |   383,614      8,108 |   391,722 

. 
. test P_D_Talous_kaikki_vankeus_2 - P_D_Talous_kaikki_sakko_2 = 0

 ( 1)  - P_D_Talous_kaikki_sakko_2 + P_D_Talous_kaikki_vankeus_2 = 0

       F(  1, 75923) =   14.21
            Prob > F =    0.0002

. 
. 
. 
. 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_sakko_2 P_D_Talous_kaikki_vankeus_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_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(122, 75473)     =       2.10
                                                Prob > F          =     0.0000
                                                R-squared         =     0.0120
                                                Root MSE          =     .05601

                                               (Std. err. adjusted for 75,474 clusters in ID)
---------------------------------------------------------------------------------------------
                            |               Robust
    D_Vaste_Finan_rep_fraud | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
----------------------------+----------------------------------------------------------------
  P_D_Talous_kaikki_sakko_2 |   .0007477   .0005224     1.43   0.152    -.0002763    .0017716
P_D_Talous_kaikki_vankeus_2 |   .0040324   .0010497     3.84   0.000     .0019749    .0060899
          P_D_muu_rikos_4_2 |  -.0002511   .0005063    -0.50   0.620    -.0012435    .0007412
       P_BUSINESS_SOCIALDEG |   .0007049   .0006266     1.12   0.261    -.0005232     .001933
              P_LN_EDULEVEL |  -.0010098   .0006347    -1.59   0.112    -.0022539    .0002342
         P_D_MARITAL_STATUS |  -.0000629   .0006716    -0.09   0.925    -.0013793    .0012534
       P_LN_CUM_SUM_DIVORCE |  -.0000711   .0009296    -0.08   0.939    -.0018931    .0017509
          P_LN_TOTALINCOME2 |   .0003089   .0003975     0.78   0.437    -.0004701     .001088
          P_D_CUM_SUBSTANCE |  -.0008654   .0007734    -1.12   0.263    -.0023812    .0006504
       P_D_CUM_ALL_BUT_SUBS |  -2.53e-06   .0005744    -0.00   0.996    -.0011283    .0011232
              D_Muu_rikos_4 |   .0051301   .0008593     5.97   0.000     .0034459    .0068143
                       MALE |   .0009054   .0004877     1.86   0.063    -.0000505    .0018612
                     LN_AGE |  -.0008573   .0019345    -0.44   0.658     -.004649    .0029344
         BUSINESS_SOCIALDEG |   .0016028   .0006591     2.43   0.015     .0003109    .0028947
                LN_EDULEVEL |  -.0022518   .0006855    -3.28   0.001    -.0035953   -.0009082
           D_MARITAL_STATUS |   .0008267   .0007325     1.13   0.259    -.0006091    .0022625
         LN_CUM_SUM_DIVORCE |   .0009633   .0012686     0.76   0.448    -.0015232    .0034498
            LN_TOTALINCOME2 |  -.0018227   .0005212    -3.50   0.000    -.0028443    -.000801
            D_CUM_SUBSTANCE |   .0009919   .0025584     0.39   0.698    -.0040224    .0060063
         D_CUM_ALL_BUT_SUBS |   .0008584   .0009652     0.89   0.374    -.0010334    .0027502
                     D_FMOB |  -.0019871   .0006285    -3.16   0.002     -.003219   -.0007552
           LN_NUM_POSITIONS |   .0016251   .0008372     1.94   0.052    -.0000158    .0032661
         Mean_OMAVARAISUUS2 |  -.0044044   .0012265    -3.59   0.000    -.0068083   -.0020006
               Mean_LNTASE2 |   .0004605   .0002022     2.28   0.023     .0000641    .0008569
                  Mean_ROA2 |  -.0039551   .0015453    -2.56   0.010    -.0069838   -.0009264
          Mean_LN_Boardsize |   -.002286   .0004454    -5.13   0.000     -.003159   -.0014129
        Mean_Current_Ratio2 |   .0000622   .0000687     0.91   0.365    -.0000724    .0001968
                            |
                   MAAKUNTA |
                         2  |    .001223   .0010572     1.16   0.247    -.0008492    .0032952
                         4  |    .000332   .0012526     0.27   0.791     -.002123     .002787
                         5  |  -.0005363   .0012407    -0.43   0.666     -.002968    .0018954
                         6  |  -.0003412   .0008787    -0.39   0.698    -.0020636    .0013811
                         7  |  -.0002048   .0012318    -0.17   0.868    -.0026192    .0022095
                         8  |   .0014428   .0020356     0.71   0.478     -.002547    .0054326
                         9  |  -.0023715   .0007015    -3.38   0.001    -.0037465   -.0009965
                        10  |   .0017489   .0028229     0.62   0.536    -.0037841    .0072818
                        11  |   .0018166   .0016851     1.08   0.281    -.0014861    .0051194
                        12  |  -.0004813   .0013139    -0.37   0.714    -.0030566     .002094
                        13  |  -.0007344   .0009399    -0.78   0.435    -.0025766    .0011078
                        14  |   .0029945   .0019706     1.52   0.129    -.0008678    .0068568
                        15  |  -.0007163   .0011147    -0.64   0.520     -.002901    .0014685
                        16  |   .0036838   .0036232     1.02   0.309    -.0034178    .0107853
                        17  |   .0004738     .00104     0.46   0.649    -.0015646    .0025123
                        18  |    .000172   .0024881     0.07   0.945    -.0047046    .0050486
                        19  |   .0005291   .0015569     0.34   0.734    -.0025224    .0035806
                            |
                       YEAR |
                      1996  |   .0020755   .0013395     1.55   0.121    -.0005499     .004701
                      1997  |   .0003171   .0007939     0.40   0.690    -.0012389    .0018732
                      1998  |   .0207239    .007559     2.74   0.006     .0059083    .0355396
                      1999  |   .0094127   .0046145     2.04   0.041     .0003682    .0184571
                      2000  |   .0030243   .0014651     2.06   0.039     .0001527    .0058959
                      2001  |   .0045243   .0019532     2.32   0.021     .0006961    .0083525
                      2002  |   .0080689   .0028723     2.81   0.005     .0024391    .0136986
                      2003  |   .0059348   .0020459     2.90   0.004      .001925    .0099447
                      2004  |   .0081939   .0024245     3.38   0.001     .0034418    .0129459
                      2005  |   .0092934   .0023229     4.00   0.000     .0047405    .0138463
                      2006  |   .0108753   .0025924     4.20   0.000     .0057943    .0159563
                      2007  |   .0122465   .0025591     4.79   0.000     .0072307    .0172624
