
. import sas using "W:\Tutkimusprojektit\Kirjanpito\Dokumentaatio\JAR\Datat\statadata_fmob_firm_0_011025.sas7bdat", clear
(224 vars, 257,420 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 = 2403075.78
Iteration 2: Max Difference = 884042.313
Iteration 3: Max Difference = 325221.129
Iteration 4: Max Difference = 119642.304
Iteration 5: Max Difference = 44014.0812
Iteration 6: Max Difference = 16192.0127
Iteration 7: Max Difference = 5956.84538
Iteration 8: Max Difference = 2191.53714
Iteration 9: Max Difference = 806.355896
Iteration 10: Max Difference = 296.771081
Iteration 11: Max Difference = 109.289002
Iteration 12: Max Difference = 40.2593499
Iteration 13: Max Difference = 14.6514978
Iteration 14: Max Difference = 4.7776973
Iteration 15: Max Difference = 1.24089935
Iteration 16: Max Difference = .336892395
Iteration 17: Max Difference = .051546917
Iteration 18: Max Difference = .001877429
maximum difference smaller than the tolerance level; convergence achieved


Treated units: 15371   total of weights: 15371
Control units: 242049  total of weights: 15371


Before: without weighting

             |              Treat              |             Control             
             |      mean   variance   skewness |      mean   variance   skewness 
-------------+---------------------------------+--------------------------------
P_D_muu_~4_2 |     .7097       .206     -.9241 |     .2534      .1892      1.134 
P_BUSINESS~G |     .2641      .1943       1.07 |     .2423      .1836      1.203 
P_LN_EDULE~L |     .6623        .19      .1412 |     .7418       .234      .0696 
P_D_MARITA~S |     .4778      .2495      .0887 |     .3463      .2264      .6462 
P_LN_CUM_S~E |     .2407      .1159      .8751 |     .1284     .07412      1.767 
P_LN_TOTAL~2 |     10.22      .4737      .9401 |     10.34      .3523      .6548 
P_D_CUM_SU~E |     .1552      .1311      1.904 |    .05805     .05468       3.78 
P_D_CUM_AL~S |     .3065      .2126      .8395 |     .2164      .1696      1.377 
D_Muu_riko~4 |     .2999        .21      .8736 |     .1995      .1597      1.504 
        MALE |     .7859      .1683     -1.394 |     .8171      .1494     -1.641 
      LN_AGE |     3.528      .0355     -.5532 |     3.582     .02709     -.6089 
BUSINESS_S~G |     .2158      .1692      1.382 |     .2149      .1687      1.388 
 LN_EDULEVEL |     .8104      .2706    -.03689 |     .9878      .2567     -.3299 
D_MARITAL_~S |      .225      .1744      1.317 |     .1734      .1434      1.725 
LN_CUM_SUM~E |    .07312     .04781      2.745 |    .07065     .04614      2.798 
LN_TOTALIN~2 |     10.76      .7453      -.447 |     10.86      .6208     -.5668 
D_CUM_SUBS~E |    .01548     .01524      7.849 |    .01127     .01115      9.258 
D_CUM_ALL_~S |     .1004     .09031       2.66 |    .07883     .07262      3.126 
      D_FMOB |     .1102     .09807       2.49 |    .05697     .05372      3.823 
LN_NUM_POS~S |    .09648     .08478      3.574 |    .09842     .09271      3.734 
Mean_OMAVA~2 |     .3825     .07278      .3314 |     .4206     .07534      .1961 
Mean_LNTASE2 |     13.09      1.453      1.445 |     13.23      1.798      1.416 
   Mean_ROA2 |     .1157     .04196      .1199 |     .1247     .04535      .1564 
Mean_LN_Bo~e |     .5986      .3641      .5259 |     .7838      .3974      .1836 
Mean_Curre~2 |     2.259      5.071      2.266 |     2.538      5.884      2.025 
   1996.YEAR |  .0008457   .0008451      34.34 |  .0006404     .00064      39.48 
   1997.YEAR |   .002212    .002207      21.19 |   .001248    .001246      28.26 
   1998.YEAR |    .00579    .005757      13.03 |   .002111    .002107       21.7 
   1999.YEAR |   .007612    .007554      11.33 |   .003173    .003163      17.67 
   2000.YEAR |   .009694      .0096      10.01 |   .004681    .004659      14.51 
   2001.YEAR |    .01125     .01113      9.266 |   .006573     .00653      12.21 
   2002.YEAR |    .01386     .01367      8.317 |   .008783    .008706      10.53 
   2003.YEAR |    .01464     .01442      8.083 |    .01148     .01135      9.171 
   2004.YEAR |    .01828     .01795      7.192 |    .01398     .01379      8.278 
   2005.YEAR |    .02153     .02107      6.592 |     .0171     .01681      7.449 
   2006.YEAR |    .02492      .0243      6.096 |    .02103     .02059      6.676 
   2007.YEAR |    .03038     .02946      5.472 |    .02678     .02607      5.862 
   2008.YEAR |    .04047     .03883      4.664 |    .03389     .03274      5.152 
   2009.YEAR |    .04834       .046      4.212 |      .041     .03932       4.63 
   2010.YEAR |    .04847     .04612      4.205 |    .04573     .04364      4.349 
   2011.YEAR |    .05393     .05103       3.95 |    .05284     .05005      3.998 
   2012.YEAR |    .06031     .05667      3.694 |    .06059     .05692      3.684 
   2013.YEAR |    .06519     .06094      3.523 |    .06768      .0631      3.442 
   2014.YEAR |    .06916     .06438      3.396 |    .07481     .06921      3.232 
   2015.YEAR |    .07293     .06762      3.285 |     .0813     .07469      3.064 
   2016.YEAR |    .08087     .07433      3.075 |     .0898     .08174       2.87 
   2017.YEAR |    .08503     .07781      2.975 |    .09341     .08469      2.794 
   2018.YEAR |     .1015      .0912      2.639 |     .1117     .09919      2.466 
   2019.YEAR |     .1126     .09994      2.451 |     .1296      .1128      2.206 
2.Industry~3 |   .006961    .006913      11.86 |    .01361     .01342      8.396 
5.Industry~3 |  .0000651   .0000651        124 |  .0004049   .0004047      49.67 
10.Industr~3 |  .0009108     .00091      33.09 |   .002466     .00246      20.06 
13.Industr~3 |         0          0          . |  .0000909   .0000909      104.9 
14.Industr~3 |   .001171     .00117      29.17 |    .00157    .001567      25.18 
15.Industr~3 |   .006441      .0064      12.34 |    .01104     .01092      9.358 
17.Industr~3 |   .004034    .004018      15.65 |   .001396    .001394       26.7 
18.Industr~3 |   .001431    .001429      26.38 |  .0007313   .0007307      36.94 
19.Industr~3 |  .0002602   .0002602      61.97 |  .0003842   .0003841      50.99 
20.Industr~3 |   .008457    .008387      10.74 |   .007602    .007544      11.34 
21.Industr~3 |   .001236    .001235      28.39 |  .0009709   .0009699      32.05 
22.Industr~3 |    .01191     .01176          9 |    .01374     .01355      8.354 
23.Industr~3 |         0          0          . |  .0000992   .0000991      100.4 
24.Industr~3 |   .001691    .001689      24.25 |    .00219    .002185       21.3 
25.Industr~3 |   .004619    .004598      14.61 |   .003834    .003819      16.06 
26.Industr~3 |   .001431    .001429      26.38 |   .002855    .002847      18.64 
27.Industr~3 |  .0006506   .0006502      39.17 |  .0009172   .0009163      32.97 
28.Industr~3 |     .0311     .03013      5.403 |    .02335      .0228      6.313 
29.Industr~3 |    .01041      .0103      9.648 |    .01688      .0166        7.5 
30.Industr~3 |  .0005855   .0005852      41.29 |   .000219   .0002189      67.56 
31.Industr~3 |   .004099    .004082      15.52 |   .002752    .002744      18.99 
32.Industr~3 |  .0005205   .0005202       43.8 |   .001938    .001934      22.65 
33.Industr~3 |   .002212    .002207      21.19 |   .004144    .004127      15.44 
34.Industr~3 |   .002863    .002855      18.61 |    .00121    .001209      28.69 
35.Industr~3 |   .001301      .0013      27.67 |   .003413    .003401      17.03 
36.Industr~3 |   .005009    .004985      14.02 |   .005338    .005309      13.58 
37.Industr~3 |  .0000651   .0000651        124 |  .0005329   .0005327      43.28 
40.Industr~3 |    .00566    .005628      13.18 |    .01156     .01142      9.141 
41.Industr~3 |   .001366    .001364         27 |   .002764    .002756      18.94 
45.Industr~3 |     .1883      .1528      1.595 |      .152      .1289      1.939 
50.Industr~3 |    .05035     .04782      4.112 |    .03985     .03826      4.705 
51.Industr~3 |     .0836     .07662      3.009 |    .06534     .06107      3.518 
52.Industr~3 |    .07631     .07049      3.192 |    .07083     .06581      3.346 
55.Industr~3 |    .05536      .0523      3.889 |     .0411     .03941      4.623 
60.Industr~3 |    .05855     .05513       3.76 |    .04783     .04554      4.238 
61.Industr~3 |   .002472    .002466      20.04 |   .001169    .001168      29.19 
62.Industr~3 |  .0003253   .0003252      55.42 |  .0002933   .0002932      58.36 
63.Industr~3 |    .01906      .0187      7.034 |    .01713     .01684      7.443 
64.Industr~3 |   .007156    .007106      11.69 |   .004842    .004819      14.27 
65.Industr~3 |   .008523     .00845      10.69 |   .008829    .008751       10.5 
66.Industr~3 |         0          0          . |  .0000868   .0000868      107.3 
67.Industr~3 |   .008262    .008195      10.86 |   .008308    .008239      10.83 
70.Industr~3 |    .05634     .05317      3.848 |    .05582      .0527       3.87 
71.Industr~3 |   .007221     .00717      11.64 |   .005945     .00591      12.85 
72.Industr~3 |    .04756      .0453      4.252 |    .07591     .07014      3.203 
73.Industr~3 |   .001561    .001559      25.25 |   .003028    .003019      18.09 
74.Industr~3 |     .1239      .1085      2.284 |     .1526      .1293      1.932 
75.Industr~3 |  .0000651   .0000651        124 |  .0006486   .0006482      39.23 
80.Industr~3 |   .003643     .00363      16.48 |   .007726    .007666      11.24 
85.Industr~3 |    .03253     .03147       5.27 |    .04162     .03989       4.59 
90.Industr~3 |   .005725    .005693       13.1 |   .007461    .007406      11.45 
91.Industr~3 |         0          0          . |  .0001529   .0001528      80.86 
92.Industr~3 |     .0324     .03135      5.282 |    .03497     .03375      5.063 
93.Industr~3 |   .006311    .006271      12.47 |   .005032    .005007      13.99 


After:  _webal as the weighting variable

             |              Treat              |             Control             
             |      mean   variance   skewness |      mean   variance   skewness 
-------------+---------------------------------+--------------------------------
P_D_muu_~4_2 |     .7097       .206     -.9241 |     .7097       .206      -.924 
P_BUSINESS~G |     .2641      .1943       1.07 |     .2641      .1943       1.07 
P_LN_EDULE~L |     .6623        .19      .1412 |     .6623        .19      .1413 
P_D_MARITA~S |     .4778      .2495      .0887 |     .4778      .2495     .08869 
P_LN_CUM_S~E |     .2407      .1159      .8751 |     .2407      .1159      .8752 
P_LN_TOTAL~2 |     10.22      .4737      .9401 |     10.22      .4737      .9407 
P_D_CUM_SU~E |     .1552      .1311      1.904 |     .1552      .1311      1.904 
P_D_CUM_AL~S |     .3065      .2126      .8395 |     .3065      .2126      .8394 
D_Muu_riko~4 |     .2999        .21      .8736 |     .2999      .2099      .8736 
        MALE |     .7859      .1683     -1.394 |     .7859      .1683     -1.394 
      LN_AGE |     3.528      .0355     -.5532 |     3.528      .0355     -.5525 
BUSINESS_S~G |     .2158      .1692      1.382 |     .2158      .1692      1.382 
 LN_EDULEVEL |     .8104      .2706    -.03689 |     .8104      .2706    -.03683 
D_MARITAL_~S |      .225      .1744      1.317 |      .225      .1744      1.317 
LN_CUM_SUM~E |    .07312     .04781      2.745 |    .07312     .04781      2.745 
LN_TOTALIN~2 |     10.76      .7453      -.447 |     10.76      .7453     -.4465 
D_CUM_SUBS~E |    .01548     .01524      7.849 |    .01548     .01524      7.848 
D_CUM_ALL_~S |     .1004     .09031       2.66 |     .1004     .09031      2.659 
      D_FMOB |     .1102     .09807       2.49 |     .1102     .09807      2.489 
LN_NUM_POS~S |    .09648     .08478      3.574 |    .09648     .08478      3.574 
Mean_OMAVA~2 |     .3825     .07278      .3314 |     .3825     .07278      .3314 
Mean_LNTASE2 |     13.09      1.453      1.445 |     13.09      1.454      1.446 
   Mean_ROA2 |     .1157     .04196      .1199 |     .1157     .04196        .12 
Mean_LN_Bo~e |     .5986      .3641      .5259 |     .5986      .3641      .5259 
Mean_Curre~2 |     2.259      5.071      2.266 |     2.259      5.071      2.266 
   1996.YEAR |  .0008457   .0008451      34.34 |  .0008458   .0008451      34.34 
   1997.YEAR |   .002212    .002207      21.19 |   .002212    .002207      21.19 
   1998.YEAR |    .00579    .005757      13.03 |    .00579    .005757      13.03 
   1999.YEAR |   .007612    .007554      11.33 |   .007612    .007554      11.33 
   2000.YEAR |   .009694      .0096      10.01 |   .009694      .0096      10.01 
   2001.YEAR |    .01125     .01113      9.266 |    .01126     .01113      9.266 
   2002.YEAR |    .01386     .01367      8.317 |    .01386     .01367      8.317 
   2003.YEAR |    .01464     .01442      8.083 |    .01464     .01442      8.083 
   2004.YEAR |    .01828     .01795      7.192 |    .01828     .01795      7.192 
   2005.YEAR |    .02153     .02107      6.592 |    .02153     .02107      6.592 
   2006.YEAR |    .02492      .0243      6.096 |    .02492      .0243      6.096 
   2007.YEAR |    .03038     .02946      5.472 |    .03038     .02946      5.472 
   2008.YEAR |    .04047     .03883      4.664 |    .04047     .03883      4.664 
   2009.YEAR |    .04834       .046      4.212 |    .04834       .046      4.212 
   2010.YEAR |    .04847     .04612      4.205 |    .04847     .04612      4.205 
   2011.YEAR |    .05393     .05103       3.95 |    .05393     .05103      3.949 
   2012.YEAR |    .06031     .05667      3.694 |    .06031     .05667      3.694 
   2013.YEAR |    .06519     .06094      3.523 |    .06519     .06094      3.523 
   2014.YEAR |    .06916     .06438      3.396 |    .06916     .06438      3.396 
   2015.YEAR |    .07293     .06762      3.285 |    .07293     .06761      3.285 
   2016.YEAR |    .08087     .07433      3.075 |    .08087     .07433      3.075 
   2017.YEAR |    .08503     .07781      2.975 |    .08503      .0778      2.975 
   2018.YEAR |     .1015      .0912      2.639 |     .1015      .0912      2.639 
   2019.YEAR |     .1126     .09994      2.451 |     .1126     .09994      2.451 
2.Industry~3 |   .006961    .006913      11.86 |   .006961    .006913      11.86 
5.Industry~3 |  .0000651   .0000651        124 |  .0000651   .0000651      123.9 
10.Industr~3 |  .0009108     .00091      33.09 |  .0009108     .00091      33.09 
13.Industr~3 |         0          0          . |  9.85e-07   9.85e-07       1007 
14.Industr~3 |   .001171     .00117      29.17 |   .001171     .00117      29.17 
15.Industr~3 |   .006441      .0064      12.34 |   .006441    .006399      12.34 
17.Industr~3 |   .004034    .004018      15.65 |   .004034    .004017      15.65 
18.Industr~3 |   .001431    .001429      26.38 |   .001431    .001429      26.38 
19.Industr~3 |  .0002602   .0002602      61.97 |  .0002602   .0002602      61.96 
20.Industr~3 |   .008457    .008387      10.74 |   .008458    .008386      10.74 
21.Industr~3 |   .001236    .001235      28.39 |   .001236    .001235      28.39 
22.Industr~3 |    .01191     .01176          9 |    .01191     .01176          9 
23.Industr~3 |         0          0          . |  1.13e-06   1.13e-06      939.4 
24.Industr~3 |   .001691    .001689      24.25 |   .001692    .001689      24.25 
25.Industr~3 |   .004619    .004598      14.61 |   .004619    .004598      14.61 
26.Industr~3 |   .001431    .001429      26.38 |   .001431    .001429      26.38 
27.Industr~3 |  .0006506   .0006502      39.17 |  .0006506   .0006502      39.17 
28.Industr~3 |     .0311     .03013      5.403 |     .0311     .03013      5.403 
29.Industr~3 |    .01041      .0103      9.648 |    .01041      .0103      9.648 
30.Industr~3 |  .0005855   .0005852      41.29 |  .0005855   .0005852      41.29 
31.Industr~3 |   .004099    .004082      15.52 |   .004099    .004082      15.52 
32.Industr~3 |  .0005205   .0005202       43.8 |  .0005205   .0005202       43.8 
33.Industr~3 |   .002212    .002207      21.19 |   .002212    .002207      21.19 
34.Industr~3 |   .002863    .002855      18.61 |   .002863    .002854      18.61 
35.Industr~3 |   .001301      .0013      27.67 |   .001301      .0013      27.67 
36.Industr~3 |   .005009    .004985      14.02 |    .00501    .004985      14.02 
37.Industr~3 |  .0000651   .0000651        124 |  .0000652   .0000652      123.9 
40.Industr~3 |    .00566    .005628      13.18 |    .00566    .005628      13.18 
41.Industr~3 |   .001366    .001364         27 |   .001366    .001364         27 
45.Industr~3 |     .1883      .1528      1.595 |     .1883      .1528      1.595 
50.Industr~3 |    .05035     .04782      4.112 |    .05036     .04782      4.112 
51.Industr~3 |     .0836     .07662      3.009 |     .0836     .07661      3.009 
52.Industr~3 |    .07631     .07049      3.192 |    .07631     .07049      3.192 
55.Industr~3 |    .05536      .0523      3.889 |    .05537      .0523      3.888 
60.Industr~3 |    .05855     .05513       3.76 |    .05855     .05513       3.76 
61.Industr~3 |   .002472    .002466      20.04 |   .002472    .002466      20.04 
62.Industr~3 |  .0003253   .0003252      55.42 |  .0003253   .0003252      55.42 
63.Industr~3 |    .01906      .0187      7.034 |    .01906      .0187      7.034 
64.Industr~3 |   .007156    .007106      11.69 |   .007157    .007105      11.69 
65.Industr~3 |   .008523     .00845      10.69 |   .008523     .00845      10.69 
66.Industr~3 |         0          0          . |  9.34e-07   9.34e-07       1035 
67.Industr~3 |   .008262    .008195      10.86 |   .008263    .008194      10.86 
70.Industr~3 |    .05634     .05317      3.848 |    .05634     .05317      3.848 
71.Industr~3 |   .007221     .00717      11.64 |   .007222     .00717      11.64 
72.Industr~3 |    .04756      .0453      4.252 |    .04756      .0453      4.252 
73.Industr~3 |   .001561    .001559      25.25 |   .001561    .001559      25.25 
74.Industr~3 |     .1239      .1085      2.284 |     .1239      .1085      2.283 
75.Industr~3 |  .0000651   .0000651        124 |  .0000652   .0000652      123.8 
80.Industr~3 |   .003643     .00363      16.48 |   .003643     .00363      16.48 
85.Industr~3 |    .03253     .03147       5.27 |    .03253     .03147       5.27 
90.Industr~3 |   .005725    .005693       13.1 |   .005725    .005693       13.1 
91.Industr~3 |         0          0          . |  1.58e-06   1.58e-06      796.5 
92.Industr~3 |     .0324     .03135      5.282 |     .0324     .03135      5.282 
93.Industr~3 |   .006311    .006271      12.47 |   .006311    .006271      12.47 

. 
. reg D_Vaste_talous_kaikki P_D_talous_kaikki_2 P_D_muu_rikos_4_2 P_BUSINESS_SOCIALDEG P_LN_EDULEVEL P_D_MARITAL_STATUS P_LN_CUM_SUM_DIVORCE P_LN_TOTALINCOME2 P_D_CUM_SUBSTANCE P_D_CUM_ALL_BUT_SUBS D_Muu_rikos_4 MALE LN_AGE BUSINESS_SOCIALDEG LN_EDULEV
> EL D_MARITAL_STATUS LN_CUM_SUM_DIVORCE LN_TOTALINCOME2 D_CUM_SUBSTANCE D_CUM_ALL_BUT_SUBS D_FMOB LN_NUM_POSITIONS Mean_OMAVARAISUUS2 Mean_LNTASE2 Mean_ROA2 Mean_LN_Boardsize Mean_Current_Ratio2 i.MAAKUNTA i.YEAR i.Industry_2002_3 [aweight=_webal], cl
> uster(ID)
(sum of wgt is 30,742)

Linear regression                               Number of obs     =    257,420
                                                F(121, 56768)     =       2.83
                                                Prob > F          =     0.0000
                                                R-squared         =     0.0289
                                                Root MSE          =      .0952

                                        (Std. err. adjusted for 56,769 clusters in ID)
--------------------------------------------------------------------------------------
                     |               Robust
D_Vaste_talous_kai~i | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
---------------------+----------------------------------------------------------------
 P_D_talous_kaikki_2 |   .0047717    .001269     3.76   0.000     .0022844    .0072589
   P_D_muu_rikos_4_2 |  -.0001912    .001307    -0.15   0.884     -.002753    .0023705
P_BUSINESS_SOCIALDEG |   .0031625   .0017208     1.84   0.066    -.0002103    .0065352
       P_LN_EDULEVEL |  -.0028664   .0015759    -1.82   0.069    -.0059551    .0002223
  P_D_MARITAL_STATUS |   .0014915   .0015796     0.94   0.345    -.0016046    .0045876
P_LN_CUM_SUM_DIVORCE |  -.0001476   .0023798    -0.06   0.951     -.004812    .0045168
   P_LN_TOTALINCOME2 |   .0010793   .0013353     0.81   0.419    -.0015379    .0036964
   P_D_CUM_SUBSTANCE |  -.0006775   .0018228    -0.37   0.710    -.0042502    .0028952
P_D_CUM_ALL_BUT_SUBS |   .0003902   .0014442     0.27   0.787    -.0024404    .0032207
       D_Muu_rikos_4 |   .0113212   .0018509     6.12   0.000     .0076935    .0149489
                MALE |   .0025559   .0013631     1.88   0.061    -.0001158    .0052276
              LN_AGE |   -.006143   .0051671    -1.19   0.235    -.0162706    .0039846
  BUSINESS_SOCIALDEG |   .0036806   .0015938     2.31   0.021     .0005568    .0068043
         LN_EDULEVEL |  -.0060346   .0015718    -3.84   0.000    -.0091154   -.0029539
    D_MARITAL_STATUS |   .0036848   .0018729     1.97   0.049     .0000139    .0073557
  LN_CUM_SUM_DIVORCE |   .0027286   .0027926     0.98   0.329    -.0027449    .0082022
     LN_TOTALINCOME2 |  -.0053435   .0012564    -4.25   0.000     -.007806    -.002881
     D_CUM_SUBSTANCE |   .0103871   .0076235     1.36   0.173    -.0045549    .0253291
  D_CUM_ALL_BUT_SUBS |   .0035631   .0024848     1.43   0.152     -.001307    .0084333
              D_FMOB |   .0020414   .0027423     0.74   0.457    -.0033336    .0074164
    LN_NUM_POSITIONS |   .0049572   .0020472     2.42   0.015     .0009446    .0089698
  Mean_OMAVARAISUUS2 |  -.0135368   .0028406    -4.77   0.000    -.0191044   -.0079693
        Mean_LNTASE2 |    .002142   .0005332     4.02   0.000     .0010969    .0031871
           Mean_ROA2 |  -.0035255   .0027185    -1.30   0.195    -.0088538    .0018028
   Mean_LN_Boardsize |  -.0069911   .0010275    -6.80   0.000     -.009005   -.0049773
 Mean_Current_Ratio2 |   .0005326   .0002967     1.80   0.073     -.000049    .0011142
                     |
            MAAKUNTA |
                  2  |   .0051321   .0026616     1.93   0.054    -.0000846    .0103488
                  4  |   .0031918   .0034411     0.93   0.354    -.0035528    .0099363
                  5  |  -.0030746   .0037745    -0.81   0.415    -.0104727    .0043235
                  6  |   .0019592   .0021345     0.92   0.359    -.0022245    .0061429
                  7  |  -.0015853   .0027338    -0.58   0.562    -.0069436     .003773
                  8  |   .0039311    .004875     0.81   0.420    -.0056238    .0134861
                  9  |  -.0021202   .0025562    -0.83   0.407    -.0071304    .0028901
                 10  |   .0006878   .0058146     0.12   0.906    -.0107089    .0120845
                 11  |   .0062014   .0037886     1.64   0.102    -.0012243     .013627
                 12  |   -.000881   .0035818    -0.25   0.806    -.0079013    .0061394
                 13  |   .0025616   .0031499     0.81   0.416    -.0036122    .0087354
                 14  |   .0064619   .0054856     1.18   0.239    -.0042899    .0172136
                 15  |  -.0041145    .002363    -1.74   0.082     -.008746     .000517
                 16  |   .0110799   .0105808     1.05   0.295    -.0096585    .0318182
                 17  |   .0023294   .0023413     0.99   0.320    -.0022596    .0069184
                 18  |   .0006735    .006159     0.11   0.913    -.0113982    .0127451
                 19  |   .0035374    .004754     0.74   0.457    -.0057805    .0128552
                     |
                YEAR |
               1996  |   .0431074   .0367299     1.17   0.241    -.0288835    .1150983
               1997  |    .017413   .0127336     1.37   0.171    -.0075448    .0423708
               1998  |   .0659276   .0167258     3.94   0.000     .0331448    .0987103
               1999  |   .0489352   .0137785     3.55   0.000     .0219293    .0759412
               2000  |   .0169272   .0052082     3.25   0.001     .0067191    .0271353
               2001  |   .0260667   .0070744     3.68   0.000     .0122009    .0399325
               2002  |   .0293906   .0071629     4.10   0.000     .0153513      .04343
               2003  |   .0227103   .0056438     4.02   0.000     .0116484    .0337723
               2004  |   .0313522   .0062454     5.02   0.000     .0191112    .0435932
               2005  |   .0376453   .0067146     5.61   0.000     .0244848    .0508059
               2006  |   .0335476   .0062594     5.36   0.000     .0212792    .0458159
               2007  |   .0316724   .0052894     5.99   0.000     .0213051    .0420397
               2008  |   .0355384   .0052753     6.74   0.000     .0251989     .045878
               2009  |   .0386434   .0054268     7.12   0.000     .0280068      .04928
               2010  |   .0231409   .0045861     5.05   0.000     .0141521    .0321297
               2011  |   .0235266    .004638     5.07   0.000     .0144361     .032617
               2012  |   .0228553   .0046884     4.87   0.000     .0136659    .0320446
               2013  |    .018411    .004102     4.49   0.000     .0103711     .026451
               2014  |   .0167705   .0039897     4.20   0.000     .0089506    .0245903
               2015  |   .0139793    .004036     3.46   0.001     .0060686      .02189
               2016  |   .0142907   .0040545     3.52   0.000     .0063438    .0222375
               2017  |   .0120967   .0039895     3.03   0.002     .0042773    .0199161
               2018  |   .0130211   .0040742     3.20   0.001     .0050357    .0210065
               2019  |   .0133794   .0041257     3.24   0.001      .005293    .0214658
                     |
     Industry_2002_3 |
                  2  |   .0008144   .0033738     0.24   0.809    -.0057982    .0074271
                  5  |  -.0290099   .0193199    -1.50   0.133     -.066877    .0088571
                 10  |  -.0063784   .0038276    -1.67   0.096    -.0138805    .0011237
                 13  |   .0136857   .0054398     2.52   0.012     .0030236    .0243479
                 14  |    .004091   .0040271     1.02   0.310    -.0038023    .0119842
                 15  |    .013494   .0115705     1.17   0.244    -.0091841    .0361722
                 17  |   .0045167   .0036367     1.24   0.214    -.0026113    .0116447
                 18  |   .0052291   .0038994     1.34   0.180    -.0024138     .012872
                 19  |  -.0110647   .0064377    -1.72   0.086    -.0236827    .0015533
                 20  |   .0026522    .008239     0.32   0.748    -.0134962    .0188006
                 21  |  -.0015487   .0036727    -0.42   0.673    -.0087471    .0056497
                 22  |   .0108622   .0051802     2.10   0.036     .0007089    .0210155
                 23  |   .0120253   .0071419     1.68   0.092    -.0019728    .0260234
                 24  |   .0019088   .0048669     0.39   0.695    -.0076304    .0114481
                 25  |   .0167573   .0094225     1.78   0.075    -.0017109    .0352255
                 26  |  -.0062067    .004803    -1.29   0.196    -.0156206    .0032072
                 27  |   .0041314   .0038534     1.07   0.284    -.0034214    .0116842
                 28  |   .0087733   .0043162     2.03   0.042     .0003136     .017233
                 29  |   .0001138   .0031439     0.04   0.971    -.0060483    .0062759
                 30  |   .0053489   .0040843     1.31   0.190    -.0026563     .013354
                 31  |   .0143404    .008636     1.66   0.097    -.0025861     .031267
                 32  |   .0012619   .0048802     0.26   0.796    -.0083033    .0108271
                 33  |   .0086613   .0033801     2.56   0.010     .0020364    .0152863
                 34  |   .0061788   .0117498     0.53   0.599    -.0168508    .0292084
                 35  |   .0004108   .0040723     0.10   0.920     -.007571    .0083925
                 36  |  -.0047009   .0036594    -1.28   0.199    -.0118733    .0024716
                 37  |  -.0173035   .0116669    -1.48   0.138    -.0401706    .0055636
                 40  |   .0147924   .0064055     2.31   0.021     .0022375    .0273472
                 41  |   .0083399   .0048044     1.74   0.083    -.0010767    .0177565
                 45  |   .0122636   .0031406     3.90   0.000     .0061081    .0184192
                 50  |   .0065071   .0042736     1.52   0.128    -.0018692    .0148835
                 51  |   .0066017   .0033863     1.95   0.051    -.0000354    .0132389
                 52  |   .0034948   .0033203     1.05   0.293     -.003013    .0100026
                 55  |   .0087899   .0036389     2.42   0.016     .0016576    .0159221
                 60  |   .0032527   .0037479     0.87   0.385    -.0040932    .0105986
                 61  |  -.0008623   .0040424    -0.21   0.831    -.0087855    .0070608
                 62  |  -.0167163   .0068154    -2.45   0.014    -.0300745    -.003358
                 63  |   .0109614    .006973     1.57   0.116    -.0027058    .0246286
                 64  |   .0007242   .0036036     0.20   0.841    -.0063389    .0077872
                 65  |   .0053379   .0039118     1.36   0.172    -.0023293    .0130051
                 66  |   .0177828    .004696     3.79   0.000     .0085786    .0269871
                 67  |   .0101154   .0042444     2.38   0.017     .0017963    .0184345
                 70  |   .0086436   .0038822     2.23   0.026     .0010344    .0162528
                 71  |    .011763   .0085803     1.37   0.170    -.0050545    .0285805
                 72  |   .0109336   .0031203     3.50   0.000     .0048177    .0170495
                 73  |   .0334759   .0201704     1.66   0.097    -.0060581      .07301
                 74  |   .0174191   .0036735     4.74   0.000      .010219    .0246192
                 75  |   .0217042   .0059385     3.65   0.000     .0100647    .0333437
                 80  |   .0073011   .0035327     2.07   0.039     .0003769    .0142252
                 85  |   .0107537   .0030607     3.51   0.000     .0047548    .0167526
                 90  |  -.0021097   .0031309    -0.67   0.500    -.0082462    .0040268
                 91  |   .0082092   .0061854     1.33   0.184    -.0039141    .0203326
                 92  |   .0096711   .0038165     2.53   0.011     .0021907    .0171514
                 93  |    .007277   .0033835     2.15   0.032     .0006453    .0139088
                     |
               _cons |   .0212492   .0215568     0.99   0.324    -.0210022    .0635006
--------------------------------------------------------------------------------------

