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

. 
. fvset base 7878 YearMunicipality

. 
. 
. 
. ebalance P_D_talous_kaikki_2 Score_muuttuja_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.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: Score_muuttuja_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_MARI
> TAL_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.Industry_2002_3 10.Industry_2002_3 13.Industry_2002_3 1
> 4.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.I
> ndustry_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.Indu
> stry_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.Industr
> y_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). Score_muuttuja_2 P_D_muu_rikos_4_2 P_B
> USINESS_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_SUBSTA
> NCE 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 200
> 8.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.In
> dustry_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.Indus
> try_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 (2nd order). Score_muuttuja_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 1996.YE
> AR 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.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.Ind
> ustry_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.Indust
> ry_2002_3 72.Industry_2002_3 73.Industry_2002_3 74.Industry_2002_3 75.Industry_2002_3 80.Industry_2002_3 85.Industry_2002_3 90.Industry_2002_3 92.Industry_2002_3 93.Industry_2002_3 (3rd order).


Optimizing...
Iteration 1: Max Difference = 2994254.44
Iteration 2: Max Difference = 1101522.88
Iteration 3: Max Difference = 405225.853
Iteration 4: Max Difference = 149072.491
Iteration 5: Max Difference = 54838.9354
Iteration 6: Max Difference = 20172.3479
Iteration 7: Max Difference = 7419.22383
Iteration 8: Max Difference = 2727.61369
Iteration 9: Max Difference = 1001.67224
Iteration 10: Max Difference = 366.748637
Iteration 11: Max Difference = 133.212761
Iteration 12: Max Difference = 47.4018832
Iteration 13: Max Difference = 16.0754808
Iteration 14: Max Difference = 4.98752542
Iteration 15: Max Difference = 1.3807346
Iteration 16: Max Difference = .425151799
Iteration 17: Max Difference = .090524739
Iteration 18: Max Difference = .007470099
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 
-------------+---------------------------------+--------------------------------
Score_muut~2 |     1.147       1.05      .7572 |     .7354      .6601      1.062 
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 
-------------+---------------------------------+--------------------------------
Score_muut~2 |     1.147       1.05      .7572 |     1.147       1.05      .7573 
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     .02378      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          . |  1.10e-06   1.10e-06      953.1 
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          . |  1.14e-06   1.14e-06      936.8 
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          . |  8.67e-07   8.67e-07       1074 
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 |  .0000436   .0000436      151.5 
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          . |  1.58e-06   1.58e-06      795.7 
92.Industr~3 |    .02685     .02613      5.854 |    .02685     .02613      5.854 
93.Industr~3 |   .005439     .00541      13.45 |   .005439     .00541      13.45 

. 
. areg D_Vaste_talous_kaikki P_D_talous_kaikki_2 Score_muuttuja_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_S
> OCIALDEG LN_EDULEVEL D_MARITAL_STATUS LN_CUM_SUM_DIVORCE LN_TOTALINCOME2 D_CUM_SUBSTANCE D_CUM_ALL_BUT_SUBS D_FMOB LN_NUM_POSITIONS Mean_OMAVARAISUUS2 Mean_LNTASE2 Mean_ROA2 Mean_LN_Boardsize Mean_Current_Ratio2 i.Industry_2002_3 [aweight=_webal], ab
> sorb(YearMunicipality) cluster(ID)
(sum of wgt is 46,700)

Linear regression, absorbing indicators            Number of obs     = 391,722
Absorbed variable: YearMunicipality                No. of categories =   7,878
                                                   F(81, 75923)      =    3.31
                                                   Prob > F          =  0.0000
                                                   R-squared         =  0.1356
                                                   Adj R-squared     =  0.1177
                                                   Root MSE          =  0.0797

                                        (Std. err. adjusted for 75,924 clusters in ID)
--------------------------------------------------------------------------------------
                     |               Robust
D_Vaste_talous_kai~i | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
---------------------+----------------------------------------------------------------
 P_D_talous_kaikki_2 |   .0039869   .0008517     4.68   0.000     .0023175    .0056563
    Score_muuttuja_2 |   .0011148   .0007094     1.57   0.116    -.0002755    .0025052
   P_D_muu_rikos_4_2 |   .0002847   .0007939     0.36   0.720    -.0012714    .0018408
P_BUSINESS_SOCIALDEG |   .0011787   .0010348     1.14   0.255    -.0008495    .0032068
       P_LN_EDULEVEL |  -.0006912   .0012715    -0.54   0.587    -.0031833     .001801
  P_D_MARITAL_STATUS |   .0007979   .0011275     0.71   0.479    -.0014119    .0030077
P_LN_CUM_SUM_DIVORCE |  -.0006545   .0016603    -0.39   0.693    -.0039088    .0025997
   P_LN_TOTALINCOME2 |  -5.35e-06   .0007388    -0.01   0.994    -.0014534    .0014427
   P_D_CUM_SUBSTANCE |   .0001724   .0014279     0.12   0.904    -.0026262    .0029711
P_D_CUM_ALL_BUT_SUBS |  -.0008819   .0009711    -0.91   0.364    -.0027851    .0010214
       D_Muu_rikos_4 |   .0096842   .0014143     6.85   0.000     .0069123    .0124562
                MALE |   .0019862   .0008199     2.42   0.015     .0003793    .0035932
              LN_AGE |  -.0031712   .0032267    -0.98   0.326    -.0094954    .0031531
  BUSINESS_SOCIALDEG |   .0018714   .0011012     1.70   0.089    -.0002869    .0040298
         LN_EDULEVEL |  -.0036823   .0010376    -3.55   0.000    -.0057161   -.0016486
    D_MARITAL_STATUS |   .0020912   .0012569     1.66   0.096    -.0003723    .0045547
  LN_CUM_SUM_DIVORCE |   .0032906     .00219     1.50   0.133    -.0010018    .0075829
     LN_TOTALINCOME2 |  -.0024885   .0007434    -3.35   0.001    -.0039455   -.0010315
     D_CUM_SUBSTANCE |    .009842   .0051031     1.93   0.054    -.0001601    .0198441
  D_CUM_ALL_BUT_SUBS |    .001748   .0014128     1.24   0.216     -.001021     .004517
              D_FMOB |  -.0024598   .0011574    -2.13   0.034    -.0047284   -.0001912
    LN_NUM_POSITIONS |   .0028417   .0012459     2.28   0.023     .0003997    .0052837
  Mean_OMAVARAISUUS2 |  -.0109333   .0018884    -5.79   0.000    -.0146346   -.0072319
        Mean_LNTASE2 |   .0010963   .0003119     3.51   0.000      .000485    .0017077
           Mean_ROA2 |  -.0049011   .0022005    -2.23   0.026    -.0092141   -.0005882
   Mean_LN_Boardsize |  -.0062208   .0008237    -7.55   0.000    -.0078352   -.0046065
 Mean_Current_Ratio2 |   .0004477    .000167     2.68   0.007     .0001204    .0007749
                     |
     Industry_2002_3 |
                  2  |  -.0019748   .0019499    -1.01   0.311    -.0057965    .0018469
                  5  |  -.0100269   .0135135    -0.74   0.458    -.0365132    .0164594
                 10  |   .0027544   .0017228     1.60   0.110    -.0006222     .006131
                 13  |   .0092369   .0053225     1.74   0.083    -.0011952    .0196691
                 14  |   .0019273   .0023781     0.81   0.418    -.0027338    .0065883
                 15  |   .0043151   .0047232     0.91   0.361    -.0049425    .0135726
                 17  |   -.001371   .0027697    -0.49   0.621    -.0067995    .0040575
                 18  |  -.0035171   .0030083    -1.17   0.242    -.0094133    .0023791
                 19  |  -.0027909   .0039752    -0.70   0.483    -.0105824    .0050005
                 20  |  -.0049642    .002546    -1.95   0.051    -.0099543    .0000259
                 21  |   .0066216   .0054656     1.21   0.226    -.0040909    .0173341
                 22  |   .0031585   .0031217     1.01   0.312    -.0029599     .009277
                 23  |   .0045424    .003651     1.24   0.213    -.0026136    .0116984
                 24  |   .0043163   .0019794     2.18   0.029     .0004368    .0081959
                 25  |   .0070785   .0037898     1.87   0.062    -.0003494    .0145064
                 26  |   .0007411   .0020719     0.36   0.721    -.0033198     .004802
                 27  |  -.0037519   .0030918    -1.21   0.225    -.0098118     .002308
                 28  |   .0025955   .0024253     1.07   0.285    -.0021581     .007349
                 29  |   .0015297   .0017432     0.88   0.380     -.001887    .0049464
                 30  |  -.0017848    .003678    -0.49   0.627    -.0089936     .005424
                 31  |   .0140181   .0071886     1.95   0.051    -.0000716    .0281077
                 32  |   .0031295   .0023897     1.31   0.190    -.0015543    .0078134
                 33  |   .0008024   .0030378     0.26   0.792    -.0051517    .0067566
                 34  |   .0041147   .0052827     0.78   0.436    -.0062395    .0144688
                 35  |   -.001861   .0024355    -0.76   0.445    -.0066346    .0029125
                 36  |  -.0018711   .0021623    -0.87   0.387    -.0061091    .0023669
                 37  |  -.0005916   .0030891    -0.19   0.848    -.0066462     .005463
                 40  |   .0083635   .0059228     1.41   0.158    -.0032453    .0199722
                 41  |   .0052613    .002319     2.27   0.023     .0007161    .0098065
                 45  |   .0062877   .0016199     3.88   0.000     .0031128    .0094627
                 50  |   .0035216   .0023159     1.52   0.128    -.0010176    .0080608
                 51  |   .0031299   .0019656     1.59   0.111    -.0007227    .0069824
                 52  |   .0010558   .0019265     0.55   0.584    -.0027202    .0048317
                 55  |   .0051483   .0023267     2.21   0.027     .0005881    .0097086
                 60  |   .0026954   .0021485     1.25   0.210    -.0015157    .0069065
                 61  |  -.0051945   .0031011    -1.68   0.094    -.0112726    .0008836
                 62  |  -.0034947   .0065609    -0.53   0.594     -.016354    .0093647
                 63  |    .004268   .0029185     1.46   0.144    -.0014522    .0099883
                 64  |  -.0040606    .002706    -1.50   0.133    -.0093643    .0012431
                 65  |   .0040741   .0025071     1.63   0.104    -.0008398    .0089881
                 66  |   .0062422   .0040295     1.55   0.121    -.0016557    .0141401
                 67  |   .0042765   .0034953     1.22   0.221    -.0025742    .0111273
                 70  |   .0042778   .0022718     1.88   0.060    -.0001749    .0087304
                 71  |   .0057817   .0044813     1.29   0.197    -.0030016    .0145651
                 72  |   .0029049   .0015401     1.89   0.059    -.0001137    .0059236
                 73  |   .0159133   .0126686     1.26   0.209    -.0089171    .0407436
                 74  |   .0086802   .0019064     4.55   0.000     .0049437    .0124166
                 75  |   .0134406   .0030148     4.46   0.000     .0075316    .0193497
                 80  |  -.0002101   .0025456    -0.08   0.934    -.0051995    .0047793
                 85  |   .0048372   .0018945     2.55   0.011      .001124    .0085504
                 90  |     -.0034   .0029923    -1.14   0.256    -.0092649     .002465
                 91  |   .0007017   .0052484     0.13   0.894    -.0095851    .0109885
                 92  |   .0016601   .0017033     0.97   0.330    -.0016784    .0049985
                 93  |   .0013991   .0020629     0.68   0.498    -.0026441    .0054424
                     |
               _cons |   .0296751    .012926     2.30   0.022     .0043402      .05501
--------------------------------------------------------------------------------------