                      2008  |   .0080253   .0018386     4.36   0.000     .0044216     .011629
                      2009  |   .0117106   .0022167     5.28   0.000      .007366    .0160552
                      2010  |   .0059423   .0016292     3.65   0.000      .002749    .0091355
                      2011  |   .0075922    .001808     4.20   0.000     .0040484    .0111359
                      2012  |   .0057916   .0015085     3.84   0.000     .0028349    .0087482
                      2013  |   .0039501   .0012364     3.19   0.001     .0015269    .0063734
                      2014  |   .0033291   .0012519     2.66   0.008     .0008754    .0057827
                      2015  |   .0022246   .0011306     1.97   0.049     8.60e-06    .0044406
                      2016  |   .0023919   .0011735     2.04   0.042     .0000919     .004692
                      2017  |   .0019196   .0011513     1.67   0.095    -.0003369    .0041761
                      2018  |   .0021104    .001172     1.80   0.072    -.0001868    .0044075
                      2019  |   .0023116    .001191     1.94   0.052    -.0000228     .004646
                            |
            Industry_2002_3 |
                         2  |  -.0000254   .0012938    -0.02   0.984    -.0025612    .0025105
                         5  |   .0010507   .0024297     0.43   0.665    -.0037114    .0058129
                        10  |  -.0016079    .001384    -1.16   0.245    -.0043206    .0011048
                        13  |   .0026971   .0018898     1.43   0.154     -.001007    .0064012
                        14  |    .000827   .0012804     0.65   0.518    -.0016826    .0033366
                        15  |   .0012655   .0020886     0.61   0.545    -.0028281    .0053592
                        17  |  -.0003147   .0011888    -0.26   0.791    -.0026447    .0020154
                        18  |   .0001322    .001317     0.10   0.920     -.002449    .0027135
                        19  |  -.0007466     .00149    -0.50   0.616    -.0036671    .0021739
                        20  |  -.0020342   .0009835    -2.07   0.039    -.0039618   -.0001067
                        21  |   .0037891   .0034549     1.10   0.273    -.0029825    .0105606
                        22  |    .004456   .0025758     1.73   0.084    -.0005925    .0095045
                        23  |   .0029758   .0020307     1.47   0.143    -.0010043     .006956
                        24  |   .0024208    .001477     1.64   0.101    -.0004741    .0053157
                        25  |   .0026087   .0013366     1.95   0.051     -.000011    .0052285
                        26  |   .0005022   .0011062     0.45   0.650     -.001666    .0026705
                        27  |  -.0003878   .0015938    -0.24   0.808    -.0035116     .002736
                        28  |   .0041666    .001823     2.29   0.022     .0005936    .0077396
                        29  |    .002196   .0014859     1.48   0.139    -.0007165    .0051084
                        30  |   .0022567   .0013754     1.64   0.101    -.0004391    .0049525
                        31  |   .0064089    .003846     1.67   0.096    -.0011292     .013947
                        32  |   .0009649   .0011863     0.81   0.416    -.0013602      .00329
                        33  |   .0024978      .0012     2.08   0.037     .0001458    .0048498
                        34  |   .0026172    .003622     0.72   0.470    -.0044819    .0097163
                        35  |   .0004059   .0015614     0.26   0.795    -.0026545    .0034663
                        36  |  -.0015357   .0010124    -1.52   0.129      -.00352    .0004485
                        37  |    .001106   .0021969     0.50   0.615       -.0032     .005412
                        40  |   .0026376    .001167     2.26   0.024     .0003503    .0049249
                        41  |   .0025106   .0015983     1.57   0.116    -.0006219    .0056432
                        45  |   .0039599   .0011676     3.39   0.001     .0016713    .0062485
                        50  |   .0010662   .0012846     0.83   0.407    -.0014516     .003584
                        51  |   .0017599   .0011553     1.52   0.128    -.0005045    .0040244
                        52  |   .0009966   .0012145     0.82   0.412    -.0013839     .003377
                        55  |   .0022197   .0013793     1.61   0.108    -.0004837    .0049231
                        60  |   .0018454   .0016875     1.09   0.274    -.0014622    .0051529
                        61  |  -.0011351    .001479    -0.77   0.443    -.0040339    .0017637
                        62  |  -.0015949   .0027931    -0.57   0.568    -.0070695    .0038796
                        63  |    .004178   .0028528     1.46   0.143    -.0014135    .0097695
                        64  |  -.0002923   .0015141    -0.19   0.847    -.0032599    .0026752
                        65  |   .0045036    .002205     2.04   0.041     .0001819    .0088253
                        66  |   .0056833   .0016927     3.36   0.001     .0023656    .0090011
                        67  |   .0033865   .0020955     1.62   0.106    -.0007207    .0074937
                        70  |   .0011489   .0011012     1.04   0.297    -.0010094    .0033073
                        71  |   .0023549   .0029222     0.81   0.420    -.0033726    .0080824
                        72  |   .0026749   .0010291     2.60   0.009     .0006578     .004692
                        73  |   .0028297   .0011781     2.40   0.016     .0005207    .0051388
                        74  |   .0060859   .0013638     4.46   0.000     .0034127     .008759
                        75  |   .0063701   .0016283     3.91   0.000     .0031787    .0095614
                        80  |   .0015615   .0011878     1.31   0.189    -.0007667    .0038897
                        85  |    .003403   .0013048     2.61   0.009     .0008455    .0059605
                        90  |  -.0005578   .0010442    -0.53   0.593    -.0026044    .0014888
                        91  |   .0004309   .0023143     0.19   0.852    -.0041051    .0049668
                        92  |   .0017145   .0011858     1.45   0.148    -.0006096    .0040386
                        93  |   .0019424   .0012831     1.51   0.130    -.0005724    .0044572
                            |
                      _cons |   .0116234   .0073753     1.58   0.115    -.0028321    .0260788
---------------------------------------------------------------------------------------------