. 
. ereturn list r2_a
scalar e(r2_a)     =  .0284856306714141

. 
. tabulate D_Vaste_talous_kaikki P_D_talous_kaikki_2

D_Vaste_ta |
lous_kaikk |  P_D_talous_kaikki_2
         i |         0          1 |     Total
-----------+----------------------+----------
         0 |   241,214     15,190 |   256,404 
         1 |       835        181 |     1,016 
-----------+----------------------+----------
     Total |   242,049     15,371 |   257,420 

. 
. 
. 
. 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 Mean_Mean_D_talous_kaikki Mean_Mean_D_muu_rikos_4 Mean_CEO_Duality 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_Mu
> u_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.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: Mean_Mean_D_talous_kaikki Mean_Mean_D_muu_rikos_4 Mean_CEO_Duality 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 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.Indus
> try_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_20
> 02_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 66.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 91.Industry_2002_3 92.Industry_2002_3 93.Industry_2002_3 (
> 1st order). Mean_Mean_D_talous_kaikki Mean_Mean_D_muu_rikos_4 Mean_CEO_Duality 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 199
> 8.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.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_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 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.Ind
> ustry_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 (2nd order). Mean_Mean_D_talous_kaikki Mean_Mean_D_muu_rikos_4 Mean_CEO_Duality P_D_m
> uu_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_TOTALINCO
> ME2 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 2004.YEAR 2005.YEAR 2006.YE
> AR 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_2002_3 15.Industry_2002_3 17.Industry_2002_3 18.In
> dustry_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.Indus
> try_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_20
> 02_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 = 7419.22377
Iteration 8: Max Difference = 2727.61351
Iteration 9: Max Difference = 1001.67177
Iteration 10: Max Difference = 366.747377
Iteration 11: Max Difference = 133.209424
Iteration 12: Max Difference = 47.3934524
Iteration 13: Max Difference = 16.0569189
Iteration 14: Max Difference = 4.96039695
Iteration 15: Max Difference = 1.3539056
Iteration 16: Max Difference = .415069963
Iteration 17: Max Difference = .08747512
Iteration 18: Max Difference = .007028381
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 
-------------+---------------------------------+--------------------------------
Mean_Mean_~i |    .03043     .02119      5.535 |    .01815     .01132      7.356 
Mean_Mean_~4 |     .1522     .09086      1.943 |     .1526     .08566      1.951 
Mean_CEO_D~y |     .3172      .2039      .7881 |     .3094      .2032      .8273 
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 
-------------+---------------------------------+--------------------------------
Mean_Mean_~i |    .03043     .02119      5.535 |    .03043     .02119      5.535 
Mean_Mean_~4 |     .1522     .09086      1.943 |     .1522     .09086      1.943 
Mean_CEO_D~y |     .3172      .2039      .7881 |     .3172      .2039      .7881 
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          . |  1.11e-06   1.11e-06      948.8 
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      950.5 
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          . |  8.36e-07   8.36e-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      796.8 
92.Industr~3 |    .02685     .02613      5.854 |    .02685     .02613      5.854 
93.Industr~3 |   .005439     .00541      13.45 |   .005439     .00541      13.45 

. 
. reg D_Vaste_talous_kaikki P_D_talous_kaikki_2 Mean_Mean_D_talous_kaikki Mean_Mean_D_muu_rikos_4 Mean_CEO_Duality 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_Curr
> ent_Ratio2 i.MAAKUNTA i.YEAR i.Industry_2002_3 [aweight=_webal], cluster(ID)
(sum of wgt is 46,700)

Linear regression                               Number of obs     =    391,722
                                                F(124, 75923)     =       3.47
                                                Prob > F          =     0.0000
                                                R-squared         =     0.0220
                                                Root MSE          =     .08337

                                             (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_2 |   .0045702   .0008976     5.09   0.000      .002811    .0063294
Mean_Mean_D_talous_kaikki |   .0113361   .0047019     2.41   0.016     .0021204    .0205519
  Mean_Mean_D_muu_rikos_4 |    .001051   .0014419     0.73   0.466    -.0017751     .003877
         Mean_CEO_Duality |   .0027754   .0010663     2.60   0.009     .0006855    .0048653
        P_D_muu_rikos_4_2 |   .0006482    .000872     0.74   0.457    -.0010609    .0023574
     P_BUSINESS_SOCIALDEG |   .0016782   .0011128     1.51   0.132    -.0005029    .0038592
            P_LN_EDULEVEL |  -.0017247   .0011031    -1.56   0.118    -.0038867    .0004373
       P_D_MARITAL_STATUS |   .0010386   .0011726     0.89   0.376    -.0012596    .0033368
     P_LN_CUM_SUM_DIVORCE |  -.0000302   .0017657    -0.02   0.986     -.003491    .0034307
        P_LN_TOTALINCOME2 |  -.0002071   .0007777    -0.27   0.790    -.0017313    .0013172
        P_D_CUM_SUBSTANCE |  -.0004477   .0014524    -0.31   0.758    -.0032944     .002399
     P_D_CUM_ALL_BUT_SUBS |  -.0003644   .0010338    -0.35   0.724    -.0023906    .0016618
            D_Muu_rikos_4 |   .0100539   .0014665     6.86   0.000     .0071796    .0129282
                     MALE |   .0017361   .0008477     2.05   0.041     .0000746    .0033976
                   LN_AGE |  -.0060763   .0034112    -1.78   0.075    -.0127623    .0006097
       BUSINESS_SOCIALDEG |   .0022861   .0011139     2.05   0.040     .0001028    .0044693
              LN_EDULEVEL |  -.0038185   .0010795    -3.54   0.000    -.0059344   -.0017026
         D_MARITAL_STATUS |    .002124   .0012651     1.68   0.093    -.0003556    .0046037
       LN_CUM_SUM_DIVORCE |   .0029278    .002274     1.29   0.198    -.0015293    .0073849
          LN_TOTALINCOME2 |  -.0028216   .0007914    -3.57   0.000    -.0043728   -.0012705
          D_CUM_SUBSTANCE |   .0095821   .0059477     1.61   0.107    -.0020755    .0212396
       D_CUM_ALL_BUT_SUBS |   .0017512   .0015064     1.16   0.245    -.0012012    .0047037
                   D_FMOB |  -.0026069   .0011729    -2.22   0.026    -.0049057   -.0003081
         LN_NUM_POSITIONS |    .003231   .0013064     2.47   0.013     .0006703    .0057916
       Mean_OMAVARAISUUS2 |  -.0105459   .0019572    -5.39   0.000    -.0143821   -.0067098
             Mean_LNTASE2 |   .0013045   .0003361     3.88   0.000     .0006458    .0019633
                Mean_ROA2 |  -.0045001    .002262    -1.99   0.047    -.0089336   -.0000666
        Mean_LN_Boardsize |  -.0059459   .0008587    -6.92   0.000    -.0076289   -.0042629
      Mean_Current_Ratio2 |   .0004338   .0001712     2.53   0.011     .0000984    .0007693
                          |
                 MAAKUNTA |
                       2  |   .0031742   .0018568     1.71   0.087    -.0004651    .0068135
                       4  |   .0017534   .0022725     0.77   0.440    -.0027007    .0062074
                       5  |  -.0015948    .002577    -0.62   0.536    -.0066458    .0034562
                       6  |    .000508   .0015146     0.34   0.737    -.0024606    .0034766
                       7  |  -.0012857   .0019676    -0.65   0.514    -.0051422    .0025709
                       8  |   .0012251   .0032586     0.38   0.707    -.0051617     .007612
                       9  |  -.0031059   .0017929    -1.73   0.083      -.00662    .0004083
                      10  |   .0016045   .0039944     0.40   0.688    -.0062244    .0094335
                      11  |     .00346    .002888     1.20   0.231    -.0022004    .0091204
                      12  |  -.0005176    .002351    -0.22   0.826    -.0051256    .0040903
                      13  |   .0007379   .0021372     0.35   0.730     -.003451    .0049268
                      14  |   .0024314   .0028437     0.86   0.393    -.0031422     .008005
                      15  |  -.0001579   .0022931    -0.07   0.945    -.0046523    .0043366
                      16  |    .006085   .0060253     1.01   0.313    -.0057245    .0178945
                      17  |   .0022152    .001696     1.31   0.192     -.001109    .0055394
                      18  |  -.0017202    .003588    -0.48   0.632    -.0087528    .0053123
                      19  |   .0008853    .003243     0.27   0.785     -.005471    .0072416
                          |
                     YEAR |
                    1996  |   .0168552   .0122257     1.38   0.168    -.0071071    .0408175
                    1997  |   .0139088   .0082595     1.68   0.092    -.0022799    .0300975
                    1998  |    .040276   .0102476     3.93   0.000     .0201909    .0603612
                    1999  |   .0341521   .0086962     3.93   0.000     .0171076    .0511967
                    2000  |   .0123238   .0037931     3.25   0.001     .0048894    .0197582
                    2001  |   .0162059   .0041813     3.88   0.000     .0080107    .0244011
                    2002  |   .0175699   .0040815     4.30   0.000     .0095701    .0255697
                    2003  |   .0168222   .0038062     4.42   0.000      .009362    .0242824
                    2004  |   .0191364   .0037575     5.09   0.000     .0117718    .0265011
                    2005  |    .022208   .0038917     5.71   0.000     .0145803    .0298358
                    2006  |   .0220406   .0038919     5.66   0.000     .0144126    .0296687
                    2007  |   .0212619   .0036832     5.77   0.000     .0140428     .028481
                    2008  |    .023593   .0034545     6.83   0.000     .0168221    .0303639
                    2009  |   .0250356   .0035325     7.09   0.000     .0181119    .0319592
                    2010  |   .0142707   .0029016     4.92   0.000     .0085837    .0199577
                    2011  |   .0143192   .0027998     5.11   0.000     .0088316    .0198069
                    2012  |   .0144708   .0028059     5.16   0.000     .0089712    .0199703
                    2013  |   .0112119   .0024158     4.64   0.000      .006477    .0159469
                    2014  |   .0096024   .0023736     4.05   0.000     .0049501    .0142547
                    2015  |   .0077117   .0023617     3.27   0.001     .0030827    .0123407
                    2016  |   .0073845   .0023465     3.15   0.002     .0027855    .0119836
                    2017  |   .0059302   .0022918     2.59   0.010     .0014384     .010422
                    2018  |   .0064643   .0023434     2.76   0.006     .0018712    .0110574
                    2019  |   .0067526   .0023643     2.86   0.004     .0021187    .0113865
                          |
          Industry_2002_3 |
                       2  |   .0006135   .0022129     0.28   0.782    -.0037237    .0049508
                       5  |   .0011102   .0042204     0.26   0.793    -.0071618    .0093821
                      10  |  -.0020069   .0025988    -0.77   0.440    -.0071007    .0030868
                      13  |   .0058151   .0033016     1.76   0.078    -.0006561    .0122863
                      14  |   .0014966   .0019809     0.76   0.450     -.002386    .0053793
                      15  |   .0067852   .0044629     1.52   0.128    -.0019621    .0155325
                      17  |   .0026816   .0021389     1.25   0.210    -.0015106    .0068739
                      18  |  -.0001154    .002826    -0.04   0.967    -.0056543    .0054235
                      19  |  -.0020957   .0038789    -0.54   0.589    -.0096982    .0055069
                      20  |  -.0026971   .0019227    -1.40   0.161    -.0064656    .0010714
                      21  |   .0106472   .0074754     1.42   0.154    -.0040046     .025299
                      22  |   .0069095   .0029472     2.34   0.019      .001133    .0126861
                      23  |   .0089966    .004389     2.05   0.040     .0003942    .0175991
                      24  |   .0059566   .0027628     2.16   0.031     .0005416    .0113717
                      25  |   .0094165   .0041476     2.27   0.023     .0012873    .0175457
                      26  |   .0016776    .001947     0.86   0.389    -.0021385    .0054938
                      27  |   .0006551   .0030115     0.22   0.828    -.0052474    .0065577
                      28  |   .0074105   .0027658     2.68   0.007     .0019896    .0128314
                      29  |    .004769   .0020955     2.28   0.023     .0006619    .0088761
                      30  |   .0005295   .0041006     0.13   0.897    -.0075075    .0085666
                      31  |   .0155893   .0079339     1.96   0.049     .0000389    .0311396
                      32  |   .0053055   .0028926     1.83   0.067    -.0003639     .010975
                      33  |   .0048778   .0023608     2.07   0.039     .0002507    .0095049
                      34  |   .0036444   .0047034     0.77   0.438    -.0055743    .0128631
                      35  |   .0003929    .002529     0.16   0.877    -.0045638    .0053497
                      36  |  -.0016355   .0019954    -0.82   0.412    -.0055464    .0022754
                      37  |   .0009664   .0033914     0.28   0.776    -.0056807    .0076135
                      40  |   .0138045   .0057441     2.40   0.016     .0025462    .0250628
                      41  |   .0071906   .0030764     2.34   0.019     .0011609    .0132202
                      45  |   .0095761   .0018954     5.05   0.000     .0058611     .013291
                      50  |   .0064485    .002752     2.34   0.019     .0010547    .0118424
                      51  |   .0056066   .0021429     2.62   0.009     .0014065    .0098068
                      52  |   .0036788   .0020657     1.78   0.075      -.00037    .0077276
                      55  |   .0085196   .0026599     3.20   0.001     .0033062     .013733
                      60  |    .005534   .0025857     2.14   0.032     .0004661    .0106018
                      61  |  -.0016126   .0025574    -0.63   0.528    -.0066251    .0033999
                      62  |   .0000478   .0061884     0.01   0.994    -.0120814    .0121769
                      63  |   .0090812   .0045099     2.01   0.044     .0002418    .0179205
                      64  |  -.0002012   .0023105    -0.09   0.931    -.0047297    .0043274
                      65  |   .0069499   .0028366     2.45   0.014     .0013901    .0125097
                      66  |   .0124553    .003244     3.84   0.000      .006097    .0188136
                      67  |   .0055423   .0026358     2.10   0.035     .0003761    .0107085
                      70  |   .0073159    .002496     2.93   0.003     .0024238     .012208
                      71  |   .0061169   .0049758     1.23   0.219    -.0036357    .0158695
                      72  |   .0073072   .0018102     4.04   0.000     .0037593    .0108552
                      73  |   .0187438   .0122069     1.54   0.125    -.0051816    .0426692
                      74  |   .0122392   .0022351     5.48   0.000     .0078583      .01662
                      75  |    .015966   .0031948     5.00   0.000     .0097042    .0222278
                      80  |   .0051689   .0020109     2.57   0.010     .0012276    .0091102
                      85  |   .0085076   .0021224     4.01   0.000     .0043478    .0126674
                      90  |   .0000713    .001843     0.04   0.969     -.003541    .0036837
                      91  |   .0053241   .0044037     1.21   0.227    -.0033072    .0139553
                      92  |   .0055114   .0019773     2.79   0.005     .0016358    .0093869
                      93  |   .0043274   .0020271     2.13   0.033     .0003543    .0083005
                          |
                    _cons |    .025467   .0130251     1.96   0.051    -.0000621    .0509961
-------------------------------------------------------------------------------------------

. 
. ereturn list r2_a
scalar e(r2_a)     =  .0216884983494671

. 
. tabulate D_Vaste_talous_kaikki P_D_talous_kaikki_2

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

. 
. 
. 
. ebalance P_D_talous_kaikki_2 Mean_Mean_D_talous_kaikki Mean_Mean_D_muu_rikos_4 Mean_CEO_Duality 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_Mu
> u_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.YEAR
>  i.Industry_2002_3 if Assets_3lk == 0, 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 __000016
note: higher order constraint omitted due to too few values of __00001A
note: higher order constraint omitted due to too few values of __00001M
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: Mean_Mean_D_talous_kaikki Mean_Mean_D_muu_rikos_4 Mean_CEO_Duality 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 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.Indus
> try_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 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_20
> 02_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 66.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 91.Industry_2002_3 92.Industry_2002_3 93.Industry_2002_3 (1st order). Mean_Me
> an_D_talous_kaikki Mean_Mean_D_muu_rikos_4 Mean_CEO_Duality 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_SOCIA
> LDEG 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 20
> 00.YEAR 2001.YEAR 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_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 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 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.Ind
> ustry_2002_3 80.Industry_2002_3 85.Industry_2002_3 90.Industry_2002_3 92.Industry_2002_3 93.Industry_2002_3 (2nd order). Mean_Mean_D_talous_kaikki Mean_Mean_D_muu_rikos_4 Mean_CEO_Duality P_D_muu_rikos_4_2 P_BUSINESS_SOCIALDEG P_LN_EDULEVEL P_D_MARIT
> AL_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_POSI
> TIONS 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.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_2002_3 15.Industry_2002_3 17.Industry_2002_3 18.Industry_2002_3 19.Industry_2002_3 20.Industry_2002_3 21.In
> dustry_2002_3 22.Industry_2002_3 24.Industry_2002_3 25.Industry_2002_3 26.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.Indus
> try_2002_3 37.Industry_2002_3 40.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 = 5416084.07
Iteration 2: Max Difference = 1992465.79
Iteration 3: Max Difference = 732987.011
Iteration 4: Max Difference = 269650.661
Iteration 5: Max Difference = 99198.7434
Iteration 6: Max Difference = 36492.9875
Iteration 7: Max Difference = 13424.8296
Iteration 8: Max Difference = 4938.52989
Iteration 9: Max Difference = 1816.59736
Iteration 10: Max Difference = 668.103092
Iteration 11: Max Difference = 245.552468
Iteration 12: Max Difference = 89.747134
Iteration 13: Max Difference = 30.9301757
Iteration 14: Max Difference = 7.84142712
Iteration 15: Max Difference = .975449333
Iteration 16: Max Difference = .026521909
Iteration 17: Max Difference = .001850279
maximum difference smaller than the tolerance level; convergence achieved


Treated units: 8198    total of weights: 8198
Control units: 122245  total of weights: 8198


Before: without weighting

             |              Treat              |             Control             
             |      mean   variance   skewness |      mean   variance   skewness 
-------------+---------------------------------+--------------------------------
Mean_Mean_~i |    .02074     .01646      6.728 |    .01596     .01199      7.795 
Mean_Mean_~4 |     .1222      .0854      2.307 |      .129     .08718      2.223 
Mean_CEO_D~y |     .3661      .2276      .5554 |     .3889      .2331       .456 
P_D_muu_~4_2 |     .6868      .2151     -.8053 |     .2746      .1992       1.01 
P_BUSINESS~G |     .2731      .1985      1.018 |     .2389      .1818      1.225 
P_LN_EDULE~L |     .6438      .1704      .1419 |      .714      .2188      .1138 
P_D_MARITA~S |     .4772      .2495     .09134 |     .3444      .2258      .6551 
P_LN_CUM_S~E |     .2509      .1171      .7965 |     .1344     .07704      1.696 
P_LN_TOTAL~2 |     10.14      .3684      .5819 |     10.33      .3311      .5996 
P_D_CUM_SU~E |     .1461      .1248      2.004 |    .05844     .05503      3.765 
P_D_CUM_AL~S |     .3135      .2152      .8041 |     .2081      .1648      1.438 
D_Muu_riko~4 |     .2821      .2026      .9682 |     .1968      .1581      1.525 
        MALE |     .7557      .1847      -1.19 |     .7864       .168     -1.398 
      LN_AGE |     3.479     .03906     -.3817 |     3.532     .03375     -.4941 
BUSINESS_S~G |     .1846      .1505      1.626 |     .1812      .1484      1.655 
 LN_EDULEVEL |     .7358       .241     .07334 |     .8862      .2326     -.1168 
D_MARITAL_~S |     .2748      .1993      1.009 |     .2223      .1729      1.336 
LN_CUM_SUM~E |     .0624     .04079      2.997 |    .06531     .04322      2.966 
LN_TOTALIN~2 |     10.43      .6036     -1.056 |     10.53      .5263     -1.144 
D_CUM_SUBS~E |    .01696     .01667      7.483 |    .01378     .01359      8.343 
D_CUM_ALL_~S |     .1194      .1052      2.347 |    .09087     .08262      2.847 
      D_FMOB |     .2455      .1853      1.182 |     .2401      .1825      1.217 
LN_NUM_POS~S |    .03176     .02325      4.824 |    .03088      .0226      4.959 
Mean_OMAVA~2 |     .3628     .07485      .3512 |     .4136     .08116      .1727 
Mean_LNTASE2 |     12.11     .08015    -.08047 |      12.1     .08141    -.07784 
   Mean_ROA2 |     .1139     .04965    .006537 |     .1346     .05283     .09291 
Mean_LN_Bo~e |     .5338      .2907      .4056 |     .6769      .3114      .1623 
Mean_Curre~2 |     2.233      5.638      2.663 |       2.6      7.194      2.278 
   1996.YEAR |    .00244    .002434      20.17 |   .001505    .001503      25.72 
   1997.YEAR |   .003293    .003283      17.34 |    .00261    .002603       19.5 
   1998.YEAR |   .008173    .008107      10.93 |   .004385    .004365         15 
   1999.YEAR |   .009636    .009545      10.04 |   .006021    .005984      12.77 
   2000.YEAR |    .01281     .01265      8.665 |   .008229    .008162      10.89 
   2001.YEAR |    .01476     .01454      8.048 |    .01061      .0105      9.553 
   2002.YEAR |    .01696     .01667      7.483 |    .01309     .01292      8.568 
   2003.YEAR |    .01976     .01937      6.901 |    .01649     .01622      7.593 
   2004.YEAR |    .02196     .02148      6.524 |    .01891     .01856      7.064 
   2005.YEAR |    .02257     .02206      6.429 |    .02178      .0213      6.553 
   2006.YEAR |    .02501     .02438      6.084 |    .02489     .02427      6.099 
   2007.YEAR |    .03074      .0298      5.437 |     .0298     .02891      5.531 
   2008.YEAR |    .03916     .03763      4.752 |    .03619     .03488      4.967 
   2009.YEAR |    .04818     .04587       4.22 |    .04446     .04248       4.42 
   2010.YEAR |    .04867     .04631      4.195 |    .04704     .04483      4.279 
   2011.YEAR |    .05501     .05199      3.903 |    .05427     .05132      3.935 
   2012.YEAR |    .06136      .0576      3.656 |      .061     .05728      3.669 
   2013.YEAR |    .06746     .06291      3.449 |     .0671      .0626       3.46 
   2014.YEAR |     .0666     .06217      3.476 |    .07323     .06787      3.276 
   2015.YEAR |     .0677     .06312      3.441 |    .07973     .07338      3.103 
   2016.YEAR |    .07587     .07012      3.203 |     .0852     .07794      2.972 
   2017.YEAR |    .08331     .07638      3.016 |    .08705     .07948       2.93 
   2018.YEAR |    .09588      .0867      2.745 |    .09827     .08861      2.699 
   2019.YEAR |     .1026     .09207       2.62 |     .1077     .09609      2.531 
2.Industry~3 |   .004391    .004373      14.99 |    .01135     .01122      9.228 
5.Industry~3 |   .000122    .000122      90.53 |  .0004172    .000417      48.93 
10.Industr~3 |  .0008539   .0008532      34.18 |   .002544    .002538      19.75 
14.Industr~3 |   .000122    .000122      90.53 |   .001014    .001013      31.35 
15.Industr~3 |    .01171     .01157      9.078 |   .009555    .009463      10.08 
17.Industr~3 |   .005489     .00546      13.39 |    .00171    .001707      24.12 
18.Industr~3 |    .00122    .001218      28.58 |   .001186    .001185      28.98 
19.Industr~3 |  .0004879   .0004877      45.24 |  .0002863   .0002862      59.07 
20.Industr~3 |   .005367    .005339      13.54 |   .007092    .007042      11.75 
21.Industr~3 |   .000244   .0002439         64 |    .00108    .001079      30.38 
22.Industr~3 |    .01317       .013      8.539 |    .01444     .01423      8.141 
23.Industr~3 |         0          0          . |  .0000164   .0000164      247.2 
24.Industr~3 |  .0007319   .0007314      36.92 |   .001211    .001209      28.69 
25.Industr~3 |    .00183    .001827      23.31 |   .002495    .002489      19.95 
26.Industr~3 |   .004757    .004735      14.39 |   .001947    .001943       22.6 
27.Industr~3 |         0          0          . |  .0002372   .0002372       64.9 
28.Industr~3 |    .02074     .02031      6.726 |     .0231     .02257      6.349 
29.Industr~3 |   .009636    .009545      10.04 |    .01571     .01546       7.79 
30.Industr~3 |   .000122    .000122      90.53 |  .0002781   .0002781      59.94 
31.Industr~3 |   .002562    .002555      19.68 |   .002094     .00209      21.78 
32.Industr~3 |    .00122    .001218      28.58 |    .00108    .001079      30.38 
33.Industr~3 |   .003172    .003162      17.67 |   .003575    .003562      16.64 
34.Industr~3 |    .00305    .003041      18.03 |  .0004499   .0004497      47.11 
35.Industr~3 |   .001464    .001462      26.08 |   .003051    .003042      18.02 
36.Industr~3 |   .006465    .006424      12.32 |   .005955     .00592      12.84 
37.Industr~3 |   .000244   .0002439         64 |  .0002945   .0002944      58.25 
40.Industr~3 |  .0007319   .0007314      36.92 |   .002045    .002041      22.05 
41.Industr~3 |         0          0          . |  .0001963   .0001963      71.35 
45.Industr~3 |     .2259      .1749      1.311 |     .1726      .1428      1.733 
50.Industr~3 |    .06294     .05899      3.599 |    .04871     .04634      4.193 
51.Industr~3 |    .07051     .06554      3.355 |    .05779     .05445       3.79 
52.Industr~3 |    .08941     .08143      2.878 |    .08732     .07969      2.924 
55.Industr~3 |    .06868     .06397      3.411 |    .05496     .05194      3.906 
60.Industr~3 |    .06343     .05941      3.582 |    .07123     .06615      3.334 
61.Industr~3 |   .001464    .001462      26.08 |   .001121    .001119      29.82 
62.Industr~3 |  .0003659   .0003659      52.25 |    .00009     .00009      105.4 
63.Industr~3 |    .01647      .0162      7.599 |     .0128     .01264      8.667 
64.Industr~3 |   .006587    .006544       12.2 |   .003436    .003424      16.97 
65.Industr~3 |   .004025     .00401      15.67 |   .004074    .004057      15.57 
66.Industr~3 |         0          0          . |  .0000736   .0000736      116.5 
67.Industr~3 |   .003293    .003283      17.34 |   .005203    .005176      13.76 
70.Industr~3 |    .03257     .03151      5.267 |    .03718      .0358      4.892 
71.Industr~3 |   .008051    .007987      11.01 |   .005636    .005605      13.21 
72.Industr~3 |    .03745     .03605      4.873 |    .05857     .05514       3.76 
73.Industr~3 |   .001586    .001583      25.05 |   .002348    .002342      20.57 
74.Industr~3 |     .1241      .1087      2.281 |      .152      .1289      1.938 
75.Industr~3 |   .000122    .000122      90.53 |  .0004826   .0004824      45.49 
80.Industr~3 |   .005733    .005701      13.09 |   .008663    .008588       10.6 
85.Industr~3 |    .03293     .03185      5.234 |    .04622     .04408      4.323 
90.Industr~3 |   .002562    .002555      19.68 |   .004638    .004617      14.58 
91.Industr~3 |         0          0          . |  .0000736   .0000736      116.5 
92.Industr~3 |    .02537     .02473      6.037 |    .03145     .03046      5.369 
93.Industr~3 |    .01171     .01157      9.078 |   .008867    .008789      10.48 