. 
. tabulate D_Vaste_talous_kaikki P_D_talous_kaikki_2

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

. 
. 
. 
. ebalance P_D_talous_kaikki_2 P_D_muu_rikos_4_2 P_BUSINESS_SOCIALDEG P_LN_EDULEVEL P_D_MARITAL_STATUS P_LN_CUM_SUM_DIVORCE P_LN_TOTALINCOME2 P_D_CUM_SUBSTANCE P_D_CUM_ALL_BUT_SUBS D_Muu_rikos_4 MALE LN_AGE BUSINESS_SOCIALDEG LN_EDULEVEL D_MARITAL_STAT
> US LN_CUM_SUM_DIVORCE LN_TOTALINCOME2 D_CUM_SUBSTANCE D_CUM_ALL_BUT_SUBS D_FMOB LN_NUM_POSITIONS Mean_OMAVARAISUUS2 Mean_LNTASE2 Mean_ROA2 Mean_LN_Boardsize Mean_Current_Ratio2 i.YEAR i.Industry_2002_3 if Score_muuttuja_2_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 __00000X
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 __000025
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 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 3
> 6.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.I
> ndustry_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 (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_CU
> M_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.Industry_2002_3 10.Industry_2002_3 14.Industry_2002_3 15.Industry_2002_3 17.Industry_2002_3 18.Industry_2
> 002_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 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 = 1522856.13
Iteration 2: Max Difference = 560225.423
Iteration 3: Max Difference = 206093.375
Iteration 4: Max Difference = 75815.4752
Iteration 5: Max Difference = 27888.9145
Iteration 6: Max Difference = 10257.7187
Iteration 7: Max Difference = 3771.56573
Iteration 8: Max Difference = 1385.4476
Iteration 9: Max Difference = 507.655127
Iteration 10: Max Difference = 184.763765
Iteration 11: Max Difference = 66.0588459
Iteration 12: Max Difference = 22.5889989
Iteration 13: Max Difference = 7.0140004
Iteration 14: Max Difference = 1.82714685
Iteration 15: Max Difference = .288551684
Iteration 16: Max Difference = .047316545
Iteration 17: Max Difference = .003280983
maximum difference smaller than the tolerance level; convergence achieved


Treated units: 7123    total of weights: 7123
Control units: 168056  total of weights: 7123


Before: without weighting

             |              Treat              |             Control             
             |      mean   variance   skewness |      mean   variance   skewness 
-------------+---------------------------------+--------------------------------
P_D_muu_~4_2 |     .5787      .2438     -.3187 |     .2449      .1849      1.186 
P_BUSINESS~G |     .4494      .2475      .2035 |     .3757      .2345      .5134 
P_LN_EDULE~L |     1.056     .08414      .2813 |     1.089       .102      .2545 
P_D_MARITA~S |     .3034      .2114      .8554 |      .291      .2063      .9203 
P_LN_CUM_S~E |     .1726     .09449      1.349 |     .1114     .06549      1.962 
P_LN_TOTAL~2 |     10.77      .6326      .8204 |     10.74      .4701      1.027 
P_D_CUM_SU~E |    .06444      .0603      3.548 |    .03935      .0378      4.739 
P_D_CUM_AL~S |      .221      .1722      1.345 |     .1768      .1455      1.694 
D_Muu_riko~4 |     .1786      .1467      1.678 |     .1513      .1284      1.947 
        MALE |     .7276      .1982     -1.023 |     .7827      .1701     -1.371 
      LN_AGE |     3.495     .04118      -.456 |     3.534     .03551     -.5406 
BUSINESS_S~G |     .2976      .2091      .8852 |     .2478      .1864      1.168 
 LN_EDULEVEL |     1.031      .2302     -.3426 |     1.087      .2353     -.4991 
D_MARITAL_~S |     .2683      .1963      1.046 |      .212      .1671      1.409 
LN_CUM_SUM~E |    .05397     .03607       3.32 |    .05668     .03758      3.213 
LN_TOTALIN~2 |     10.77      .7224     -.4527 |     10.86       .682     -.5364 
D_CUM_SUBS~E |   .008002    .007939      11.04 |    .01003    .009932      9.833 
D_CUM_ALL_~S |    .07876     .07257      3.128 |    .07422     .06871      3.249 
      D_FMOB |     .4918        .25     .03286 |     .3598      .2303      .5842 
LN_NUM_POS~S |     .1464       .132      2.725 |     .1261      .1163      3.156 
Mean_OMAVA~2 |     .4305     .07685      .1944 |     .4649     .07781     .05394 
Mean_LNTASE2 |      13.6      1.937      .8018 |     13.51      1.988      1.032 
   Mean_ROA2 |     .1069     .03336       .282 |     .1227     .04036      .3249 
Mean_LN_Bo~e |     .9116      .3152     -.3047 |     .9631      .3335     -.2641 
Mean_Curre~2 |     2.668      7.722      2.154 |     2.994      8.955       1.95 
   1996.YEAR |   .001825    .001822      23.34 |   .001256    .001254      28.17 
   1997.YEAR |   .002387    .002381       20.4 |   .002136    .002132      21.57 
   1998.YEAR |   .005194    .005168      13.77 |   .003183    .003173      17.64 
   1999.YEAR |   .007581    .007525      11.35 |   .004564    .004543       14.7 
   2000.YEAR |   .008845    .008768      10.49 |   .006254    .006215      12.53 
   2001.YEAR |    .01137     .01124      9.217 |   .008348    .008279      10.81 
   2002.YEAR |     .0153     .01507      7.897 |    .01043     .01032      9.637 
   2003.YEAR |    .01727     .01697      7.411 |    .01304     .01287      8.586 
   2004.YEAR |     .0205     .02008      6.768 |    .01586     .01561      7.749 
   2005.YEAR |    .02204     .02156      6.511 |    .01911     .01875      7.024 
   2006.YEAR |    .02527     .02464       6.05 |    .02283      .0223       6.39 
   2007.YEAR |    .03173     .03073      5.343 |    .02809      .0273      5.712 
   2008.YEAR |    .03692     .03556      4.911 |    .03408     .03292      5.136 
   2009.YEAR |    .04619     .04406      4.324 |    .03996     .03837      4.697 
   2010.YEAR |    .04815     .04584      4.221 |     .0445     .04252      4.418 
   2011.YEAR |    .05363     .05076      3.963 |    .05117     .04855      4.074 
   2012.YEAR |    .05967     .05611      3.718 |    .05848     .05506      3.763 
   2013.YEAR |    .06205     .05821      3.631 |    .06555     .06125      3.511 
   2014.YEAR |    .07244      .0672      3.299 |    .07288     .06757      3.286 
   2015.YEAR |    .07413     .06864      3.251 |    .07982     .07345      3.101 
   2016.YEAR |    .08466      .0775      2.984 |    .08799     .08025      2.909 
   2017.YEAR |    .08578     .07843      2.958 |    .09191     .08346      2.825 
   2018.YEAR |    .09687      .0875      2.726 |     .1099     .09782      2.495 
   2019.YEAR |     .1098     .09775      2.496 |     .1282      .1118      2.224 
2.Industry~3 |    .01053     .01042      9.591 |    .00858    .008507      10.66 
5.Industry~3 |  .0005616   .0005613      42.16 |  .0003332   .0003331      54.75 
10.Industr~3 |   .002106    .002102      21.72 |   .001654    .001651      24.53 
13.Industr~3 |         0          0          . |  .0001012   .0001011      99.41 
14.Industr~3 |   .005896    .005862      12.91 |     .0015    .001497      25.77 
15.Industr~3 |    .01235      .0122      8.829 |     .0112     .01107       9.29 
17.Industr~3 |  .0002808   .0002807      59.65 |   .002261    .002256      20.96 
18.Industr~3 |   .002527    .002521      19.82 |   .001517    .001515      25.61 
19.Industr~3 |  .0002808   .0002807      59.65 |   .001029    .001028      31.12 
20.Industr~3 |   .008283    .008216      10.85 |   .008265    .008197      10.86 
21.Industr~3 |    .00365    .003637      16.46 |   .002047    .002043      22.03 
22.Industr~3 |   .009687    .009594      10.01 |    .01308     .01291       8.57 
23.Industr~3 |         0          0          . |  .0001012   .0001011      99.41 
24.Industr~3 |   .001685    .001682       24.3 |   .003195    .003185      17.61 
25.Industr~3 |   .006177     .00614      12.61 |   .005778    .005744      13.04 
26.Industr~3 |   .005896    .005862      12.91 |   .004606    .004584      14.63 
27.Industr~3 |         0          0          . |  .0008688    .000868      33.88 
28.Industr~3 |     .0344     .03322       5.11 |    .03152     .03053      5.363 
29.Industr~3 |    .03159     .03059      5.356 |    .02291     .02238      6.378 
30.Industr~3 |  .0001404   .0001404      84.38 |  .0004701   .0004699      46.09 
31.Industr~3 |    .01306     .01289      8.579 |   .004189    .004172      15.35 
32.Industr~3 |   .004071    .004055      15.58 |   .002701    .002694      19.16 
33.Industr~3 |   .002246    .002242      21.03 |   .005141    .005115      13.84 
34.Industr~3 |   .005054    .005029      13.96 |   .002487    .002481      19.98 
35.Industr~3 |   .005756    .005724      13.07 |    .00357    .003558      16.65 
36.Industr~3 |   .006037    .006001      12.75 |   .006587    .006544       12.2 
37.Industr~3 |  .0002808   .0002807      59.65 |  .0005891   .0005887      41.16 
40.Industr~3 |    .00351    .003498      16.79 |   .008801    .008723      10.52 
41.Industr~3 |         0          0          . |    .00191    .001906      22.82 
45.Industr~3 |      .144      .1233      2.028 |      .122      .1071       2.31 
50.Industr~3 |     .0344     .03322       5.11 |    .03266     .03159      5.259 
51.Industr~3 |    .09392     .08511      2.784 |    .08359      .0766      3.009 
52.Industr~3 |    .06837      .0637       3.42 |    .07237     .06714      3.301 
55.Industr~3 |    .02541     .02477      6.032 |    .03439     .03321       5.11 
60.Industr~3 |    .05237     .04963      4.019 |    .03855     .03707      4.794 
61.Industr~3 |   .002948     .00294      18.34 |    .00216    .002155      21.45 
62.Industr~3 |  .0008423   .0008418      34.41 |  .0003213   .0003212      55.76 
63.Industr~3 |     .0205     .02008      6.768 |     .0141      .0139      8.242 
64.Industr~3 |   .004352    .004334      15.06 |   .003927    .003912      15.86 
65.Industr~3 |    .01699      .0167      7.476 |    .01727     .01697      7.411 
66.Industr~3 |         0          0          . |  .0000774   .0000773      113.7 
67.Industr~3 |    .01137     .01124      9.217 |   .008699    .008624      10.58 
70.Industr~3 |    .06444      .0603      3.548 |    .05678     .05356       3.83 
71.Industr~3 |   .009968     .00987      9.866 |   .005522    .005492      13.35 
72.Industr~3 |     .0445     .04253      4.418 |    .07174      .0666      3.319 
73.Industr~3 |   .001404    .001402      26.63 |     .0036    .003587      16.58 
74.Industr~3 |     .1519      .1288       1.94 |     .1627      .1362      1.828 
75.Industr~3 |         0          0          . |  .0007617   .0007611      36.19 
80.Industr~3 |   .004914     .00489      14.16 |    .00792    .007857       11.1 
85.Industr~3 |    .03187     .03086       5.33 |     .0498     .04732      4.139 
90.Industr~3 |   .003791    .003777      16.15 |   .005837    .005803      12.97 
91.Industr~3 |         0          0          . |  .0001369   .0001368      85.46 
92.Industr~3 |    .02373     .02317      6.259 |    .03134     .03036       5.38 
93.Industr~3 |   .004773    .004751      14.37 |   .004255    .004236      15.23 