. 
. ereturn list r2_a
scalar e(r2_a)     =  .011692493231732

. 
. tabulate D_Vaste_talous_kaikki P_D_Talous_kaikki_sakko_2 if Finan_mukaan == 1

D_Vaste_ta | P_D_Talous_kaikki_sak
lous_kaikk |         ko_2
         i |         0          1 |     Total
-----------+----------------------+----------
         0 |   375,390     15,152 |   390,542 
         1 |       487         40 |       527 
-----------+----------------------+----------
     Total |   375,877     15,192 |   391,069 

. 
. tabulate D_Vaste_talous_kaikki P_D_Talous_kaikki_vankeus_2 if Finan_mukaan == 1

D_Vaste_ta | P_D_Talous_kaikki_van
lous_kaikk |        keus_2
         i |         0          1 |     Total
-----------+----------------------+----------
         0 |   382,565      7,977 |   390,542 
         1 |       471         56 |       527 
-----------+----------------------+----------
     Total |   383,036      8,033 |   391,069 

. 
. test P_D_Talous_kaikki_vankeus_2 - P_D_Talous_kaikki_sakko_2 = 0

 ( 1)  - P_D_Talous_kaikki_sakko_2 + P_D_Talous_kaikki_vankeus_2 = 0

       F(  1, 75473) =    8.22
            Prob > F =    0.0041

. 
. 
. 
. 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_sakko_2 P_D_Talous_kaikki_vankeus_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_S
> OCIALDEG 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 i.MAAKUNTA i.YEAR i.Industry_2002_3 [a
> weight=_webal], cluster(ID)
(sum of wgt is 46,362)

Linear regression                               Number of obs     =    390,825
                                                F(121, 75249)     =       1.21
                                                Prob > F          =     0.0562
                                                R-squared         =     0.0077
                                                Root MSE          =     .04152