After:  _webal as the weighting variable

             |              Treat              |             Control             
             |      mean   variance   skewness |      mean   variance   skewness 
-------------+---------------------------------+--------------------------------
Mean_Mean_~i |    .02074     .01646      6.728 |    .02074     .01646      6.728 
Mean_Mean_~4 |     .1222      .0854      2.307 |     .1222      .0854      2.307 
Mean_CEO_D~y |     .3661      .2276      .5554 |     .3661      .2276      .5555 
P_D_muu_~4_2 |     .6868      .2151     -.8053 |     .6867      .2151     -.8051 
P_BUSINESS~G |     .2731      .1985      1.018 |     .2731      .1985      1.018 
P_LN_EDULE~L |     .6438      .1704      .1419 |     .6438      .1704       .142 
P_D_MARITA~S |     .4772      .2495     .09134 |     .4772      .2495     .09132 
P_LN_CUM_S~E |     .2509      .1171      .7965 |     .2509      .1171      .7965 
P_LN_TOTAL~2 |     10.14      .3684      .5819 |     10.14      .3684      .5832 
P_D_CUM_SU~E |     .1461      .1248      2.004 |     .1462      .1248      2.003 
P_D_CUM_AL~S |     .3135      .2152      .8041 |     .3135      .2152      .8039 
D_Muu_riko~4 |     .2821      .2026      .9682 |     .2822      .2026       .968 
        MALE |     .7557      .1847      -1.19 |     .7556      .1846      -1.19 
      LN_AGE |     3.479     .03906     -.3817 |     3.479     .03906     -.3803 
BUSINESS_S~G |     .1846      .1505      1.626 |     .1846      .1505      1.626 
 LN_EDULEVEL |     .7358       .241     .07334 |     .7358       .241     .07346 
D_MARITAL_~S |     .2748      .1993      1.009 |     .2749      .1993      1.009 
LN_CUM_SUM~E |     .0624     .04079      2.997 |     .0624     .04078      2.997 
LN_TOTALIN~2 |     10.43      .6036     -1.056 |     10.43      .6036     -1.055 
D_CUM_SUBS~E |    .01696     .01667      7.483 |    .01696     .01667      7.483 
D_CUM_ALL_~S |     .1194      .1052      2.347 |     .1194      .1052      2.347 
      D_FMOB |     .2455      .1853      1.182 |     .2456      .1853      1.182 
LN_NUM_POS~S |    .03176     .02325      4.824 |    .03176     .02325      4.824 
Mean_OMAVA~2 |     .3628     .07485      .3512 |     .3628     .07485      .3513 
Mean_LNTASE2 |     12.11     .08015    -.08047 |     12.11     .08015    -.07709 
   Mean_ROA2 |     .1139     .04965    .006537 |     .1138     .04965    .006578 
Mean_LN_Bo~e |     .5338      .2907      .4056 |     .5338      .2907      .4057 
Mean_Curre~2 |     2.233      5.638      2.663 |     2.233      5.638      2.663 
   1996.YEAR |    .00244    .002434      20.17 |    .00244    .002434      20.17 
   1997.YEAR |   .003293    .003283      17.34 |   .003294    .003283      17.34 
   1998.YEAR |   .008173    .008107      10.93 |   .008173    .008106      10.93 
   1999.YEAR |   .009636    .009545      10.04 |   .009637    .009544      10.04 
   2000.YEAR |    .01281     .01265      8.665 |    .01281     .01264      8.665 
   2001.YEAR |    .01476     .01454      8.048 |    .01476     .01454      8.047 
   2002.YEAR |    .01696     .01667      7.483 |    .01696     .01667      7.483 
   2003.YEAR |    .01976     .01937      6.901 |    .01976     .01937      6.901 
   2004.YEAR |    .02196     .02148      6.524 |    .02196     .02148      6.524 
   2005.YEAR |    .02257     .02206      6.429 |    .02257     .02206      6.429 
   2006.YEAR |    .02501     .02438      6.084 |    .02501     .02438      6.084 
   2007.YEAR |    .03074      .0298      5.437 |    .03074      .0298      5.437 
   2008.YEAR |    .03916     .03763      4.752 |    .03916     .03762      4.752 
   2009.YEAR |    .04818     .04587       4.22 |    .04819     .04586      4.219 
   2010.YEAR |    .04867     .04631      4.195 |    .04867     .04631      4.195 
   2011.YEAR |    .05501     .05199      3.903 |    .05502     .05199      3.903 
   2012.YEAR |    .06136      .0576      3.656 |    .06136      .0576      3.655 
   2013.YEAR |    .06746     .06291      3.449 |    .06746     .06291      3.449 
   2014.YEAR |     .0666     .06217      3.476 |    .06661     .06217      3.476 
   2015.YEAR |     .0677     .06312      3.441 |     .0677     .06312      3.441 
   2016.YEAR |    .07587     .07012      3.203 |    .07588     .07012      3.203 
   2017.YEAR |    .08331     .07638      3.016 |    .08332     .07638      3.015 
   2018.YEAR |    .09588      .0867      2.745 |    .09588     .08669      2.745 
   2019.YEAR |     .1026     .09207       2.62 |     .1026     .09207      2.619 
2.Industry~3 |   .004391    .004373      14.99 |   .004392    .004372      14.99 
5.Industry~3 |   .000122    .000122      90.53 |   .000122    .000122      90.52 
10.Industr~3 |  .0008539   .0008532      34.18 |  .0008539   .0008532      34.18 
14.Industr~3 |   .000122    .000122      90.53 |  .0001227   .0001227      90.27 
15.Industr~3 |    .01171     .01157      9.078 |    .01171     .01157      9.078 
17.Industr~3 |   .005489     .00546      13.39 |   .005489    .005459      13.39 
18.Industr~3 |    .00122    .001218      28.58 |    .00122    .001218      28.58 
19.Industr~3 |  .0004879   .0004877      45.24 |   .000488   .0004877      45.24 
20.Industr~3 |   .005367    .005339      13.54 |   .005367    .005339      13.54 
21.Industr~3 |   .000244   .0002439         64 |   .000244    .000244      63.99 
22.Industr~3 |    .01317       .013      8.539 |    .01317       .013      8.539 
23.Industr~3 |         0          0          . |  2.25e-07   2.25e-07       2107 
24.Industr~3 |  .0007319   .0007314      36.92 |  .0007319   .0007314      36.92 
25.Industr~3 |    .00183    .001827      23.31 |    .00183    .001826      23.31 
26.Industr~3 |   .004757    .004735      14.39 |   .004758    .004735      14.39 
27.Industr~3 |         0          0          . |  3.42e-06   3.42e-06      540.8 
28.Industr~3 |    .02074     .02031      6.726 |    .02074     .02031      6.726 
29.Industr~3 |   .009636    .009545      10.04 |   .009637    .009544      10.04 
30.Industr~3 |   .000122    .000122      90.53 |   .000122    .000122      90.52 
31.Industr~3 |   .002562    .002555      19.68 |   .002562    .002555      19.68 
32.Industr~3 |    .00122    .001218      28.58 |    .00122    .001218      28.58 
33.Industr~3 |   .003172    .003162      17.67 |   .003172    .003162      17.67 
34.Industr~3 |    .00305    .003041      18.03 |    .00305     .00304      18.03 
35.Industr~3 |   .001464    .001462      26.08 |   .001464    .001462      26.08 
36.Industr~3 |   .006465    .006424      12.32 |   .006465    .006424      12.32 
37.Industr~3 |   .000244   .0002439         64 |   .000244   .0002439         64 
40.Industr~3 |  .0007319   .0007314      36.92 |  .0007319   .0007314      36.92 
41.Industr~3 |         0          0          . |  3.22e-06   3.22e-06      557.7 
45.Industr~3 |     .2259      .1749      1.311 |     .2259      .1749      1.311 
50.Industr~3 |    .06294     .05899      3.599 |    .06295     .05898      3.599 
51.Industr~3 |    .07051     .06554      3.355 |    .07051     .06554      3.355 
52.Industr~3 |    .08941     .08143      2.878 |    .08942     .08142      2.878 
55.Industr~3 |    .06868     .06397      3.411 |    .06868     .06396      3.411 
60.Industr~3 |    .06343     .05941      3.582 |    .06343     .05941      3.582 
61.Industr~3 |   .001464    .001462      26.08 |   .001464    .001462      26.08 
62.Industr~3 |  .0003659   .0003659      52.25 |   .000366   .0003658      52.24 
63.Industr~3 |    .01647      .0162      7.599 |    .01647      .0162      7.599 
64.Industr~3 |   .006587    .006544       12.2 |   .006587    .006544       12.2 
65.Industr~3 |   .004025     .00401      15.67 |   .004026    .004009      15.67 
66.Industr~3 |         0          0          . |  1.10e-06   1.10e-06        952 
67.Industr~3 |   .003293    .003283      17.34 |   .003294    .003283      17.34 
70.Industr~3 |    .03257     .03151      5.267 |    .03257     .03151      5.267 
71.Industr~3 |   .008051    .007987      11.01 |   .008051    .007986      11.01 
72.Industr~3 |    .03745     .03605      4.873 |    .03745     .03605      4.872 
73.Industr~3 |   .001586    .001583      25.05 |   .001586    .001583      25.05 
74.Industr~3 |     .1241      .1087      2.281 |     .1241      .1087      2.281 
75.Industr~3 |   .000122    .000122      90.53 |   .000122    .000122      90.52 
80.Industr~3 |   .005733    .005701      13.09 |   .005733    .005701      13.09 
85.Industr~3 |    .03293     .03185      5.234 |    .03294     .03185      5.234 
90.Industr~3 |   .002562    .002555      19.68 |   .002562    .002555      19.68 
91.Industr~3 |         0          0          . |  1.03e-06   1.03e-06      987.4 
92.Industr~3 |    .02537     .02473      6.037 |    .02537     .02473      6.036 
93.Industr~3 |    .01171     .01157      9.078 |    .01171     .01157      9.078 

. 
. reg D_Vaste_talous_kaikki P_D_talous_kaikki_2 Mean_Mean_D_talous_kaikki Mean_Mean_D_muu_rikos_4 Mean_CEO_Duality 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_Curr
> ent_Ratio2 i.MAAKUNTA i.YEAR i.Industry_2002_3 [aweight=_webal], cluster(ID)
(sum of wgt is 16,396)

Linear regression                               Number of obs     =    130,443
                                                F(122, 44114)     =          .
                                                Prob > F          =          .
                                                R-squared         =     0.0277
                                                Root MSE          =     .09419

                                             (Std. err. adjusted for 44,115 clusters in ID)
-------------------------------------------------------------------------------------------
                          |               Robust
    D_Vaste_talous_kaikki | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
--------------------------+----------------------------------------------------------------
      P_D_talous_kaikki_2 |   .0061423   .0015698     3.91   0.000     .0030656    .0092191
Mean_Mean_D_talous_kaikki |   .0130662   .0087229     1.50   0.134    -.0040308    .0301632
  Mean_Mean_D_muu_rikos_4 |  -.0018112   .0023717    -0.76   0.445    -.0064598    .0028374
         Mean_CEO_Duality |   .0030701   .0017319     1.77   0.076    -.0003245    .0064647
        P_D_muu_rikos_4_2 |   .0002495   .0015709     0.16   0.874    -.0028296    .0033286
     P_BUSINESS_SOCIALDEG |    .000908   .0016599     0.55   0.584    -.0023455    .0041615
            P_LN_EDULEVEL |  -.0014349   .0021597    -0.66   0.506     -.005668    .0027982
       P_D_MARITAL_STATUS |   .0021507   .0018764     1.15   0.252     -.001527    .0058284
     P_LN_CUM_SUM_DIVORCE |  -.0010682   .0025847    -0.41   0.679    -.0061343    .0039979
        P_LN_TOTALINCOME2 |   .0013853   .0015467     0.90   0.370    -.0016462    .0044169
        P_D_CUM_SUBSTANCE |    .001991   .0026765     0.74   0.457    -.0032551     .007237
     P_D_CUM_ALL_BUT_SUBS |  -.0003167   .0017461    -0.18   0.856     -.003739    .0031056
            D_Muu_rikos_4 |   .0093222   .0023433     3.98   0.000     .0047293     .013915
                     MALE |   .0023915   .0015721     1.52   0.128    -.0006897    .0054728
                   LN_AGE |  -.0012362   .0057225    -0.22   0.829    -.0124523      .00998
       BUSINESS_SOCIALDEG |   .0033759   .0018707     1.80   0.071    -.0002908    .0070425
              LN_EDULEVEL |  -.0078331   .0020824    -3.76   0.000    -.0119146   -.0037515
         D_MARITAL_STATUS |   .0016099   .0020459     0.79   0.431    -.0024001    .0056198
       LN_CUM_SUM_DIVORCE |   .0040691   .0038894     1.05   0.295    -.0035542    .0116924
          LN_TOTALINCOME2 |  -.0044742   .0015915    -2.81   0.005    -.0075935   -.0013549
          D_CUM_SUBSTANCE |   .0163194   .0092818     1.76   0.079     -.001873    .0345118
       D_CUM_ALL_BUT_SUBS |   .0032009   .0024036     1.33   0.183    -.0015102     .007912
                   D_FMOB |   -.002604   .0018614    -1.40   0.162    -.0062524    .0010444
         LN_NUM_POSITIONS |   .0018024   .0035549     0.51   0.612    -.0051652      .00877
       Mean_OMAVARAISUUS2 |  -.0165696   .0033886    -4.89   0.000    -.0232113   -.0099279
             Mean_LNTASE2 |   .0024041   .0022646     1.06   0.288    -.0020345    .0068427
                Mean_ROA2 |  -.0018937    .003102    -0.61   0.542    -.0079736    .0041863
        Mean_LN_Boardsize |  -.0066324   .0012555    -5.28   0.000    -.0090932   -.0041716
      Mean_Current_Ratio2 |   .0005681   .0003162     1.80   0.072    -.0000516    .0011878
                          |
                 MAAKUNTA |
                       2  |   .0053496   .0037527     1.43   0.154    -.0020058     .012705
                       4  |   .0029161   .0036906     0.79   0.429    -.0043176    .0101498
                       5  |  -.0055419   .0025388    -2.18   0.029    -.0105179   -.0005659
                       6  |    .003104    .002901     1.07   0.285     -.002582      .00879
                       7  |   .0024905   .0042512     0.59   0.558    -.0058419    .0108229
                       8  |   .0030092   .0060394     0.50   0.618    -.0088281    .0148465
                       9  |  -.0064262   .0017961    -3.58   0.000    -.0099466   -.0029057
                      10  |   .0051337   .0071017     0.72   0.470    -.0087858    .0190532
                      11  |  -.0016696   .0030192    -0.55   0.580    -.0075873    .0042481
                      12  |   .0004125   .0052793     0.08   0.938     -.009935      .01076
                      13  |  -.0005953   .0028233    -0.21   0.833     -.006129    .0049385
                      14  |   .0023391   .0040568     0.58   0.564    -.0056124    .0102906
                      15  |  -.0007958    .004783    -0.17   0.868    -.0101706     .008579
                      16  |   .0014118   .0067086     0.21   0.833    -.0117371    .0145607
                      17  |   .0029635   .0032441     0.91   0.361    -.0033951    .0093221
                      18  |  -.0070913   .0025294    -2.80   0.005     -.012049   -.0021336
                      19  |  -.0024376   .0035043    -0.70   0.487    -.0093061    .0044309
                          |
                     YEAR |
                    1996  |   .0260515    .024062     1.08   0.279    -.0211105    .0732136
                    1997  |   .0012886   .0051298     0.25   0.802    -.0087659     .011343
                    1998  |   .0315388   .0140655     2.24   0.025     .0039701    .0591074
                    1999  |   .0262968   .0119306     2.20   0.028     .0029126    .0496809
                    2000  |   .0043201   .0050328     0.86   0.391    -.0055443    .0141845
                    2001  |   .0191575    .008754     2.19   0.029     .0019995    .0363156
                    2002  |   .0202727   .0092733     2.19   0.029     .0020969    .0384485
                    2003  |   .0124736   .0070162     1.78   0.075    -.0012783    .0262254
                    2004  |   .0228562   .0088812     2.57   0.010     .0054488    .0402635
                    2005  |   .0277351   .0089445     3.10   0.002     .0102037    .0452666
                    2006  |   .0184012   .0073296     2.51   0.012      .004035    .0327674
                    2007  |    .022757   .0074481     3.06   0.002     .0081586    .0373553
                    2008  |   .0228753   .0070451     3.25   0.001     .0090668    .0366838
                    2009  |   .0261772    .007179     3.65   0.000     .0121062    .0402481
                    2010  |   .0153592    .006656     2.31   0.021     .0023134     .028405
                    2011  |   .0172934   .0061309     2.82   0.005     .0052767    .0293101
                    2012  |   .0166129   .0057903     2.87   0.004     .0052638    .0279619
                    2013  |   .0097039   .0055102     1.76   0.078    -.0010962     .020504
                    2014  |   .0090407   .0053509     1.69   0.091    -.0014471    .0195285
                    2015  |   .0048225   .0051895     0.93   0.353    -.0053491    .0149941
                    2016  |   .0035247   .0052435     0.67   0.501    -.0067527     .013802
                    2017  |   .0023534   .0051456     0.46   0.647     -.007732    .0124389
                    2018  |   .0025153   .0052137     0.48   0.629    -.0077035    .0127342
                    2019  |   .0030029   .0052293     0.57   0.566    -.0072467    .0132525
                          |
          Industry_2002_3 |
                       2  |    .002493   .0035411     0.70   0.481    -.0044477    .0094337
                       5  |  -.0152868   .0127335    -1.20   0.230    -.0402446    .0096711
                      10  |  -.0025753   .0044055    -0.58   0.559    -.0112101    .0060595
                      14  |  -.0003589   .0063301    -0.06   0.955    -.0127659    .0120481
                      15  |   .0211907   .0118982     1.78   0.075      -.00213    .0445114
                      17  |   .0036857    .004039     0.91   0.361    -.0042308    .0116023
                      18  |   .0008258   .0040307     0.20   0.838    -.0070744    .0087261
                      19  |  -.0036544   .0052797    -0.69   0.489    -.0140028     .006694
                      20  |  -.0056087   .0038977    -1.44   0.150    -.0132483    .0020309
                      21  |   .0054193   .0241664     0.22   0.823    -.0419473     .052786
                      22  |   .0096459   .0055852     1.73   0.084    -.0013013     .020593
                      23  |   .0034055   .0063351     0.54   0.591    -.0090114    .0158224
                      24  |   .0039895   .0059957     0.67   0.506    -.0077623    .0157413
                      25  |  -.0011319   .0044495    -0.25   0.799     -.009853    .0075892
                      26  |  -.0001572   .0038121    -0.04   0.967    -.0076289    .0073145
                      27  |    .005596   .0061686     0.91   0.364    -.0064945    .0176864
                      28  |   .0142201   .0070225     2.02   0.043     .0004558    .0279844
                      29  |   .0021929   .0034126     0.64   0.520    -.0044958    .0088816
                      30  |   .0132714   .0107604     1.23   0.217    -.0078192     .034362
                      31  |   .0270719   .0226913     1.19   0.233    -.0174036    .0715473
                      32  |   .0053893   .0049704     1.08   0.278    -.0043527    .0151314
                      33  |   .0067637   .0036576     1.85   0.064    -.0004053    .0139326
                      34  |   .0293657   .0374771     0.78   0.433      -.04409    .1028214
                      35  |  -.0041607   .0040622    -1.02   0.306    -.0121227    .0038013
                      36  |   .0021112   .0039293     0.54   0.591    -.0055902    .0098126
                      37  |  -.0023484   .0127482    -0.18   0.854    -.0273352    .0226383
                      40  |   .0237636   .0064748     3.67   0.000     .0110729    .0364542
                      41  |  -.0061568   .0074958    -0.82   0.411    -.0208487     .008535
                      45  |   .0133515   .0034007     3.93   0.000     .0066861     .020017
                      50  |   .0043121   .0038918     1.11   0.268    -.0033158    .0119401
                      51  |   .0029522   .0035992     0.82   0.412    -.0041023    .0100067
                      52  |   .0020451   .0036352     0.56   0.574      -.00508    .0091702
                      55  |   .0106397   .0041535     2.56   0.010     .0024988    .0187806
                      60  |   .0021681   .0033092     0.66   0.512     -.004318    .0086541
                      61  |   .0006549   .0042645     0.15   0.878    -.0077036    .0090133
                      62  |  -.0067911   .0111327    -0.61   0.542    -.0286114    .0150292
                      63  |   .0114201   .0064143     1.78   0.075    -.0011522    .0239923
                      64  |   .0002279   .0042794     0.05   0.958    -.0081599    .0086157
                      65  |   .0065695    .005649     1.16   0.245    -.0045026    .0176416
                      66  |   .0194998   .0062809     3.10   0.002     .0071892    .0318105
                      67  |   .0021195   .0043514     0.49   0.626    -.0064094    .0106484
                      70  |   .0105288   .0044821     2.35   0.019     .0017439    .0193137
                      71  |  -.0013557   .0034081    -0.40   0.691    -.0080357    .0053243
                      72  |   .0108748   .0033885     3.21   0.001     .0042333    .0175163
                      73  |   .0120523   .0040322     2.99   0.003     .0041492    .0199554
                      74  |   .0189852   .0044216     4.29   0.000     .0103189    .0276516
                      75  |   .0212766   .0045465     4.68   0.000     .0123654    .0301877
                      80  |   .0082659   .0030626     2.70   0.007     .0022632    .0142686
                      85  |   .0143548   .0042884     3.35   0.001     .0059494    .0227601
                      90  |  -.0021593   .0033652    -0.64   0.521    -.0087552    .0044366
                      91  |   .0009542   .0069761     0.14   0.891    -.0127191    .0146274
                      92  |   .0069435   .0034284     2.03   0.043     .0002239    .0136632
                      93  |   .0069671   .0034065     2.05   0.041     .0002903    .0136439
                          |
                    _cons |  -.0010302   .0370227    -0.03   0.978    -.0735953    .0715349
-------------------------------------------------------------------------------------------

. 
. ereturn list r2_a
scalar e(r2_a)     =  .0267413038410056

. 
. tabulate D_Vaste_talous_kaikki P_D_talous_kaikki_2 if Assets_3lk == 0

D_Vaste_ta |
lous_kaikk |  P_D_talous_kaikki_2
         i |         0          1 |     Total
-----------+----------------------+----------
         0 |   121,829      8,097 |   129,926 
         1 |       416        101 |       517 
-----------+----------------------+----------
     Total |   122,245      8,198 |   130,443 

. 
. 
. 
. ebalance P_D_talous_kaikki_2 Mean_Mean_D_talous_kaikki Mean_Mean_D_muu_rikos_4 Mean_CEO_Duality 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_Mu
> u_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.YEAR
>  i.Industry_2002_3 if Assets_3lk == 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 __000012
note: higher order constraint omitted due to too few values of __000016
note: higher order constraint omitted due to too few values of __00001K
note: higher order constraint omitted due to too few values of __00001U
note: higher order constraint omitted due to too few values of __00001Y
note: higher order constraint omitted due to too few values of __000025
note: higher order constraint omitted due to too few values of __000029


Data Setup
Treatment variable:   P_D_talous_kaikki_2
Covariate adjustment: Mean_Mean_D_talous_kaikki Mean_Mean_D_muu_rikos_4 Mean_CEO_Duality 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 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.Indus
> try_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 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_20
> 02_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 66.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 91.Industry_2002_3 92.Industry_2002_3 93.Industry_2002_3 (1st order). Mean_Me
> an_D_talous_kaikki Mean_Mean_D_muu_rikos_4 Mean_CEO_Duality 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_SOCIA
> LDEG 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 20
> 00.YEAR 2001.YEAR 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_2002_3 15.Industry_2002_3 17.Industry_2002_3 18.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 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 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 80.Industry_2002_3 85.Ind
> ustry_2002_3 90.Industry_2002_3 92.Industry_2002_3 93.Industry_2002_3 (2nd order). Mean_Mean_D_talous_kaikki Mean_Mean_D_muu_rikos_4 Mean_CEO_Duality P_D_muu_rikos_4_2 P_BUSINESS_SOCIALDEG P_LN_EDULEVEL P_D_MARITAL_STATUS P_LN_CUM_SUM_DIVORCE P_LN_TO
> TALINCOME2 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 2004.YEAR 2005.YEAR 2006.YEAR 2007.YEAR 2008.YEAR 2009.YEAR 2010.YEAR 2011.YEAR 2012.YEAR 2013.YEAR 2014.YEAR 2015.YEAR 20
> 16.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 20.Industry_2002_3 21.Industry_2002_3 22.Industry_2002_3 24.Industry_2002_3 25.In
> dustry_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 40.Industry_2002_3 41.Indus
> try_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 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 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 = 950242.358
Iteration 2: Max Difference = 349572.871
Iteration 3: Max Difference = 128598.916
Iteration 4: Max Difference = 47307.1411
Iteration 5: Max Difference = 17401.5687
Iteration 6: Max Difference = 6399.92422
Iteration 7: Max Difference = 2352.64758
Iteration 8: Max Difference = 863.743655
Iteration 9: Max Difference = 316.022544
Iteration 10: Max Difference = 114.570024
Iteration 11: Max Difference = 40.5705274
Iteration 12: Max Difference = 14.3126548
Iteration 13: Max Difference = 4.97451708
Iteration 14: Max Difference = 1.30654244
Iteration 15: Max Difference = .173552975
Iteration 16: Max Difference = .005565696
maximum difference smaller than the tolerance level; convergence achieved


Treated units: 7476    total of weights: 7476
Control units: 123360  total of weights: 7476


Before: without weighting

             |              Treat              |             Control             
             |      mean   variance   skewness |      mean   variance   skewness 
-------------+---------------------------------+--------------------------------
Mean_Mean_~i |    .02848     .02069      5.718 |    .01641      .0109      7.709 
Mean_Mean_~4 |     .1491     .09587      1.978 |     .1495     .08873      1.976 
Mean_CEO_D~y |     .3478      .2128      .6401 |     .3284      .2085       .732 
P_D_muu_~4_2 |     .6825      .2167     -.7839 |     .2708      .1975      1.032 
P_BUSINESS~G |      .292      .2068      .9149 |     .2501      .1875      1.154 
P_LN_EDULE~L |     .6804      .1909     .08533 |     .7218      .2241      .1013 
P_D_MARITA~S |     .4417      .2466      .2349 |     .3189      .2172      .7772 
P_LN_CUM_S~E |     .2216      .1081      .9661 |     .1201     .07032      1.864 
P_LN_TOTAL~2 |      10.3      .4589      .8278 |     10.41      .3861      .6308 
P_D_CUM_SU~E |     .1342      .1162      2.147 |    .05086     .04827      4.088 
P_D_CUM_AL~S |     .2903       .206      .9242 |     .1966       .158      1.527 
D_Muu_riko~4 |     .2642      .1944       1.07 |     .1932      .1559      1.554 
        MALE |     .7519      .1866     -1.166 |     .8099       .154     -1.579 
      LN_AGE |     3.497     .03867     -.4772 |     3.545     .03286     -.5613 
BUSINESS_S~G |     .2174      .1701      1.371 |     .2076      .1645      1.442 
 LN_EDULEVEL |     .7998      .2439    -.02619 |     .9262      .2457     -.2114 
D_MARITAL_~S |       .25      .1875      1.155 |     .1995      .1597      1.504 
LN_CUM_SUM~E |    .06131     .04071      3.076 |    .05912     .03897      3.117 
LN_TOTALIN~2 |     10.65      .6354     -.9407 |     10.74      .5096     -.9154 
D_CUM_SUBS~E |    .01565     .01541      7.805 |    .01074     .01063      9.493 
D_CUM_ALL_~S |    .08855     .08072      2.897 |    .07574        .07      3.207 
      D_FMOB |     .3523      .2282      .6183 |     .3387       .224      .6818 
LN_NUM_POS~S |     .1077     .08044      2.647 |    .09848     .08054      3.229 
Mean_OMAVA~2 |     .3917       .074      .3432 |     .4403     .07652       .146 
Mean_LNTASE2 |     13.11     .09822     .09973 |      13.1     .09804      .1219 
   Mean_ROA2 |     .1137     .03363      .3021 |     .1278     .03591      .2543 
Mean_LN_Bo~e |     .6808      .3135     .08524 |     .8395      .3038      -.199 
Mean_Curre~2 |     2.357      6.647      2.477 |     2.694      7.589      2.199 
   1996.YEAR |   .001204    .001203      28.77 |   .001443    .001441      26.27 
   1997.YEAR |   .003745    .003732      16.25 |   .002716    .002708      19.11 
   1998.YEAR |   .007089     .00704      11.75 |   .003842    .003828      16.04 
   1999.YEAR |   .009631    .009539      10.04 |   .005553    .005522      13.31 
   2000.YEAR |    .01137     .01124      9.218 |    .00715    .007099       11.7 
   2001.YEAR |    .01445     .01424      8.139 |    .01003    .009927      9.835 
   2002.YEAR |    .01699      .0167      7.476 |    .01221     .01206      8.884 
   2003.YEAR |    .01779     .01748      7.296 |    .01497     .01475      7.988 
   2004.YEAR |    .02461     .02401      6.136 |    .01828     .01795      7.192 
   2005.YEAR |    .02809      .0273      5.712 |     .0219     .02142      6.534 
   2006.YEAR |     .0321     .03108      5.309 |    .02576      .0251      5.987 
   2007.YEAR |    .03919     .03766      4.749 |    .03191      .0309      5.326 
   2008.YEAR |    .04695     .04475      4.284 |    .03811     .03666      4.825 
   2009.YEAR |    .05123     .04861      4.071 |    .04303     .04118      4.504 
   2010.YEAR |    .05163     .04897      4.052 |    .04762     .04536      4.248 
   2011.YEAR |    .05431     .05136      3.933 |    .05394     .05103      3.949 
   2012.YEAR |    .05778     .05445       3.79 |    .06063     .05695      3.682 
   2013.YEAR |    .06153     .05775      3.649 |    .06705     .06255      3.462 
   2014.YEAR |    .06434     .06021      3.551 |    .07371     .06828      3.263 
   2015.YEAR |     .0729     .06759      3.286 |    .07759     .07157      3.158 
   2016.YEAR |    .07303     .06771      3.282 |    .08301     .07612      3.023 
   2017.YEAR |    .07638     .07055       3.19 |    .08607     .07867      2.952 
   2018.YEAR |    .08735     .07973      2.923 |     .1003     .09023      2.661 
   2019.YEAR |    .09577     .08661      2.747 |     .1128      .1001      2.448 
2.Industry~3 |     .0103     .01019      9.701 |    .02173     .02126       6.56 
5.Industry~3 |  .0009363   .0009356      32.63 |  .0008998    .000899      33.29 
10.Industr~3 |   .002408    .002402      20.31 |   .003356    .003345      17.17 
14.Industr~3 |   .002408    .002402      20.31 |   .001962    .001958      22.51 
15.Industr~3 |   .006554    .006512      12.23 |    .01107     .01095      9.344 
17.Industr~3 |   .001204    .001203      28.77 |   .002002    .001998      22.28 
18.Industr~3 |    .00214    .002136      21.55 |     .0012    .001198      28.82 
19.Industr~3 |         0          0          . |  .0004945   .0004942      44.94 
20.Industr~3 |   .008293    .008226      10.84 |   .009112    .009029      10.33 
21.Industr~3 |  .0009363   .0009356      32.63 |   .001135    .001134      29.63 
22.Industr~3 |    .01204      .0119      8.949 |     .0115     .01137      9.162 
23.Industr~3 |         0          0          . |  .0000162   .0000162      248.3 
24.Industr~3 |   .001605    .001603       24.9 |   .001556    .001554      25.29 
25.Industr~3 |   .006421     .00638      12.36 |   .004369     .00435      15.03 
26.Industr~3 |   .004682     .00466      14.51 |   .003364    .003353      17.15 
27.Industr~3 |  .0002675   .0002675      61.11 |  .0005512   .0005509      42.56 
28.Industr~3 |     .0313     .03032      5.383 |    .03241     .03136      5.281 
29.Industr~3 |    .01324     .01307      8.516 |    .01686     .01658      7.505 
30.Industr~3 |    .00107    .001069      30.52 |  .0004458   .0004457      47.33 
31.Industr~3 |   .009898    .009802      9.901 |   .003113    .003103      17.84 
32.Industr~3 |   .000535   .0005348       43.2 |   .001637    .001635      24.65 
33.Industr~3 |    .00214    .002136      21.55 |   .003753    .003739      16.23 
34.Industr~3 |   .002274    .002269       20.9 |   .001086    .001085      30.29 
35.Industr~3 |   .001739    .001736      23.92 |   .003842    .003828      16.04 
36.Industr~3 |   .007357    .007304      11.53 |   .007652    .007594       11.3 
37.Industr~3 |         0          0          . |  .0004296   .0004295      48.21 
40.Industr~3 |   .001739    .001736      23.92 |   .003202    .003192      17.59 
41.Industr~3 |  .0001338   .0001338      86.45 |   .000535   .0005347       43.2 
45.Industr~3 |     .1708      .1417      1.749 |     .1555      .1313      1.902 
50.Industr~3 |    .05645     .05327      3.844 |    .04565     .04357      4.353 
51.Industr~3 |    .08146     .07483       3.06 |    .07479      .0692      3.233 
52.Industr~3 |    .07812     .07202      3.144 |    .07775      .0717      3.154 
55.Industr~3 |    .04655     .04439      4.305 |    .03593     .03464      4.987 
60.Industr~3 |    .06474     .06056      3.538 |    .07094     .06591      3.343 
61.Industr~3 |   .002274    .002269       20.9 |   .001289    .001287       27.8 
62.Industr~3 |         0          0          . |   .000154    .000154      80.56 
63.Industr~3 |    .02368     .02312      6.266 |    .01488     .01466      8.013 
64.Industr~3 |   .005886    .005852      12.92 |   .004613    .004591      14.62 
65.Industr~3 |   .008293    .008226      10.84 |   .008074    .008009      10.99 
66.Industr~3 |         0          0          . |  .0000567   .0000567      132.7 
67.Industr~3 |   .005886    .005852      12.92 |   .005901    .005867       12.9 
70.Industr~3 |    .04615     .04402      4.326 |    .04075     .03909      4.646 
71.Industr~3 |   .008427    .008357      10.76 |   .005877    .005843      12.93 
72.Industr~3 |    .04213     .04036      4.558 |    .05976     .05619      3.714 
73.Industr~3 |  .0009363   .0009356      32.63 |   .002594    .002587      19.56 
74.Industr~3 |     .1332      .1155      2.159 |     .1376      .1187      2.104 
75.Industr~3 |         0          0          . |  .0004945   .0004942      44.94 
80.Industr~3 |   .002943    .002934      18.35 |   .007077    .007027      11.76 
85.Industr~3 |    .03906     .03754      4.759 |    .04631     .04417      4.318 
90.Industr~3 |   .006554    .006512      12.23 |   .006623    .006579      12.17 
91.Industr~3 |         0          0          . |   .000073    .000073      117.1 
92.Industr~3 |     .0305     .02957      5.461 |    .02642     .02572      5.906 
93.Industr~3 |    .00214    .002136      21.55 |   .004264    .004246      15.22 