After:  _webal as the weighting variable

             |              Treat              |             Control             
             |      mean   variance   skewness |      mean   variance   skewness 
-------------+---------------------------------+--------------------------------
P_D_muu_~4_2 |     .5787      .2438     -.3187 |     .5786      .2438     -.3186 
P_BUSINESS~G |     .4494      .2475      .2035 |     .4494      .2474      .2035 
P_LN_EDULE~L |     1.056     .08414      .2813 |     1.056     .08414      .2817 
P_D_MARITA~S |     .3034      .2114      .8554 |     .3034      .2114      .8552 
P_LN_CUM_S~E |     .1726     .09449      1.349 |     .1726     .09448      1.349 
P_LN_TOTAL~2 |     10.77      .6326      .8204 |     10.77      .6325      .8216 
P_D_CUM_SU~E |    .06444      .0603      3.548 |    .06444     .06029      3.548 
P_D_CUM_AL~S |      .221      .1722      1.345 |      .221      .1722      1.345 
D_Muu_riko~4 |     .1786      .1467      1.678 |     .1786      .1467      1.678 
        MALE |     .7276      .1982     -1.023 |     .7276      .1982     -1.022 
      LN_AGE |     3.495     .04118      -.456 |     3.495     .04118     -.4544 
BUSINESS_S~G |     .2976      .2091      .8852 |     .2977      .2091      .8851 
 LN_EDULEVEL |     1.031      .2302     -.3426 |     1.031      .2302     -.3424 
D_MARITAL_~S |     .2683      .1963      1.046 |     .2683      .1963      1.046 
LN_CUM_SUM~E |    .05397     .03607       3.32 |    .05399     .03608      3.321 
LN_TOTALIN~2 |     10.77      .7224     -.4527 |     10.77      .7224     -.4516 
D_CUM_SUBS~E |   .008002    .007939      11.04 |   .008004     .00794      11.04 
D_CUM_ALL_~S |    .07876     .07257      3.128 |    .07876     .07256      3.128 
      D_FMOB |     .4918        .25     .03286 |     .4918      .2499     .03297 
LN_NUM_POS~S |     .1464       .132      2.725 |     .1464       .132      2.725 
Mean_OMAVA~2 |     .4305     .07685      .1944 |     .4305     .07685      .1945 
Mean_LNTASE2 |      13.6      1.937      .8018 |      13.6      1.937      .8027 
   Mean_ROA2 |     .1069     .03336       .282 |     .1069     .03336      .2822 
Mean_LN_Bo~e |     .9116      .3152     -.3047 |     .9116      .3152     -.3044 
Mean_Curre~2 |     2.668      7.722      2.154 |     2.668      7.722      2.154 
   1996.YEAR |   .001825    .001822      23.34 |   .001825    .001822      23.34 
   1997.YEAR |   .002387    .002381       20.4 |   .002387    .002381       20.4 
   1998.YEAR |   .005194    .005168      13.77 |   .005194    .005167      13.77 
   1999.YEAR |   .007581    .007525      11.35 |   .007582    .007524      11.35 
   2000.YEAR |   .008845    .008768      10.49 |   .008845    .008767      10.49 
   2001.YEAR |    .01137     .01124      9.217 |    .01137     .01124      9.217 
   2002.YEAR |     .0153     .01507      7.897 |     .0153     .01507      7.897 
   2003.YEAR |    .01727     .01697      7.411 |    .01727     .01697      7.411 
   2004.YEAR |     .0205     .02008      6.768 |     .0205     .02008      6.768 
   2005.YEAR |    .02204     .02156      6.511 |    .02204     .02156      6.511 
   2006.YEAR |    .02527     .02464       6.05 |    .02527     .02463      6.049 
   2007.YEAR |    .03173     .03073      5.343 |    .03173     .03072      5.343 
   2008.YEAR |    .03692     .03556      4.911 |    .03692     .03556      4.911 
   2009.YEAR |    .04619     .04406      4.324 |    .04619     .04406      4.324 
   2010.YEAR |    .04815     .04584      4.221 |    .04816     .04584      4.221 
   2011.YEAR |    .05363     .05076      3.963 |    .05363     .05076      3.963 
   2012.YEAR |    .05967     .05611      3.718 |    .05967     .05611      3.718 
   2013.YEAR |    .06205     .05821      3.631 |    .06206     .05821      3.631 
   2014.YEAR |    .07244      .0672      3.299 |    .07245      .0672      3.299 
   2015.YEAR |    .07413     .06864      3.251 |    .07413     .06864      3.251 
   2016.YEAR |    .08466      .0775      2.984 |    .08466     .07749      2.984 
   2017.YEAR |    .08578     .07843      2.958 |    .08579     .07843      2.958 
   2018.YEAR |    .09687      .0875      2.726 |    .09688     .08749      2.726 
   2019.YEAR |     .1098     .09775      2.496 |     .1098     .09775      2.496 
2.Industry~3 |    .01053     .01042      9.591 |    .01053     .01042      9.591 
5.Industry~3 |  .0005616   .0005613      42.16 |  .0005616   .0005612      42.16 
10.Industr~3 |   .002106    .002102      21.72 |   .002106    .002101      21.72 
13.Industr~3 |         0          0          . |  1.95e-06   1.95e-06      715.4 
14.Industr~3 |   .005896    .005862      12.91 |   .005896    .005862      12.91 
15.Industr~3 |    .01235      .0122      8.829 |    .01235      .0122      8.829 
17.Industr~3 |  .0002808   .0002807      59.65 |   .000284   .0002839      59.31 
18.Industr~3 |   .002527    .002521      19.82 |   .002527    .002521      19.82 
19.Industr~3 |  .0002808   .0002807      59.65 |  .0002809   .0002808      59.64 
20.Industr~3 |   .008283    .008216      10.85 |   .008283    .008214      10.85 
21.Industr~3 |    .00365    .003637      16.46 |    .00365    .003637      16.46 
22.Industr~3 |   .009687    .009594      10.01 |   .009687    .009593      10.01 
23.Industr~3 |         0          0          . |  1.93e-06   1.93e-06        719 
24.Industr~3 |   .001685    .001682       24.3 |   .001685    .001682       24.3 
25.Industr~3 |   .006177     .00614      12.61 |   .006177    .006139      12.61 
26.Industr~3 |   .005896    .005862      12.91 |   .005896    .005862      12.91 
27.Industr~3 |         0          0          . |  .0000177   .0000177      237.8 
28.Industr~3 |     .0344     .03322       5.11 |    .03439     .03321       5.11 
29.Industr~3 |    .03159     .03059      5.356 |    .03159     .03059      5.356 
30.Industr~3 |  .0001404   .0001404      84.38 |  .0001404   .0001404      84.37 
31.Industr~3 |    .01306     .01289      8.579 |    .01306     .01289      8.579 
32.Industr~3 |   .004071    .004055      15.58 |   .004071    .004055      15.58 
33.Industr~3 |   .002246    .002242      21.03 |   .002246    .002241      21.03 
34.Industr~3 |   .005054    .005029      13.96 |   .005054    .005029      13.96 
35.Industr~3 |   .005756    .005724      13.07 |   .005756    .005723      13.07 
36.Industr~3 |   .006037    .006001      12.75 |   .006037       .006      12.75 
37.Industr~3 |  .0002808   .0002807      59.65 |  .0002808   .0002807      59.65 
40.Industr~3 |    .00351    .003498      16.79 |    .00351    .003498      16.79 
41.Industr~3 |         0          0          . |  .0000391   .0000391      159.9 
45.Industr~3 |      .144      .1233      2.028 |      .144      .1233      2.027 
50.Industr~3 |     .0344     .03322       5.11 |     .0344     .03321       5.11 
51.Industr~3 |    .09392     .08511      2.784 |    .09392      .0851      2.784 
52.Industr~3 |    .06837      .0637       3.42 |    .06837      .0637      3.421 
55.Industr~3 |    .02541     .02477      6.032 |    .02541     .02476      6.032 
60.Industr~3 |    .05237     .04963      4.019 |    .05237     .04963      4.019 
61.Industr~3 |   .002948     .00294      18.34 |   .002948    .002939      18.34 
62.Industr~3 |  .0008423   .0008418      34.41 |  .0008423   .0008416      34.41 
63.Industr~3 |     .0205     .02008      6.768 |     .0205     .02008      6.768 
64.Industr~3 |   .004352    .004334      15.06 |   .004352    .004333      15.06 
65.Industr~3 |    .01699      .0167      7.476 |    .01699      .0167      7.476 
66.Industr~3 |         0          0          . |  1.49e-06   1.49e-06      818.6 
67.Industr~3 |    .01137     .01124      9.217 |    .01137     .01124      9.217 
70.Industr~3 |    .06444      .0603      3.548 |    .06444     .06029      3.548 
71.Industr~3 |   .009968     .00987      9.866 |   .009968    .009868      9.866 
72.Industr~3 |     .0445     .04253      4.418 |     .0445     .04252      4.418 
73.Industr~3 |   .001404    .001402      26.63 |   .001404    .001402      26.63 
74.Industr~3 |     .1519      .1288       1.94 |     .1519      .1288       1.94 
75.Industr~3 |         0          0          . |  .0000151   .0000151      257.1 
80.Industr~3 |   .004914     .00489      14.16 |   .004914    .004889      14.16 
85.Industr~3 |    .03187     .03086       5.33 |    .03187     .03085       5.33 
90.Industr~3 |   .003791    .003777      16.15 |   .003792    .003777      16.15 
91.Industr~3 |         0          0          . |  2.65e-06   2.65e-06      614.2 
92.Industr~3 |    .02373     .02317      6.259 |    .02373     .02316      6.259 
93.Industr~3 |   .004773    .004751      14.37 |   .004773     .00475      14.37 

. 
. areg 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_EDULE
> VEL 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.Industry_2002_3 [aweight=_webal], absorb(YearMunicipa
> lity) cluster(ID)
(sum of wgt is 14,246)

Linear regression, absorbing indicators            Number of obs     = 175,179
Absorbed variable: YearMunicipality                No. of categories =   6,320
                                                   F(80, 35392)      =    1.10
                                                   Prob > F          =  0.2591
                                                   R-squared         =  0.1482
                                                   Adj R-squared     =  0.1159
                                                   Root MSE          =  0.0563