                                               (Std. err. adjusted for 75,250 clusters in ID)
---------------------------------------------------------------------------------------------
                            |               Robust
    D_Vaste_Tax_relat_fraud | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
----------------------------+----------------------------------------------------------------
  P_D_Talous_kaikki_sakko_2 |   .0003263    .000376     0.87   0.386    -.0004108    .0010633
P_D_Talous_kaikki_vankeus_2 |   .0021886   .0007684     2.85   0.004     .0006825    .0036947
       P_BUSINESS_SOCIALDEG |   .0008862   .0004818     1.84   0.066    -.0000581    .0018306
              P_LN_EDULEVEL |  -.0010581   .0004691    -2.26   0.024    -.0019776   -.0001387
         P_D_MARITAL_STATUS |  -.0001596   .0004949    -0.32   0.747    -.0011297    .0008105
       P_LN_CUM_SUM_DIVORCE |   .0004627   .0008227     0.56   0.574    -.0011497     .002075
          P_LN_TOTALINCOME2 |   .0004148   .0003138     1.32   0.186    -.0002002    .0010299
          P_D_CUM_SUBSTANCE |   .0010624   .0007983     1.33   0.183    -.0005022     .002627
       P_D_CUM_ALL_BUT_SUBS |   .0003945    .000481     0.82   0.412    -.0005483    .0013373
              D_Muu_rikos_4 |   .0026799    .000585     4.58   0.000     .0015333    .0038266
                       MALE |   .0005046   .0003596     1.40   0.161    -.0002002    .0012093
                     LN_AGE |  -.0012993   .0015174    -0.86   0.392    -.0042734    .0016749
         BUSINESS_SOCIALDEG |   .0001976   .0003274     0.60   0.546    -.0004441    .0008394
                LN_EDULEVEL |  -.0010987   .0004723    -2.33   0.020    -.0020243   -.0001731
           D_MARITAL_STATUS |   .0004694   .0005905     0.79   0.427     -.000688    .0016268
         LN_CUM_SUM_DIVORCE |   .0002617   .0008841     0.30   0.767    -.0014712    .0019946
            LN_TOTALINCOME2 |  -.0008198   .0003631    -2.26   0.024    -.0015314   -.0001082
            D_CUM_SUBSTANCE |   .0025931    .003492     0.74   0.458    -.0042511    .0094374
         D_CUM_ALL_BUT_SUBS |   .0013263   .0008568     1.55   0.122    -.0003529    .0030056
                     D_FMOB |  -.0014329   .0003891    -3.68   0.000    -.0021956   -.0006702
           LN_NUM_POSITIONS |   .0014426   .0007102     2.03   0.042     .0000506    .0028345
         Mean_OMAVARAISUUS2 |  -.0018483    .000691    -2.67   0.007    -.0032026    -.000494
               Mean_LNTASE2 |   .0004392   .0001447     3.04   0.002     .0001556    .0007227
                  Mean_ROA2 |  -.0005042   .0009352    -0.54   0.590    -.0023372    .0013288
          Mean_LN_Boardsize |  -.0016612   .0003087    -5.38   0.000    -.0022662   -.0010562
        Mean_Current_Ratio2 |   .0000935   .0000614     1.52   0.128    -.0000268    .0002138
                            |
                   MAAKUNTA |
                         2  |    .001434   .0009801     1.46   0.143     -.000487     .003355
                         4  |   .0008553   .0010376     0.82   0.410    -.0011784    .0028889
                         5  |  -.0013638   .0003656    -3.73   0.000    -.0020804   -.0006473
                         6  |  -.0001389   .0005928    -0.23   0.815    -.0013007     .001023
                         7  |  -.0008602   .0007187    -1.20   0.231    -.0022688    .0005484
                         8  |  -.0000957   .0010856    -0.09   0.930    -.0022234     .002032
                         9  |  -.0009809   .0005159    -1.90   0.057    -.0019921    .0000303
                        10  |  -.0001913   .0012181    -0.16   0.875    -.0025787     .002196
                        11  |   -.000364   .0007928    -0.46   0.646    -.0019178    .0011898
                        12  |  -.0001249   .0009922    -0.13   0.900    -.0020695    .0018197
                        13  |  -.0003401   .0006381    -0.53   0.594    -.0015908    .0009107
                        14  |   .0018294   .0014349     1.27   0.202    -.0009831    .0046418
                        15  |   .0001761    .000952     0.18   0.853    -.0016898     .002042
                        16  |   .0023293   .0031659     0.74   0.462     -.003876    .0085345
                        17  |   .0013293   .0008499     1.56   0.118    -.0003364    .0029951
                        18  |  -.0001673   .0008754    -0.19   0.848     -.001883    .0015484
                        19  |   .0001005   .0009587     0.10   0.917    -.0017786    .0019795
                            |
                       YEAR |
                      1996  |   .0015623    .001227     1.27   0.203    -.0008427    .0039673
                      1997  |   .0013649    .001084     1.26   0.208    -.0007597    .0034895
                      1998  |   .0118922    .005713     2.08   0.037     .0006948    .0230895
                      1999  |    .003608   .0020171     1.79   0.074    -.0003455    .0075614
                      2000  |   .0008218   .0007563     1.09   0.277    -.0006605    .0023041
                      2001  |   .0011582    .000788     1.47   0.142    -.0003862    .0027026
                      2002  |   .0072735   .0028233     2.58   0.010     .0017398    .0128072
                      2003  |    .003691   .0015594     2.37   0.018     .0006345    .0067475
                      2004  |   .0044944   .0017452     2.58   0.010     .0010738    .0079149
                      2005  |   .0055294   .0017855     3.10   0.002     .0020297     .009029
                      2006  |   .0054805    .001929     2.84   0.004     .0016995    .0092614
                      2007  |   .0043219   .0014714     2.94   0.003     .0014379    .0072059
                      2008  |   .0050448   .0016287     3.10   0.002     .0018527     .008237
                      2009  |   .0068082    .001515     4.49   0.000     .0038388    .0097775
                      2010  |   .0036578   .0013083     2.80   0.005     .0010934    .0062221
                      2011  |   .0030796   .0012665     2.43   0.015     .0005973    .0055619
                      2012  |    .003463   .0014167     2.44   0.015     .0006863    .0062397
                      2013  |   .0020544   .0010489     1.96   0.050    -1.50e-06    .0041104
                      2014  |   .0016118   .0009365     1.72   0.085    -.0002237    .0034473
                      2015  |   .0016934   .0009925     1.71   0.088    -.0002519    .0036386
                      2016  |    .000981   .0009109     1.08   0.282    -.0008044    .0027664
                      2017  |   .0008442   .0009245     0.91   0.361    -.0009678    .0026562
                      2018  |   .0008973   .0009339     0.96   0.337    -.0009331    .0027276
                      2019  |   .0010344   .0009449     1.09   0.274    -.0008176    .0028865
                            |
            Industry_2002_3 |
                         2  |   .0010488   .0008837     1.19   0.235    -.0006833    .0027809
                         5  |   .0008142    .001497     0.54   0.587      -.00212    .0037484
                        10  |  -.0002172   .0008561    -0.25   0.800    -.0018951    .0014608
                        13  |   .0008527   .0014112     0.60   0.546    -.0019132    .0036187
                        14  |   .0008993   .0006398     1.41   0.160    -.0003547    .0021533
                        15  |   .0006966   .0005336     1.31   0.192    -.0003492    .0017425
                        17  |   .0006521   .0007307     0.89   0.372    -.0007802    .0020844
                        18  |   .0006406   .0006908     0.93   0.354    -.0007133    .0019945
                        19  |  -.0003468   .0008663    -0.40   0.689    -.0020448    .0013512
                        20  |   .0000454   .0005427     0.08   0.933    -.0010183    .0011091
                        21  |   .0079032   .0069614     1.14   0.256    -.0057411    .0215476
                        22  |   .0020817    .001073     1.94   0.052    -.0000214    .0041848
                        23  |   .0020422   .0015765     1.30   0.195    -.0010477    .0051321
                        24  |   .0020766   .0009006     2.31   0.021     .0003114    .0038418
                        25  |   .0023448   .0011537     2.03   0.042     .0000835    .0046062
                        26  |   .0011912   .0006576     1.81   0.070    -.0000976      .00248
                        27  |   .0007138   .0009024     0.79   0.429    -.0010549    .0024824
                        28  |   .0021191   .0010418     2.03   0.042     .0000772     .004161
                        29  |   .0011702   .0005759     2.03   0.042     .0000415    .0022989
                        30  |   .0012927   .0010416     1.24   0.215    -.0007489    .0033343
                        31  |   .0052774   .0035928     1.47   0.142    -.0017645    .0123194
                        32  |   .0032366   .0018918     1.71   0.087    -.0004714    .0069445
                        33  |   .0015657   .0007721     2.03   0.043     .0000523    .0030791
                        34  |   .0003178   .0010476     0.30   0.762    -.0017356    .0023712
                        35  |   .0008985   .0009051     0.99   0.321    -.0008755    .0026725
                        36  |   .0003437   .0005983     0.57   0.566     -.000829    .0015164
                        37  |  -.0001087   .0013013    -0.08   0.933    -.0026591    .0024418
                        40  |   .0073532   .0054368     1.35   0.176    -.0033029    .0180093
                        41  |   .0019115   .0009402     2.03   0.042     .0000688    .0037542
                        45  |   .0035747   .0007606     4.70   0.000     .0020839    .0050655
                        50  |    .001722   .0012255     1.41   0.160    -.0006799    .0041239
                        51  |   .0022983   .0009306     2.47   0.014     .0004744    .0041223
                        52  |   .0010127   .0006333     1.60   0.110    -.0002286     .002254
                        55  |   .0017017   .0008321     2.04   0.041     .0000707    .0033327
                        60  |   .0010936   .0008284     1.32   0.187    -.0005301    .0027173
                        61  |  -.0003978   .0009696    -0.41   0.682    -.0022983    .0015026
                        62  |   .0001076   .0020075     0.05   0.957     -.003827    .0040422
                        63  |   .0018117    .001215     1.49   0.136    -.0005697    .0041931
                        64  |  -.0003271   .0006552    -0.50   0.618    -.0016113    .0009571
                        65  |   .0012318   .0007635     1.61   0.107    -.0002647    .0027282
                        66  |   .0028401   .0013298     2.14   0.033     .0002337    .0054465
                        67  |   .0008478   .0006662     1.27   0.203    -.0004579    .0021535
                        70  |   .0009546   .0006687     1.43   0.153     -.000356    .0022652
                        71  |   .0034648   .0027451     1.26   0.207    -.0019156    .0088452
                        72  |   .0021439   .0006988     3.07   0.002     .0007743    .0035135
                        73  |    .014409   .0121816     1.18   0.237    -.0094668    .0382848
                        74  |   .0032669   .0009192     3.55   0.000     .0014653    .0050684
                        75  |   .0035819   .0009026     3.97   0.000     .0018129     .005351
                        80  |   .0015706    .000732     2.15   0.032     .0001358    .0030053
                        85  |   .0020696   .0006458     3.20   0.001     .0008039    .0033354
                        90  |   .0002288   .0006118     0.37   0.708    -.0009704    .0014279
                        91  |   .0015585   .0013545     1.15   0.250    -.0010964    .0042134
                        92  |   .0012336   .0005651     2.18   0.029     .0001261    .0023411
                        93  |   .0013628   .0005993     2.27   0.023     .0001882    .0025374
                            |
                      _cons |   .0013041   .0064168     0.20   0.839    -.0112729     .013881
---------------------------------------------------------------------------------------------