After:  _webal as the weighting variable

             |              Treat              |             Control             
             |      mean   variance   skewness |      mean   variance   skewness 
-------------+---------------------------------+--------------------------------
Mean_Mean_~i |    .02848     .02069      5.718 |    .02847     .02068      5.719 
Mean_Mean_~4 |     .1491     .09587      1.978 |     .1491     .09586      1.978 
Mean_CEO_D~y |     .3478      .2128      .6401 |     .3478      .2128      .6402 
P_D_muu_~4_2 |     .6825      .2167     -.7839 |     .6822      .2168     -.7824 
P_BUSINESS~G |      .292      .2068      .9149 |      .292      .2067      .9148 
P_LN_EDULE~L |     .6804      .1909     .08533 |     .6804      .1909     .08555 
P_D_MARITA~S |     .4417      .2466      .2349 |     .4417      .2466       .235 
P_LN_CUM_S~E |     .2216      .1081      .9661 |     .2216      .1081      .9664 
P_LN_TOTAL~2 |      10.3      .4589      .8278 |      10.3      .4589      .8291 
P_D_CUM_SU~E |     .1342      .1162      2.147 |     .1342      .1162      2.147 
P_D_CUM_AL~S |     .2903       .206      .9242 |     .2903       .206      .9241 
D_Muu_riko~4 |     .2642      .1944       1.07 |     .2642      .1944       1.07 
        MALE |     .7519      .1866     -1.166 |     .7518      .1866     -1.166 
      LN_AGE |     3.497     .03867     -.4772 |     3.497     .03867     -.4756 
BUSINESS_S~G |     .2174      .1701      1.371 |     .2174      .1701       1.37 
 LN_EDULEVEL |     .7998      .2439    -.02619 |     .7999      .2439    -.02614 
D_MARITAL_~S |       .25      .1875      1.155 |       .25      .1875      1.155 
LN_CUM_SUM~E |    .06131     .04071      3.076 |    .06133     .04073      3.077 
LN_TOTALIN~2 |     10.65      .6354     -.9407 |     10.65      .6353     -.9393 
D_CUM_SUBS~E |    .01565     .01541      7.805 |    .01565      .0154      7.805 
D_CUM_ALL_~S |    .08855     .08072      2.897 |    .08855     .08071      2.897 
      D_FMOB |     .3523      .2282      .6183 |     .3523      .2282      .6183 
LN_NUM_POS~S |     .1077     .08044      2.647 |     .1077     .08055      2.655 
Mean_OMAVA~2 |     .3917       .074      .3432 |     .3917       .074      .3433 
Mean_LNTASE2 |     13.11     .09822     .09973 |     13.11     .09822      .1035 
   Mean_ROA2 |     .1137     .03363      .3021 |     .1137     .03364      .3019 
Mean_LN_Bo~e |     .6808      .3135     .08524 |     .6808      .3135      .0853 
Mean_Curre~2 |     2.357      6.647      2.477 |     2.357      6.647      2.477 
   1996.YEAR |   .001204    .001203      28.77 |   .001204    .001203      28.77 
   1997.YEAR |   .003745    .003732      16.25 |   .003745    .003731      16.25 
   1998.YEAR |   .007089     .00704      11.75 |   .007091     .00704      11.75 
   1999.YEAR |   .009631    .009539      10.04 |   .009632    .009539      10.04 
   2000.YEAR |    .01137     .01124      9.218 |    .01137     .01124      9.217 
   2001.YEAR |    .01445     .01424      8.139 |    .01445     .01424      8.139 
   2002.YEAR |    .01699      .0167      7.476 |    .01699      .0167      7.476 
   2003.YEAR |    .01779     .01748      7.296 |    .01779     .01747      7.296 
   2004.YEAR |    .02461     .02401      6.136 |    .02461       .024      6.137 
   2005.YEAR |    .02809      .0273      5.712 |    .02809      .0273      5.712 
   2006.YEAR |     .0321     .03108      5.309 |     .0321     .03107      5.309 
   2007.YEAR |    .03919     .03766      4.749 |    .03919     .03765       4.75 
   2008.YEAR |    .04695     .04475      4.284 |    .04695     .04474      4.284 
   2009.YEAR |    .05123     .04861      4.071 |    .05123      .0486      4.071 
   2010.YEAR |    .05163     .04897      4.052 |    .05163     .04896      4.053 
   2011.YEAR |    .05431     .05136      3.933 |    .05431     .05136      3.933 
   2012.YEAR |    .05778     .05445       3.79 |    .05779     .05445       3.79 
   2013.YEAR |    .06153     .05775      3.649 |    .06154     .05775      3.649 
   2014.YEAR |    .06434     .06021      3.551 |    .06435     .06021      3.551 
   2015.YEAR |     .0729     .06759      3.286 |    .07291     .06759      3.285 
   2016.YEAR |    .07303     .06771      3.282 |    .07304     .06771      3.282 
   2017.YEAR |    .07638     .07055       3.19 |    .07639     .07055       3.19 
   2018.YEAR |    .08735     .07973      2.923 |    .08736     .07973      2.923 
   2019.YEAR |    .09577     .08661      2.747 |    .09579     .08662      2.747 
2.Industry~3 |     .0103     .01019      9.701 |    .01031     .01021      9.694 
5.Industry~3 |  .0009363   .0009356      32.63 |  .0009361   .0009353      32.64 
10.Industr~3 |   .002408    .002402      20.31 |   .002408    .002402       20.3 
14.Industr~3 |   .002408    .002402      20.31 |   .002407    .002402      20.31 
15.Industr~3 |   .006554    .006512      12.23 |   .006558    .006515      12.23 
17.Industr~3 |   .001204    .001203      28.77 |   .001205    .001204      28.75 
18.Industr~3 |    .00214    .002136      21.55 |    .00214    .002135      21.55 
19.Industr~3 |         0          0          . |  .0000216   .0000216      215.2 
20.Industr~3 |   .008293    .008226      10.84 |   .008293    .008224      10.84 
21.Industr~3 |  .0009363   .0009356      32.63 |  .0009362   .0009354      32.64 
22.Industr~3 |    .01204      .0119      8.949 |    .01204     .01189      8.949 
23.Industr~3 |         0          0          . |  6.12e-07   6.12e-07       1278 
24.Industr~3 |   .001605    .001603       24.9 |   .001605    .001603       24.9 
25.Industr~3 |   .006421     .00638      12.36 |    .00642    .006379      12.36 
26.Industr~3 |   .004682     .00466      14.51 |   .004681    .004659      14.51 
27.Industr~3 |  .0002675   .0002675      61.11 |  .0002678   .0002677      61.09 
28.Industr~3 |     .0313     .03032      5.383 |     .0313     .03032      5.384 
29.Industr~3 |    .01324     .01307      8.516 |    .01324     .01307      8.517 
30.Industr~3 |    .00107    .001069      30.52 |    .00107    .001069      30.52 
31.Industr~3 |   .009898    .009802      9.901 |   .009896    .009798      9.903 
32.Industr~3 |   .000535   .0005348       43.2 |  .0005382   .0005379      43.07 
33.Industr~3 |    .00214    .002136      21.55 |   .002142    .002137      21.54 
34.Industr~3 |   .002274    .002269       20.9 |   .002273    .002268       20.9 
35.Industr~3 |   .001739    .001736      23.92 |   .001742    .001739       23.9 
36.Industr~3 |   .007357    .007304      11.53 |   .007356    .007302      11.53 
37.Industr~3 |         0          0          . |  .0000183   .0000183      233.8 
40.Industr~3 |   .001739    .001736      23.92 |    .00174    .001737      23.91 
41.Industr~3 |  .0001338   .0001338      86.45 |  .0001362   .0001361      85.68 
45.Industr~3 |     .1708      .1417      1.749 |     .1708      .1416      1.749 
50.Industr~3 |    .05645     .05327      3.844 |    .05644     .05325      3.844 
51.Industr~3 |    .08146     .07483       3.06 |    .08145     .07482       3.06 
52.Industr~3 |    .07812     .07202      3.144 |    .07811     .07201      3.144 
55.Industr~3 |    .04655     .04439      4.305 |    .04654     .04437      4.305 
60.Industr~3 |    .06474     .06056      3.538 |    .06473     .06054      3.538 
61.Industr~3 |   .002274    .002269       20.9 |   .002273    .002268       20.9 
62.Industr~3 |         0          0          . |  6.32e-06   6.32e-06      397.8 
63.Industr~3 |    .02368     .02312      6.266 |    .02367     .02311      6.266 
64.Industr~3 |   .005886    .005852      12.92 |   .005886    .005851      12.92 
65.Industr~3 |   .008293    .008226      10.84 |   .008293    .008224      10.84 
66.Industr~3 |         0          0          . |  2.18e-06   2.18e-06      676.5 
67.Industr~3 |   .005886    .005852      12.92 |   .005886    .005851      12.92 
70.Industr~3 |    .04615     .04402      4.326 |    .04614     .04402      4.327 
71.Industr~3 |   .008427    .008357      10.76 |   .008426    .008355      10.76 
72.Industr~3 |    .04213     .04036      4.558 |    .04214     .04037      4.558 
73.Industr~3 |  .0009363   .0009356      32.63 |  .0009413   .0009404      32.55 
74.Industr~3 |     .1332      .1155      2.159 |     .1333      .1155      2.158 
75.Industr~3 |         0          0          . |  .0000203   .0000203      221.8 
80.Industr~3 |   .002943    .002934      18.35 |    .00295    .002942      18.33 
85.Industr~3 |    .03906     .03754      4.759 |    .03907     .03754      4.758 
90.Industr~3 |   .006554    .006512      12.23 |   .006553    .006511      12.23 
91.Industr~3 |         0          0          . |  2.83e-06   2.83e-06      594.5 
92.Industr~3 |     .0305     .02957      5.461 |     .0305     .02957      5.461 
93.Industr~3 |    .00214    .002136      21.55 |   .002144    .002139      21.53 

. 
. reg D_Vaste_talous_kaikki P_D_talous_kaikki_2 Mean_Mean_D_talous_kaikki Mean_Mean_D_muu_rikos_4 Mean_CEO_Duality 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_Curr
> ent_Ratio2 i.MAAKUNTA i.YEAR i.Industry_2002_3 [aweight=_webal], cluster(ID)
(sum of wgt is 14,952)

Linear regression                               Number of obs     =    130,836
                                                F(122, 36263)     =          .
                                                Prob > F          =          .
                                                R-squared         =     0.0274
                                                Root MSE          =     .08772

                                             (Std. err. adjusted for 36,264 clusters in ID)
-------------------------------------------------------------------------------------------
                          |               Robust
    D_Vaste_talous_kaikki | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
--------------------------+----------------------------------------------------------------
      P_D_talous_kaikki_2 |   .0036668   .0016776     2.19   0.029     .0003786     .006955
Mean_Mean_D_talous_kaikki |   .0169188   .0086682     1.95   0.051    -.0000711    .0339087
  Mean_Mean_D_muu_rikos_4 |    .003322   .0023011     1.44   0.149    -.0011883    .0078322
         Mean_CEO_Duality |   .0044515    .001816     2.45   0.014      .000892     .008011
        P_D_muu_rikos_4_2 |   .0000213   .0016165     0.01   0.989     -.003147    .0031896
     P_BUSINESS_SOCIALDEG |   .0024763   .0021609     1.15   0.252    -.0017591    .0067117
            P_LN_EDULEVEL |  -.0029727   .0019546    -1.52   0.128    -.0068037    .0008583
       P_D_MARITAL_STATUS |   .0009686   .0019299     0.50   0.616    -.0028141    .0047514
     P_LN_CUM_SUM_DIVORCE |   .0010329   .0032039     0.32   0.747    -.0052469    .0073127
        P_LN_TOTALINCOME2 |  -.0011968   .0016026    -0.75   0.455    -.0043381    .0019444
        P_D_CUM_SUBSTANCE |  -.0007483   .0021215    -0.35   0.724    -.0049065      .00341
     P_D_CUM_ALL_BUT_SUBS |  -.0017381   .0017497    -0.99   0.321    -.0051675    .0016913
            D_Muu_rikos_4 |   .0125895   .0026578     4.74   0.000     .0073802    .0177988
                     MALE |   .0019129   .0016339     1.17   0.242    -.0012895    .0051154
                   LN_AGE |  -.0097798   .0056522    -1.73   0.084    -.0208583    .0012987
       BUSINESS_SOCIALDEG |   .0036841   .0025915     1.42   0.155    -.0013952    .0087635
              LN_EDULEVEL |  -.0017818   .0018006    -0.99   0.322     -.005311    .0017473
         D_MARITAL_STATUS |   .0004827   .0023511     0.21   0.837    -.0041256    .0050909
       LN_CUM_SUM_DIVORCE |   .0067145   .0043534     1.54   0.123    -.0018182    .0152472
          LN_TOTALINCOME2 |  -.0038429   .0016183    -2.37   0.018    -.0070148    -.000671
          D_CUM_SUBSTANCE |   .0052967   .0096424     0.55   0.583    -.0136027    .0241961
       D_CUM_ALL_BUT_SUBS |  -.0002191    .002192    -0.10   0.920    -.0045154    .0040772
                   D_FMOB |  -.0023304   .0023471    -0.99   0.321    -.0069308      .00227
         LN_NUM_POSITIONS |   .0055192   .0027323     2.02   0.043     .0001639    .0108746
       Mean_OMAVARAISUUS2 |  -.0135236   .0039807    -3.40   0.001     -.021326   -.0057212
             Mean_LNTASE2 |   .0014597   .0020176     0.72   0.469    -.0024949    .0054143
                Mean_ROA2 |  -.0017595   .0040175    -0.44   0.661    -.0096339    .0061148
        Mean_LN_Boardsize |  -.0065397   .0016989    -3.85   0.000    -.0098695   -.0032098
      Mean_Current_Ratio2 |    .000801   .0003968     2.02   0.044     .0000233    .0015787
                          |
                 MAAKUNTA |
                       2  |  -.0015373   .0024254    -0.63   0.526    -.0062912    .0032166
                       4  |   .0034476   .0046491     0.74   0.458    -.0056647      .01256
                       5  |   .0002755   .0051208     0.05   0.957    -.0097615    .0103125
                       6  |   .0001317   .0027812     0.05   0.962    -.0053196    .0055829
                       7  |  -.0053414   .0027059    -1.97   0.048    -.0106449   -.0000379
                       8  |  -.0037801   .0036308    -1.04   0.298    -.0108966    .0033364
                       9  |  -.0012606   .0043758    -0.29   0.773    -.0098372     .007316
                      10  |   .0000746   .0052335     0.01   0.989    -.0101831    .0103324
                      11  |   .0090325   .0071997     1.25   0.210    -.0050791    .0231441
                      12  |   .0010821   .0035135     0.31   0.758    -.0058045    .0079686
                      13  |   4.46e-06   .0038496     0.00   0.999    -.0075409    .0075498
                      14  |   .0032644   .0061969     0.53   0.598    -.0088818    .0154106
                      15  |  -.0031068   .0030033    -1.03   0.301    -.0089934    .0027798
                      16  |    .021633   .0185877     1.16   0.244    -.0147993    .0580654
                      17  |   .0009115   .0028158     0.32   0.746    -.0046076    .0064306
                      18  |  -.0052218   .0039882    -1.31   0.190    -.0130387    .0025951
                      19  |   .0019925   .0072505     0.27   0.783    -.0122186    .0162037
                          |
                     YEAR |
                    1996  |   .0064078   .0044744     1.43   0.152    -.0023621    .0151776
                    1997  |   .0212335   .0177214     1.20   0.231    -.0135009     .055968
                    1998  |   .0628308    .021665     2.90   0.004     .0203667    .1052949
                    1999  |   .0373541   .0155232     2.41   0.016     .0069281    .0677801
                    2000  |   .0105258   .0045323     2.32   0.020     .0016423    .0194093
                    2001  |   .0163793   .0067604     2.42   0.015     .0031288    .0296298
                    2002  |   .0194566   .0073745     2.64   0.008     .0050023    .0339109
                    2003  |   .0165898   .0053308     3.11   0.002     .0061413    .0270383
                    2004  |   .0162455   .0052602     3.09   0.002     .0059355    .0265556
                    2005  |   .0247768   .0064391     3.85   0.000     .0121559    .0373977
                    2006  |   .0211566   .0063549     3.33   0.001     .0087009    .0336124
                    2007  |   .0246094   .0067316     3.66   0.000     .0114153    .0378035
                    2008  |   .0240964   .0058191     4.14   0.000     .0126907     .035502
                    2009  |   .0223868   .0058317     3.84   0.000     .0109564    .0338171
                    2010  |   .0123992   .0047059     2.63   0.008     .0031755    .0216228
                    2011  |   .0138952   .0049576     2.80   0.005     .0041781    .0236122
                    2012  |   .0134621   .0047662     2.82   0.005     .0041203     .022804
                    2013  |    .013922   .0043343     3.21   0.001     .0054266    .0224175
                    2014  |   .0087139   .0038487     2.26   0.024     .0011704    .0162574
                    2015  |   .0084052    .004134     2.03   0.042     .0003025    .0165078
                    2016  |   .0089465   .0040975     2.18   0.029     .0009152    .0169777
                    2017  |   .0062865   .0039034     1.61   0.107    -.0013643    .0139373
                    2018  |   .0065774   .0039457     1.67   0.096    -.0011564    .0143112
                    2019  |   .0070315   .0040193     1.75   0.080    -.0008464    .0149094
                          |
          Industry_2002_3 |
                       2  |   .0017236   .0043557     0.40   0.692    -.0068138    .0102609
                       5  |   .0047472   .0040792     1.16   0.245    -.0032482    .0127425
                      10  |  -.0054988   .0048342    -1.14   0.255     -.014974    .0039764
                      14  |  -.0005045   .0042245    -0.12   0.905    -.0087847    .0077757
                      15  |  -.0052155    .003225    -1.62   0.106    -.0115366    .0011056
                      17  |  -.0060702   .0050739    -1.20   0.232    -.0160151    .0038748
                      18  |  -.0035903   .0049228    -0.73   0.466    -.0132391    .0060585
                      19  |  -.0139315    .005734    -2.43   0.015    -.0251702   -.0026927
                      20  |  -.0074695   .0037641    -1.98   0.047    -.0148472   -.0000918
                      21  |  -.0035638   .0046003    -0.77   0.439    -.0125806    .0054529
                      22  |   .0045678   .0062112     0.74   0.462    -.0076063    .0167419
                      23  |   .0152236   .0057567     2.64   0.008     .0039403    .0265069
                      24  |   .0040416   .0046888     0.86   0.389    -.0051486    .0132318
                      25  |   .0205833   .0130685     1.58   0.115    -.0050314     .046198
                      26  |  -.0060637   .0043549    -1.39   0.164    -.0145994     .002472
                      27  |  -.0006543   .0036212    -0.18   0.857    -.0077519    .0064432
                      28  |    .002542   .0042894     0.59   0.553    -.0058654    .0109494
                      29  |  -.0011446   .0035105    -0.33   0.744    -.0080252    .0057361
                      30  |   -.003724   .0086813    -0.43   0.668    -.0207396    .0132916
                      31  |   .0048233   .0054272     0.89   0.374    -.0058142    .0154608
                      32  |    .006341   .0089636     0.71   0.479     -.011228      .02391
                      33  |   .0009506   .0048182     0.20   0.844    -.0084933    .0103945
                      34  |  -.0020468   .0041124    -0.50   0.619    -.0101073    .0060136
                      35  |  -.0002911   .0033536    -0.09   0.931    -.0068643    .0062821
                      36  |  -.0071501   .0041164    -1.74   0.082    -.0152184    .0009181
                      37  |   -.002828   .0045763    -0.62   0.537    -.0117977    .0061417
                      40  |   .0059691    .004846     1.23   0.218    -.0035292    .0154674
                      41  |    .014504   .0070033     2.07   0.038     .0007774    .0282306
                      45  |    .006255   .0032535     1.92   0.055    -.0001219    .0126319
                      50  |   .0097726   .0050455     1.94   0.053    -.0001167    .0196619
                      51  |   .0039319   .0038442     1.02   0.306    -.0036028    .0114666
                      52  |   .0052379   .0039393     1.33   0.184    -.0024833    .0129591
                      55  |   .0093475   .0051701     1.81   0.071    -.0007859     .019481
                      60  |   .0067183   .0054557     1.23   0.218    -.0039751    .0174116
                      61  |   -.004118   .0044421    -0.93   0.354    -.0128246    .0045887
                      62  |    .001838    .005647     0.33   0.745    -.0092302    .0129062
                      63  |   .0089273   .0074153     1.20   0.229    -.0056069    .0234614
                      64  |  -.0049474   .0039703    -1.25   0.213    -.0127292    .0028345
                      65  |   .0000704   .0034406     0.02   0.984    -.0066733    .0068141
                      66  |   .0153652   .0048332     3.18   0.001     .0058919    .0248385
                      67  |   .0090597   .0096086     0.94   0.346    -.0097734    .0278928
                      70  |   .0099411   .0067288     1.48   0.140    -.0032475    .0231297
                      71  |   .0167816    .015408     1.09   0.276    -.0134186    .0469818
                      72  |   .0062082   .0033757     1.84   0.066    -.0004083    .0128246
                      73  |   .0043267   .0049719     0.87   0.384    -.0054185    .0140719
                      74  |   .0073929   .0034994     2.11   0.035     .0005339    .0142518
                      75  |   .0130392    .004246     3.07   0.002      .004717    .0213614
                      80  |   .0003773   .0049258     0.08   0.939    -.0092774     .010032
                      85  |   .0053754   .0033926     1.58   0.113    -.0012743    .0120251
                      90  |  -.0055066   .0033738    -1.63   0.103    -.0121193    .0011061
                      91  |   .0060769   .0051876     1.17   0.241     -.004091    .0162448
                      92  |   .0018196   .0031997     0.57   0.570     -.004452    .0080912
                      93  |   .0012348   .0039937     0.31   0.757     -.006593    .0090626
                          |
                    _cons |   .0571798   .0326241     1.75   0.080    -.0067645    .1211241
-------------------------------------------------------------------------------------------

. 
. ereturn list r2_a
scalar e(r2_a)     =  .0264633299078173

. 
. tabulate D_Vaste_talous_kaikki P_D_talous_kaikki_2 if Assets_3lk == 1

D_Vaste_ta |
lous_kaikk |  P_D_talous_kaikki_2
         i |         0          1 |     Total
-----------+----------------------+----------
         0 |   122,993      7,403 |   130,396 
         1 |       367         73 |       440 
-----------+----------------------+----------
     Total |   123,360      7,476 |   130,836 

. 
. 
. 
. ebalance P_D_talous_kaikki_2 Mean_Mean_D_talous_kaikki Mean_Mean_D_muu_rikos_4 Mean_CEO_Duality 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_Mu
> u_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.YEAR
>  i.Industry_2002_3 if Assets_3lk == 2, 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 __00000V
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 __00001D
note: higher order constraint omitted due to too few values of __00001Y
note: higher order constraint omitted due to too few values of __000025
note: higher order constraint omitted due to too few values of __000029


Data Setup
Treatment variable:   P_D_talous_kaikki_2
Covariate adjustment: Mean_Mean_D_talous_kaikki Mean_Mean_D_muu_rikos_4 Mean_CEO_Duality 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 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.Indus
> try_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_20
> 02_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 66.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 91.Industry_2002_3 92.Industry_2002_3 93.Industry_2002_3 (
> 1st order). Mean_Mean_D_talous_kaikki Mean_Mean_D_muu_rikos_4 Mean_CEO_Duality 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 199
> 8.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.YEAR 2012.YEAR 2013.YEAR 2014.YEAR 2015.YEAR 2016.YEAR 2017.YEAR 2018.YEAR 2019.YEAR 2.Industry_2002_3 10.Industry_200
> 2_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 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.In
> dustry_2002_3 80.Industry_2002_3 85.Industry_2002_3 90.Industry_2002_3 92.Industry_2002_3 93.Industry_2002_3 (2nd order). Mean_Mean_D_talous_kaikki Mean_Mean_D_muu_rikos_4 Mean_CEO_Duality P_D_muu_rikos_4_2 P_BUSINESS_SOCIALDEG P_LN_EDULEVEL P_D_MARI
> TAL_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_POS
> ITIONS 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.YEAR 201
> 2.YEAR 2013.YEAR 2014.YEAR 2015.YEAR 2016.YEAR 2017.YEAR 2018.YEAR 2019.YEAR 2.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 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.Ind
> ustry_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.Indust
> ry_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 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 = 1135038.94
Iteration 2: Max Difference = 417555.444
Iteration 3: Max Difference = 153608.016
Iteration 4: Max Difference = 56507.1845
Iteration 5: Max Difference = 20785.785
Iteration 6: Max Difference = 7644.61739
Iteration 7: Max Difference = 2810.25437
Iteration 8: Max Difference = 1031.79803
Iteration 9: Max Difference = 377.557857
Iteration 10: Max Difference = 136.922711
Iteration 11: Max Difference = 48.518039
Iteration 12: Max Difference = 16.2798116
Iteration 13: Max Difference = 4.93283711
Iteration 14: Max Difference = 1.22807736
Iteration 15: Max Difference = .153505117
Iteration 16: Max Difference = .003829007
maximum difference smaller than the tolerance level; convergence achieved


Treated units: 7676    total of weights: 7676
Control units: 122767  total of weights: 7676


Before: without weighting

             |              Treat              |             Control             
             |      mean   variance   skewness |      mean   variance   skewness 
-------------+---------------------------------+--------------------------------
Mean_Mean_~i |    .04268     .02647      4.606 |     .0221     .01106       6.53 
Mean_Mean_~4 |     .1872     .08965      1.598 |     .1791      .0798      1.683 
Mean_CEO_D~y |     .2351      .1595      1.255 |      .211      .1519      1.423 
P_D_muu_~4_2 |     .6657      .2226     -.7026 |     .2811      .2021       .974 
P_BUSINESS~G |     .3314      .2216      .7162 |     .3073      .2129      .8355 
P_LN_EDULE~L |     .7567       .215    -.06775 |     .8307      .2363     -.1478 
P_D_MARITA~S |     .3683      .2327      .5461 |     .2927       .207      .9111 
P_LN_CUM_S~E |      .192      .1024      1.208 |     .1099     .06514      1.999 
P_LN_TOTAL~2 |     10.83       .972      .7768 |     10.73      .6614      .8814 
P_D_CUM_SU~E |     .1017     .09141      2.635 |    .04804     .04573      4.227 
P_D_CUM_AL~S |      .217        .17      1.373 |     .1788      .1468      1.676 
D_Muu_riko~4 |     .2238      .1737      1.325 |     .1616      .1355      1.839 
        MALE |     .7249      .1995     -1.007 |     .7725      .1758       -1.3 
      LN_AGE |     3.539     .03843     -.6557 |     3.561     .03449     -.7005 
BUSINESS_S~G |     .3007      .2103      .8694 |     .2859      .2042      .9477 
 LN_EDULEVEL |     .9793      .2866     -.4065 |     1.089        .25     -.6032 
D_MARITAL_~S |     .2163      .1695      1.378 |     .1938      .1562      1.549 
LN_CUM_SUM~E |    .06828     .04529      2.899 |    .06051     .03982      3.073 
LN_TOTALIN~2 |     11.06      .8596     -.2383 |     11.09      .7172     -.4316 
D_CUM_SUBS~E |   .007295    .007243      11.58 |   .009261    .009176      10.25 
D_CUM_ALL_~S |    .06826     .06361      3.424 |    .06589     .06155        3.5 
      D_FMOB |     .5423      .2482       -.17 |     .4161       .243      .3404 
LN_NUM_POS~S |     .2258      .2023      2.204 |     .1901      .1762        2.5 
Mean_OMAVA~2 |     .4461     .06936      .2233 |     .4764     .07154      .1032 
Mean_LNTASE2 |     14.82      1.026      1.352 |     14.87       1.17      1.378 
   Mean_ROA2 |    .09181     .02158      .3756 |    .09614     .02309      .5342 
Mean_LN_Bo~e |      1.04      .3175     -.4377 |     1.152      .2991     -.5087 
Mean_Curre~2 |     2.718      7.747      2.134 |     3.026       9.15      1.905 
   1996.YEAR |   .001433    .001431      26.36 |  .0009938   .0009928      31.67 
   1997.YEAR |   .001563    .001561      25.23 |   .001825    .001821      23.35 
   1998.YEAR |   .003127    .003117       17.8 |   .003046    .003037      18.03 
   1999.YEAR |   .004299    .004281      15.15 |   .004146    .004129      15.43 
   2000.YEAR |   .006774    .006729      12.03 |   .005824     .00579      12.99 
   2001.YEAR |    .00951    .009421      10.11 |   .007706    .007646      11.26 
   2002.YEAR |    .01433     .01413      8.173 |    .01012     .01002      9.787 
   2003.YEAR |    .01602     .01577      7.709 |    .01235      .0122      8.831 
   2004.YEAR |    .01915     .01879      7.017 |    .01488     .01466      8.013 
   2005.YEAR |    .02267     .02216      6.414 |    .01826     .01793      7.196 
   2006.YEAR |    .02606     .02538       5.95 |     .0233     .02275      6.321 
   2007.YEAR |    .03088     .02993      5.424 |    .02824     .02744      5.696 
   2008.YEAR |    .03778     .03636      4.849 |    .03515     .03391      5.049 
   2009.YEAR |    .04508     .04305      4.385 |    .04045     .03881      4.665 
   2010.YEAR |     .0512     .04858      4.073 |    .04605     .04393      4.332 
   2011.YEAR |    .05393     .05103      3.949 |    .05139     .04875      4.064 
   2012.YEAR |    .06019     .05657      3.698 |     .0583      .0549       3.77 
   2013.YEAR |    .06384     .05977      3.568 |    .06512     .06088      3.525 
   2014.YEAR |     .0723     .06708      3.303 |    .07068     .06568       3.35 
   2015.YEAR |      .074     .06853      3.255 |    .07786      .0718      3.151 
   2016.YEAR |    .08533     .07806      2.969 |    .08778     .08008      2.913 
   2017.YEAR |    .08455     .07741      2.987 |    .09138     .08303      2.836 
   2018.YEAR |    .09927     .08943       2.68 |     .1109     .09861      2.478 
   2019.YEAR |     .1161      .1026      2.397 |     .1339       .116       2.15 
2.Industry~3 |   .004299    .004281      15.15 |    .01479     .01457      8.039 
5.Industry~3 |         0          0          . |  .0006924   .0006919      37.96 
10.Industr~3 |  .0009119   .0009112      33.07 |    .00145    .001448      26.21 
13.Industr~3 |         0          0          . |  .0001873   .0001873      73.04 
14.Industr~3 |   .007035    .006986       11.8 |   .003063    .003053      17.99 
15.Industr~3 |    .01602     .01577      7.709 |    .01739     .01709      7.384 
17.Industr~3 |   .001433    .001431      26.36 |   .003307    .003296       17.3 
18.Industr~3 |   .002996    .002988      18.19 |   .002207    .002203      21.21 
19.Industr~3 |  .0005211   .0005209      43.77 |   .001564    .001562      25.23 
20.Industr~3 |    .01563     .01539      7.809 |    .01508     .01485      7.959 
21.Industr~3 |   .005341    .005313      13.57 |   .003258    .003248      17.43 
22.Industr~3 |    .01563     .01539      7.809 |    .01074     .01063      9.491 
23.Industr~3 |         0          0          . |  .0001629   .0001629      78.33 
24.Industr~3 |    .00456    .004539      14.71 |   .005539    .005508      13.32 
25.Industr~3 |    .01355     .01337      8.416 |    .01005    .009951      9.823 
26.Industr~3 |   .005993    .005958       12.8 |   .009335    .009248       10.2 
27.Industr~3 |   .002475    .002469      20.03 |   .002256    .002251      20.98 
28.Industr~3 |    .04612       .044      4.328 |    .04684     .04465      4.289 
29.Industr~3 |     .0327     .03163      5.255 |    .02835     .02754      5.684 
30.Industr~3 |         0          0          . |  .0003665   .0003664       52.2 
31.Industr~3 |   .007165    .007115      11.69 |   .005791    .005758      13.03 
32.Industr~3 |   .003778    .003764      16.18 |   .003405    .003393      17.05 
33.Industr~3 |   .002996    .002988      18.19 |   .005409    .005379      13.49 
34.Industr~3 |   .003387    .003376      17.09 |   .004366    .004347      15.03 
35.Industr~3 |   .005341    .005313      13.57 |   .003951    .003935      15.82 
36.Industr~3 |   .006774    .006729      12.03 |   .008683    .008608      10.59 
37.Industr~3 |  .0009119   .0009112      33.07 |  .0009938   .0009928      31.67 
40.Industr~3 |   .009771    .009677      9.968 |    .01926     .01889      6.995 
41.Industr~3 |   .002606    .002599      19.51 |   .004969    .004944      14.08 
45.Industr~3 |      .132      .1146      2.175 |     .1136      .1007      2.436 
50.Industr~3 |    .03648     .03515      4.945 |    .03283     .03175      5.244 
51.Industr~3 |    .09471     .08575      2.768 |     .1024     .09191      2.623 
52.Industr~3 |    .06318      .0592      3.591 |    .06467     .06049       3.54 
55.Industr~3 |     .0215     .02104      6.599 |    .02254     .02203      6.434 
60.Industr~3 |    .04599     .04388      4.335 |    .03651     .03518      4.943 
61.Industr~3 |   .003648    .003635      16.47 |   .002607      .0026      19.51 
62.Industr~3 |   .001042    .001041      30.93 |   .000505   .0005048      44.46 
63.Industr~3 |    .01928     .01891      6.992 |    .01974     .01935      6.906 
64.Industr~3 |   .003778    .003764      16.18 |   .004578    .004557      14.68 
65.Industr~3 |    .02306     .02253      6.355 |     .0254     .02475      6.033 
66.Industr~3 |         0          0          . |  .0000244   .0000244      202.3 
67.Industr~3 |    .01264     .01248      8.726 |   .009628    .009535      10.04 
70.Industr~3 |     .1046     .09368      2.584 |    .07909     .07284      3.119 
71.Industr~3 |   .008859    .008781      10.48 |    .00593    .005895      12.87 
72.Industr~3 |    .03674     .03539      4.925 |    .04803     .04573      4.227 
73.Industr~3 |   .002736    .002729      19.04 |    .00281    .002802      18.78 
74.Industr~3 |      .104     .09316      2.595 |     .1078     .09616       2.53 
75.Industr~3 |         0          0          . |   .000391   .0003908      50.54 
80.Industr~3 |   .002606    .002599      19.51 |   .004871    .004847      14.22 
85.Industr~3 |     .0142       .014      8.212 |    .02356       .023      6.283 
90.Industr~3 |   .008598    .008525      10.64 |    .01074     .01062      9.495 
91.Industr~3 |         0          0          . |  .0001548   .0001547      80.36 
92.Industr~3 |    .02488     .02427        6.1 |    .02534      .0247      6.041 
93.Industr~3 |   .001954    .001951      22.56 |    .00189    .001886      22.94 