                                        (Std. err. adjusted for 35,393 clusters in ID)
--------------------------------------------------------------------------------------
                     |               Robust
D_Vaste_talous_kai~i | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
---------------------+----------------------------------------------------------------
 P_D_talous_kaikki_2 |   .0029573   .0011784     2.51   0.012     .0006476    .0052671
   P_D_muu_rikos_4_2 |   -.000138   .0010859    -0.13   0.899    -.0022663    .0019903
P_BUSINESS_SOCIALDEG |   .0011582   .0010539     1.10   0.272    -.0009074    .0032239
       P_LN_EDULEVEL |  -.0036915   .0035165    -1.05   0.294     -.010584    .0032009
  P_D_MARITAL_STATUS |   .0012776   .0015863     0.81   0.421    -.0018316    .0043868
P_LN_CUM_SUM_DIVORCE |  -.0008059   .0020789    -0.39   0.698    -.0048807    .0032689
   P_LN_TOTALINCOME2 |   .0005142   .0013579     0.38   0.705    -.0021474    .0031758
   P_D_CUM_SUBSTANCE |   .0023592   .0029034     0.81   0.416    -.0033315    .0080499
P_D_CUM_ALL_BUT_SUBS |  -.0015754   .0009505    -1.66   0.097    -.0034384    .0002876
       D_Muu_rikos_4 |   .0092377   .0029402     3.14   0.002     .0034749    .0150005
                MALE |     .00163   .0008424     1.94   0.053    -.0000211    .0032811
              LN_AGE |  -.0006729   .0045613    -0.15   0.883    -.0096131    .0082673
  BUSINESS_SOCIALDEG |   .0021495   .0014656     1.47   0.142    -.0007231    .0050221
         LN_EDULEVEL |  -.0034002   .0018126    -1.88   0.061    -.0069528    .0001525
    D_MARITAL_STATUS |   .0009949   .0015376     0.65   0.518    -.0020189    .0040086
  LN_CUM_SUM_DIVORCE |   .0045463    .003698     1.23   0.219    -.0027019    .0117946
     LN_TOTALINCOME2 |  -.0019655   .0009017    -2.18   0.029    -.0037329   -.0001981
     D_CUM_SUBSTANCE |   .0091536   .0087699     1.04   0.297    -.0080357    .0263429
  D_CUM_ALL_BUT_SUBS |   .0000699   .0016644     0.04   0.966    -.0031924    .0033322
              D_FMOB |  -.0010194   .0013966    -0.73   0.465    -.0037567    .0017179
    LN_NUM_POSITIONS |   .0022105   .0019905     1.11   0.267    -.0016908    .0061119
  Mean_OMAVARAISUUS2 |  -.0082519   .0025416    -3.25   0.001    -.0132335   -.0032703
        Mean_LNTASE2 |   .0002301   .0003072     0.75   0.454    -.0003721    .0008323
           Mean_ROA2 |  -.0048225   .0023093    -2.09   0.037    -.0093488   -.0002962
   Mean_LN_Boardsize |  -.0048763   .0013372    -3.65   0.000    -.0074974   -.0022553
 Mean_Current_Ratio2 |   .0001186   .0001254     0.95   0.344    -.0001273    .0003644
                     |
     Industry_2002_3 |
                  2  |  -.0003217   .0017081    -0.19   0.851    -.0036697    .0030263
                  5  |  -.0011407   .0022167    -0.51   0.607    -.0054856    .0032042
                 10  |   .0008965   .0023943     0.37   0.708    -.0037964    .0055893
                 13  |   .0053671   .0040072     1.34   0.180    -.0024871    .0132212
                 14  |  -.0004559   .0022915    -0.20   0.842    -.0049472    .0040354
                 15  |   .0103972   .0091417     1.14   0.255    -.0075209    .0283153
                 17  |   -.007018   .0069786    -1.01   0.315    -.0206963    .0066603
                 18  |   .0019189   .0022859     0.84   0.401    -.0025616    .0063994
                 19  |  -.0057387   .0100824    -0.57   0.569    -.0255005    .0140231
                 20  |  -.0001184   .0018307    -0.06   0.948    -.0037066    .0034697
                 21  |   .0109601   .0113781     0.96   0.335    -.0113414    .0332615
                 22  |   .0008559   .0019489     0.44   0.661     -.002964    .0046758
                 23  |   .0075759   .0035716     2.12   0.034     .0005755    .0145763
                 24  |    .003399   .0026463     1.28   0.199    -.0017879    .0085858
                 25  |   .0002685   .0035598     0.08   0.940    -.0067089    .0072459
                 26  |  -.0010825    .002664    -0.41   0.684     -.006304     .004139
                 27  |   .0002083   .0029318     0.07   0.943    -.0055381    .0059548
                 28  |   .0049926   .0044667     1.12   0.264    -.0037623    .0137476
                 29  |   .0014421   .0019769     0.73   0.466    -.0024326    .0053168
                 30  |   .0107173   .0029859     3.59   0.000     .0048649    .0165698
                 31  |    .011232   .0083657     1.34   0.179     -.005165    .0276289
                 32  |   .0000792   .0023794     0.03   0.973    -.0045845    .0047429
                 33  |   .0057387   .0023286     2.46   0.014     .0011746    .0103028
                 34  |  -.0003129   .0025119    -0.12   0.901    -.0052362    .0046105
                 35  |  -.0003109   .0023394    -0.13   0.894    -.0048962    .0042744
                 36  |  -.0012583   .0028785    -0.44   0.662    -.0069003    .0043837
                 37  |   .0000144    .002299     0.01   0.995    -.0044916    .0045204
                 40  |   .0209501   .0200083     1.05   0.295    -.0182667    .0601669
                 41  |    .006646   .0030214     2.20   0.028     .0007239    .0125681
                 45  |   .0030415   .0018853     1.61   0.107    -.0006538    .0067367
                 50  |  -.0020714    .001848    -1.12   0.262    -.0056936    .0015509
                 51  |   .0011052   .0017859     0.62   0.536    -.0023952    .0046055
                 52  |  -.0019164   .0017048    -1.12   0.261    -.0052579    .0014252
                 55  |   .0039574   .0034244     1.16   0.248    -.0027545    .0106692
                 60  |  -.0005306   .0022384    -0.24   0.813    -.0049179    .0038567
                 61  |  -.0050539   .0028683    -1.76   0.078    -.0106759    .0005681
                 62  |    .005294   .0035742     1.48   0.139    -.0017117    .0122996
                 63  |   .0017673   .0036016     0.49   0.624    -.0052918    .0088265
                 64  |  -.0027145   .0065528    -0.41   0.679    -.0155581    .0101291
                 65  |   .0055034   .0037466     1.47   0.142      -.00184    .0128469
                 66  |   .0042925   .0027154     1.58   0.114    -.0010297    .0096148
                 67  |   .0020506   .0018001     1.14   0.255    -.0014776    .0055787
                 70  |   .0038713   .0023364     1.66   0.098    -.0007081    .0084506
                 71  |    .001314    .002666     0.49   0.622    -.0039113    .0065394
                 72  |   .0021741   .0018668     1.16   0.244     -.001485    .0058331
                 73  |  -.0002691   .0028866    -0.09   0.926    -.0059269    .0053887
                 74  |   .0054385   .0028605     1.90   0.057    -.0001682    .0110452
                 75  |   .0065933   .0023962     2.75   0.006     .0018967    .0112899
                 80  |  -.0046503   .0059209    -0.79   0.432    -.0162556    .0069549
                 85  |   .0044342   .0029771     1.49   0.136     -.001401    .0102695
                 90  |  -.0015704   .0021397    -0.73   0.463    -.0057643    .0026235
                 91  |  -.0034941   .0104207    -0.34   0.737     -.023919    .0169308
                 92  |   .0034082   .0019656     1.73   0.083    -.0004444    .0072608
                 93  |  -.0018795     .00263    -0.71   0.475    -.0070344    .0032754
                     |
               _cons |   .0256788   .0189275     1.36   0.175    -.0114196    .0627772
--------------------------------------------------------------------------------------

. 
. tabulate D_Vaste_talous_kaikki P_D_talous_kaikki_2 if Score_muuttuja_2_3lk == 0

D_Vaste_ta |
lous_kaikk |  P_D_talous_kaikki_2
         i |         0          1 |     Total
-----------+----------------------+----------
         0 |   167,764      7,088 |   174,852 
         1 |       292         35 |       327 
-----------+----------------------+----------
     Total |   168,056      7,123 |   175,179 

. 
. 
. 
. 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 Score_muuttuja_2_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 __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: 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 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.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 80.Industry_2002_3 85.Industry_2002_3 90.Industry_2002_3 92.Industry_2002_3 93.Industry_2002_3 (2nd order). P_D_muu_riko
> s_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_C
> UM_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 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_20
> 02_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 80.Industry_2002_3 85.Industry_2002_3 90.Industry_2002_3 92.Industry_2002_3 9
> 3.Industry_2002_3 (3rd order).


Optimizing...
Iteration 1: Max Difference = 1057375.77
Iteration 2: Max Difference = 388985.078
Iteration 3: Max Difference = 143097.885
Iteration 4: Max Difference = 52641.0413
Iteration 5: Max Difference = 19363.8286
Iteration 6: Max Difference = 7121.8269
Iteration 7: Max Difference = 2618.24809
Iteration 8: Max Difference = 961.479276
Iteration 9: Max Difference = 352.002245
Iteration 10: Max Difference = 127.826027
Iteration 11: Max Difference = 45.4545145
Iteration 12: Max Difference = 15.3864402
Iteration 13: Max Difference = 4.76136664
Iteration 14: Max Difference = 1.27117381
Iteration 15: Max Difference = .21777627
Iteration 16: Max Difference = .050922622
Iteration 17: Max Difference = .005386527
maximum difference smaller than the tolerance level; convergence achieved


Treated units: 8668    total of weights: 8668
Control units: 142399  total of weights: 8668