. 
. ereturn list r2_a
scalar e(r2_a)     =  .0074108492866903

. 
. tabulate D_Vaste_talous_kaikki P_D_Talous_kaikki_sakko_2 if Tax_mukaan == 1

D_Vaste_ta | P_D_Talous_kaikki_sak
lous_kaikk |         ko_2
         i |         0          1 |     Total
-----------+----------------------+----------
         0 |   375,390     15,152 |   390,542 
         1 |       262         21 |       283 
-----------+----------------------+----------
     Total |   375,652     15,173 |   390,825 

. 
. tabulate D_Vaste_talous_kaikki P_D_Talous_kaikki_vankeus_2 if Tax_mukaan == 1

D_Vaste_ta | P_D_Talous_kaikki_van
lous_kaikk |        keus_2
         i |         0          1 |     Total
-----------+----------------------+----------
         0 |   382,565      7,977 |   390,542 
         1 |       252         31 |       283 
-----------+----------------------+----------
     Total |   382,817      8,008 |   390,825 

. 
. test P_D_Talous_kaikki_vankeus_2 - P_D_Talous_kaikki_sakko_2 = 0

 ( 1)  - P_D_Talous_kaikki_sakko_2 + P_D_Talous_kaikki_vankeus_2 = 0

       F(  1, 75249) =    4.72
            Prob > F =    0.0299

. 
. 
. 
. 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_sakko_2 P_D_Talous_kaikki_vankeus_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 MA
> LE 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 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(122, 75592)     =       2.41
                                                Prob > F          =     0.0000
                                                R-squared         =     0.0153
                                                Root MSE          =     .06576