After:  _webal as the weighting variable

             |              Treat              |             Control             
             |      mean   variance   skewness |      mean   variance   skewness 
-------------+---------------------------------+--------------------------------
Mean_Mean_~i |    .04268     .02647      4.606 |    .04267     .02646      4.606 
Mean_Mean_~4 |     .1872     .08965      1.598 |     .1872     .08964      1.599 
Mean_CEO_D~y |     .2351      .1595      1.255 |     .2351      .1595      1.255 
P_D_muu_~4_2 |     .6657      .2226     -.7026 |     .6655      .2226     -.7015 
P_BUSINESS~G |     .3314      .2216      .7162 |     .3314      .2216      .7161 
P_LN_EDULE~L |     .7567       .215    -.06775 |     .7567       .215    -.06755 
P_D_MARITA~S |     .3683      .2327      .5461 |     .3683      .2327      .5461 
P_LN_CUM_S~E |      .192      .1024      1.208 |     .1919      .1024      1.208 
P_LN_TOTAL~2 |     10.83       .972      .7768 |     10.83      .9719      .7779 
P_D_CUM_SU~E |     .1017     .09141      2.635 |     .1017     .09138      2.635 
P_D_CUM_AL~S |      .217        .17      1.373 |     .2171      .1699      1.373 
D_Muu_riko~4 |     .2238      .1737      1.325 |     .2238      .1737      1.325 
        MALE |     .7249      .1995     -1.007 |     .7248      .1994     -1.007 
      LN_AGE |     3.539     .03843     -.6557 |     3.539     .03842     -.6541 
BUSINESS_S~G |     .3007      .2103      .8694 |     .3007      .2103      .8693 
 LN_EDULEVEL |     .9793      .2866     -.4065 |     .9793      .2866     -.4065 
D_MARITAL_~S |     .2163      .1695      1.378 |     .2163      .1695      1.378 
LN_CUM_SUM~E |    .06828     .04529      2.899 |    .06828     .04529      2.899 
LN_TOTALIN~2 |     11.06      .8596     -.2383 |     11.05      .8595     -.2372 
D_CUM_SUBS~E |   .007295    .007243      11.58 |   .007297    .007244      11.58 
D_CUM_ALL_~S |    .06826     .06361      3.424 |    .06827     .06361      3.424 
      D_FMOB |     .5423      .2482       -.17 |     .5423      .2482     -.1697 
LN_NUM_POS~S |     .2258      .2023      2.204 |     .2258      .2023      2.204 
Mean_OMAVA~2 |     .4461     .06936      .2233 |     .4461     .06936      .2234 
Mean_LNTASE2 |     14.82      1.026      1.352 |     14.82      1.027      1.354 
   Mean_ROA2 |    .09181     .02158      .3756 |     .0918     .02158      .3757 
Mean_LN_Bo~e |      1.04      .3175     -.4377 |      1.04      .3175     -.4375 
Mean_Curre~2 |     2.718      7.747      2.134 |     2.718      7.747      2.134 
   1996.YEAR |   .001433    .001431      26.36 |   .001433    .001431      26.36 
   1997.YEAR |   .001563    .001561      25.23 |   .001563    .001561      25.23 
   1998.YEAR |   .003127    .003117       17.8 |   .003127    .003117       17.8 
   1999.YEAR |   .004299    .004281      15.15 |   .004299    .004281      15.15 
   2000.YEAR |   .006774    .006729      12.03 |   .006774    .006728      12.03 
   2001.YEAR |    .00951    .009421      10.11 |   .009511     .00942      10.11 
   2002.YEAR |    .01433     .01413      8.173 |    .01433     .01412      8.173 
   2003.YEAR |    .01602     .01577      7.709 |    .01602     .01577      7.709 
   2004.YEAR |    .01915     .01879      7.017 |    .01915     .01879      7.016 
   2005.YEAR |    .02267     .02216      6.414 |    .02267     .02215      6.414 
   2006.YEAR |    .02606     .02538       5.95 |    .02606     .02538       5.95 
   2007.YEAR |    .03088     .02993      5.424 |    .03088     .02992      5.424 
   2008.YEAR |    .03778     .03636      4.849 |    .03778     .03636      4.848 
   2009.YEAR |    .04508     .04305      4.385 |    .04508     .04304      4.385 
   2010.YEAR |     .0512     .04858      4.073 |     .0512     .04858      4.073 
   2011.YEAR |    .05393     .05103      3.949 |    .05394     .05103      3.949 
   2012.YEAR |    .06019     .05657      3.698 |    .06019     .05657      3.698 
   2013.YEAR |    .06384     .05977      3.568 |    .06384     .05976      3.568 
   2014.YEAR |     .0723     .06708      3.303 |     .0723     .06708      3.303 
   2015.YEAR |      .074     .06853      3.255 |      .074     .06853      3.255 
   2016.YEAR |    .08533     .07806      2.969 |    .08534     .07806      2.968 
   2017.YEAR |    .08455     .07741      2.987 |    .08456     .07741      2.986 
   2018.YEAR |    .09927     .08943       2.68 |    .09928     .08942       2.68 
   2019.YEAR |     .1161      .1026      2.397 |     .1161      .1026      2.397 
2.Industry~3 |   .004299    .004281      15.15 |   .004335    .004316      15.09 
5.Industry~3 |         0          0          . |  .0000283   .0000283      187.8 
10.Industr~3 |  .0009119   .0009112      33.07 |  .0009121   .0009112      33.07 
13.Industr~3 |         0          0          . |  8.38e-06   8.38e-06      345.5 
14.Industr~3 |   .007035    .006986       11.8 |   .007033    .006984       11.8 
15.Industr~3 |    .01602     .01577      7.709 |    .01602     .01577      7.709 
17.Industr~3 |   .001433    .001431      26.36 |   .001436    .001434      26.34 
18.Industr~3 |   .002996    .002988      18.19 |   .002996    .002987      18.19 
19.Industr~3 |  .0005211   .0005209      43.77 |  .0005233   .0005231      43.68 
20.Industr~3 |    .01563     .01539      7.809 |    .01563     .01539       7.81 
21.Industr~3 |   .005341    .005313      13.57 |   .005341    .005312      13.57 
22.Industr~3 |    .01563     .01539      7.809 |    .01563     .01539       7.81 
23.Industr~3 |         0          0          . |  6.55e-06   6.55e-06      390.6 
24.Industr~3 |    .00456    .004539      14.71 |    .00456    .004539      14.71 
25.Industr~3 |    .01355     .01337      8.416 |    .01355     .01336      8.416 
26.Industr~3 |   .005993    .005958       12.8 |   .005994    .005958       12.8 
27.Industr~3 |   .002475    .002469      20.03 |   .002475    .002469      20.03 
28.Industr~3 |    .04612       .044      4.328 |    .04611     .04399      4.328 
29.Industr~3 |     .0327     .03163      5.255 |     .0327     .03163      5.255 
30.Industr~3 |         0          0          . |  .0000143   .0000143      264.1 
31.Industr~3 |   .007165    .007115      11.69 |   .007165    .007113      11.69 
32.Industr~3 |   .003778    .003764      16.18 |   .003778    .003763      16.18 
33.Industr~3 |   .002996    .002988      18.19 |   .002998    .002989      18.18 
34.Industr~3 |   .003387    .003376      17.09 |   .003387    .003376      17.09 
35.Industr~3 |   .005341    .005313      13.57 |    .00534    .005312      13.57 
36.Industr~3 |   .006774    .006729      12.03 |   .006775    .006729      12.03 
37.Industr~3 |  .0009119   .0009112      33.07 |  .0009119   .0009111      33.07 
40.Industr~3 |   .009771    .009677      9.968 |   .009778    .009683      9.964 
41.Industr~3 |   .002606    .002599      19.51 |   .002607    .002601      19.51 
45.Industr~3 |      .132      .1146      2.175 |      .132      .1146      2.175 
50.Industr~3 |    .03648     .03515      4.945 |    .03647     .03514      4.945 
51.Industr~3 |    .09471     .08575      2.768 |     .0947     .08574      2.768 
52.Industr~3 |    .06318      .0592      3.591 |    .06318     .05919      3.591 
55.Industr~3 |     .0215     .02104      6.599 |    .02149     .02103      6.599 
60.Industr~3 |    .04599     .04388      4.335 |    .04598     .04386      4.336 
61.Industr~3 |   .003648    .003635      16.47 |   .003647    .003634      16.47 
62.Industr~3 |   .001042    .001041      30.93 |   .001042    .001041      30.93 
63.Industr~3 |    .01928     .01891      6.992 |    .01928     .01891      6.992 
64.Industr~3 |   .003778    .003764      16.18 |   .003779    .003764      16.18 
65.Industr~3 |    .02306     .02253      6.355 |    .02306     .02253      6.355 
66.Industr~3 |         0          0          . |  9.51e-07   9.51e-07       1025 
67.Industr~3 |    .01264     .01248      8.726 |    .01264     .01248      8.726 
70.Industr~3 |     .1046     .09368      2.584 |     .1046     .09367      2.584 
71.Industr~3 |   .008859    .008781      10.48 |   .008858    .008779      10.48 
72.Industr~3 |    .03674     .03539      4.925 |    .03674     .03539      4.925 
73.Industr~3 |   .002736    .002729      19.04 |   .002736    .002728      19.04 
74.Industr~3 |      .104     .09316      2.595 |      .104     .09316      2.595 
75.Industr~3 |         0          0          . |  .0000159   .0000159      250.8 
80.Industr~3 |   .002606    .002599      19.51 |   .002608    .002601       19.5 
85.Industr~3 |     .0142       .014      8.212 |    .01421       .014       8.21 
90.Industr~3 |   .008598    .008525      10.64 |   .008598    .008524      10.64 
91.Industr~3 |         0          0          . |  5.86e-06   5.86e-06      413.1 
92.Industr~3 |    .02488     .02427        6.1 |    .02488     .02426      6.101 
93.Industr~3 |   .001954    .001951      22.56 |   .001954     .00195      22.56 

. 
. reg D_Vaste_talous_kaikki P_D_talous_kaikki_2 Mean_Mean_D_talous_kaikki Mean_Mean_D_muu_rikos_4 Mean_CEO_Duality 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_Curr
> ent_Ratio2 i.MAAKUNTA i.YEAR i.Industry_2002_3 [aweight=_webal], cluster(ID)
(sum of wgt is 15,352)

Linear regression                               Number of obs     =    130,443
                                                F(124, 28720)     =       0.82
                                                Prob > F          =     0.9317
                                                R-squared         =     0.0229
                                                Root MSE          =     .06464

                                             (Std. err. adjusted for 28,721 clusters in ID)
-------------------------------------------------------------------------------------------
                          |               Robust
    D_Vaste_talous_kaikki | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
--------------------------+----------------------------------------------------------------
      P_D_talous_kaikki_2 |   .0035265   .0010954     3.22   0.001     .0013796    .0056734
Mean_Mean_D_talous_kaikki |   .0075205    .005047     1.49   0.136    -.0023718    .0174128
  Mean_Mean_D_muu_rikos_4 |   .0018752   .0025394     0.74   0.460    -.0031022    .0068526
         Mean_CEO_Duality |   .0008863   .0015494     0.57   0.567    -.0021505    .0039231
        P_D_muu_rikos_4_2 |   .0014128     .00087     1.62   0.104    -.0002924    .0031181
     P_BUSINESS_SOCIALDEG |   .0021358    .001577     1.35   0.176    -.0009552    .0052269
            P_LN_EDULEVEL |  -.0002661   .0013274    -0.20   0.841     -.002868    .0023357
       P_D_MARITAL_STATUS |   -.000381   .0018166    -0.21   0.834    -.0039416    .0031797
     P_LN_CUM_SUM_DIVORCE |    .000155   .0026871     0.06   0.954    -.0051119    .0054219
        P_LN_TOTALINCOME2 |  -.0006431   .0010794    -0.60   0.551    -.0027587    .0014726
        P_D_CUM_SUBSTANCE |  -.0022401   .0017606    -1.27   0.203    -.0056909    .0012108
     P_D_CUM_ALL_BUT_SUBS |   .0010415    .001491     0.70   0.485     -.001881     .003964
            D_Muu_rikos_4 |   .0090554   .0021413     4.23   0.000     .0048584    .0132524
                     MALE |    .000898   .0008438     1.06   0.287    -.0007559    .0025518
                   LN_AGE |  -.0087676    .004119    -2.13   0.033    -.0168412   -.0006941
       BUSINESS_SOCIALDEG |  -.0001334   .0011351    -0.12   0.906    -.0023582    .0020914
              LN_EDULEVEL |  -.0021915   .0014223    -1.54   0.123    -.0049792    .0005962
         D_MARITAL_STATUS |   .0032079   .0018392     1.74   0.081     -.000397    .0068129
       LN_CUM_SUM_DIVORCE |  -.0005191    .003135    -0.17   0.868    -.0066638    .0056255
          LN_TOTALINCOME2 |  -.0003668   .0006992    -0.52   0.600    -.0017372    .0010037
          D_CUM_SUBSTANCE |   .0035058   .0086968     0.40   0.687    -.0135405     .020552
       D_CUM_ALL_BUT_SUBS |   .0023086   .0031056     0.74   0.457    -.0037785    .0083957
                   D_FMOB |  -.0028162   .0015899    -1.77   0.077    -.0059324       .0003
         LN_NUM_POSITIONS |   .0016355   .0015563     1.05   0.293    -.0014149     .004686
       Mean_OMAVARAISUUS2 |  -.0040156   .0028402    -1.41   0.157    -.0095825    .0015512
             Mean_LNTASE2 |   -.000163   .0003767    -0.43   0.665    -.0009013    .0005752
                Mean_ROA2 |  -.0086862   .0045707    -1.90   0.057     -.017645    .0002726
        Mean_LN_Boardsize |  -.0042738   .0011908    -3.59   0.000    -.0066078   -.0019397
      Mean_Current_Ratio2 |    .000037   .0001928     0.19   0.848    -.0003408    .0004148
                          |
                 MAAKUNTA |
                       2  |   .0058606   .0029136     2.01   0.044     .0001499    .0115713
                       4  |  -.0004456   .0021564    -0.21   0.836    -.0046724    .0037811
                       5  |   .0002464   .0030113     0.08   0.935    -.0056558    .0061486
                       6  |  -.0010168   .0016031    -0.63   0.526    -.0041591    .0021254
                       7  |  -.0021874   .0016657    -1.31   0.189    -.0054522    .0010775
                       8  |   .0054221   .0068286     0.79   0.427    -.0079622    .0188064
                       9  |  -.0004671   .0018856    -0.25   0.804     -.004163    .0032288
                      10  |  -.0011347   .0014145    -0.80   0.422    -.0039072    .0016377
                      11  |   .0028842   .0038943     0.74   0.459    -.0047489    .0105173
                      12  |  -.0023524   .0018845    -1.25   0.212    -.0060461    .0013414
                      13  |   .0025291   .0028786     0.88   0.380    -.0031131    .0081713
                      14  |   .0029664   .0045308     0.65   0.513    -.0059142     .011847
                      15  |   .0041005   .0040664     1.01   0.313    -.0038698    .0120707
                      16  |  -.0010608   .0017497    -0.61   0.544    -.0044903    .0023687
                      17  |   .0033741   .0023771     1.42   0.156    -.0012851    .0080332
                      18  |   .0091763     .01209     0.76   0.448    -.0145208    .0328733
                      19  |   .0023039   .0049945     0.46   0.645    -.0074856    .0120935
                          |
                     YEAR |
                    1996  |  -.0000797   .0023959    -0.03   0.973    -.0047757    .0046164
                    1997  |   .0102625   .0086485     1.19   0.235    -.0066889    .0272139
                    1998  |   .0216226   .0213388     1.01   0.311    -.0202026    .0634477
                    1999  |   .0281738   .0172598     1.63   0.103    -.0056563    .0620039
                    2000  |   .0247979   .0138889     1.79   0.074     -.002425    .0520208
                    2001  |   .0043898   .0029708     1.48   0.140    -.0014331    .0102127
                    2002  |   .0057753   .0035006     1.65   0.099    -.0010861    .0126367
                    2003  |   .0171086   .0077595     2.20   0.027     .0018996    .0323177
                    2004  |   .0146867   .0059503     2.47   0.014     .0030237    .0263496
                    2005  |   .0104494    .004752     2.20   0.028     .0011352    .0197636
                    2006  |   .0230603   .0067633     3.41   0.001     .0098039    .0363167
                    2007  |    .012015    .004703     2.55   0.011     .0027969    .0212331
                    2008  |   .0183097   .0055805     3.28   0.001     .0073716    .0292478
                    2009  |   .0207245   .0053461     3.88   0.000     .0102459     .031203
                    2010  |   .0112429   .0039309     2.86   0.004     .0035382    .0189476
                    2011  |   .0071328    .003281     2.17   0.030     .0007018    .0135638
                    2012  |    .009032   .0040913     2.21   0.027     .0010129    .0170511
                    2013  |   .0064916   .0032692     1.99   0.047     .0000838    .0128993
                    2014  |   .0056656    .003355     1.69   0.091    -.0009105    .0122416
                    2015  |   .0049195   .0031804     1.55   0.122    -.0013142    .0111532
                    2016  |   .0049363   .0031917     1.55   0.122    -.0013195    .0111922
                    2017  |    .004408    .003211     1.37   0.170    -.0018858    .0107018
                    2018  |   .0053104   .0032812     1.62   0.106    -.0011209    .0117418
                    2019  |   .0050273   .0032304     1.56   0.120    -.0013044     .011359
                          |
          Industry_2002_3 |
                       2  |  -.0019104   .0028891    -0.66   0.508    -.0075731    .0037523
                       5  |  -.0018442   .0043033    -0.43   0.668    -.0102789    .0065904
                      10  |   .0028825   .0023573     1.22   0.221    -.0017379    .0075028
                      13  |      .0043   .0040729     1.06   0.291    -.0036831     .012283
                      14  |   .0015493   .0020948     0.74   0.460    -.0025566    .0056552
                      15  |   .0021938   .0019282     1.14   0.255    -.0015856    .0059732
                      17  |   .0033892   .0021841     1.55   0.121    -.0008917    .0076702
                      18  |     .00208   .0028928     0.72   0.472    -.0035901      .00775
                      19  |   .0050186   .0031027     1.62   0.106    -.0010629    .0111001
                      20  |   .0002337   .0020676     0.11   0.910    -.0038189    .0042864
                      21  |   .0087529    .002861     3.06   0.002     .0031452    .0143605
                      22  |   .0066696   .0031557     2.11   0.035     .0004842     .012855
                      23  |   .0081331   .0046266     1.76   0.079    -.0009352    .0172015
                      24  |   .0066437   .0032478     2.05   0.041     .0002778    .0130095
                      25  |   .0061209   .0027897     2.19   0.028      .000653    .0115887
                      26  |    .003386    .002177     1.56   0.120     -.000881     .007653
                      27  |   .0008433   .0032801     0.26   0.797    -.0055857    .0072724
                      28  |   .0066553   .0029929     2.22   0.026     .0007891    .0125215
                      29  |   .0077562   .0027825     2.79   0.005     .0023023    .0132101
                      30  |    .002623    .003817     0.69   0.492    -.0048586    .0101046
                      31  |   .0229574   .0188779     1.22   0.224    -.0140441     .059959
                      32  |    .004622   .0024017     1.92   0.054    -.0000855    .0093295
                      33  |   .0058897   .0025743     2.29   0.022     .0008438    .0109355
                      34  |   .0059788   .0022162     2.70   0.007      .001635    .0103227
                      35  |   .0039257   .0051959     0.76   0.450    -.0062586    .0141099
                      36  |    .001179   .0020731     0.57   0.570    -.0028844    .0052423
                      37  |   .0021538   .0041669     0.52   0.605    -.0060136    .0103211
                      40  |   .0130667   .0078732     1.66   0.097    -.0023652    .0284985
                      41  |   .0055418   .0030988     1.79   0.074     -.000532    .0116156
                      45  |   .0072999   .0022756     3.21   0.001     .0028397    .0117602
                      50  |   .0064491   .0040206     1.60   0.109    -.0014314    .0143296
                      51  |   .0088039   .0029807     2.95   0.003     .0029615    .0146463
                      52  |   .0052925   .0030809     1.72   0.086    -.0007461    .0113311
                      55  |   .0019507   .0018285     1.07   0.286    -.0016333    .0055346
                      60  |   .0080645   .0036551     2.21   0.027     .0009003    .0152288
                      61  |  -.0046477   .0036968    -1.26   0.209    -.0118936    .0025982
                      62  |    .002098   .0050136     0.42   0.676    -.0077289    .0119248
                      63  |   .0063329   .0039474     1.60   0.109    -.0014043    .0140701
                      64  |   .0033351   .0027084     1.23   0.218    -.0019736    .0086437
                      65  |   .0086021    .003881     2.22   0.027     .0009951    .0162091
                      66  |   .0083386   .0046416     1.80   0.072    -.0007591    .0174362
                      67  |   .0049282   .0023493     2.10   0.036     .0003236    .0095329
                      70  |   .0054746   .0023473     2.33   0.020     .0008739    .0100753
                      71  |   .0012511   .0030343     0.41   0.680    -.0046962    .0071985
                      72  |   .0054651   .0021647     2.52   0.012     .0012222    .0097081
                      73  |   .0261772   .0243805     1.07   0.283    -.0216097    .0739641
                      74  |   .0098334    .003053     3.22   0.001     .0038493    .0158175
                      75  |   .0058567   .0045661     1.28   0.200     -.003093    .0148064
                      80  |   .0071187   .0029695     2.40   0.017     .0012984    .0129389
                      85  |   .0068363   .0023519     2.91   0.004     .0022264    .0114462
                      90  |    .005037    .002172     2.32   0.020     .0007798    .0092942
                      91  |   .0070863   .0045347     1.56   0.118    -.0018019    .0159746
                      92  |   .0063275    .003282     1.93   0.054    -.0001053    .0127603
                      93  |   .0046103   .0023798     1.94   0.053    -.0000542    .0092747
                          |
                    _cons |   .0351431   .0179736     1.96   0.051    -.0000861    .0703722
-------------------------------------------------------------------------------------------

. 
. ereturn list r2_a
scalar e(r2_a)     =  .0219308499221013

. 
. tabulate D_Vaste_talous_kaikki P_D_talous_kaikki_2 if Assets_3lk == 2

D_Vaste_ta |
lous_kaikk |  P_D_talous_kaikki_2
         i |         0          1 |     Total
-----------+----------------------+----------
         0 |   122,591      7,629 |   130,220 
         1 |       176         47 |       223 
-----------+----------------------+----------
     Total |   122,767      7,676 |   130,443 

. 
. 
. 
. import sas using "W:\Tutkimusprojektit\Kirjanpito\Dokumentaatio\JAR\Datat\statadata_owner_011025.sas7bdat", clear
(224 vars, 281,525 obs)

. 
. ebalance P_D_talous_kaikki_2 Mean_Mean_D_talous_kaikki Mean_Mean_D_muu_rikos_4 Mean_CEO_Duality MEAN_PERCENTAGEOWN MEAN_SUM_PERCENTAGEOWN2 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 M
> ean_LN_Boardsize Mean_Current_Ratio2 i.YEAR i.Industry_2002_3, targets(3) maxiter(25)
note: 2007b.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 __00000T
note: higher order constraint omitted due to too few values of __00001L
note: higher order constraint omitted due to too few values of __00001W


Data Setup
Treatment variable:   P_D_talous_kaikki_2
Covariate adjustment: Mean_Mean_D_talous_kaikki Mean_Mean_D_muu_rikos_4 Mean_CEO_Duality MEAN_PERCENTAGEOWN MEAN_SUM_PERCENTAGEOWN2 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_S
> UBSTANCE 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_Bo
> ardsize Mean_Current_Ratio2 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_2002_3 15.Industry_2002_3 17.Indust
> ry_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.Industry_2002_3 52.Industry_200
> 2_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.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 91.Industry_2002_3 92.Industry_2002_3 93.Industry_2002_3 (1st order). Mean_Mean_D_talous_kaikki Mean_Mean_D_muu_rikos_4 Mean_CEO_Duality MEAN_PERCENTAGEOW
> N MEAN_SUM_PERCENTAGEOWN2 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 2008.YEAR 2009.YEAR 2010.YEAR 2011.YEAR 2012.YEAR 2013.YEAR 2014.YEAR 2015.Y
> EAR 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 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.In
> dustry_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 (2nd ord
> er). Mean_Mean_D_talous_kaikki Mean_Mean_D_muu_rikos_4 Mean_CEO_Duality MEAN_PERCENTAGEOWN MEAN_SUM_PERCENTAGEOWN2 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_CU
> M_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_Cu
> rrent_Ratio2 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_2002_3 15.Industry_2002_3 17.Industry_2002_3 18.In
> dustry_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.Indus
> try_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_20
> 02_3 85.Industry_2002_3 90.Industry_2002_3 92.Industry_2002_3 93.Industry_2002_3 (3rd order).