Before: without weighting

             |              Treat              |             Control             
             |      mean   variance   skewness |      mean   variance   skewness 
-------------+---------------------------------+--------------------------------
P_D_muu_~4_2 |     .6742      .2197     -.7434 |      .281       .202      .9746 
P_BUSINESS~G |     .2753      .1995      1.006 |     .1939      .1563      1.548 
P_LN_EDULE~L |     .6091      .1692      .2093 |     .5232      .1711      .5258 
P_D_MARITA~S |      .416       .243      .3408 |     .3069      .2127      .8373 
P_LN_CUM_S~E |     .2121      .1057      1.021 |     .1165     .06876      1.914 
P_LN_TOTAL~2 |     10.48      .6949      1.327 |     10.38      .4013      1.122 
P_D_CUM_SU~E |     .1087     .09688      2.515 |    .05444     .05148      3.928 
P_D_CUM_AL~S |     .2469       .186      1.174 |     .1944      .1566      1.544 
D_Muu_riko~4 |     .2672      .1958      1.052 |     .1983       .159      1.513 
        MALE |     .7334      .1956     -1.056 |     .7947      .1631     -1.459 
      LN_AGE |     3.516     .03874     -.5055 |     3.555     .03275     -.5958 
BUSINESS_S~G |     .2254      .1746      1.314 |     .2148      .1687      1.389 
 LN_EDULEVEL |     .8215      .2577    -.07504 |     .8959      .2393     -.1845 
D_MARITAL_~S |     .2326      .1785      1.266 |     .1997      .1598      1.502 
LN_CUM_SUM~E |    .06114      .0403       3.06 |    .06486     .04262      2.954 
LN_TOTALIN~2 |     10.75      .8389     -.2873 |     10.75      .5877     -.5882 
D_CUM_SUBS~E |    .01465     .01444      8.079 |    .01136     .01123      9.224 
D_CUM_ALL_~S |    .07487     .06928      3.231 |    .07484     .06924      3.232 
      D_FMOB |     .4052       .241      .3863 |      .338      .2238      .6849 
LN_NUM_POS~S |     .1271       .114      3.176 |    .09679      .0879      3.581 
Mean_OMAVA~2 |     .4053     .07336      .2429 |     .4338     .07586      .1597 
Mean_LNTASE2 |     13.35      1.611      1.041 |      13.3      1.605      1.207 
   Mean_ROA2 |     .1074     .03487      .1878 |     .1175     .03462      .2643 
Mean_LN_Bo~e |     .7348      .3412     .05265 |      .855      .3396     -.1107 
Mean_Curre~2 |     2.423      6.542      2.385 |     2.647      7.375       2.22 
   1996.YEAR |   .002769    .002761      18.93 |   .001426    .001424      26.43 
   1997.YEAR |   .003807    .003793      16.11 |   .002662    .002654      19.31 
   1998.YEAR |   .007268    .007216       11.6 |   .004396    .004377      14.98 
   1999.YEAR |   .008999    .008919       10.4 |   .005899    .005864       12.9 
   2000.YEAR |    .01257     .01242      8.748 |   .007957    .007893      11.08 
   2001.YEAR |    .01673     .01645      7.536 |    .01067     .01056      9.523 
   2002.YEAR |    .01996     .01956      6.865 |     .0132     .01302      8.532 
   2003.YEAR |      .021     .02056      6.682 |    .01597     .01571      7.722 
   2004.YEAR |    .02538     .02474      6.035 |     .0189     .01854      7.067 
   2005.YEAR |     .0278     .02703      5.744 |    .02206     .02158      6.507 
   2006.YEAR |       .03      .0291      5.511 |    .02643     .02573      5.905 
   2007.YEAR |    .03576     .03449          5 |    .03152     .03053      5.362 
   2008.YEAR |    .04442     .04245      4.423 |    .03834     .03687      4.809 
   2009.YEAR |    .05065     .04809      4.099 |    .04419     .04223      4.436 
   2010.YEAR |    .05411     .05119      3.942 |    .04854     .04618      4.202 
   2011.YEAR |    .05468      .0517      3.917 |    .05454     .05157      3.923 
   2012.YEAR |    .05907     .05559      3.741 |    .06115     .05741      3.663 
   2013.YEAR |    .06414     .06004      3.558 |    .06712     .06262       3.46 
   2014.YEAR |    .06241     .05852      3.618 |    .07249     .06723      3.298 
   2015.YEAR |    .06899     .06424      3.401 |    .07766     .07163      3.156 
   2016.YEAR |    .07141     .06632      3.329 |    .08297     .07609      3.024 
   2017.YEAR |    .07314      .0678      3.279 |    .08484     .07764       2.98 
   2018.YEAR |    .08583     .07847      2.957 |    .09726      .0878      2.718 
   2019.YEAR |    .09829     .08864      2.699 |     .1094     .09746      2.502 
2.Industry~3 |   .001731    .001728      23.98 |    .02135     .02089      6.623 
5.Industry~3 |         0          0          . |  .0008708     .00087      33.84 
10.Industr~3 |   .001038    .001037      30.99 |   .002542    .002536      19.76 
13.Industr~3 |         0          0          . |  .0000421   .0000421        154 
14.Industr~3 |   .001384    .001383      26.82 |   .002388    .002382      20.39 
15.Industr~3 |    .01557     .01533      7.825 |    .01349     .01331      8.435 
17.Industr~3 |   .003922    .003908      15.87 |   .002409    .002403       20.3 
18.Industr~3 |   .002653    .002647      19.34 |   .001622     .00162      24.77 
19.Industr~3 |  .0006922   .0006918      37.97 |  .0004846   .0004843       45.4 
20.Industr~3 |    .01131     .01118      9.244 |    .01269     .01253      8.707 
21.Industr~3 |   .002769    .002761      18.93 |   .002058    .002053      21.98 
22.Industr~3 |    .01765     .01734      7.326 |    .01202     .01187      8.958 
23.Industr~3 |         0          0          . |  .0000492   .0000492      142.6 
24.Industr~3 |   .003346    .003335       17.2 |   .002212    .002207      21.19 
25.Industr~3 |    .01027     .01016      9.716 |    .00592    .005885      12.88 
26.Industr~3 |   .003922    .003908      15.87 |   .005765    .005732      13.06 
27.Industr~3 |   .002192    .002187      21.29 |   .001208    .001206      28.72 
28.Industr~3 |    .03611     .03481      4.973 |    .03608     .03478      4.975 
29.Industr~3 |    .01154      .0114      9.148 |    .01756     .01725      7.347 
30.Industr~3 |         0          0          . |  .0002317   .0002317      65.67 
31.Industr~3 |   .005192    .005165      13.77 |   .003497    .003485      16.82 
32.Industr~3 |   .001615    .001613      24.82 |   .001629    .001627      24.71 
33.Industr~3 |   .004038    .004022      15.64 |   .003996     .00398      15.72 
34.Industr~3 |  .0008076    .000807      35.15 |   .001868    .001865      23.07 
35.Industr~3 |   .001154    .001152      29.39 |   .003434    .003422      16.98 
36.Industr~3 |   .008191    .008125      10.91 |   .007388    .007333      11.51 
37.Industr~3 |  .0001154   .0001154      93.09 |  .0006039   .0006036      40.65 
40.Industr~3 |   .003461    .003449      16.91 |    .00776      .0077      11.22 
41.Industr~3 |     .0015    .001498      25.76 |   .001742    .001739       23.9 
45.Industr~3 |     .1716      .1421      1.742 |     .1609       .135      1.846 
50.Industr~3 |    .06449     .06034      3.546 |    .05088     .04829      4.088 
51.Industr~3 |    .07533     .06967      3.218 |    .07577     .07003      3.206 
52.Industr~3 |     .0788      .0726      3.127 |    .07949     .07317      3.109 
55.Industr~3 |    .04534     .04329      4.371 |    .03646     .03513      4.946 
60.Industr~3 |    .05745     .05416      3.803 |    .07988      .0735      3.099 
61.Industr~3 |   .002653    .002647      19.34 |   .001376    .001375       26.9 
62.Industr~3 |  .0005768   .0005766       41.6 |  .0002177   .0002177      67.75 
63.Industr~3 |     .0188     .01845      7.085 |    .01677     .01649      7.526 
64.Industr~3 |   .004961    .004937      14.09 |   .004565    .004544       14.7 
65.Industr~3 |    .01073     .01062      9.498 |   .009157    .009074      10.31 
66.Industr~3 |         0          0          . |  .0000281   .0000281      188.7 
67.Industr~3 |   .005884     .00585      12.92 |   .005801    .005767      13.02 
70.Industr~3 |    .06207     .05822       3.63 |    .04942     .04698      4.158 
71.Industr~3 |   .009806    .009711      9.949 |   .006552    .006509      12.23 
72.Industr~3 |    .04211     .04034       4.56 |    .04335     .04147      4.485 
73.Industr~3 |  .0003461    .000346      53.72 |   .002149    .002144       21.5 
74.Industr~3 |     .1104     .09823      2.486 |     .1091     .09722      2.507 
75.Industr~3 |         0          0          . |  .0001545   .0001545      80.43 
80.Industr~3 |   .004384    .004365         15 |    .00651    .006468      12.27 
85.Industr~3 |    .02988     .02899      5.522 |    .02901     .02817      5.613 
90.Industr~3 |   .009806    .009711      9.949 |   .008848     .00877      10.49 
91.Industr~3 |         0          0          . |  .0000983   .0000983      100.8 
92.Industr~3 |    .02353     .02298      6.286 |    .02558     .02493       6.01 
93.Industr~3 |   .004384    .004365         15 |   .005162    .005135      13.81 