                                               (Std. err. adjusted for 75,593 clusters in ID)
---------------------------------------------------------------------------------------------
                            |               Robust
  D_Vaste_Other_finan_crime | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
----------------------------+----------------------------------------------------------------
  P_D_Talous_kaikki_sakko_2 |   .0014831   .0006901     2.15   0.032     .0001306    .0028356
P_D_Talous_kaikki_vankeus_2 |    .005733   .0014272     4.02   0.000     .0029357    .0085302
          P_D_muu_rikos_4_2 |  -.0002442   .0007502    -0.33   0.745    -.0017147    .0012263
       P_BUSINESS_SOCIALDEG |   .0012534   .0008763     1.43   0.153    -.0004641    .0029709
              P_LN_EDULEVEL |  -.0009117   .0008098    -1.13   0.260    -.0024989    .0006755
         P_D_MARITAL_STATUS |   .0006777   .0008835     0.77   0.443     -.001054    .0024095
       P_LN_CUM_SUM_DIVORCE |   .0005856   .0013205     0.44   0.657    -.0020026    .0031738
          P_LN_TOTALINCOME2 |   .0001504   .0006174     0.24   0.808    -.0010598    .0013605
          P_D_CUM_SUBSTANCE |   .0003143   .0009886     0.32   0.751    -.0016233    .0022518
       P_D_CUM_ALL_BUT_SUBS |  -.0014431   .0007385    -1.95   0.051    -.0028905    4.24e-06
              D_Muu_rikos_4 |   .0068031   .0011843     5.74   0.000     .0044819    .0091242
                       MALE |   .0014709   .0006084     2.42   0.016     .0002784    .0026634
                     LN_AGE |  -.0023725   .0023532    -1.01   0.313    -.0069847    .0022397
         BUSINESS_SOCIALDEG |   .0020312   .0009406     2.16   0.031     .0001877    .0038748
                LN_EDULEVEL |  -.0022708    .000772    -2.94   0.003    -.0037838   -.0007578
           D_MARITAL_STATUS |   .0017308   .0009741     1.78   0.076    -.0001785      .00364
         LN_CUM_SUM_DIVORCE |   .0019193   .0017692     1.08   0.278    -.0015483    .0053869
            LN_TOTALINCOME2 |  -.0014608   .0006049    -2.41   0.016    -.0026465   -.0002751
            D_CUM_SUBSTANCE |    .006108   .0047005     1.30   0.194     -.003105     .015321
         D_CUM_ALL_BUT_SUBS |   .0009601   .0010786     0.89   0.373     -.001154    .0030741
                     D_FMOB |  -.0018553   .0009193    -2.02   0.044     -.003657   -.0000535
           LN_NUM_POSITIONS |   .0010924   .0009079     1.20   0.229    -.0006871    .0028719
         Mean_OMAVARAISUUS2 |  -.0080894   .0015675    -5.16   0.000    -.0111617   -.0050172
               Mean_LNTASE2 |   .0007107   .0002539     2.80   0.005      .000213    .0012084
                  Mean_ROA2 |    -.00318   .0017824    -1.78   0.074    -.0066736    .0003135
          Mean_LN_Boardsize |  -.0038016   .0006801    -5.59   0.000    -.0051347   -.0024686
        Mean_Current_Ratio2 |    .000301   .0001452     2.07   0.038     .0000164    .0005856
                            |
                   MAAKUNTA |
                         2  |   .0008533   .0012956     0.66   0.510    -.0016861    .0033926
                         4  |   .0010213   .0017647     0.58   0.563    -.0024374    .0044801
                         5  |   .0001078   .0024498     0.04   0.965    -.0046938    .0049094
                         6  |   .0006235   .0011675     0.53   0.593    -.0016648    .0029118
                         7  |  -.0002474   .0015795    -0.16   0.876    -.0033432    .0028485
                         8  |   .0010493   .0021613     0.49   0.627    -.0031868    .0052853
                         9  |  -.0015817   .0015942    -0.99   0.321    -.0047063    .0015429
                        10  |   .0005959   .0021817     0.27   0.785    -.0036802    .0048719
                        11  |   .0042046   .0026667     1.58   0.115    -.0010221    .0094313
                        12  |  -.0003649   .0017506    -0.21   0.835    -.0037961    .0030662
                        13  |   .0006711   .0017357     0.39   0.699    -.0027308     .004073
                        14  |   .0014934    .001945     0.77   0.443    -.0023188    .0053055
                        15  |  -.0015117   .0012268    -1.23   0.218    -.0039163    .0008928
                        16  |   .0017695   .0035517     0.50   0.618    -.0051918    .0087309
                        17  |   .0010156   .0012793     0.79   0.427    -.0014918    .0035231
                        18  |   .0014396   .0035396     0.41   0.684     -.005498    .0083773
                        19  |  -.0004147   .0025007    -0.17   0.868     -.005316    .0044866
                            |
                       YEAR |
                      1996  |    .014135   .0121712     1.16   0.246    -.0097206    .0379905
                      1997  |   .0125549   .0082797     1.52   0.129    -.0036732     .028783
                      1998  |   .0330457   .0095471     3.46   0.001     .0143335     .051758
                      1999  |    .021157   .0073141     2.89   0.004     .0068214    .0354925
                      2000  |   .0080989    .003368     2.40   0.016     .0014977    .0147002
                      2001  |   .0106542   .0036016     2.96   0.003     .0035952    .0177133
                      2002  |   .0065826   .0023984     2.74   0.006     .0018818    .0112834
                      2003  |    .008012   .0027499     2.91   0.004     .0026222    .0134017
                      2004  |   .0116741   .0028958     4.03   0.000     .0059985    .0173498
                      2005  |   .0126305   .0029515     4.28   0.000     .0068454    .0184155
                      2006  |    .011145   .0027282     4.09   0.000     .0057976    .0164923
                      2007  |   .0122227   .0028806     4.24   0.000     .0065767    .0178686
                      2008  |   .0146992    .002615     5.62   0.000     .0095738    .0198245
                      2009  |   .0138491   .0026174     5.29   0.000     .0087191    .0189791
                      2010  |   .0067213   .0019957     3.37   0.001     .0028097     .010633
                      2011  |   .0085316   .0020441     4.17   0.000     .0045252     .012538