Optimizing...
Iteration 1: Max Difference = 2548347.21
Iteration 2: Max Difference = 937482.414
Iteration 3: Max Difference = 344878.375
Iteration 4: Max Difference = 126871.532
Iteration 5: Max Difference = 46671.2963
Iteration 6: Max Difference = 17167.279
Iteration 7: Max Difference = 6313.35873
Iteration 8: Max Difference = 2320.42777
Iteration 9: Max Difference = 851.519136
Iteration 10: Max Difference = 311.160957
Iteration 11: Max Difference = 112.435752
Iteration 12: Max Difference = 39.4859692
Iteration 13: Max Difference = 13.0067725
Iteration 14: Max Difference = 3.83874953
Iteration 15: Max Difference = .883056625
Iteration 16: Max Difference = .113663916
Iteration 17: Max Difference = .008629216
maximum difference smaller than the tolerance level; convergence achieved


Treated units: 16631   total of weights: 16631
Control units: 264894  total of weights: 16631


Before: without weighting

             |              Treat              |             Control             
             |      mean   variance   skewness |      mean   variance   skewness 
-------------+---------------------------------+--------------------------------
Mean_Mean_~i |    .02983     .02177      5.552 |    .01746     .01192      7.413 
Mean_Mean_~4 |     .1504      .0956      1.954 |      .149     .09123      1.973 
Mean_CEO_D~y |     .3466      .2168      .6457 |     .3541       .221      .6112 
MEAN_PERCE~N |     .4419      .1219      .4622 |     .4083      .1109      .6101 
MEAN_SUM_P~2 |     .3833      .1113      .2407 |     .4346      .1058   -.006028 
P_D_muu_~4_2 |     .6752      .2193     -.7482 |     .2805      .2018      .9772 
P_BUSINESS~G |     .2948      .2079         .9 |     .2588      .1918      1.102 
P_LN_EDULE~L |     .6913      .1852     .07591 |      .741      .2232     .05165 
P_D_MARITA~S |     .4421      .2467      .2333 |     .3289      .2207      .7283 
P_LN_CUM_S~E |     .2349      .1143      .9113 |     .1265     .07358      1.794 
P_LN_TOTAL~2 |     10.43      .6212      .9852 |     10.48      .4606      .8528 
P_D_CUM_SU~E |     .1382      .1191      2.096 |    .05461     .05163      3.921 
P_D_CUM_AL~S |     .2978      .2091      .8842 |     .2061      .1636      1.453 
D_Muu_riko~4 |     .2673      .1959      1.051 |      .196      .1576      1.532 
        MALE |     .7428       .191     -1.111 |     .7958      .1625     -1.468 
      LN_AGE |     3.538     .03409     -.6722 |      3.57     .02964     -.7107 
BUSINESS_S~G |      .227      .1755      1.303 |     .2116      .1668      1.412 
 LN_EDULEVEL |     .8306      .2629    -.07699 |     .9411      .2471     -.2413 
D_MARITAL_~S |     .2236      .1736      1.327 |     .1902      .1541      1.578 
LN_CUM_SUM~E |    .06977     .04586      2.836 |    .06501     .04268      2.947 
LN_TOTALIN~2 |     10.74      .6575     -.5912 |     10.78      .5565     -.7629 
D_CUM_SUBS~E |    .01335     .01317      8.481 |    .01259     .01243      8.744 
D_CUM_ALL_~S |     .1019     .09149      2.633 |    .08485     .07765       2.98 
      D_FMOB |     .3821      .2361      .4852 |     .3475      .2268      .6403 
LN_NUM_POS~S |    .06993      .0534      3.392 |    .05805     .04457      3.779 
Mean_OMAVA~2 |     .4156     .07905      .2182 |     .4555     .08036     .07662 
Mean_LNTASE2 |     13.25       1.49      .9144 |     13.21      1.359      .9322 
   Mean_ROA2 |     .1078     .03387      .2507 |     .1252     .03579      .3032 
Mean_LN_Bo~e |     .7104      .3306     .03183 |     .8075      .3134      -.174 
Mean_Curre~2 |     2.586      8.069      2.387 |     2.934      9.499      2.102 
   2008.YEAR |     .0475     .04525      4.255 |    .04095     .03928      4.633 
   2009.YEAR |    .05478     .05178      3.913 |    .04838     .04604       4.21 
   2010.YEAR |    .05899     .05551      3.744 |    .05349     .05063      3.969 
   2011.YEAR |    .06368     .05963      3.574 |    .06094     .05722      3.671 
   2012.YEAR |    .06873     .06401      3.409 |     .0681     .06346      3.429 
   2013.YEAR |    .07552     .06982      3.213 |    .07502     .06939      3.227 
   2014.YEAR |    .07985     .07348        3.1 |    .08162     .07496      3.056 
   2015.YEAR |    .08707     .07949      2.929 |    .08955     .08153      2.875 
   2016.YEAR |    .09374     .08496      2.788 |    .09744     .08794      2.715 
   2017.YEAR |    .09783     .08826      2.707 |     .1007     .09059      2.653 
   2018.YEAR |     .1105     .09826      2.485 |     .1172      .1035       2.38 
   2019.YEAR |     .1233      .1081      2.292 |     .1328      .1152      2.164 
2.Industry~3 |   .008478    .008407      10.72 |    .01833     .01799      7.182 
5.Industry~3 |  .0004209   .0004207      48.71 |  .0007097   .0007092       37.5 
10.Industr~3 |   .001263    .001261      28.09 |   .002752    .002744      18.98 
14.Industr~3 |   .003548    .003535       16.7 |   .002227    .002222      21.12 
15.Industr~3 |    .01245     .01229      8.795 |    .01231     .01216      8.847 
17.Industr~3 |   .003668    .003655      16.42 |   .002582    .002576       19.6 
18.Industr~3 |   .001744    .001741      23.88 |   .001491    .001489      25.84 
19.Industr~3 |  .0001203   .0001203      91.17 |    .00057   .0005697      41.85 
20.Industr~3 |   .007817    .007756      11.18 |    .01074     .01062      9.493 
21.Industr~3 |   .002044     .00204      22.05 |   .001536    .001534      25.45 
22.Industr~3 |    .01305     .01288      8.582 |   .009196    .009112      10.28 
23.Industr~3 |         0          0          . |  7.55e-06   7.55e-06      363.9 
24.Industr~3 |   .002766    .002758      18.94 |   .002401    .002395      20.33 
25.Industr~3 |   .008418    .008348      10.76 |   .005731    .005698       13.1 
26.Industr~3 |   .005832    .005799      12.98 |   .005066    .005041      13.94 
27.Industr~3 |   .001082    .001081      30.35 |  .0007739   .0007733       35.9 
28.Industr~3 |    .03145     .03046       5.37 |    .03715     .03577      4.894 
29.Industr~3 |     .0166     .01632      7.568 |    .02169     .02122      6.567 
30.Industr~3 |  .0005412   .0005409      42.95 |  .0003662   .0003661      52.23 
31.Industr~3 |   .007336    .007282      11.55 |   .003567    .003555      16.65 
32.Industr~3 |   .002105      .0021      21.73 |   .001642    .001639      24.62 
33.Industr~3 |   .003006    .002998      18.16 |   .004436    .004416      14.91 
34.Industr~3 |   .003067    .003057      17.98 |   .001971    .001967      22.46 
35.Industr~3 |   .002646    .002639      19.36 |   .003764     .00375      16.21 
36.Industr~3 |   .005171    .005145       13.8 |   .007478    .007423      11.43 
37.Industr~3 |  .0004209   .0004207      48.71 |   .000487   .0004868      45.28 
40.Industr~3 |   .001383    .001381      26.83 |   .001914     .00191      22.79 
41.Industr~3 |  .0001203   .0001203      91.17 |  .0001321   .0001321      86.98 
45.Industr~3 |     .1859      .1513      1.615 |     .1677      .1396      1.779 
50.Industr~3 |    .05929     .05578      3.732 |    .04705     .04483      4.278 
51.Industr~3 |    .07973     .07338      3.103 |    .07504     .06941      3.226 
52.Industr~3 |    .07624     .07043      3.194 |    .08236     .07558      3.038 
55.Industr~3 |    .04714     .04492      4.273 |     .0367     .03535      4.928 
60.Industr~3 |    .06434      .0602      3.551 |    .06417     .06005      3.557 
61.Industr~3 |   .002525    .002519      19.82 |   .001416    .001414      26.52 
62.Industr~3 |  .0001804   .0001804      74.44 |  .0001321   .0001321      86.98 
63.Industr~3 |    .01557     .01533      7.825 |    .01231     .01216      8.847 
64.Industr~3 |   .004389     .00437      14.99 |   .003345    .003334       17.2 
65.Industr~3 |    .01299     .01282      8.603 |    .01404     .01384      8.262 
66.Industr~3 |         0          0          . |  .0000302   .0000302        182 
67.Industr~3 |   .007155    .007105      11.69 |   .005398    .005369       13.5 
70.Industr~3 |    .04913     .04671      4.172 |    .03447     .03328      5.104 
71.Industr~3 |   .007456    .007401      11.45 |   .005953    .005918      12.84 
72.Industr~3 |    .03824     .03678      4.816 |     .0531     .05028      3.986 
73.Industr~3 |   .001503    .001501      25.73 |   .002265     .00226      20.94 
74.Industr~3 |     .1203      .1058      2.335 |     .1331      .1154       2.16 
75.Industr~3 |  .0000601   .0000601      128.9 |  .0003171    .000317      56.13 
80.Industr~3 |   .003367    .003356      17.15 |   .006036       .006      12.75 
85.Industr~3 |    .03229     .03125      5.292 |    .04267     .04085      4.526 
90.Industr~3 |   .004389     .00437      14.99 |    .00538    .005351      13.52 
91.Industr~3 |         0          0          . |  .0000453   .0000453      148.6 
92.Industr~3 |    .02261      .0221      6.423 |    .02198      .0215      6.521 
93.Industr~3 |   .005953    .005918      12.85 |   .005553    .005522      13.31 


After:  _webal as the weighting variable

             |              Treat              |             Control             
             |      mean   variance   skewness |      mean   variance   skewness 
-------------+---------------------------------+--------------------------------
Mean_Mean_~i |    .02983     .02177      5.552 |    .02983     .02177      5.552 
Mean_Mean_~4 |     .1504      .0956      1.954 |     .1504      .0956      1.954 
Mean_CEO_D~y |     .3466      .2168      .6457 |     .3466      .2167      .6458 
MEAN_PERCE~N |     .4419      .1219      .4622 |     .4419      .1219      .4622 
MEAN_SUM_P~2 |     .3833      .1113      .2407 |     .3833      .1113      .2408 
P_D_muu_~4_2 |     .6752      .2193     -.7482 |     .6751      .2193     -.7479 
P_BUSINESS~G |     .2948      .2079         .9 |     .2948      .2079         .9 
P_LN_EDULE~L |     .6913      .1852     .07591 |     .6913      .1852       .076 
P_D_MARITA~S |     .4421      .2467      .2333 |     .4421      .2466      .2333 
P_LN_CUM_S~E |     .2349      .1143      .9113 |     .2348      .1143      .9114 
P_LN_TOTAL~2 |     10.43      .6212      .9852 |     10.43      .6212      .9857 
P_D_CUM_SU~E |     .1382      .1191      2.096 |     .1382      .1191      2.096 
P_D_CUM_AL~S |     .2978      .2091      .8842 |     .2978      .2091      .8842 
D_Muu_riko~4 |     .2673      .1959      1.051 |     .2673      .1959      1.051 
        MALE |     .7428       .191     -1.111 |     .7428       .191     -1.111 
      LN_AGE |     3.538     .03409     -.6722 |     3.538     .03409     -.6715 
BUSINESS_S~G |      .227      .1755      1.303 |     .2271      .1755      1.303 
 LN_EDULEVEL |     .8306      .2629    -.07699 |     .8306      .2629    -.07694 
D_MARITAL_~S |     .2236      .1736      1.327 |     .2236      .1736      1.327 
LN_CUM_SUM~E |    .06977     .04586      2.836 |    .06977     .04586      2.836 
LN_TOTALIN~2 |     10.74      .6575     -.5912 |     10.74      .6575     -.5907 
D_CUM_SUBS~E |    .01335     .01317      8.481 |    .01335     .01317      8.481 
D_CUM_ALL_~S |     .1019     .09149      2.633 |     .1019     .09149      2.633 
      D_FMOB |     .3821      .2361      .4852 |     .3821      .2361      .4852 
LN_NUM_POS~S |    .06993      .0534      3.392 |    .06993      .0534      3.392 
Mean_OMAVA~2 |     .4156     .07905      .2182 |     .4156     .07904      .2183 
Mean_LNTASE2 |     13.25       1.49      .9144 |     13.25       1.49      .9148 
   Mean_ROA2 |     .1078     .03387      .2507 |     .1078     .03387      .2507 
Mean_LN_Bo~e |     .7104      .3306     .03183 |     .7104      .3305     .03187 
Mean_Curre~2 |     2.586      8.069      2.387 |     2.586      8.069      2.387 
   2008.YEAR |     .0475     .04525      4.255 |     .0475     .04525      4.255 
   2009.YEAR |    .05478     .05178      3.913 |    .05478     .05178      3.913 
   2010.YEAR |    .05899     .05551      3.744 |    .05899     .05551      3.744 
   2011.YEAR |    .06368     .05963      3.574 |    .06368     .05962      3.574 
   2012.YEAR |    .06873     .06401      3.409 |    .06873     .06401      3.409 
   2013.YEAR |    .07552     .06982      3.213 |    .07552     .06982      3.213 
   2014.YEAR |    .07985     .07348        3.1 |    .07985     .07348        3.1 
   2015.YEAR |    .08707     .07949      2.929 |    .08707     .07949      2.929 
   2016.YEAR |    .09374     .08496      2.788 |    .09374     .08496      2.788 
   2017.YEAR |    .09783     .08826      2.707 |    .09783     .08826      2.707 
   2018.YEAR |     .1105     .09826      2.485 |     .1105     .09826      2.485 
   2019.YEAR |     .1233      .1081      2.292 |     .1233      .1081      2.292 
2.Industry~3 |   .008478    .008407      10.72 |   .008482     .00841      10.72 
5.Industry~3 |  .0004209   .0004207      48.71 |  .0004209   .0004208      48.71 
10.Industr~3 |   .001263    .001261      28.09 |   .001263    .001262      28.08 
14.Industr~3 |   .003548    .003535       16.7 |   .003548    .003535       16.7 
15.Industr~3 |    .01245     .01229      8.795 |    .01245     .01229      8.795 
17.Industr~3 |   .003668    .003655      16.42 |   .003668    .003655      16.42 
18.Industr~3 |   .001744    .001741      23.88 |   .001744    .001741      23.88 
19.Industr~3 |  .0001203   .0001203      91.17 |  .0001215   .0001215      90.72 
20.Industr~3 |   .007817    .007756      11.18 |   .007817    .007756      11.18 
21.Industr~3 |   .002044     .00204      22.05 |   .002044     .00204      22.05 
22.Industr~3 |    .01305     .01288      8.582 |    .01305     .01288      8.582 
23.Industr~3 |         0          0          . |  2.25e-07   2.25e-07       2108 
24.Industr~3 |   .002766    .002758      18.94 |   .002766    .002758      18.94 
25.Industr~3 |   .008418    .008348      10.76 |   .008418    .008347      10.76 
26.Industr~3 |   .005832    .005799      12.98 |   .005833    .005799      12.98 
27.Industr~3 |   .001082    .001081      30.35 |   .001082    .001081      30.35 
28.Industr~3 |    .03145     .03046       5.37 |    .03145     .03046      5.369 
29.Industr~3 |     .0166     .01632      7.568 |     .0166     .01632      7.568 
30.Industr~3 |  .0005412   .0005409      42.95 |  .0005412   .0005409      42.95 
31.Industr~3 |   .007336    .007282      11.55 |   .007336    .007282      11.55 
32.Industr~3 |   .002105      .0021      21.73 |   .002105      .0021      21.73 
33.Industr~3 |   .003006    .002998      18.16 |   .003007    .002998      18.15 
34.Industr~3 |   .003067    .003057      17.98 |   .003067    .003057      17.97 
35.Industr~3 |   .002646    .002639      19.36 |   .002646    .002639      19.36 
36.Industr~3 |   .005171    .005145       13.8 |   .005171    .005145       13.8 
37.Industr~3 |  .0004209   .0004207      48.71 |  .0004209   .0004207      48.71 
40.Industr~3 |   .001383    .001381      26.83 |   .001383    .001381      26.83 
41.Industr~3 |  .0001203   .0001203      91.17 |  .0001203   .0001202      91.17 
45.Industr~3 |     .1859      .1513      1.615 |     .1859      .1513      1.615 
50.Industr~3 |    .05929     .05578      3.732 |    .05929     .05577      3.732 
51.Industr~3 |    .07973     .07338      3.103 |    .07973     .07337      3.103 
52.Industr~3 |    .07624     .07043      3.194 |    .07625     .07043      3.193 
55.Industr~3 |    .04714     .04492      4.273 |    .04714     .04492      4.273 
60.Industr~3 |    .06434      .0602      3.551 |    .06434      .0602      3.551 
61.Industr~3 |   .002525    .002519      19.82 |   .002525    .002519      19.82 
62.Industr~3 |  .0001804   .0001804      74.44 |  .0001804   .0001804      74.44 
63.Industr~3 |    .01557     .01533      7.825 |    .01557     .01533      7.825 
64.Industr~3 |   .004389     .00437      14.99 |    .00439     .00437      14.99 
65.Industr~3 |    .01299     .01282      8.603 |    .01299     .01282      8.603 
66.Industr~3 |         0          0          . |  9.42e-07   9.42e-07       1030 
67.Industr~3 |   .007155    .007105      11.69 |   .007156    .007104      11.69 
70.Industr~3 |    .04913     .04671      4.172 |    .04913     .04671      4.172 
71.Industr~3 |   .007456    .007401      11.45 |   .007456      .0074      11.45 
72.Industr~3 |    .03824     .03678      4.816 |    .03824     .03678      4.815 
73.Industr~3 |   .001503    .001501      25.73 |   .001503    .001501      25.73 
74.Industr~3 |     .1203      .1058      2.335 |     .1203      .1058      2.335 
75.Industr~3 |  .0000601   .0000601      128.9 |   .000061    .000061        128 
80.Industr~3 |   .003367    .003356      17.15 |   .003368    .003357      17.14 
85.Industr~3 |    .03229     .03125      5.292 |    .03229     .03125      5.292 
90.Industr~3 |   .004389     .00437      14.99 |    .00439     .00437      14.99 
91.Industr~3 |         0          0          . |  1.37e-06   1.37e-06      855.2 
92.Industr~3 |    .02261      .0221      6.423 |    .02261      .0221      6.423 
93.Industr~3 |   .005953    .005918      12.85 |   .005953    .005917      12.85 

. 
. reg D_Vaste_talous_kaikki P_D_talous_kaikki_2 Mean_Mean_D_talous_kaikki Mean_Mean_D_muu_rikos_4 Mean_CEO_Duality MEAN_PERCENTAGEOWN MEAN_SUM_PERCENTAGEOWN2 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_LN
> TASE2 Mean_ROA2 Mean_LN_Boardsize Mean_Current_Ratio2 i.MAAKUNTA i.YEAR i.Industry_2002_3 [aweight=_webal], cluster(ID)
(sum of wgt is 33,262)

Linear regression                               Number of obs     =    281,525
                                                F(112, 59818)     =          .
                                                Prob > F          =          .
                                                R-squared         =     0.0166
                                                Root MSE          =     .06822

                                             (Std. err. adjusted for 59,819 clusters in ID)
-------------------------------------------------------------------------------------------
                          |               Robust
    D_Vaste_talous_kaikki | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
--------------------------+----------------------------------------------------------------
      P_D_talous_kaikki_2 |   .0026959   .0007798     3.46   0.001     .0011674    .0042243
Mean_Mean_D_talous_kaikki |   .0082304   .0040041     2.06   0.040     .0003824    .0160784
  Mean_Mean_D_muu_rikos_4 |   .0004128   .0011809     0.35   0.727    -.0019017    .0027273
         Mean_CEO_Duality |   .0013654    .000996     1.37   0.170    -.0005868    .0033176
       MEAN_PERCENTAGEOWN |   .0032388   .0021165     1.53   0.126    -.0009096    .0073871
  MEAN_SUM_PERCENTAGEOWN2 |  -.0026042   .0014949    -1.74   0.082    -.0055343    .0003258
        P_D_muu_rikos_4_2 |  -.0002749   .0008633    -0.32   0.750    -.0019669    .0014171
     P_BUSINESS_SOCIALDEG |   .0015948   .0010056     1.59   0.113    -.0003762    .0035658
            P_LN_EDULEVEL |  -.0000343   .0010486    -0.03   0.974    -.0020896     .002021
       P_D_MARITAL_STATUS |  -.0003598   .0009581    -0.38   0.707    -.0022378    .0015181
     P_LN_CUM_SUM_DIVORCE |   .0031052   .0014628     2.12   0.034     .0002382    .0059722
        P_LN_TOTALINCOME2 |  -.0000658     .00086    -0.08   0.939    -.0017515    .0016199
        P_D_CUM_SUBSTANCE |  -.0001965   .0012438    -0.16   0.874    -.0026343    .0022413
     P_D_CUM_ALL_BUT_SUBS |  -.0004864     .00095    -0.51   0.609    -.0023484    .0013756
            D_Muu_rikos_4 |    .005928   .0012452     4.76   0.000     .0034875    .0083685
                     MALE |   .0005255   .0008379     0.63   0.531    -.0011167    .0021677
                   LN_AGE |  -.0044197   .0026854    -1.65   0.100    -.0096831    .0008437
       BUSINESS_SOCIALDEG |   .0022083   .0009923     2.23   0.026     .0002634    .0041532
              LN_EDULEVEL |  -.0035284   .0010715    -3.29   0.001    -.0056285   -.0014283
         D_MARITAL_STATUS |   .0014656   .0012208     1.20   0.230    -.0009273    .0038584
       LN_CUM_SUM_DIVORCE |   .0035847   .0022974     1.56   0.119    -.0009183    .0080877
          LN_TOTALINCOME2 |  -.0006142   .0007104    -0.86   0.387    -.0020066    .0007781
          D_CUM_SUBSTANCE |   .0043207   .0043456     0.99   0.320    -.0041967    .0128381
       D_CUM_ALL_BUT_SUBS |  -.0002356   .0014598    -0.16   0.872    -.0030969    .0026256
                   D_FMOB |  -.0003294   .0009643    -0.34   0.733    -.0022195    .0015606
         LN_NUM_POSITIONS |   .0035814   .0023719     1.51   0.131    -.0010676    .0082304
       Mean_OMAVARAISUUS2 |  -.0111714   .0015484    -7.21   0.000    -.0142062   -.0081366
             Mean_LNTASE2 |   .0004725   .0003231     1.46   0.144    -.0001607    .0011057
                Mean_ROA2 |  -.0036873   .0017946    -2.05   0.040    -.0072046   -.0001699
        Mean_LN_Boardsize |  -.0013619   .0008799    -1.55   0.122    -.0030866    .0003628
      Mean_Current_Ratio2 |   .0002839   .0001007     2.82   0.005     .0000865    .0004813
                          |
                 MAAKUNTA |
                       2  |     .00128   .0015906     0.80   0.421    -.0018377    .0043976
                       4  |   .0034949   .0026914     1.30   0.194    -.0017803      .00877
                       5  |  -.0009658     .00224    -0.43   0.666    -.0053562    .0034245
                       6  |   .0007789   .0013765     0.57   0.571     -.001919    .0034769
                       7  |   -.002092   .0013424    -1.56   0.119    -.0047232    .0005391
                       8  |   .0040156   .0040369     0.99   0.320    -.0038967    .0119279
                       9  |  -.0017793   .0012183    -1.46   0.144    -.0041672    .0006086
                      10  |   .0040641   .0040551     1.00   0.316    -.0038839    .0120122
                      11  |   .0004105   .0016956     0.24   0.809    -.0029129    .0037339
                      12  |  -.0006983    .001754    -0.40   0.691     -.004136    .0027395
                      13  |   -.001236    .001277    -0.97   0.333     -.003739    .0012669
                      14  |   .0036257   .0034142     1.06   0.288    -.0030661    .0103175
                      15  |  -.0011764   .0013188    -0.89   0.372    -.0037612    .0014084
                      16  |   .0048046    .006792     0.71   0.479    -.0085078    .0181171
                      17  |   .0012331   .0013709     0.90   0.368    -.0014537      .00392
                      18  |  -.0041549   .0011661    -3.56   0.000    -.0064404   -.0018693
                      19  |   .0027997   .0039762     0.70   0.481    -.0049938    .0105931
                          |
                     YEAR |
                    2008  |   .0039994   .0038045     1.05   0.293    -.0034574    .0114562
                    2009  |   .0019942   .0036854     0.54   0.588    -.0052292    .0092175
                    2010  |  -.0065845   .0032541    -2.02   0.043    -.0129626   -.0002064
                    2011  |  -.0058494   .0031926    -1.83   0.067    -.0121068    .0004081
                    2012  |  -.0074807    .003167    -2.36   0.018    -.0136881   -.0012733
                    2013  |  -.0071446   .0031493    -2.27   0.023    -.0133173   -.0009719
                    2014  |  -.0094747    .003077    -3.08   0.002    -.0155056   -.0034439
                    2015  |  -.0115796   .0029927    -3.87   0.000    -.0174453    -.005714
                    2016  |  -.0119639   .0029731    -4.02   0.000    -.0177913   -.0061366
                    2017  |  -.0134025   .0029338    -4.57   0.000    -.0191527   -.0076523
                    2018  |  -.0130339   .0028921    -4.51   0.000    -.0187024   -.0073655
                    2019  |  -.0130155   .0029634    -4.39   0.000    -.0188239   -.0072072
                          |
          Industry_2002_3 |
                       2  |   -.000427    .001488    -0.29   0.774    -.0033435    .0024895
                       5  |   .0050794   .0022752     2.23   0.026     .0006199    .0095388
                      10  |  -.0008522   .0021756    -0.39   0.695    -.0051164     .003412
                      14  |   .0009926   .0013725     0.72   0.470    -.0016975    .0036826
                      15  |   .0077945   .0055554     1.40   0.161    -.0030941    .0186831
                      17  |   .0013821     .00158     0.87   0.382    -.0017148    .0044789
                      18  |   .0023313   .0019416     1.20   0.230    -.0014741    .0061368
                      19  |  -.0031531   .0041762    -0.76   0.450    -.0113385    .0050322
                      20  |  -.0022807   .0013723    -1.66   0.097    -.0049705    .0004091
                      21  |   .0143532   .0131648     1.09   0.276    -.0114498    .0401563
                      22  |   .0011427   .0013793     0.83   0.407    -.0015606     .003846
                      23  |  -.0016768   .0032743    -0.51   0.609    -.0080944    .0047408
                      24  |   .0050773   .0022977     2.21   0.027     .0005738    .0095808
                      25  |   .0021965   .0014721     1.49   0.136    -.0006889    .0050818
                      26  |    .001426   .0015877     0.90   0.369    -.0016858    .0045379
                      27  |   .0007119   .0020713     0.34   0.731    -.0033479    .0047717
                      28  |   .0061094   .0025025     2.44   0.015     .0012045    .0110142
                      29  |   .0028349   .0014672     1.93   0.053    -.0000408    .0057106
                      30  |   .0008698   .0035204     0.25   0.805    -.0060303    .0077698
                      31  |   .0083005    .004492     1.85   0.065    -.0005038    .0171048
                      32  |   .0052781   .0018199     2.90   0.004     .0017111    .0088452
                      33  |   .0035408   .0021776     1.63   0.104    -.0007273     .007809
                      34  |   .0010531   .0021564     0.49   0.625    -.0031734    .0052796
                      35  |  -.0006522   .0018165    -0.36   0.720    -.0042126    .0029082
                      36  |  -.0008441   .0015193    -0.56   0.578    -.0038218    .0021337
                      37  |  -.0000299   .0033545    -0.01   0.993    -.0066048    .0065449
                      40  |   .0004458   .0035072     0.13   0.899    -.0064283      .00732
                      41  |   .0056224   .0052159     1.08   0.281    -.0046008    .0158456
                      45  |   .0073716   .0015491     4.76   0.000     .0043353    .0104079
                      50  |   .0023728   .0023784     1.00   0.318    -.0022888    .0070345
                      51  |   .0044905   .0018071     2.48   0.013     .0009487    .0080324
                      52  |   .0034434   .0017136     2.01   0.044     .0000847    .0068021
                      55  |   .0042596   .0020847     2.04   0.041     .0001736    .0083456
                      60  |    .002936   .0019191     1.53   0.126    -.0008255    .0066975
                      61  |  -.0010012   .0019984    -0.50   0.616    -.0049181    .0029157
                      62  |  -.0078634   .0045853    -1.71   0.086    -.0168505    .0011237
                      63  |    .005595   .0045216     1.24   0.216    -.0032672    .0144573
                      64  |   .0017798   .0023739     0.75   0.453    -.0028731    .0064326
                      65  |   .0037591   .0017142     2.19   0.028     .0003992     .007119
                      66  |   .0088768   .0046012     1.93   0.054    -.0001417    .0178952
                      67  |    .004169   .0016229     2.57   0.010     .0009881      .00735
                      70  |   .0056906   .0024688     2.30   0.021     .0008516    .0105295
                      71  |   .0039914   .0042461     0.94   0.347     -.004331    .0123138
                      72  |   .0053045   .0016383     3.24   0.001     .0020934    .0085156
                      73  |   .0242215   .0198072     1.22   0.221    -.0146007    .0630438
                      74  |    .008552   .0020044     4.27   0.000     .0046234    .0124807
                      75  |   .0093431   .0021361     4.37   0.000     .0051563    .0135299
                      80  |   .0030663   .0014055     2.18   0.029     .0003116    .0058211
                      85  |   .0055731   .0017807     3.13   0.002     .0020829    .0090633
                      90  |  -.0008866   .0015041    -0.59   0.556    -.0038347    .0020615
                      91  |   .0003753   .0032792     0.11   0.909    -.0060519    .0068025
                      92  |   .0016763   .0013867     1.21   0.227    -.0010416    .0043942
                      93  |   .0031358   .0014499     2.16   0.031     .0002941    .0059776
                          |
                    _cons |   .0263034   .0128132     2.05   0.040     .0011895    .0514174
-------------------------------------------------------------------------------------------

. 
. ereturn list r2_a
scalar e(r2_a)     =  .0161856807662512

. 
. tabulate D_Vaste_talous_kaikki P_D_talous_kaikki_2

D_Vaste_ta |
lous_kaikk |  P_D_talous_kaikki_2
         i |         0          1 |     Total
-----------+----------------------+----------
         0 |   264,377     16,529 |   280,906 
         1 |       517        102 |       619 
-----------+----------------------+----------
     Total |   264,894     16,631 |   281,525 

. 
. 
. 
. 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 if Vaste_LN_sakot_talous_kaikki < ., 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 = 2989700.84
Iteration 2: Max Difference = 1099847.7
Iteration 3: Max Difference = 404609.586
Iteration 4: Max Difference = 148845.776
Iteration 5: Max Difference = 54755.529
Iteration 6: Max Difference = 20141.6617
Iteration 7: Max Difference = 7407.9322
Iteration 8: Max Difference = 2723.45684
Iteration 9: Max Difference = 1000.13984
Iteration 10: Max Difference = 366.18094
Iteration 11: Max Difference = 132.997929
Iteration 12: Max Difference = 47.3119156
Iteration 13: Max Difference = 16.0218353
Iteration 14: Max Difference = 4.94078196
Iteration 15: Max Difference = 1.34611876
Iteration 16: Max Difference = .410913566
Iteration 17: Max Difference = .085910386
Iteration 18: Max Difference = .006763311
maximum difference smaller than the tolerance level; convergence achieved


Treated units: 23164   total of weights: 23164
Control units: 367572  total of weights: 23164