After:  _webal as the weighting variable

             |              Treat              |             Control             
             |      mean   variance   skewness |      mean   variance   skewness 
-------------+---------------------------------+--------------------------------
P_D_muu_~4_2 |     .6742      .2197     -.7434 |     .6742      .2197     -.7432 
P_BUSINESS~G |     .2753      .1995      1.006 |     .2753      .1995      1.006 
P_LN_EDULE~L |     .6091      .1692      .2093 |      .609      .1692      .2094 
P_D_MARITA~S |      .416       .243      .3408 |      .416      .2429      .3408 
P_LN_CUM_S~E |     .2121      .1057      1.021 |     .2121      .1057      1.021 
P_LN_TOTAL~2 |     10.48      .6949      1.327 |     10.48      .6949      1.328 
P_D_CUM_SU~E |     .1087     .09688      2.515 |     .1087     .09687      2.514 
P_D_CUM_AL~S |     .2469       .186      1.174 |     .2469      .1859      1.174 
D_Muu_riko~4 |     .2672      .1958      1.052 |     .2672      .1958      1.052 
        MALE |     .7334      .1956     -1.056 |     .7334      .1955     -1.056 
      LN_AGE |     3.516     .03874     -.5055 |     3.515     .03874     -.5041 
BUSINESS_S~G |     .2254      .1746      1.314 |     .2254      .1746      1.314 
 LN_EDULEVEL |     .8215      .2577    -.07504 |     .8214      .2577    -.07489 
D_MARITAL_~S |     .2326      .1785      1.266 |     .2326      .1785      1.266 
LN_CUM_SUM~E |    .06114      .0403       3.06 |    .06113     .04029       3.06 
LN_TOTALIN~2 |     10.75      .8389     -.2873 |     10.75      .8389     -.2864 
D_CUM_SUBS~E |    .01465     .01444      8.079 |    .01465     .01444      8.078 
D_CUM_ALL_~S |    .07487     .06928      3.231 |    .07488     .06927       3.23 
      D_FMOB |     .4052       .241      .3863 |     .4052       .241      .3862 
LN_NUM_POS~S |     .1271       .114      3.176 |     .1271       .114      3.176 
Mean_OMAVA~2 |     .4053     .07336      .2429 |     .4053     .07336      .2431 
Mean_LNTASE2 |     13.35      1.611      1.041 |     13.35      1.611      1.042 
   Mean_ROA2 |     .1074     .03487      .1878 |     .1074     .03487      .1878 
Mean_LN_Bo~e |     .7348      .3412     .05265 |     .7348      .3412     .05273 
Mean_Curre~2 |     2.423      6.542      2.385 |     2.423      6.542      2.386 
   1996.YEAR |   .002769    .002761      18.93 |   .002769    .002762      18.92 
   1997.YEAR |   .003807    .003793      16.11 |   .003807    .003793      16.11 
   1998.YEAR |   .007268    .007216       11.6 |   .007269    .007216       11.6 
   1999.YEAR |   .008999    .008919       10.4 |   .008999    .008918       10.4 
   2000.YEAR |    .01257     .01242      8.748 |    .01258     .01242      8.748 
   2001.YEAR |    .01673     .01645      7.536 |    .01673     .01645      7.536 
   2002.YEAR |    .01996     .01956      6.865 |    .01996     .01956      6.865 
   2003.YEAR |      .021     .02056      6.682 |      .021     .02056      6.682 
   2004.YEAR |    .02538     .02474      6.035 |    .02538     .02474      6.035 
   2005.YEAR |     .0278     .02703      5.744 |     .0278     .02703      5.744 
   2006.YEAR |       .03      .0291      5.511 |       .03      .0291      5.511 
   2007.YEAR |    .03576     .03449          5 |    .03577     .03449          5 
   2008.YEAR |    .04442     .04245      4.423 |    .04442     .04245      4.423 
   2009.YEAR |    .05065     .04809      4.099 |    .05065     .04808      4.098 
   2010.YEAR |    .05411     .05119      3.942 |    .05411     .05118      3.942 
   2011.YEAR |    .05468      .0517      3.917 |    .05469      .0517      3.917 
   2012.YEAR |    .05907     .05559      3.741 |    .05907     .05558      3.741 
   2013.YEAR |    .06414     .06004      3.558 |    .06415     .06003      3.558 
   2014.YEAR |    .06241     .05852      3.618 |    .06242     .05852      3.618 
   2015.YEAR |    .06899     .06424      3.401 |    .06899     .06423      3.401 
   2016.YEAR |    .07141     .06632      3.329 |    .07142     .06632      3.329 
   2017.YEAR |    .07314      .0678      3.279 |    .07315      .0678      3.279 
   2018.YEAR |    .08583     .07847      2.957 |    .08584     .07847      2.957 
   2019.YEAR |    .09829     .08864      2.699 |     .0983     .08864      2.699 
2.Industry~3 |   .001731    .001728      23.98 |   .001784    .001781      23.61 
5.Industry~3 |         0          0          . |  .0000147   .0000147      261.1 
10.Industr~3 |   .001038    .001037      30.99 |   .001038    .001037      30.99 
13.Industr~3 |         0          0          . |  9.21e-07   9.21e-07       1042 
14.Industr~3 |   .001384    .001383      26.82 |   .001384    .001382      26.82 
15.Industr~3 |    .01557     .01533      7.825 |    .01557     .01533      7.825 
17.Industr~3 |   .003922    .003908      15.87 |   .003922    .003907      15.87 
18.Industr~3 |   .002653    .002647      19.34 |   .002653    .002646      19.34 
19.Industr~3 |  .0006922   .0006918      37.97 |  .0006922   .0006917      37.97 
20.Industr~3 |    .01131     .01118      9.244 |    .01131     .01118      9.245 
21.Industr~3 |   .002769    .002761      18.93 |   .002769    .002761      18.93 
22.Industr~3 |    .01765     .01734      7.326 |    .01765     .01734      7.326 
23.Industr~3 |         0          0          . |  9.40e-07   9.40e-07       1031 
24.Industr~3 |   .003346    .003335       17.2 |   .003346    .003334       17.2 
25.Industr~3 |    .01027     .01016      9.716 |    .01027     .01016      9.716 
26.Industr~3 |   .003922    .003908      15.87 |   .003922    .003907      15.87 
27.Industr~3 |   .002192    .002187      21.29 |   .002192    .002187      21.29 
28.Industr~3 |    .03611     .03481      4.973 |    .03611     .03481      4.973 
29.Industr~3 |    .01154      .0114      9.148 |    .01154      .0114      9.148 
30.Industr~3 |         0          0          . |  3.84e-06   3.84e-06      510.6 
31.Industr~3 |   .005192    .005165      13.77 |   .005191    .005165      13.77 
32.Industr~3 |   .001615    .001613      24.82 |   .001615    .001613      24.82 
33.Industr~3 |   .004038    .004022      15.64 |   .004038    .004022      15.64 
34.Industr~3 |  .0008076    .000807      35.15 |  .0008076   .0008069      35.15 
35.Industr~3 |   .001154    .001152      29.39 |   .001154    .001152      29.39 
36.Industr~3 |   .008191    .008125      10.91 |   .008191    .008124      10.91 
37.Industr~3 |  .0001154   .0001154      93.09 |  .0001156   .0001156         93 
40.Industr~3 |   .003461    .003449      16.91 |   .003461    .003449      16.91 
41.Industr~3 |     .0015    .001498      25.76 |     .0015    .001498      25.76 
45.Industr~3 |     .1716      .1421      1.742 |     .1716      .1421      1.742 
50.Industr~3 |    .06449     .06034      3.546 |    .06449     .06033      3.546 
51.Industr~3 |    .07533     .06967      3.218 |    .07533     .06966      3.218 
52.Industr~3 |     .0788      .0726      3.127 |    .07879     .07259      3.127 
55.Industr~3 |    .04534     .04329      4.371 |    .04534     .04328      4.371 
60.Industr~3 |    .05745     .05416      3.803 |    .05745     .05415      3.804 
61.Industr~3 |   .002653    .002647      19.34 |   .002653    .002646      19.34 
62.Industr~3 |  .0005768   .0005766       41.6 |  .0005768   .0005765       41.6 
63.Industr~3 |     .0188     .01845      7.085 |     .0188     .01845      7.085 
64.Industr~3 |   .004961    .004937      14.09 |   .004961    .004936      14.09 
65.Industr~3 |    .01073     .01062      9.498 |    .01073     .01061      9.498 
66.Industr~3 |         0          0          . |  4.74e-07   4.74e-07       1452 
67.Industr~3 |   .005884     .00585      12.92 |   .005884    .005849      12.92 
70.Industr~3 |    .06207     .05822       3.63 |    .06207     .05821       3.63 
71.Industr~3 |   .009806    .009711      9.949 |   .009806     .00971      9.949 
72.Industr~3 |    .04211     .04034       4.56 |    .04211     .04034       4.56 
73.Industr~3 |  .0003461    .000346      53.72 |   .000347   .0003469      53.66 
74.Industr~3 |     .1104     .09823      2.486 |     .1104     .09822      2.486 
75.Industr~3 |         0          0          . |  2.61e-06   2.61e-06      619.2 
80.Industr~3 |   .004384    .004365         15 |   .004384    .004365         15 
85.Industr~3 |    .02988     .02899      5.522 |    .02988     .02899      5.523 
90.Industr~3 |   .009806    .009711      9.949 |   .009806     .00971      9.949 
91.Industr~3 |         0          0          . |  1.58e-06   1.58e-06      795.2 
92.Industr~3 |    .02353     .02298      6.286 |    .02353     .02298      6.286 
93.Industr~3 |   .004384    .004365         15 |   .004384    .004365         15 

. 
. areg 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_EDULE
> VEL 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.Industry_2002_3 [aweight=_webal], absorb(YearMunicipa
> lity) cluster(ID)
(sum of wgt is 17,336)

Linear regression, absorbing indicators            Number of obs     = 151,067
Absorbed variable: YearMunicipality                No. of categories =   7,101
                                                   F(80, 28187)      =    1.51
                                                   Prob > F          =  0.0024
                                                   R-squared         =  0.1870
                                                   Adj R-squared     =  0.1464
                                                   Root MSE          =  0.0748

                                        (Std. err. adjusted for 28,188 clusters in ID)
--------------------------------------------------------------------------------------
                     |               Robust
D_Vaste_talous_kai~i | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
---------------------+----------------------------------------------------------------
 P_D_talous_kaikki_2 |   .0034839   .0012763     2.73   0.006     .0009823    .0059855
   P_D_muu_rikos_4_2 |   .0002589   .0012006     0.22   0.829    -.0020943    .0026121
P_BUSINESS_SOCIALDEG |   .0013174     .00168     0.78   0.433    -.0019755    .0046104
       P_LN_EDULEVEL |  -.0008987   .0015944    -0.56   0.573    -.0040237    .0022264
  P_D_MARITAL_STATUS |   .0004855   .0015763     0.31   0.758    -.0026042    .0035752
P_LN_CUM_SUM_DIVORCE |   .0012451   .0024246     0.51   0.608    -.0035072    .0059973
   P_LN_TOTALINCOME2 |   .0003425    .000969     0.35   0.724    -.0015569    .0022418
   P_D_CUM_SUBSTANCE |  -.0014729   .0019989    -0.74   0.461    -.0053908    .0024449
P_D_CUM_ALL_BUT_SUBS |   .0006386   .0016057     0.40   0.691    -.0025086    .0037859
       D_Muu_rikos_4 |   .0092716   .0017667     5.25   0.000     .0058088    .0127345
                MALE |   .0011478   .0011041     1.04   0.299    -.0010164    .0033119
              LN_AGE |  -.0037477   .0040774    -0.92   0.358    -.0117395    .0042442
  BUSINESS_SOCIALDEG |   .0000668   .0013261     0.05   0.960    -.0025324    .0026659
         LN_EDULEVEL |  -.0039851   .0014992    -2.66   0.008    -.0069237   -.0010465
    D_MARITAL_STATUS |   .0022046   .0017523     1.26   0.208    -.0012299    .0056392
  LN_CUM_SUM_DIVORCE |   .0012563   .0027549     0.46   0.648    -.0041434     .006656
     LN_TOTALINCOME2 |  -.0016744     .00098    -1.71   0.088    -.0035952    .0002464
     D_CUM_SUBSTANCE |   .0106557   .0073473     1.45   0.147    -.0037453    .0250566
  D_CUM_ALL_BUT_SUBS |   .0036448   .0025575     1.43   0.154    -.0013679    .0086575
              D_FMOB |  -.0039315   .0014992    -2.62   0.009      -.00687    -.000993
    LN_NUM_POSITIONS |   .0030902   .0018237     1.69   0.090    -.0004844    .0066648
  Mean_OMAVARAISUUS2 |  -.0076986   .0023951    -3.21   0.001    -.0123932    -.003004
        Mean_LNTASE2 |   .0012178   .0004602     2.65   0.008     .0003159    .0021198
           Mean_ROA2 |  -.0045929   .0038398    -1.20   0.232    -.0121191    .0029332
   Mean_LN_Boardsize |  -.0054328   .0012239    -4.44   0.000    -.0078317   -.0030338
 Mean_Current_Ratio2 |   .0002126   .0002092     1.02   0.310    -.0001974    .0006225
                     |
     Industry_2002_3 |
                  2  |   .0000559   .0031846     0.02   0.986    -.0061861    .0062978
                  5  |   .0032307   .0029882     1.08   0.280    -.0026263    .0090877
                 10  |  -.0001786   .0025567    -0.07   0.944    -.0051898    .0048327
                 13  |   .0063704   .0035887     1.78   0.076    -.0006637    .0134044
                 14  |  -.0010212   .0031287    -0.33   0.744    -.0071536    .0051113
                 15  |  -.0074421   .0045969    -1.62   0.105    -.0164522     .001568
                 17  |   .0003539   .0034655     0.10   0.919    -.0064386    .0071465
                 18  |  -.0058971   .0041282    -1.43   0.153    -.0139884    .0021943
                 19  |  -.0022313   .0085756    -0.26   0.795    -.0190399    .0145774
                 20  |   -.006958    .003566    -1.95   0.051    -.0139474    .0000315
                 21  |   .0005223   .0037849     0.14   0.890    -.0068964     .007941
                 22  |   .0079685      .0049     1.63   0.104    -.0016356    .0175727
                 23  |  -.0015705   .0030455    -0.52   0.606    -.0075398    .0043989
                 24  |    .004946   .0027426     1.80   0.071    -.0004296    .0103215
                 25  |   .0066019   .0068914     0.96   0.338    -.0069057    .0201094
                 26  |  -.0021704   .0058679    -0.37   0.711    -.0136719     .009331
                 27  |   -.001154   .0037047    -0.31   0.755    -.0084154    .0061074
                 28  |   .0003001    .002729     0.11   0.912    -.0050489    .0056492
                 29  |   .0017238   .0021084     0.82   0.414    -.0024089    .0058564
                 30  |  -.0086765   .0139991    -0.62   0.535    -.0361155    .0187625
                 31  |   .0106461   .0073694     1.44   0.149    -.0037983    .0250906
                 32  |  -.0001306   .0044531    -0.03   0.977    -.0088589    .0085976
                 33  |  -.0068953   .0062112    -1.11   0.267    -.0190695     .005279
                 34  |    .006587   .0045479     1.45   0.148    -.0023271    .0155011
                 35  |  -.0039556   .0031903    -1.24   0.215    -.0102089    .0022976
                 36  |   .0008719   .0022808     0.38   0.702    -.0035986    .0053424
                 37  |  -.0138633   .0114029    -1.22   0.224    -.0362134    .0084869
                 40  |   .0039119   .0020992     1.86   0.062    -.0002027    .0080265
                 41  |    .003423   .0036054     0.95   0.342    -.0036437    .0104898
                 45  |   .0039557   .0020239     1.95   0.051    -.0000113    .0079227
                 50  |   .0042124   .0027663     1.52   0.128    -.0012098    .0096345
                 51  |   .0041793   .0032014     1.31   0.192    -.0020956    .0104542
                 52  |  -.0006098   .0025107    -0.24   0.808     -.005531    .0043113
                 55  |   .0035774   .0033019     1.08   0.279    -.0028946    .0100493
                 60  |   .0045746   .0029622     1.54   0.123    -.0012315    .0103807
                 61  |  -.0030373   .0029671    -1.02   0.306    -.0088529    .0027783
                 62  |  -.0115066   .0075753    -1.52   0.129    -.0263546    .0033413
                 63  |  -.0017612   .0026636    -0.66   0.508    -.0069821    .0034596
                 64  |  -.0041757   .0033278    -1.25   0.210    -.0106983    .0023469
                 65  |   .0059473   .0032709     1.82   0.069    -.0004637    .0123584
                 66  |   .0172675   .0041713     4.14   0.000     .0090915    .0254435
                 67  |  -.0016903   .0027267    -0.62   0.535    -.0070347    .0036541
                 70  |   .0051307   .0035389     1.45   0.147    -.0018058    .0120671
                 71  |   .0073724     .00743     0.99   0.321    -.0071908    .0219355
                 72  |   .0032536   .0021669     1.50   0.133    -.0009936    .0075007
                 73  |   .1730178   .1419372     1.22   0.223    -.1051859    .4512216
                 74  |   .0085515    .002667     3.21   0.001     .0033241    .0137788
                 75  |   .0098412   .0028973     3.40   0.001     .0041624      .01552
                 80  |  -.0042756   .0053723    -0.80   0.426    -.0148057    .0062544
                 85  |   .0028643   .0027403     1.05   0.296    -.0025069    .0082354
                 90  |  -.0039465   .0036784    -1.07   0.283    -.0111563    .0032632
                 91  |  -.0029334   .0050786    -0.58   0.564    -.0128877     .007021
                 92  |   .0015655   .0020192     0.78   0.438    -.0023922    .0055232
                 93  |   .0049274   .0041386     1.19   0.234    -.0031845    .0130393
                     |
               _cons |   .0196126   .0174143     1.13   0.260    -.0145203    .0537454
--------------------------------------------------------------------------------------