                      2012  |   .0063334   .0017652     3.59   0.000     .0028736    .0097932
                      2013  |   .0051533   .0015928     3.24   0.001     .0020314    .0082753
                      2014  |   .0052162    .001635     3.19   0.001     .0020116    .0084209
                      2015  |   .0032918   .0015741     2.09   0.037     .0002066    .0063769
                      2016  |   .0035169    .001588     2.21   0.027     .0004044    .0066294
                      2017  |   .0023802    .001518     1.57   0.117    -.0005951    .0053555
                      2018  |   .0028057   .0015771     1.78   0.075    -.0002854    .0058968
                      2019  |   .0028628   .0015798     1.81   0.070    -.0002337    .0059592
                            |
            Industry_2002_3 |
                         2  |  -.0005927   .0014126    -0.42   0.675    -.0033614     .002176
                         5  |   .0002057   .0031805     0.06   0.948     -.006028    .0064394
                        10  |  -.0016626   .0017444    -0.95   0.341    -.0050816    .0017564
                        13  |   .0025152   .0022855     1.10   0.271    -.0019644    .0069947
                        14  |   .0001209   .0010854     0.11   0.911    -.0020065    .0022482
                        15  |   .0033129   .0028565     1.16   0.246    -.0022859    .0089117
                        17  |  -.0009864   .0013797    -0.71   0.475    -.0036906    .0017178
                        18  |  -.0011752   .0015135    -0.78   0.437    -.0041417    .0017913
                        19  |  -.0023136   .0022993    -1.01   0.314    -.0068203    .0021931
                        20  |  -.0021515   .0011327    -1.90   0.058    -.0043716    .0000687
                        21  |    .001208   .0013013     0.93   0.353    -.0013425    .0037586
                        22  |     .00381   .0024436     1.56   0.119    -.0009794    .0085995
                        23  |   .0033363   .0027051     1.23   0.217    -.0019656    .0086382
                        24  |   .0025915   .0016287     1.59   0.112    -.0006007    .0057837
                        25  |   .0064704   .0034027     1.90   0.057    -.0001989    .0131397
                        26  |   .0002738   .0011861     0.23   0.817    -.0020509    .0025986
                        27  |  -.0004395   .0017484    -0.25   0.802    -.0038663    .0029872
                        28  |   .0033469     .00183     1.83   0.067      -.00024    .0069338
                        29  |   .0013475   .0010818     1.25   0.213    -.0007729    .0034678
                        30  |   .0013099   .0019871     0.66   0.510    -.0025849    .0052046
                        31  |   .0060941   .0037223     1.64   0.102    -.0012015    .0133898
                        32  |   .0015546   .0012368     1.26   0.209    -.0008694    .0039787
                        33  |   .0022199   .0014047     1.58   0.114    -.0005333    .0049731
                        34  |   .0024357   .0040365     0.60   0.546    -.0054757    .0103472
                        35  |  -.0006383   .0012288    -0.52   0.603    -.0030467    .0017702
                        36  |  -.0018325   .0011474    -1.60   0.110    -.0040813    .0004163
                        37  |  -.0002215   .0023281    -0.10   0.924    -.0047845    .0043415
                        40  |   .0042718   .0012742     3.35   0.001     .0017745    .0067691
                        41  |   .0043401   .0019263     2.25   0.024     .0005646    .0081156
                        45  |   .0043189    .001152     3.75   0.000     .0020611    .0065768
                        50  |    .003544   .0018519     1.91   0.056    -.0000858    .0071737
                        51  |   .0019866   .0014119     1.41   0.159    -.0007808    .0047539
                        52  |     .00123   .0013392     0.92   0.358    -.0013948    .0038547
                        55  |   .0055806   .0021325     2.62   0.009      .001401    .0097602
                        60  |   .0028429   .0019311     1.47   0.141    -.0009421     .006628
                        61  |  -.0020583   .0016638    -1.24   0.216    -.0053193    .0012026
                        62  |  -.0020625   .0038002    -0.54   0.587    -.0095109    .0053858
                        63  |   .0063171   .0041231     1.53   0.125    -.0017641    .0143983
                        64  |  -.0015961   .0012623    -1.26   0.206    -.0040701     .000878
                        65  |   .0017771   .0011238     1.58   0.114    -.0004255    .0039797
                        66  |   .0064225    .002075     3.10   0.002     .0023555    .0104895
                        67  |    .003256   .0021256     1.53   0.126    -.0009101    .0074221
                        70  |   .0048734   .0020408     2.39   0.017     .0008735    .0088733
                        71  |   .0031245   .0038884     0.80   0.422    -.0044967    .0107457
                        72  |    .003322   .0010871     3.06   0.002     .0011912    .0054528
                        73  |   .0030875   .0012789     2.41   0.016     .0005809    .0055942
                        74  |   .0067009   .0014434     4.64   0.000     .0038717      .00953
                        75  |   .0084417   .0018523     4.56   0.000     .0048113    .0120721
                        80  |   .0020723   .0012632     1.64   0.101    -.0004035     .004548
                        85  |   .0042352   .0013348     3.17   0.002      .001619    .0068514
                        90  |   -.000626   .0011812    -0.53   0.596    -.0029411     .001689
                        91  |   .0014074   .0028942     0.49   0.627    -.0042651    .0070799
                        92  |   .0033013    .001409     2.34   0.019     .0005398    .0060629
                        93  |   .0022126   .0013939     1.59   0.112    -.0005195    .0049447
                            |
                      _cons |   .0097364   .0087784     1.11   0.267    -.0074692     .026942
---------------------------------------------------------------------------------------------