Before: without weighting

             |              Treat              |             Control             
             |      mean   variance   skewness |      mean   variance   skewness 
-------------+---------------------------------+--------------------------------
P_D_muu_~4_2 |     .6773      .2186     -.7587 |     .2754      .1995      1.006 
P_BUSINESS~G |     .2983      .2093      .8817 |     .2656       .195      1.062 
P_LN_EDULE~L |     .6942       .194     .06949 |     .7558      .2292      .0272 
P_D_MARITA~S |     .4293       .245      .2857 |     .3184       .217      .7794 
P_LN_CUM_S~E |     .2219        .11      .9804 |     .1214      .0709      1.848 
P_LN_TOTAL~2 |     10.42      .6837      1.103 |     10.49       .489      .9463 
P_D_CUM_SU~E |     .1277      .1114      2.232 |    .05243     .04968      4.016 
P_D_CUM_AL~S |     .2744      .1991      1.011 |     .1945      .1567      1.544 
D_Muu_riko~4 |     .2544      .1897      1.128 |     .1831      .1496      1.638 
        MALE |     .7432      .1909     -1.113 |     .7894      .1663     -1.419 
      LN_AGE |     3.506     .03933     -.4945 |     3.546     .03384     -.5825 
BUSINESS_S~G |     .2337      .1791      1.258 |     .2251      .1744      1.316 
 LN_EDULEVEL |     .8392      .2671    -.08707 |      .968      .2503     -.2892 
D_MARITAL_~S |     .2467      .1859      1.175 |      .205       .163      1.462 
LN_CUM_SUM~E |    .06402     .04224      2.985 |    .06159     .04064      3.053 
LN_TOTALIN~2 |     10.71      .7597     -.4264 |     10.79      .6344     -.5531 
D_CUM_SUBS~E |    .01312     .01295      8.556 |    .01119     .01106      9.294 
D_CUM_ALL_~S |    .09251     .08396      2.813 |    .07739      .0714      3.163 
      D_FMOB |     .3782      .2352      .5025 |     .3322      .2218      .7127 
LN_NUM_POS~S |       .12       .107      3.129 |     .1065     .09746      3.432 
Mean_OMAVA~2 |     .4006     .07392      .2855 |     .4439     .07702      .1256 
Mean_LNTASE2 |     13.32      1.673      1.085 |     13.36      1.759      1.161 
   Mean_ROA2 |     .1067     .03536      .1998 |     .1196     .03751      .2943 
Mean_LN_Bo~e |      .751      .3522     .05167 |     .8906      .3432     -.1487 
Mean_Curre~2 |     2.437      6.707      2.405 |     2.776      8.019      2.116 
   1996.YEAR |   .001727    .001724         24 |   .001309    .001307      27.59 
   1997.YEAR |   .002849    .002841      18.65 |    .00238    .002375      20.42 
   1998.YEAR |   .006001    .005965      12.79 |   .003735    .003721      16.27 
   1999.YEAR |   .007728    .007668      11.24 |   .005221    .005194      13.73 
   2000.YEAR |    .01036     .01025      9.671 |   .007046    .006997      11.79 
   2001.YEAR |    .01286      .0127      8.645 |    .00941    .009322      10.16 
   2002.YEAR |    .01602     .01576      7.711 |    .01178     .01164      9.051 
   2003.YEAR |    .01779     .01747      7.297 |    .01458     .01437      8.098 
   2004.YEAR |    .02167      .0212       6.57 |    .01731     .01701      7.402 
   2005.YEAR |    .02405     .02347      6.214 |    .02058     .02015      6.754 
   2006.YEAR |    .02724      .0265      5.808 |    .02458     .02398       6.14 
   2007.YEAR |    .03298      .0319       5.23 |    .02987     .02898      5.523 
   2008.YEAR |    .04067     .03901      4.651 |     .0363     .03498      4.958 
   2009.YEAR |    .04744      .0452      4.258 |    .04247     .04066      4.538 
   2010.YEAR |    .05038     .04784      4.111 |    .04683     .04463       4.29 
   2011.YEAR |    .05422     .05128      3.937 |    .05315     .05033      3.984 
   2012.YEAR |    .05966      .0561      3.718 |    .05994     .05635      3.708 
   2013.YEAR |    .06458     .06041      3.543 |    .06643     .06202      3.482 
   2014.YEAR |    .06799     .06337      3.432 |    .07258     .06731      3.295 
   2015.YEAR |    .07192     .06675      3.314 |    .07849     .07233      3.135 
   2016.YEAR |    .07861     .07244      3.131 |    .08547     .07817      2.965 
   2017.YEAR |    .08215     .07541      3.043 |    .08835     .08055      2.901 
   2018.YEAR |    .09497     .08596      2.763 |     .1034      .0927      2.605 
   2019.YEAR |     .1057     .09452      2.565 |     .1184      .1044      2.362 
2.Industry~3 |   .006303    .006263      12.48 |    .01599     .01574      7.716 
5.Industry~3 |  .0003454   .0003453      53.78 |   .000672   .0006715      38.54 
10.Industr~3 |   .001381     .00138      26.85 |   .002457    .002451       20.1 
13.Industr~3 |         0          0          . |  .0000626   .0000626      126.4 
14.Industr~3 |   .003151    .003142      17.73 |   .002019    .002015      22.19 
15.Industr~3 |    .01148     .01135       9.17 |    .01269     .01253      8.706 
17.Industr~3 |   .002806    .002798       18.8 |   .002345     .00234      20.58 
18.Industr~3 |   .002115    .002111      21.67 |   .001534    .001532      25.47 
19.Industr~3 |  .0003454   .0003453      53.78 |  .0007835   .0007829      35.68 
20.Industr~3 |   .009757    .009662      9.975 |    .01044     .01033      9.632 
21.Industr~3 |   .002159    .002154      21.45 |    .00182    .001817      23.38 
22.Industr~3 |    .01364     .01346      8.386 |    .01223     .01208      8.877 
23.Industr~3 |         0          0          . |  .0000653   .0000653      123.7 
24.Industr~3 |   .002288    .002283      20.83 |   .002772    .002765      18.91 
25.Industr~3 |   .007166    .007115      11.69 |   .005642    .005611       13.2 
26.Industr~3 |    .00518    .005154      13.79 |   .004892    .004868      14.19 
27.Industr~3 |  .0009066   .0009058      33.17 |   .001017    .001016       31.3 
28.Industr~3 |    .03233     .03129      5.288 |    .03413     .03296      5.132 
29.Industr~3 |    .01852     .01818      7.142 |    .02033     .01992      6.797 
30.Industr~3 |  .0003885   .0003884       50.7 |  .0003646   .0003644      52.35 
31.Industr~3 |   .006346    .006306      12.43 |   .003673    .003659      16.41 
32.Industr~3 |   .001856    .001853      23.15 |    .00204    .002036      22.07 
33.Industr~3 |   .002806    .002798       18.8 |   .004255    .004237      15.23 
34.Industr~3 |   .002936    .002927      18.38 |    .00197    .001966      22.47 
35.Industr~3 |   .002849    .002841      18.65 |   .003616    .003603      16.54 
36.Industr~3 |   .006907     .00686      11.91 |   .007449    .007393      11.46 
37.Industr~3 |  .0003885   .0003884       50.7 |  .0005713    .000571       41.8 
40.Industr~3 |   .004015    .003999      15.69 |   .008189    .008122      10.91 
41.Industr~3 |  .0009066   .0009058      33.17 |   .001904    .001901      22.85 
45.Industr~3 |     .1765      .1454      1.697 |     .1469      .1253      1.995 
50.Industr~3 |    .05206     .04936      4.033 |    .04236     .04057      4.544 
51.Industr~3 |    .08194     .07523      3.049 |    .07835     .07221      3.138 
52.Industr~3 |     .0774     .07142      3.163 |    .07654     .07068      3.186 
55.Industr~3 |    .04593     .04383      4.338 |    .03772      .0363      4.853 
60.Industr~3 |    .05802     .05466      3.781 |    .05954       .056      3.723 
61.Industr~3 |   .002461    .002455      20.08 |   .001673     .00167      24.39 
62.Industr~3 |  .0004749   .0004747      45.86 |  .0002503   .0002502      63.19 
63.Industr~3 |    .01964     .01926      6.923 |    .01582     .01557      7.761 
64.Industr~3 |   .005483    .005453      13.39 |   .004214    .004196      15.31 
65.Industr~3 |     .0117     .01156      9.082 |    .01253     .01237      8.765 
66.Industr~3 |         0          0          . |  .0000517   .0000517      139.1 
67.Industr~3 |   .007253      .0072      11.61 |   .006916    .006868       11.9 
70.Industr~3 |    .06044     .05679      3.689 |    .05236     .04962      4.019 
71.Industr~3 |   .008375    .008305      10.79 |   .005798    .005764      13.02 
72.Industr~3 |    .03903      .0375      4.761 |    .05552     .05244      3.882 
73.Industr~3 |   .001727    .001724         24 |    .00259    .002583      19.57 
74.Industr~3 |     .1202      .1057      2.336 |     .1325      .1149      2.168 
75.Industr~3 |  .0000432   .0000432      152.2 |  .0004571   .0004568      46.74 
80.Industr~3 |   .003842    .003828      16.04 |    .00688    .006833      11.93 
85.Industr~3 |    .02892     .02809      5.622 |    .03876     .03726      4.779 
90.Industr~3 |   .005871    .005837      12.94 |   .007351    .007297      11.53 
91.Industr~3 |         0          0          . |  .0001007   .0001007      99.66 
92.Industr~3 |    .02707     .02634      5.829 |    .02775     .02698      5.751 
93.Industr~3 |   .005483    .005453      13.39 |   .004998    .004973      14.04 


After:  _webal as the weighting variable

             |              Treat              |             Control             
             |      mean   variance   skewness |      mean   variance   skewness 
-------------+---------------------------------+--------------------------------
P_D_muu_~4_2 |     .6773      .2186     -.7587 |     .6773      .2186     -.7586 
P_BUSINESS~G |     .2983      .2093      .8817 |     .2983      .2093      .8816 
P_LN_EDULE~L |     .6942       .194     .06949 |     .6941       .194     .06953 
P_D_MARITA~S |     .4293       .245      .2857 |     .4293       .245      .2857 
P_LN_CUM_S~E |     .2219        .11      .9804 |     .2219        .11      .9804 
P_LN_TOTAL~2 |     10.42      .6837      1.103 |     10.42      .6837      1.103 
P_D_CUM_SU~E |     .1277      .1114      2.232 |     .1277      .1114      2.232 
P_D_CUM_AL~S |     .2744      .1991      1.011 |     .2744      .1991      1.011 
D_Muu_riko~4 |     .2544      .1897      1.128 |     .2545      .1897      1.127 
        MALE |     .7432      .1909     -1.113 |     .7432      .1909     -1.113 
      LN_AGE |     3.506     .03933     -.4945 |     3.506     .03933      -.494 
BUSINESS_S~G |     .2337      .1791      1.258 |     .2337      .1791      1.258 
 LN_EDULEVEL |     .8392      .2671    -.08707 |     .8392      .2671    -.08703 
D_MARITAL_~S |     .2467      .1859      1.175 |     .2467      .1859      1.175 
LN_CUM_SUM~E |    .06402     .04224      2.985 |    .06402     .04224      2.985 
LN_TOTALIN~2 |     10.71      .7597     -.4264 |     10.71      .7597     -.4261 
D_CUM_SUBS~E |    .01312     .01295      8.556 |    .01312     .01295      8.556 
D_CUM_ALL_~S |    .09251     .08396      2.813 |    .09252     .08396      2.813 
      D_FMOB |     .3782      .2352      .5025 |     .3782      .2352      .5024 
LN_NUM_POS~S |       .12       .107      3.129 |       .12       .107      3.129 
Mean_OMAVA~2 |     .4006     .07392      .2855 |     .4006     .07392      .2856 
Mean_LNTASE2 |     13.32      1.673      1.085 |     13.32      1.673      1.086 
   Mean_ROA2 |     .1067     .03536      .1998 |     .1067     .03536      .1998 
Mean_LN_Bo~e |      .751      .3522     .05167 |      .751      .3522      .0517 
Mean_Curre~2 |     2.437      6.707      2.405 |     2.437      6.706      2.405 
   1996.YEAR |   .001727    .001724         24 |   .001727    .001724         24 
   1997.YEAR |   .002849    .002841      18.65 |   .002849    .002841      18.65 
   1998.YEAR |   .006001    .005965      12.79 |   .006001    .005965      12.79 
   1999.YEAR |   .007728    .007668      11.24 |   .007728    .007668      11.24 
   2000.YEAR |    .01036     .01025      9.671 |    .01036     .01025      9.671 
   2001.YEAR |    .01286      .0127      8.645 |    .01287      .0127      8.645 
   2002.YEAR |    .01602     .01576      7.711 |    .01602     .01576       7.71 
   2003.YEAR |    .01779     .01747      7.297 |    .01779     .01747      7.297 
   2004.YEAR |    .02167      .0212       6.57 |    .02167      .0212       6.57 
   2005.YEAR |    .02405     .02347      6.214 |    .02405     .02347      6.214 
   2006.YEAR |    .02724      .0265      5.808 |    .02724      .0265      5.808 
   2007.YEAR |    .03298      .0319       5.23 |    .03298      .0319       5.23 
   2008.YEAR |    .04067     .03901      4.651 |    .04067     .03901      4.651 
   2009.YEAR |    .04744      .0452      4.258 |    .04745     .04519      4.258 
   2010.YEAR |    .05038     .04784      4.111 |    .05038     .04784      4.111 
   2011.YEAR |    .05422     .05128      3.937 |    .05422     .05128      3.937 
   2012.YEAR |    .05966      .0561      3.718 |    .05966      .0561      3.718 
   2013.YEAR |    .06458     .06041      3.543 |    .06458     .06041      3.543 
   2014.YEAR |    .06799     .06337      3.432 |    .06799     .06337      3.432 
   2015.YEAR |    .07192     .06675      3.314 |    .07192     .06675      3.314 
   2016.YEAR |    .07861     .07244      3.131 |    .07862     .07243      3.131 
   2017.YEAR |    .08215     .07541      3.043 |    .08216     .07541      3.043 
   2018.YEAR |    .09497     .08596      2.763 |    .09498     .08596      2.763 
   2019.YEAR |     .1057     .09452      2.565 |     .1057     .09452      2.565 
2.Industry~3 |   .006303    .006263      12.48 |   .006303    .006263      12.48 
5.Industry~3 |  .0003454   .0003453      53.78 |  .0003454   .0003453      53.78 
10.Industr~3 |   .001381     .00138      26.85 |   .001381     .00138      26.85 
13.Industr~3 |         0          0          . |  1.11e-06   1.11e-06      947.8 
14.Industr~3 |   .003151    .003142      17.73 |   .003152    .003142      17.73 
15.Industr~3 |    .01148     .01135       9.17 |    .01148     .01135       9.17 
17.Industr~3 |   .002806    .002798       18.8 |   .002806    .002798       18.8 
18.Industr~3 |   .002115    .002111      21.67 |   .002115    .002111      21.67 
19.Industr~3 |  .0003454   .0003453      53.78 |  .0003454   .0003453      53.78 
20.Industr~3 |   .009757    .009662      9.975 |   .009757    .009662      9.975 
21.Industr~3 |   .002159    .002154      21.45 |   .002159    .002154      21.45 
22.Industr~3 |    .01364     .01346      8.386 |    .01364     .01346      8.385 
23.Industr~3 |         0          0          . |  1.11e-06   1.11e-06      949.3 
24.Industr~3 |   .002288    .002283      20.83 |   .002288    .002283      20.83 
25.Industr~3 |   .007166    .007115      11.69 |   .007166    .007115      11.69 
26.Industr~3 |    .00518    .005154      13.79 |   .005181    .005154      13.79 
27.Industr~3 |  .0009066   .0009058      33.17 |  .0009066   .0009058      33.17 
28.Industr~3 |    .03233     .03129      5.288 |    .03234     .03129      5.288 
29.Industr~3 |    .01852     .01818      7.142 |    .01852     .01818      7.142 
30.Industr~3 |  .0003885   .0003884       50.7 |  .0003885   .0003884       50.7 
31.Industr~3 |   .006346    .006306      12.43 |   .006346    .006306      12.43 
32.Industr~3 |   .001856    .001853      23.15 |   .001856    .001853      23.14 
33.Industr~3 |   .002806    .002798       18.8 |   .002806    .002798       18.8 
34.Industr~3 |   .002936    .002927      18.38 |   .002936    .002927      18.38 
35.Industr~3 |   .002849    .002841      18.65 |   .002849    .002841      18.65 
36.Industr~3 |   .006907     .00686      11.91 |   .006907     .00686      11.91 
37.Industr~3 |  .0003885   .0003884       50.7 |  .0003885   .0003884       50.7 
40.Industr~3 |   .004015    .003999      15.69 |   .004015    .003999      15.69 
41.Industr~3 |  .0009066   .0009058      33.17 |  .0009066   .0009058      33.17 
45.Industr~3 |     .1765      .1454      1.697 |     .1765      .1454      1.697 
50.Industr~3 |    .05206     .04936      4.033 |    .05206     .04935      4.033 
51.Industr~3 |    .08194     .07523      3.049 |    .08194     .07522      3.049 
52.Industr~3 |     .0774     .07142      3.163 |    .07741     .07141      3.163 
55.Industr~3 |    .04593     .04383      4.338 |    .04593     .04382      4.338 
60.Industr~3 |    .05802     .05466      3.781 |    .05802     .05466      3.781 
61.Industr~3 |   .002461    .002455      20.08 |   .002461    .002455      20.08 
62.Industr~3 |  .0004749   .0004747      45.86 |  .0004749   .0004747      45.86 
63.Industr~3 |    .01964     .01926      6.923 |    .01964     .01926      6.923 
64.Industr~3 |   .005483    .005453      13.39 |   .005483    .005453      13.39 
65.Industr~3 |     .0117     .01156      9.082 |     .0117     .01156      9.082 
66.Industr~3 |         0          0          . |  8.35e-07   8.35e-07       1094 
67.Industr~3 |   .007253      .0072      11.61 |   .007253      .0072      11.61 
70.Industr~3 |    .06044     .05679      3.689 |    .06044     .05679      3.689 
71.Industr~3 |   .008375    .008305      10.79 |   .008375    .008305      10.79 
72.Industr~3 |    .03903      .0375      4.761 |    .03903      .0375      4.761 
73.Industr~3 |   .001727    .001724         24 |   .001727    .001724         24 
74.Industr~3 |     .1202      .1057      2.336 |     .1202      .1057      2.336 
75.Industr~3 |  .0000432   .0000432      152.2 |  .0000438   .0000438        151 
80.Industr~3 |   .003842    .003828      16.04 |   .003842    .003827      16.04 
85.Industr~3 |    .02892     .02809      5.622 |    .02892     .02809      5.622 
90.Industr~3 |   .005871    .005837      12.94 |   .005871    .005837      12.94 
91.Industr~3 |         0          0          . |  1.57e-06   1.57e-06      797.8 
92.Industr~3 |    .02707     .02634      5.829 |    .02707     .02634      5.828 
93.Industr~3 |   .005483    .005453      13.39 |   .005483    .005453      13.39 

. 
. reg Vaste_LN_sakot_talous_kaikki P_D_talous_kaikki_2 P_D_muu_rikos_4_2 P_BUSINESS_SOCIALDEG P_LN_EDULEVEL P_D_MARITAL_STATUS P_LN_CUM_SUM_DIVORCE P_LN_TOTALINCOME2 P_D_CUM_SUBSTANCE P_D_CUM_ALL_BUT_SUBS D_Muu_rikos_4 MALE LN_AGE BUSINESS_SOCIALDEG LN
> _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=_web
> al], cluster(ID)
(sum of wgt is 46,328)

Linear regression                               Number of obs     =    390,736
                                                F(121, 75189)     =       1.02
                                                Prob > F          =     0.4295
                                                R-squared         =     0.0052
                                                Root MSE          =     .12857

                                        (Std. err. adjusted for 75,190 clusters in ID)
--------------------------------------------------------------------------------------
                     |               Robust
Vaste_LN_sakot_tal~i | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
---------------------+----------------------------------------------------------------
 P_D_talous_kaikki_2 |   .0030035   .0010795     2.78   0.005     .0008877    .0051194
   P_D_muu_rikos_4_2 |   -.000972   .0011862    -0.82   0.413    -.0032969    .0013529
P_BUSINESS_SOCIALDEG |   .0004928   .0013037     0.38   0.705    -.0020624    .0030479
       P_LN_EDULEVEL |  -.0001798   .0012608    -0.14   0.887    -.0026508    .0022913
  P_D_MARITAL_STATUS |   .0012886    .001558     0.83   0.408    -.0017651    .0043423
P_LN_CUM_SUM_DIVORCE |  -.0001963   .0023543    -0.08   0.934    -.0048108    .0044181
   P_LN_TOTALINCOME2 |  -.0004066   .0008369    -0.49   0.627    -.0020469    .0012337
   P_D_CUM_SUBSTANCE |   .0024685   .0019714     1.25   0.211    -.0013954    .0063324
P_D_CUM_ALL_BUT_SUBS |  -.0022844   .0011899    -1.92   0.055    -.0046166    .0000478
       D_Muu_rikos_4 |   .0060244   .0017673     3.41   0.001     .0025604    .0094884
                MALE |   .0019338   .0009814     1.97   0.049     .0000102    .0038574
              LN_AGE |  -.0069309   .0042079    -1.65   0.100    -.0151783    .0013166
  BUSINESS_SOCIALDEG |   .0012486     .00111     1.12   0.261    -.0009271    .0034242
         LN_EDULEVEL |  -.0016883   .0014973    -1.13   0.260    -.0046231    .0012464
    D_MARITAL_STATUS |    .001613   .0015977     1.01   0.313    -.0015184    .0047444
  LN_CUM_SUM_DIVORCE |    .006245   .0040957     1.52   0.127    -.0017826    .0142726
     LN_TOTALINCOME2 |   -.000946   .0010404    -0.91   0.363    -.0029851    .0010931
     D_CUM_SUBSTANCE |  -.0009149   .0040255    -0.23   0.820    -.0088049     .006975
  D_CUM_ALL_BUT_SUBS |   .0001561   .0017935     0.09   0.931    -.0033592    .0036713
              D_FMOB |  -.0004842   .0014783    -0.33   0.743    -.0033817    .0024134
    LN_NUM_POSITIONS |   .0000141   .0010193     0.01   0.989    -.0019838     .002012
  Mean_OMAVARAISUUS2 |   -.007808   .0032145    -2.43   0.015    -.0141085   -.0015075
        Mean_LNTASE2 |    .000857    .000489     1.75   0.080    -.0001014    .0018153
           Mean_ROA2 |  -.0036074   .0023653    -1.53   0.127    -.0082434    .0010286
   Mean_LN_Boardsize |  -.0027634   .0009187    -3.01   0.003     -.004564   -.0009627
 Mean_Current_Ratio2 |   .0004779   .0003455     1.38   0.167    -.0001992    .0011551
                     |
            MAAKUNTA |
                  2  |   .0037486   .0022363     1.68   0.094    -.0006345    .0081317
                  4  |    .002506   .0029555     0.85   0.396    -.0032868    .0082988
                  5  |   .0012906   .0036432     0.35   0.723      -.00585    .0084311
                  6  |   .0057071   .0024215     2.36   0.018     .0009609    .0104532
                  7  |   .0037051   .0035193     1.05   0.292    -.0031928     .010603
                  8  |  -.0029076   .0009731    -2.99   0.003    -.0048149   -.0010002
                  9  |  -.0025416   .0009282    -2.74   0.006    -.0043608   -.0007224
                 10  |   .0044256   .0052582     0.84   0.400    -.0058804    .0147316
                 11  |   .0084715   .0050888     1.66   0.096    -.0015025    .0184456
                 12  |   .0074493   .0060597     1.23   0.219    -.0044278    .0193263
                 13  |  -.0011404   .0008113    -1.41   0.160    -.0027305    .0004498
                 14  |  -.0004076   .0018538    -0.22   0.826    -.0040411    .0032258
                 15  |  -.0012148   .0010862    -1.12   0.263    -.0033438    .0009142
                 16  |   .0036174   .0053339     0.68   0.498     -.006837    .0140718
                 17  |   .0060098   .0026939     2.23   0.026     .0007297    .0112899
                 18  |  -.0018692   .0012638    -1.48   0.139    -.0043463    .0006079
                 19  |   .0019607   .0034671     0.57   0.572    -.0048349    .0087562
                     |
                YEAR |
               1996  |   .0504196   .0483482     1.04   0.297    -.0443426    .1451818
               1997  |   .0023224   .0016827     1.38   0.168    -.0009757    .0056206
               1998  |    .049888   .0229845     2.17   0.030     .0048385    .0949376
               1999  |   .0477163    .020463     2.33   0.020      .007609    .0878237
               2000  |   .0060531   .0025555     2.37   0.018     .0010443    .0110619
               2001  |   .0101539   .0046825     2.17   0.030     .0009763    .0193316
               2002  |   .0112154   .0048222     2.33   0.020     .0017639    .0206668
               2003  |    .011722   .0050959     2.30   0.021     .0017342    .0217099
               2004  |   .0068002   .0024945     2.73   0.006     .0019109    .0116895
               2005  |   .0078703   .0031356     2.51   0.012     .0017246    .0140161
               2006  |   .0144342   .0059255     2.44   0.015     .0028203    .0260481
               2007  |   .0077002   .0036303     2.12   0.034     .0005847    .0148156
               2008  |   .0152703   .0051705     2.95   0.003     .0051362    .0254044
               2009  |   .0166322   .0050426     3.30   0.001     .0067487    .0265156
               2010  |   .0125117   .0046478     2.69   0.007      .003402    .0216214
               2011  |   .0098646   .0037088     2.66   0.008     .0025952    .0171339
               2012  |   .0107405   .0037646     2.85   0.004      .003362    .0181191
               2013  |   .0091188   .0030268     3.01   0.003     .0031864    .0150512
               2014  |   .0071297    .002709     2.63   0.008     .0018201    .0124393
               2015  |   .0067122   .0032907     2.04   0.041     .0002625    .0131619
               2016  |   .0066843    .002971     2.25   0.024      .000861    .0125075
               2017  |   .0053383   .0027784     1.92   0.055    -.0001074     .010784
               2018  |   .0056753    .002848     1.99   0.046     .0000933    .0112574
               2019  |   .0060449   .0029049     2.08   0.037     .0003514    .0117384
                     |
     Industry_2002_3 |
                  2  |  -.0024391   .0015558    -1.57   0.117    -.0054884    .0006103
                  5  |  -.0009236   .0041267    -0.22   0.823    -.0090119    .0071648
                 10  |  -.0010713   .0018988    -0.56   0.573     -.004793    .0026504
                 13  |   .0011501   .0034907     0.33   0.742    -.0056915    .0079918
                 14  |   .0023212   .0032866     0.71   0.480    -.0041206     .008763
                 15  |   .0073515   .0074846     0.98   0.326    -.0073183    .0220214
                 17  |  -.0005514   .0015932    -0.35   0.729     -.003674    .0025712
                 18  |  -.0010937   .0020394    -0.54   0.592    -.0050909    .0029035
                 19  |  -.0049956   .0055355    -0.90   0.367    -.0158453     .005854
                 20  |  -.0022283   .0013402    -1.66   0.096    -.0048551    .0003985
                 21  |   .0009092   .0017461     0.52   0.603    -.0025132    .0043317
                 22  |   .0015635   .0011321     1.38   0.167    -.0006554    .0037823
                 23  |   .0056304   .0026671     2.11   0.035     .0004028     .010858
                 24  |   .0027323   .0018112     1.51   0.131    -.0008177    .0062823
                 25  |   .0042041   .0031881     1.32   0.187    -.0020445    .0104527
                 26  |  -.0018368   .0013286    -1.38   0.167    -.0044407    .0007672
                 27  |   .0000479   .0019901     0.02   0.981    -.0038527    .0039485
                 28  |   .0023728   .0027253     0.87   0.384    -.0029688    .0077144
                 29  |   .0053601   .0043687     1.23   0.220    -.0032025    .0139228
                 30  |   .0015863   .0022782     0.70   0.486     -.002879    .0060516
                 31  |   .0007067   .0015354     0.46   0.645    -.0023026     .003716
                 32  |   .0068134   .0058631     1.16   0.245    -.0046783    .0183052
                 33  |   .0025295   .0014619     1.73   0.084    -.0003359    .0053949
                 34  |  -.0001921   .0020628    -0.09   0.926    -.0042352     .003851
                 35  |  -.0004054   .0015734    -0.26   0.797    -.0034894    .0026785
                 36  |  -.0003855   .0019996    -0.19   0.847    -.0043047    .0035338
                 37  |  -.0010252   .0021359    -0.48   0.631    -.0052114    .0031611
                 40  |   .0055313   .0020596     2.69   0.007     .0014945    .0095682
                 41  |   .0027168   .0024551     1.11   0.268    -.0020951    .0075287
                 45  |   .0066208   .0020007     3.31   0.001     .0026995    .0105421
                 50  |   .0058473   .0032891     1.78   0.075    -.0005993    .0122939
                 51  |    .001875   .0017539     1.07   0.285    -.0015627    .0053126
                 52  |   .0019876   .0016488     1.21   0.228    -.0012441    .0052193
                 55  |   .0058157   .0032226     1.80   0.071    -.0005006    .0121319
                 60  |   .0061703    .003185     1.94   0.053    -.0000724    .0124129
                 61  |  -.0013972   .0017572    -0.80   0.427    -.0048413     .002047
                 62  |  -.0001194   .0039651    -0.03   0.976     -.007891    .0076522
                 63  |   .0100447   .0067754     1.48   0.138    -.0032351    .0233244
                 64  |  -.0002203   .0012269    -0.18   0.857    -.0026251    .0021845
                 65  |   .0021805   .0016288     1.34   0.181     -.001012    .0053729
                 66  |   .0084209   .0033992     2.48   0.013     .0017584    .0150833
                 67  |   .0027675    .001748     1.58   0.113    -.0006585    .0061935
                 70  |   .0010261   .0011735     0.87   0.382     -.001274    .0033263
                 71  |  -.0012513   .0015436    -0.81   0.418    -.0042768    .0017742
                 72  |   .0039314   .0012998     3.02   0.002     .0013837     .006479
                 73  |   .0013467    .002026     0.66   0.506    -.0026243    .0053177
                 74  |   .0060034   .0018241     3.29   0.001     .0024282    .0095786
                 75  |   .0083763   .0026501     3.16   0.002     .0031822    .0135704
                 80  |   .0029816   .0013311     2.24   0.025     .0003726    .0055906
                 85  |      .0071   .0032189     2.21   0.027     .0007911     .013409
                 90  |  -.0007651   .0013529    -0.57   0.572    -.0034169    .0018866
                 91  |   .0022461   .0031293     0.72   0.473    -.0038874    .0083796
                 92  |    .002468   .0011926     2.07   0.039     .0001305    .0048056
                 93  |   .0016867   .0013579     1.24   0.214    -.0009749    .0043482
                     |
               _cons |   .0170219   .0162684     1.05   0.295     -.014864    .0489078
--------------------------------------------------------------------------------------

. 
. ereturn list r2_a
scalar e(r2_a)     =  .0048816678251277

. 
. tabulate D_Vaste_talous_kaikki P_D_talous_kaikki_2 if Vaste_LN_sakot_talous_kaikki < .