. 
. tabulate D_Vaste_talous_kaikki P_D_talous_kaikki_2 if Score_muuttuja_2_3lk == 1

D_Vaste_ta |
lous_kaikk |  P_D_talous_kaikki_2
         i |         0          1 |     Total
-----------+----------------------+----------
         0 |   141,983      8,595 |   150,578 
         1 |       416         73 |       489 
-----------+----------------------+----------
     Total |   142,399      8,668 |   151,067 

. 
. 
. 
. 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 Score_muuttuja_2_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 __000012
note: higher order constraint omitted due to too few values of __000014
note: higher order constraint omitted due to too few values of __00001F
note: higher order constraint omitted due to too few values of __00001U
note: higher order constraint omitted due to too few values of __00001Y


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 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.In
> dustry_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.Indus
> try_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 (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_NUM_POSITIONS Mean_OMAVARAISUUS2 Mean_LNTASE2 Mean_ROA2 Me
> an_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 20.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 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 5
> 0.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.I
> ndustry_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). P_D_muu_rikos_4_2 P_BUSINESS_SOCIALDEG P_LN_EDULEVEL P_D_MARITAL_STATUS P_LN_CUM_SUM_DIVO
> RCE 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 Me
> an_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 2
> 015.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 22.Industry_2002_3 24.Industry_2002_3 25.Industry_2
> 002_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 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 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 = 382290.551
Iteration 2: Max Difference = 140635.299
Iteration 3: Max Difference = 51735.2998
Iteration 4: Max Difference = 19030.818
Iteration 5: Max Difference = 6999.51209
Iteration 6: Max Difference = 2573.44343
Iteration 7: Max Difference = 945.187706
Iteration 8: Max Difference = 346.196555
Iteration 9: Max Difference = 125.86864
Iteration 10: Max Difference = 44.8897153
Iteration 11: Max Difference = 15.2846054
Iteration 12: Max Difference = 4.76874555
Iteration 13: Max Difference = 1.32858591
Iteration 14: Max Difference = .259274802
Iteration 15: Max Difference = .018546116
Iteration 16: Max Difference = .001187985
maximum difference smaller than the tolerance level; convergence achieved


Treated units: 7559    total of weights: 7559
Control units: 57917   total of weights: 7559


Before: without weighting

             |              Treat              |             Control             
             |      mean   variance   skewness |      mean   variance   skewness 
-------------+---------------------------------+--------------------------------
P_D_muu_~4_2 |     .7774      .1731     -1.333 |     .3506      .2277       .626 
P_BUSINESS~G |     .1824      .1492      1.645 |     .1212      .1065      2.321 
P_LN_EDULE~L |     .4457      .1318       .545 |     .3577      .1269       .831 
P_D_MARITA~S |     .5654      .2458     -.2639 |     .4276      .2448      .2926 
P_LN_CUM_S~E |     .2803      .1237      .6478 |     .1631     .08993      1.433 
P_LN_TOTAL~2 |     10.02      .4412      1.493 |     10.05      .3543      1.097 
P_D_CUM_SU~E |     .2092      .1654       1.43 |    .08548     .07818      2.965 
P_D_CUM_AL~S |     .3561      .2293      .6009 |     .2461      .1855      1.179 
D_Muu_riko~4 |     .3199      .2176      .7723 |     .2428      .1838        1.2 
        MALE |     .7726      .1757     -1.301 |     .7971      .1618     -1.477 
      LN_AGE |     3.501     .03816     -.5054 |     3.559     .03094     -.6415 
BUSINESS_S~G |     .1815      .1486      1.653 |     .1836      .1499      1.635 
 LN_EDULEVEL |     .6702      .2509      .1639 |     .7961      .2392    -.05379 
D_MARITAL_~S |     .2454      .1852      1.183 |     .1987      .1592       1.51 
LN_CUM_SUM~E |    .07669     .05006      2.669 |     .0681     .04469      2.867 
LN_TOTALIN~2 |     10.59      .7021     -.7173 |     10.66      .5876     -.7239 
D_CUM_SUBS~E |    .01693     .01665      7.488 |    .01456     .01434      8.107 
D_CUM_ALL_~S |     .1263      .1104      2.249 |    .09343      .0847      2.794 
      D_FMOB |     .2375      .1811      1.234 |     .2351      .1798      1.249 
LN_NUM_POS~S |    .08646      .0732      3.501 |    .07395     .06394      3.967 
Mean_OMAVA~2 |     .3634     .06973      .4314 |      .405      .0748       .256 
Mean_LNTASE2 |     13.01      1.312      1.488 |     13.07      1.312      1.369 
   Mean_ROA2 |     .1053     .03793      .1411 |     .1154     .03644      .2273 
Mean_LN_Bo~e |     .6072      .3553      .4423 |     .7614      .3474      .1035 
Mean_Curre~2 |      2.22      5.811      2.743 |     2.444       6.55      2.421 
   1996.YEAR |  .0003969   .0003968      50.17 |   .001209    .001207      28.71 
   1997.YEAR |   .002249    .002244      21.02 |   .002417    .002411      20.27 
   1998.YEAR |   .005821    .005788      12.99 |    .00385    .003836      16.02 
   1999.YEAR |   .006879    .006833      11.93 |   .005577    .005546      13.28 
   2000.YEAR |    .00926    .009176      10.25 |   .007234    .007182      11.63 
   2001.YEAR |    .01005    .009954      9.822 |   .009617    .009525      10.05 
   2002.YEAR |    .01244     .01228      8.799 |    .01238     .01223       8.82 
   2003.YEAR |    .01495     .01473      7.994 |    .01578     .01553      7.771 
   2004.YEAR |    .01918     .01882      7.011 |     .0179     .01758      7.271 
   2005.YEAR |    .02262     .02211      6.421 |     .0216     .02113      6.582 
   2006.YEAR |    .02712     .02639      5.822 |    .02559     .02493      6.009 
   2007.YEAR |    .03254     .03149      5.269 |    .03172     .03071      5.344 
   2008.YEAR |    .04154     .03982      4.595 |     .0389     .03739      4.769 
   2009.YEAR |     .0471     .04488      4.276 |    .04664     .04446        4.3 
   2010.YEAR |    .04842     .04608      4.208 |    .04988     .04739      4.135 
   2011.YEAR |     .0549     .05189      3.908 |    .05577     .05266      3.872 
   2012.YEAR |    .06085     .05716      3.674 |    .06143     .05766      3.653 
   2013.YEAR |    .06681     .06235       3.47 |    .06723     .06271      3.456 
   2014.YEAR |    .06945     .06464      3.387 |    .07169     .06655      3.321 
   2015.YEAR |     .0717     .06657       3.32 |    .07604     .07026      3.199 
   2016.YEAR |    .07951      .0732      3.109 |     .0834     .07644      3.014 
   2017.YEAR |    .08705     .07948       2.93 |    .08548     .07818      2.965 
   2018.YEAR |     .1015     .09118       2.64 |    .09811     .08848      2.702 
   2019.YEAR |     .1077      .0961      2.531 |     .1101     .09801      2.491 
2.Industry~3 |   .007408    .007354      11.49 |    .02421     .02362      6.192 
5.Industry~3 |  .0005292    .000529      43.44 |   .001157    .001156      29.35 
10.Industr~3 |   .001058    .001057      30.69 |   .004541     .00452      14.74 
14.Industr~3 |   .002514    .002508      19.87 |    .00259    .002583      19.57 
15.Industr~3 |   .005953    .005919      12.84 |    .01495     .01473      7.993 
17.Industr~3 |   .003836    .003822      16.05 |     .0024    .002394      20.34 
18.Industr~3 |   .001058    .001057      30.69 |   .001347    .001345      27.19 
19.Industr~3 |         0          0          . |  .0007942   .0007936      35.44 
20.Industr~3 |   .009128    .009046      10.32 |    .01115     .01103      9.309 
21.Industr~3 |         0          0          . |  .0006043    .000604      40.64 
22.Industr~3 |     .0127     .01254      8.704 |    .01024     .01013       9.73 
24.Industr~3 |   .001588    .001585      25.04 |   .002901    .002892      18.49 
25.Industr~3 |   .004498    .004478      14.81 |   .004558    .004538      14.71 
26.Industr~3 |   .005821    .005788      12.99 |   .003522     .00351      16.76 
27.Industr~3 |  .0002646   .0002646      61.45 |  .0009669    .000966      32.11 
28.Industr~3 |    .02646     .02576      5.901 |    .03691     .03555      4.912 
29.Industr~3 |    .01376     .01357      8.348 |    .01951     .01913      6.948 
30.Industr~3 |   .001058    .001057      30.69 |  .0003799   .0003797      51.28 
31.Industr~3 |   .001588    .001585      25.04 |   .002573    .002566      19.64 
32.Industr~3 |         0          0          . |    .00114    .001138      29.57 
33.Industr~3 |   .001852    .001849      23.17 |   .002262    .002257      20.96 
34.Industr~3 |   .003307    .003297       17.3 |  .0007079   .0007074      37.54 
35.Industr~3 |   .001984    .001981      22.38 |   .004196    .004178      15.34 
36.Industr~3 |   .006085    .006049       12.7 |   .009997    .009897      9.851 
37.Industr~3 |  .0007938   .0007932      35.45 |  .0004489   .0004487      47.17 
40.Industr~3 |   .005159    .005133      13.81 |   .007355    .007301      11.53 
41.Industr~3 |   .001058    .001057      30.69 |   .002262    .002257      20.96 
45.Industr~3 |     .2155      .1691      1.384 |     .1867      .1519      1.608 
50.Industr~3 |    .05477     .05178      3.914 |     .0498     .04732      4.139 
51.Industr~3 |    .07832     .07219      3.139 |    .06944     .06462      3.387 
52.Industr~3 |    .08361     .07663      3.009 |    .08153     .07488      3.058 
55.Industr~3 |    .06641     .06201      3.483 |    .05085     .04826      4.089 
60.Industr~3 |    .06429     .06017      3.553 |    .07055     .06557      3.354 
61.Industr~3 |    .00172    .001717      24.05 |  .0009842   .0009832      31.83 
62.Industr~3 |         0          0          . |  .0001209   .0001209      90.94 
63.Industr~3 |    .01998     .01958      6.861 |    .01841     .01807      7.166 
64.Industr~3 |   .007012    .006963      11.82 |   .004161    .004144      15.41 
65.Industr~3 |   .007673    .007615      11.28 |    .00701    .006961      11.82 
66.Industr~3 |         0          0          . |  .0000345   .0000345      170.2 
67.Industr~3 |   .004763     .00474      14.39 |   .004455    .004435      14.88 
70.Industr~3 |     .0553     .05225      3.891 |    .04664     .04446        4.3 
71.Industr~3 |   .005424    .005395      13.47 |   .004852    .004828      14.25 
72.Industr~3 |    .02937     .02851      5.575 |    .03797     .03653      4.835 
73.Industr~3 |   .003704    .003691      16.34 |  .0007079   .0007074      37.54 
74.Industr~3 |     .1021     .09171      2.628 |      .102     .09156      2.631 
75.Industr~3 |  .0001323   .0001323      86.93 |  .0003108   .0003107       56.7 
80.Industr~3 |   .002117    .002112      21.67 |   .004696    .004674      14.49 
85.Industr~3 |    .02447     .02388      6.155 |    .03028     .02937      5.482 
90.Industr~3 |   .003175    .003165      17.66 |    .00796    .007896      11.07 
92.Industr~3 |     .0336     .03248      5.176 |    .02253     .02202      6.435 
93.Industr~3 |   .007276    .007224      11.59 |   .006768    .006723      12.03 