. 
. ereturn list r2_a
scalar e(r2_a)     =  .0150226245172732

. 
. tabulate D_Vaste_talous_kaikki P_D_Talous_kaikki_sakko_2 if Other_mukaan == 1

D_Vaste_ta | P_D_Talous_kaikki_sak
lous_kaikk |         ko_2
         i |         0          1 |     Total
-----------+----------------------+----------
         0 |   375,390     15,152 |   390,542 
         1 |       641         59 |       700 
-----------+----------------------+----------
     Total |   376,031     15,211 |   391,242 

. 
. tabulate D_Vaste_talous_kaikki P_D_Talous_kaikki_vankeus_2 if Other_mukaan == 1

D_Vaste_ta | P_D_Talous_kaikki_van
lous_kaikk |        keus_2
         i |         0          1 |     Total
-----------+----------------------+----------
         0 |   382,565      7,977 |   390,542 
         1 |       622         78 |       700 
-----------+----------------------+----------
     Total |   383,187      8,055 |   391,242 

. 
. test P_D_Talous_kaikki_vankeus_2 - P_D_Talous_kaikki_sakko_2 = 0

 ( 1)  - P_D_Talous_kaikki_sakko_2 + P_D_Talous_kaikki_vankeus_2 = 0

       F(  1, 75592) =    7.62
            Prob > F =    0.0058

. 