D_Vaste_ta |
lous_kaikk |  P_D_talous_kaikki_2
         i |         0          1 |     Total
-----------+----------------------+----------
         0 |   367,413     23,129 |   390,542 
         1 |       159         35 |       194 
-----------+----------------------+----------
     Total |   367,572     23,164 |   390,736 

. 
. 
. 
. 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 Vaste_LN_vankeus_talous_kaikki < ., 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 = 2992166.73
Iteration 2: Max Difference = 1100754.86
Iteration 3: Max Difference = 404943.313
Iteration 4: Max Difference = 148968.551
Iteration 5: Max Difference = 54800.6991
Iteration 6: Max Difference = 20158.2825
Iteration 7: Max Difference = 7414.05032
Iteration 8: Max Difference = 2725.71122
Iteration 9: Max Difference = 1000.97283
Iteration 10: Max Difference = 366.491037
Iteration 11: Max Difference = 133.115653
Iteration 12: Max Difference = 47.3588412
Iteration 13: Max Difference = 16.0426102
Iteration 14: Max Difference = 4.95152414
Iteration 15: Max Difference = 1.34715633
Iteration 16: Max Difference = .411681434
Iteration 17: Max Difference = .086315538
Iteration 18: Max Difference = .006845
maximum difference smaller than the tolerance level; convergence achieved


Treated units: 23271   total of weights: 23271
Control units: 368012  total of weights: 23271


Before: without weighting

             |              Treat              |             Control             
             |      mean   variance   skewness |      mean   variance   skewness 
-------------+---------------------------------+--------------------------------
P_D_muu_~4_2 |     .6781      .2183     -.7626 |     .2755      .1996      1.005 
P_BUSINESS~G |     .2985      .2094      .8808 |     .2655       .195      1.062 
P_LN_EDULE~L |     .6932      .1938     .07098 |     .7556      .2292     .02757 
P_D_MARITA~S |     .4296      .2451      .2845 |     .3186      .2171      .7789 
P_LN_CUM_S~E |     .2219      .1099       .979 |     .1214     .07092      1.847 
P_LN_TOTAL~2 |     10.42      .6833      1.103 |     10.49      .4889      .9463 
P_D_CUM_SU~E |     .1275      .1113      2.233 |    .05244     .04969      4.016 
P_D_CUM_AL~S |     .2745      .1991      1.011 |     .1945      .1567      1.544 
D_Muu_riko~4 |     .2562      .1905      1.117 |     .1836      .1499      1.635 
        MALE |     .7441      .1904     -1.119 |     .7895      .1662      -1.42 
      LN_AGE |     3.505     .03927     -.4915 |     3.546     .03383     -.5816 
BUSINESS_S~G |     .2337      .1791      1.259 |      .225      .1744      1.317 
 LN_EDULEVEL |     .8375      .2673    -.08494 |     .9675      .2505     -.2885 
D_MARITAL_~S |     .2469       .186      1.174 |     .2051       .163      1.461 
LN_CUM_SUM~E |    .06392     .04216      2.986 |    .06164     .04067      3.051 
LN_TOTALIN~2 |     10.71      .7651     -.4409 |     10.79      .6354     -.5561 
D_CUM_SUBS~E |    .01341     .01323      8.462 |    .01123      .0111      9.277 
D_CUM_ALL_~S |    .09291     .08428      2.805 |    .07746     .07146      3.161 
      D_FMOB |     .3775       .235      .5056 |     .3319      .2218      .7138 
LN_NUM_POS~S |     .1201      .1071      3.129 |     .1065     .09742      3.432 
Mean_OMAVA~2 |     .3998     .07397      .2887 |     .4436     .07704      .1266 
Mean_LNTASE2 |     13.32      1.671      1.087 |     13.36      1.758      1.161 
   Mean_ROA2 |     .1066     .03541      .1948 |     .1196     .03752      .2933 
Mean_LN_Bo~e |     .7487      .3524     .05651 |     .8899      .3434     -.1476 
Mean_Curre~2 |     2.433      6.693      2.408 |     2.775      8.014      2.117 
   1996.YEAR |   .001676    .001673      24.37 |   .001315    .001313      27.52 
   1997.YEAR |   .002836    .002828       18.7 |    .00238    .002375      20.42 
   1998.YEAR |   .005973    .005938      12.82 |   .003739    .003725      16.26 
   1999.YEAR |   .007606    .007549      11.34 |   .005228    .005201      13.72 
   2000.YEAR |    .01036     .01025      9.673 |   .007043    .006994      11.79 
   2001.YEAR |    .01293     .01277      8.621 |   .009418    .009329      10.16 
   2002.YEAR |    .01611     .01586      7.686 |    .01178     .01164       9.05 
   2003.YEAR |    .01783     .01752      7.286 |    .01458     .01437      8.099 
   2004.YEAR |    .02187      .0214      6.538 |    .01734     .01704      7.394 
   2005.YEAR |    .02437     .02377       6.17 |    .02062      .0202      6.746 
   2006.YEAR |    .02729     .02654      5.803 |    .02463     .02402      6.134 
   2007.YEAR |    .03339     .03228      5.195 |    .02995     .02905      5.515 
   2008.YEAR |    .04095     .03928      4.633 |    .03643      .0351      4.949 
   2009.YEAR |    .04796     .04566      4.231 |    .04259     .04077      4.531 
   2010.YEAR |    .05045     .04791      4.108 |    .04685     .04465      4.289 
   2011.YEAR |    .05453     .05156      3.924 |    .05317     .05035      3.983 
   2012.YEAR |    .05982     .05624      3.712 |    .05996     .05636      3.707 
   2013.YEAR |    .06446     .06031      3.547 |    .06643     .06201      3.482 
   2014.YEAR |    .06781     .06321      3.438 |    .07257      .0673      3.295 
   2015.YEAR |    .07163     .06651      3.322 |    .07843     .07228      3.136 
   2016.YEAR |    .07821      .0721      3.142 |    .08539      .0781      2.967 
   2017.YEAR |    .08178     .07509      3.052 |    .08825     .08046      2.903 
   2018.YEAR |    .09454      .0856      2.772 |     .1033      .0926      2.608 
   2019.YEAR |     .1052     .09413      2.574 |     .1182      .1043      2.365 
2.Industry~3 |   .006274    .006235      12.51 |    .01598     .01573      7.719 
5.Industry~3 |  .0003438   .0003437      53.91 |  .0006712   .0006707      38.56 
10.Industr~3 |   .001375    .001373      26.91 |   .002454    .002448      20.11 
13.Industr~3 |         0          0          . |  .0000625   .0000625      126.5 
14.Industr~3 |   .003137    .003127      17.77 |   .002014    .002009      22.22 
15.Industr~3 |    .01147     .01134      9.174 |    .01268     .01252      8.709 
17.Industr~3 |   .002793    .002785      18.84 |   .002342    .002337      20.59 
18.Industr~3 |   .002106    .002101      21.72 |   .001533     .00153      25.49 
19.Industr~3 |  .0003438   .0003437      53.91 |  .0007826    .000782       35.7 
20.Industr~3 |   .009712    .009618      9.999 |    .01043     .01032      9.637 
21.Industr~3 |   .002149    .002144       21.5 |   .001826    .001823      23.34 
22.Industr~3 |    .01362     .01344      8.392 |    .01222     .01207       8.88 
23.Industr~3 |         0          0          . |  .0000652   .0000652      123.8 
24.Industr~3 |   .002278    .002272      20.88 |   .002772    .002764      18.92 
25.Industr~3 |   .007176    .007125      11.68 |   .005641    .005609       13.2 
26.Industr~3 |   .005157     .00513      13.82 |   .004886    .004862       14.2 
27.Industr~3 |  .0009024   .0009016      33.24 |   .001016    .001015      31.32 
28.Industr~3 |    .03231     .03127       5.29 |    .03415     .03298       5.13 
29.Industr~3 |    .01839     .01805      7.169 |    .02031      .0199        6.8 
30.Industr~3 |  .0003867   .0003866      50.82 |  .0003641    .000364      52.38 
31.Industr~3 |   .006446    .006405      12.33 |   .003671    .003658      16.41 
32.Industr~3 |   .001848    .001844       23.2 |   .002033    .002028      22.11 
33.Industr~3 |   .002793    .002785      18.84 |    .00425    .004232      15.24 
34.Industr~3 |   .002922    .002914      18.42 |    .00197    .001966      22.46 
35.Industr~3 |   .002836    .002828       18.7 |   .003614    .003601      16.54 
36.Industr~3 |   .006876    .006829      11.94 |   .007435    .007379      11.47 
37.Industr~3 |  .0003867   .0003866      50.82 |  .0005734    .000573      41.73 
40.Industr~3 |   .004039    .004023      15.64 |   .008176     .00811      10.92 
41.Industr~3 |  .0009024   .0009016      33.24 |   .001902    .001898      22.86 
45.Industr~3 |      .177      .1457      1.692 |     .1471      .1255      1.992 
50.Industr~3 |      .052     .04929      4.036 |    .04239     .04059      4.543 
51.Industr~3 |    .08195     .07524      3.048 |    .07835     .07221      3.138 
52.Industr~3 |    .07739     .07141      3.163 |    .07653     .07068      3.186 
55.Industr~3 |    .04598     .04387      4.336 |    .03776     .03633       4.85 
60.Industr~3 |     .0581     .05473      3.778 |    .05954     .05599      3.723 
61.Industr~3 |   .002449    .002444      20.13 |   .001674    .001671      24.38 
62.Industr~3 |  .0004727   .0004725      45.96 |    .00025   .0002499      63.22 
63.Industr~3 |     .0196     .01921      6.932 |    .01582     .01557      7.761 
64.Industr~3 |   .005457    .005428      13.43 |   .004212    .004194      15.31 
65.Industr~3 |    .01165     .01151      9.104 |    .01252     .01236      8.769 
66.Industr~3 |         0          0          . |  .0000516   .0000516      139.2 
67.Industr~3 |   .007219    .007167      11.64 |    .00691    .006862       11.9 
70.Industr~3 |    .06055     .05688      3.685 |    .05234      .0496       4.02 
71.Industr~3 |   .008465    .008394      10.73 |   .005801    .005768      13.01 
72.Industr~3 |    .03885     .03734      4.773 |    .05548      .0524      3.884 
73.Industr~3 |   .001762    .001759      23.76 |   .002587     .00258      19.58 
74.Industr~3 |     .1204      .1059      2.333 |     .1324      .1149      2.169 
75.Industr~3 |   .000043    .000043      152.5 |  .0004565   .0004563      46.77 
80.Industr~3 |   .003825     .00381      16.08 |   .006872    .006825      11.94 
85.Industr~3 |    .02879     .02796      5.636 |    .03872     .03722      4.782 
90.Industr~3 |   .005844     .00581      12.97 |   .007339    .007286      11.54 
91.Industr~3 |         0          0          . |  .0001005   .0001005      99.72 
92.Industr~3 |    .02694     .02622      5.843 |    .02774     .02697      5.752 
93.Industr~3 |   .005457    .005428      13.43 |   .004997    .004972      14.04 


After:  _webal as the weighting variable

             |              Treat              |             Control             
             |      mean   variance   skewness |      mean   variance   skewness 
-------------+---------------------------------+--------------------------------
P_D_muu_~4_2 |     .6781      .2183     -.7626 |     .6781      .2183     -.7625 
P_BUSINESS~G |     .2985      .2094      .8808 |     .2985      .2094      .8807 
P_LN_EDULE~L |     .6932      .1938     .07098 |     .6932      .1938     .07102 
P_D_MARITA~S |     .4296      .2451      .2845 |     .4296       .245      .2845 
P_LN_CUM_S~E |     .2219      .1099       .979 |     .2219      .1099       .979 
P_LN_TOTAL~2 |     10.42      .6833      1.103 |     10.42      .6833      1.104 
P_D_CUM_SU~E |     .1275      .1113      2.233 |     .1275      .1113      2.233 
P_D_CUM_AL~S |     .2745      .1991      1.011 |     .2745      .1991      1.011 
D_Muu_riko~4 |     .2562      .1905      1.117 |     .2562      .1905      1.117 
        MALE |     .7441      .1904     -1.119 |      .744      .1904     -1.118 
      LN_AGE |     3.505     .03927     -.4915 |     3.505     .03927      -.491 
BUSINESS_S~G |     .2337      .1791      1.259 |     .2337      .1791      1.259 
 LN_EDULEVEL |     .8375      .2673    -.08494 |     .8375      .2673     -.0849 
D_MARITAL_~S |     .2469       .186      1.174 |     .2469       .186      1.174 
LN_CUM_SUM~E |    .06392     .04216      2.986 |    .06392     .04216      2.986 
LN_TOTALIN~2 |     10.71      .7651     -.4409 |     10.71      .7651     -.4406 
D_CUM_SUBS~E |    .01341     .01323      8.462 |    .01341     .01323      8.462 
D_CUM_ALL_~S |    .09291     .08428      2.805 |    .09291     .08428      2.805 
      D_FMOB |     .3775       .235      .5056 |     .3775       .235      .5055 
LN_NUM_POS~S |     .1201      .1071      3.129 |     .1201      .1071      3.129 
Mean_OMAVA~2 |     .3998     .07397      .2887 |     .3998     .07397      .2887 
Mean_LNTASE2 |     13.32      1.671      1.087 |     13.32      1.671      1.088 
   Mean_ROA2 |     .1066     .03541      .1948 |     .1066     .03541      .1948 
Mean_LN_Bo~e |     .7487      .3524     .05651 |     .7487      .3524     .05654 
Mean_Curre~2 |     2.433      6.693      2.408 |     2.433      6.693      2.408 
   1996.YEAR |   .001676    .001673      24.37 |   .001676    .001673      24.37 
   1997.YEAR |   .002836    .002828       18.7 |   .002836    .002828       18.7 
   1998.YEAR |   .005973    .005938      12.82 |   .005973    .005938      12.82 
   1999.YEAR |   .007606    .007549      11.34 |   .007606    .007548      11.33 
   2000.YEAR |    .01036     .01025      9.673 |    .01036     .01025      9.673 
   2001.YEAR |    .01293     .01277      8.621 |    .01293     .01277      8.621 
   2002.YEAR |    .01611     .01586      7.686 |    .01611     .01586      7.686 
   2003.YEAR |    .01783     .01752      7.286 |    .01783     .01752      7.286 
   2004.YEAR |    .02187      .0214      6.538 |    .02187      .0214      6.538 
   2005.YEAR |    .02437     .02377       6.17 |    .02437     .02377       6.17 
   2006.YEAR |    .02729     .02654      5.803 |    .02729     .02654      5.803 
   2007.YEAR |    .03339     .03228      5.195 |    .03339     .03228      5.195 
   2008.YEAR |    .04095     .03928      4.633 |    .04095     .03928      4.633 
   2009.YEAR |    .04796     .04566      4.231 |    .04796     .04566      4.231 
   2010.YEAR |    .05045     .04791      4.108 |    .05045      .0479      4.108 
   2011.YEAR |    .05453     .05156      3.924 |    .05453     .05156      3.924 
   2012.YEAR |    .05982     .05624      3.712 |    .05982     .05624      3.712 
   2013.YEAR |    .06446     .06031      3.547 |    .06446      .0603      3.547 
   2014.YEAR |    .06781     .06321      3.438 |    .06781     .06321      3.438 
   2015.YEAR |    .07163     .06651      3.322 |    .07164      .0665      3.322 
   2016.YEAR |    .07821      .0721      3.142 |    .07821     .07209      3.142 
   2017.YEAR |    .08178     .07509      3.052 |    .08178     .07509      3.052 
   2018.YEAR |    .09454      .0856      2.772 |    .09454      .0856      2.772 
   2019.YEAR |     .1052     .09413      2.574 |     .1052     .09413      2.574 
2.Industry~3 |   .006274    .006235      12.51 |   .006274    .006235      12.51 
5.Industry~3 |  .0003438   .0003437      53.91 |  .0003438   .0003437      53.91 
10.Industr~3 |   .001375    .001373      26.91 |   .001375    .001373      26.91 
13.Industr~3 |         0          0          . |  1.11e-06   1.11e-06      947.3 
14.Industr~3 |   .003137    .003127      17.77 |   .003137    .003127      17.77 
15.Industr~3 |    .01147     .01134      9.174 |    .01147     .01134      9.174 
17.Industr~3 |   .002793    .002785      18.84 |   .002793    .002785      18.84 
18.Industr~3 |   .002106    .002101      21.72 |   .002106    .002101      21.72 
19.Industr~3 |  .0003438   .0003437      53.91 |  .0003438   .0003437      53.91 
20.Industr~3 |   .009712    .009618      9.999 |   .009712    .009618      9.999 
21.Industr~3 |   .002149    .002144       21.5 |   .002149    .002144       21.5 
22.Industr~3 |    .01362     .01344      8.392 |    .01362     .01344      8.392 
23.Industr~3 |         0          0          . |  1.11e-06   1.11e-06      948.8 
24.Industr~3 |   .002278    .002272      20.88 |   .002278    .002272      20.88 
25.Industr~3 |   .007176    .007125      11.68 |   .007176    .007125      11.68 
26.Industr~3 |   .005157     .00513      13.82 |   .005157     .00513      13.82 
27.Industr~3 |  .0009024   .0009016      33.24 |  .0009024   .0009016      33.24 
28.Industr~3 |    .03231     .03127       5.29 |    .03232     .03127      5.289 
29.Industr~3 |    .01839     .01805      7.169 |    .01839     .01805      7.169 
30.Industr~3 |  .0003867   .0003866      50.82 |  .0003868   .0003866      50.82 
31.Industr~3 |   .006446    .006405      12.33 |   .006446    .006404      12.33 
32.Industr~3 |   .001848    .001844       23.2 |   .001848    .001844       23.2 
33.Industr~3 |   .002793    .002785      18.84 |   .002793    .002785      18.84 
34.Industr~3 |   .002922    .002914      18.42 |   .002922    .002914      18.42 
35.Industr~3 |   .002836    .002828       18.7 |   .002836    .002828       18.7 
36.Industr~3 |   .006876    .006829      11.94 |   .006876    .006828      11.94 
37.Industr~3 |  .0003867   .0003866      50.82 |  .0003868   .0003866      50.82 
40.Industr~3 |   .004039    .004023      15.64 |   .004039    .004023      15.64 
41.Industr~3 |  .0009024   .0009016      33.24 |  .0009024   .0009016      33.24 
45.Industr~3 |      .177      .1457      1.692 |     .1771      .1457      1.692 
50.Industr~3 |      .052     .04929      4.036 |      .052     .04929      4.036 
51.Industr~3 |    .08195     .07524      3.048 |    .08195     .07523      3.048 
52.Industr~3 |    .07739     .07141      3.163 |    .07739      .0714      3.163 
55.Industr~3 |    .04598     .04387      4.336 |    .04598     .04387      4.335 
60.Industr~3 |     .0581     .05473      3.778 |     .0581     .05472      3.778 
61.Industr~3 |   .002449    .002444      20.13 |   .002449    .002443      20.13 
62.Industr~3 |  .0004727   .0004725      45.96 |  .0004727   .0004725      45.96 
63.Industr~3 |     .0196     .01921      6.932 |     .0196     .01921      6.932 
64.Industr~3 |   .005457    .005428      13.43 |   .005458    .005428      13.43 
65.Industr~3 |    .01165     .01151      9.104 |    .01165     .01151      9.104 
66.Industr~3 |         0          0          . |  8.35e-07   8.35e-07       1094 
67.Industr~3 |   .007219    .007167      11.64 |   .007219    .007167      11.64 
70.Industr~3 |    .06055     .05688      3.685 |    .06055     .05688      3.685 
71.Industr~3 |   .008465    .008394      10.73 |   .008466    .008394      10.73 
72.Industr~3 |    .03885     .03734      4.773 |    .03885     .03734      4.773 
73.Industr~3 |   .001762    .001759      23.76 |   .001762    .001759      23.76 
74.Industr~3 |     .1204      .1059      2.333 |     .1204      .1059      2.333 
75.Industr~3 |   .000043    .000043      152.5 |  .0000437   .0000437      151.3 
80.Industr~3 |   .003825     .00381      16.08 |   .003825     .00381      16.08 
85.Industr~3 |    .02879     .02796      5.636 |    .02879     .02796      5.636 
90.Industr~3 |   .005844     .00581      12.97 |   .005844     .00581      12.97 
91.Industr~3 |         0          0          . |  1.57e-06   1.57e-06      797.6 
92.Industr~3 |    .02694     .02622      5.843 |    .02694     .02622      5.843 
93.Industr~3 |   .005457    .005428      13.43 |   .005458    .005428      13.43 

. 
. reg Vaste_LN_vankeus_talous_kaikki P_D_talous_kaikki_2 P_D_muu_rikos_4_2 P_BUSINESS_SOCIALDEG P_LN_EDULEVEL P_D_MARITAL_STATUS P_LN_CUM_SUM_DIVORCE P_LN_TOTALINCOME2 P_D_CUM_SUBSTANCE P_D_CUM_ALL_BUT_SUBS D_Muu_rikos_4 MALE LN_AGE BUSINESS_SOCIALDEG 
> LN_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=_w
> ebal], cluster(ID)
(sum of wgt is 46,542)

Linear regression                               Number of obs     =    391,283
                                                F(121, 75578)     =       2.23
                                                Prob > F          =     0.0000
                                                R-squared         =     0.0162
                                                Root MSE          =     .17445

                                        (Std. err. adjusted for 75,579 clusters in ID)
--------------------------------------------------------------------------------------
                     |               Robust
Vaste_LN_vankeus_t~i | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
---------------------+----------------------------------------------------------------
 P_D_talous_kaikki_2 |   .0072664   .0018481     3.93   0.000      .003644    .0108887
   P_D_muu_rikos_4_2 |   .0019073   .0018026     1.06   0.290    -.0016258    .0054405
P_BUSINESS_SOCIALDEG |   .0040812   .0022751     1.79   0.073    -.0003781    .0085404
       P_LN_EDULEVEL |  -.0036524   .0022308    -1.64   0.102    -.0080248    .0007201
  P_D_MARITAL_STATUS |   .0008601   .0025558     0.34   0.736    -.0041492    .0058694
P_LN_CUM_SUM_DIVORCE |  -.0011992   .0037729    -0.32   0.751    -.0085942    .0061957
   P_LN_TOTALINCOME2 |    .000059   .0016721     0.04   0.972    -.0032184    .0033363
   P_D_CUM_SUBSTANCE |  -.0033373   .0028034    -1.19   0.234    -.0088319    .0021574
P_D_CUM_ALL_BUT_SUBS |   -.000492     .00204    -0.24   0.809    -.0044904    .0035065
       D_Muu_rikos_4 |   .0185382   .0031734     5.84   0.000     .0123183    .0247581
                MALE |   .0053227   .0014179     3.75   0.000     .0025435    .0081019
              LN_AGE |  -.0032927   .0074266    -0.44   0.658    -.0178488    .0112635
  BUSINESS_SOCIALDEG |   .0059974   .0024166     2.48   0.013     .0012608    .0107341
         LN_EDULEVEL |  -.0074893   .0022921    -3.27   0.001    -.0119818   -.0029969
    D_MARITAL_STATUS |   .0044752   .0028043     1.60   0.111    -.0010211    .0099715
  LN_CUM_SUM_DIVORCE |   .0009213   .0041034     0.22   0.822    -.0071212    .0089639
     LN_TOTALINCOME2 |  -.0061528   .0018918    -3.25   0.001    -.0098607   -.0024448
     D_CUM_SUBSTANCE |   .0236317   .0139851     1.69   0.091     -.003779    .0510424
  D_CUM_ALL_BUT_SUBS |   .0067128   .0037795     1.78   0.076    -.0006951    .0141206
              D_FMOB |  -.0065298   .0023008    -2.84   0.005    -.0110394   -.0020202
    LN_NUM_POSITIONS |   .0070465   .0032407     2.17   0.030     .0006947    .0133982
  Mean_OMAVARAISUUS2 |  -.0193993   .0040969    -4.74   0.000    -.0274293   -.0113694
        Mean_LNTASE2 |    .002051   .0007428     2.76   0.006     .0005951    .0035068
           Mean_ROA2 |  -.0091468   .0050144    -1.82   0.068    -.0189751    .0006814
   Mean_LN_Boardsize |  -.0100469   .0017213    -5.84   0.000    -.0134206   -.0066732
 Mean_Current_Ratio2 |   .0005816   .0002495     2.33   0.020     .0000926    .0010705
                     |
            MAAKUNTA |
                  2  |   .0028016    .003775     0.74   0.458    -.0045974    .0102005
                  4  |   .0009196   .0045002     0.20   0.838    -.0079008    .0097399
                  5  |  -.0063233   .0035212    -1.80   0.073    -.0132248    .0005781
                  6  |  -.0019538   .0033471    -0.58   0.559    -.0085141    .0046065
                  7  |   -.007757    .003211    -2.42   0.016    -.0140507   -.0014634
                  8  |   .0050907   .0075424     0.67   0.500    -.0096923    .0198738
                  9  |  -.0086339   .0028871    -2.99   0.003    -.0142925   -.0029753
                 10  |   .0017602   .0072189     0.24   0.807    -.0123887    .0159092
                 11  |   .0077312   .0070362     1.10   0.272    -.0060597    .0215221
                 12  |  -.0061983   .0036627    -1.69   0.091    -.0133771    .0009805
                 13  |  -.0036571   .0033355    -1.10   0.273    -.0101947    .0028805
                 14  |   .0060629   .0074129     0.82   0.413    -.0084663     .020592
                 15  |  -.0026295   .0040872    -0.64   0.520    -.0106403    .0053814
                 16  |    .003414      .0086     0.40   0.691    -.0134419      .02027
                 17  |  -.0032682   .0029829    -1.10   0.273    -.0091146    .0025782
                 18  |  -.0041216   .0070026    -0.59   0.556    -.0178466    .0096034
                 19  |   .0008752    .007161     0.12   0.903    -.0131602    .0149107
                     |
                YEAR |
               1996  |   .0109159   .0049078     2.22   0.026     .0012967    .0205351
               1997  |   .0076236   .0044846     1.70   0.089    -.0011663    .0164134
               1998  |   .0493447   .0186509     2.65   0.008     .0127889    .0859004
               1999  |   .0216703   .0093646     2.31   0.021     .0033158    .0400248
               2000  |   .0168251   .0081315     2.07   0.039     .0008873    .0327629
               2001  |   .0272124   .0087093     3.12   0.002     .0101423    .0442825
               2002  |   .0344289   .0098225     3.51   0.000     .0151768    .0536809
               2003  |   .0238148   .0068164     3.49   0.000     .0104547    .0371749
               2004  |    .030781   .0073685     4.18   0.000     .0163386    .0452233
               2005  |   .0441334   .0088478     4.99   0.000     .0267917     .061475
               2006  |   .0338525   .0078191     4.33   0.000     .0185271    .0491778
               2007  |   .0416284   .0082285     5.06   0.000     .0255006    .0577561
               2008  |   .0396132   .0065435     6.05   0.000     .0267881    .0524384
               2009  |   .0481933   .0080797     5.96   0.000     .0323571    .0640295
               2010  |   .0256853   .0064003     4.01   0.000     .0131406    .0382299
               2011  |     .03055   .0067863     4.50   0.000      .017249     .043851
               2012  |   .0231623   .0057982     3.99   0.000     .0117979    .0345266
               2013  |   .0180306   .0049238     3.66   0.000       .00838    .0276812
               2014  |   .0161923   .0050338     3.22   0.001     .0063261    .0260585
               2015  |   .0127983    .004704     2.72   0.007     .0035784    .0220181
               2016  |   .0114784    .004662     2.46   0.014     .0023409    .0206158
               2017  |   .0103463   .0046908     2.21   0.027     .0011523    .0195403
               2018  |   .0108238   .0047741     2.27   0.023     .0014666     .020181
               2019  |   .0116383    .004852     2.40   0.016     .0021284    .0211481
                     |
     Industry_2002_3 |
                  2  |   .0003012    .003836     0.08   0.937    -.0072174    .0078197
                  5  |   .0032966   .0075962     0.43   0.664     -.011592    .0181851
                 10  |  -.0023206   .0040236    -0.58   0.564    -.0102069    .0055656
                 13  |   .0146239   .0057394     2.55   0.011     .0033746    .0258731
                 14  |   .0006291   .0031143     0.20   0.840     -.005475    .0067331
                 15  |   .0102505   .0098784     1.04   0.299    -.0091112    .0296121
                 17  |   .0024445   .0036415     0.67   0.502    -.0046929    .0095819
                 18  |   .0029915   .0040954     0.73   0.465    -.0050353    .0110184
                 19  |   .0039412   .0054294     0.73   0.468    -.0067003    .0145827
                 20  |  -.0057818   .0031696    -1.82   0.068    -.0119942    .0004306
                 21  |   .0214867   .0164676     1.30   0.192    -.0107897    .0537631
                 22  |   .0100025   .0060132     1.66   0.096    -.0017833    .0217883
                 23  |   .0104039    .008594     1.21   0.226    -.0064403    .0272481
                 24  |   .0090684   .0052209     1.74   0.082    -.0011646    .0193013
                 25  |   .0155472   .0072323     2.15   0.032     .0013719    .0297225
                 26  |   .0035676   .0035025     1.02   0.308    -.0032973    .0104324
                 27  |  -.0023298   .0058736    -0.40   0.692     -.013842    .0091825
                 28  |   .0079428   .0041629     1.91   0.056    -.0002165    .0161022
                 29  |   .0054038   .0029118     1.86   0.063    -.0003033     .011111
                 30  |    .005333    .005443     0.98   0.327    -.0053354    .0160013
                 31  |   .0308047   .0154708     1.99   0.046      .000482    .0611274
                 32  |   .0040201   .0036781     1.09   0.274     -.003189    .0112291
                 33  |   .0089088   .0039182     2.27   0.023     .0012291    .0165886
                 34  |   .0104166   .0125411     0.83   0.406    -.0141639    .0349971
                 35  |  -.0014384   .0041253    -0.35   0.727     -.009524    .0066472
                 36  |  -.0034866   .0031807    -1.10   0.273    -.0097207    .0027475
                 37  |  -.0001939   .0064629    -0.03   0.976    -.0128611    .0124734
                 40  |   .0291964   .0185339     1.58   0.115      -.00713    .0655227
                 41  |   .0099361   .0057628     1.72   0.085    -.0013589    .0212312
                 45  |   .0159127   .0035217     4.52   0.000     .0090102    .0228152
                 50  |   .0066611   .0041492     1.61   0.108    -.0014713    .0147934
                 51  |   .0082879   .0041008     2.02   0.043     .0002503    .0163255
                 52  |   .0057394   .0044442     1.29   0.197    -.0029713      .01445
                 55  |   .0106421   .0042855     2.48   0.013     .0022424    .0190417
                 60  |   .0079116   .0055503     1.43   0.154    -.0029671    .0187902
                 61  |  -.0035986   .0047064    -0.76   0.445     -.012823    .0056259
                 62  |  -.0027022   .0115734    -0.23   0.815    -.0253859    .0199815
                 63  |   .0087175   .0068123     1.28   0.201    -.0046345    .0220696
                 64  |  -.0020997   .0045387    -0.46   0.644    -.0109956    .0067962
                 65  |   .0066054   .0032869     2.01   0.044     .0001631    .0130476
                 66  |    .020044   .0057741     3.47   0.001     .0087268    .0313612
                 67  |   .0115398   .0070873     1.63   0.103    -.0023513    .0254308
                 70  |   .0081723   .0040492     2.02   0.044     .0002359    .0161086
                 71  |   .0113131   .0096422     1.17   0.241    -.0075856    .0302118
                 72  |   .0111535   .0033887     3.29   0.001     .0045117    .0177953
                 73  |   .0416258   .0310502     1.34   0.180    -.0192323     .102484
                 74  |   .0200941   .0043793     4.59   0.000     .0115107    .0286774
                 75  |   .0297186   .0072866     4.08   0.000     .0154369    .0440004
                 80  |   .0081535   .0034088     2.39   0.017     .0014723    .0148347
                 85  |   .0131697   .0037047     3.55   0.000     .0059084     .020431
                 90  |  -.0003046   .0031833    -0.10   0.924    -.0065438    .0059347
                 91  |   .0040697   .0085519     0.48   0.634     -.012692    .0208315
                 92  |   .0069825   .0037974     1.84   0.066    -.0004604    .0144253
                 93  |   .0066864   .0036292     1.84   0.065    -.0004268    .0137997
                     |
               _cons |   .0365242   .0278075     1.31   0.189    -.0179783    .0910267
--------------------------------------------------------------------------------------

. 
. ereturn list r2_a
scalar e(r2_a)     =  .0158728331685342

. 
. tabulate D_Vaste_talous_kaikki P_D_talous_kaikki_2 if Vaste_LN_vankeus_talous_kaikki < .

D_Vaste_ta |
lous_kaikk |  P_D_talous_kaikki_2
         i |         0          1 |     Total
-----------+----------------------+----------
         0 |   367,413     23,129 |   390,542 
         1 |       599        142 |       741 
-----------+----------------------+----------
     Total |   368,012     23,271 |   391,283 

. 