After:  _webal as the weighting variable

             |              Treat              |             Control             
             |      mean   variance   skewness |      mean   variance   skewness 
-------------+---------------------------------+--------------------------------
P_D_muu_~4_2 |     .7774      .1731     -1.333 |     .7773      .1731     -1.333 
P_BUSINESS~G |     .1824      .1492      1.645 |     .1825      .1492      1.644 
P_LN_EDULE~L |     .4457      .1318       .545 |     .4457      .1318      .5451 
P_D_MARITA~S |     .5654      .2458     -.2639 |     .5654      .2457     -.2638 
P_LN_CUM_S~E |     .2803      .1237      .6478 |     .2802      .1236       .648 
P_LN_TOTAL~2 |     10.02      .4412      1.493 |     10.02      .4412      1.494 
P_D_CUM_SU~E |     .2092      .1654       1.43 |     .2092      .1654       1.43 
P_D_CUM_AL~S |     .3561      .2293      .6009 |     .3561      .2293      .6009 
D_Muu_riko~4 |     .3199      .2176      .7723 |     .3199      .2176      .7723 
        MALE |     .7726      .1757     -1.301 |     .7726      .1757       -1.3 
      LN_AGE |     3.501     .03816     -.5054 |     3.501     .03817     -.5043 
BUSINESS_S~G |     .1815      .1486      1.653 |     .1815      .1486      1.653 
 LN_EDULEVEL |     .6702      .2509      .1639 |     .6702      .2509       .164 
D_MARITAL_~S |     .2454      .1852      1.183 |     .2455      .1852      1.183 
LN_CUM_SUM~E |    .07669     .05006      2.669 |    .07668     .05006       2.67 
LN_TOTALIN~2 |     10.59      .7021     -.7173 |     10.59      .7023     -.7164 
D_CUM_SUBS~E |    .01693     .01665      7.488 |    .01693     .01665      7.488 
D_CUM_ALL_~S |     .1263      .1104      2.249 |     .1263      .1104      2.249 
      D_FMOB |     .2375      .1811      1.234 |     .2375      .1811      1.233 
LN_NUM_POS~S |    .08646      .0732      3.501 |    .08645     .07319      3.502 
Mean_OMAVA~2 |     .3634     .06973      .4314 |     .3634     .06973      .4316 
Mean_LNTASE2 |     13.01      1.312      1.488 |     13.01      1.312      1.488 
   Mean_ROA2 |     .1053     .03793      .1411 |     .1053     .03793      .1412 
Mean_LN_Bo~e |     .6072      .3553      .4423 |     .6072      .3553      .4423 
Mean_Curre~2 |      2.22      5.811      2.743 |      2.22      5.811      2.743 
   1996.YEAR |  .0003969   .0003968      50.17 |  .0003969   .0003968      50.16 
   1997.YEAR |   .002249    .002244      21.02 |   .002249    .002244      21.01 
   1998.YEAR |   .005821    .005788      12.99 |   .005821    .005787      12.99 
   1999.YEAR |   .006879    .006833      11.93 |   .006879    .006832      11.93 
   2000.YEAR |    .00926    .009176      10.25 |    .00926    .009175      10.25 
   2001.YEAR |    .01005    .009954      9.822 |    .01005    .009954      9.822 
   2002.YEAR |    .01244     .01228      8.799 |    .01244     .01228      8.799 
   2003.YEAR |    .01495     .01473      7.994 |    .01495     .01473      7.994 
   2004.YEAR |    .01918     .01882      7.011 |    .01918     .01881      7.011 
   2005.YEAR |    .02262     .02211      6.421 |    .02262     .02211      6.421 
   2006.YEAR |    .02712     .02639      5.822 |    .02712     .02638      5.822 
   2007.YEAR |    .03254     .03149      5.269 |    .03254     .03148      5.269 
   2008.YEAR |    .04154     .03982      4.595 |    .04154     .03982      4.595 
   2009.YEAR |     .0471     .04488      4.276 |     .0471     .04488      4.276 
   2010.YEAR |    .04842     .04608      4.208 |    .04842     .04607      4.208 
   2011.YEAR |     .0549     .05189      3.908 |     .0549     .05189      3.908 
   2012.YEAR |    .06085     .05716      3.674 |    .06086     .05715      3.674 
   2013.YEAR |    .06681     .06235       3.47 |    .06681     .06234       3.47 
   2014.YEAR |    .06945     .06464      3.387 |    .06945     .06463      3.387 
   2015.YEAR |     .0717     .06657       3.32 |     .0717     .06656       3.32 
   2016.YEAR |    .07951      .0732      3.109 |    .07951     .07319      3.109 
   2017.YEAR |    .08705     .07948       2.93 |    .08705     .07947       2.93 
   2018.YEAR |     .1015     .09118       2.64 |     .1015     .09118       2.64 
   2019.YEAR |     .1077      .0961      2.531 |     .1077      .0961      2.531 
2.Industry~3 |   .007408    .007354      11.49 |    .00741    .007355      11.49 
5.Industry~3 |  .0005292    .000529      43.44 |  .0005292   .0005289      43.44 
10.Industr~3 |   .001058    .001057      30.69 |   .001059    .001058      30.68 
14.Industr~3 |   .002514    .002508      19.87 |   .002515    .002509      19.86 
15.Industr~3 |   .005953    .005919      12.84 |   .005955    .005919      12.84 
17.Industr~3 |   .003836    .003822      16.05 |   .003836    .003822      16.05 
18.Industr~3 |   .001058    .001057      30.69 |   .001058    .001057      30.69 
19.Industr~3 |         0          0          . |  .0000149   .0000149      259.5 
20.Industr~3 |   .009128    .009046      10.32 |   .009131    .009047      10.32 
21.Industr~3 |         0          0          . |  .0000126   .0000126        282 
22.Industr~3 |     .0127     .01254      8.704 |    .01271     .01255      8.699 
24.Industr~3 |   .001588    .001585      25.04 |   .001587    .001585      25.04 
25.Industr~3 |   .004498    .004478      14.81 |   .004498    .004478      14.81 
26.Industr~3 |   .005821    .005788      12.99 |   .005821    .005787      12.99 
27.Industr~3 |  .0002646   .0002646      61.45 |  .0002646   .0002645      61.45 
28.Industr~3 |    .02646     .02576      5.901 |    .02646     .02576      5.901 
29.Industr~3 |    .01376     .01357      8.348 |    .01376     .01357      8.349 
30.Industr~3 |   .001058    .001057      30.69 |   .001058    .001057      30.69 
31.Industr~3 |   .001588    .001585      25.04 |   .001587    .001585      25.04 
32.Industr~3 |         0          0          . |  .0000219   .0000219      213.8 
33.Industr~3 |   .001852    .001849      23.17 |   .001852    .001849      23.17 
34.Industr~3 |   .003307    .003297       17.3 |   .003307    .003296       17.3 
35.Industr~3 |   .001984    .001981      22.38 |   .001984     .00198      22.38 
36.Industr~3 |   .006085    .006049       12.7 |   .006086    .006049       12.7 
37.Industr~3 |  .0007938   .0007932      35.45 |  .0007937   .0007931      35.45 
40.Industr~3 |   .005159    .005133      13.81 |   .005159    .005133      13.81 
41.Industr~3 |   .001058    .001057      30.69 |   .001058    .001057      30.69 
45.Industr~3 |     .2155      .1691      1.384 |     .2155      .1691      1.384 
50.Industr~3 |    .05477     .05178      3.914 |    .05478     .05178      3.913 
51.Industr~3 |    .07832     .07219      3.139 |    .07833      .0722      3.139 
52.Industr~3 |    .08361     .07663      3.009 |    .08361     .07662      3.009 
55.Industr~3 |    .06641     .06201      3.483 |    .06641       .062      3.483 
60.Industr~3 |    .06429     .06017      3.553 |    .06429     .06016      3.553 
61.Industr~3 |    .00172    .001717      24.05 |    .00172    .001717      24.05 
62.Industr~3 |         0          0          . |  2.26e-06   2.26e-06      665.1 
63.Industr~3 |    .01998     .01958      6.861 |    .01998     .01958      6.861 
64.Industr~3 |   .007012    .006963      11.82 |   .007011    .006962      11.82 
65.Industr~3 |   .007673    .007615      11.28 |   .007672    .007614      11.28 
66.Industr~3 |         0          0          . |  6.28e-07   6.28e-07       1261 
67.Industr~3 |   .004763     .00474      14.39 |   .004762     .00474      14.39 
70.Industr~3 |     .0553     .05225      3.891 |    .05529     .05224      3.891 
71.Industr~3 |   .005424    .005395      13.47 |   .005424    .005395      13.47 
72.Industr~3 |    .02937     .02851      5.575 |    .02937     .02851      5.575 
73.Industr~3 |   .003704    .003691      16.34 |   .003704     .00369      16.34 
74.Industr~3 |     .1021     .09171      2.628 |     .1021      .0917      2.628 
75.Industr~3 |  .0001323   .0001323      86.93 |  .0001323   .0001323      86.93 
80.Industr~3 |   .002117    .002112      21.67 |   .002117    .002112      21.67 
85.Industr~3 |    .02447     .02388      6.155 |    .02447     .02387      6.155 
90.Industr~3 |   .003175    .003165      17.66 |   .003175    .003165      17.66 
92.Industr~3 |     .0336     .03248      5.176 |     .0336     .03247      5.177 
93.Industr~3 |   .007276    .007224      11.59 |   .007276    .007223       11.6 

. 
. areg 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_EDULE
> VEL 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.Industry_2002_3 [aweight=_webal], absorb(YearMunicipa
> lity) cluster(ID)
(sum of wgt is 15,118)

Linear regression, absorbing indicators             Number of obs     = 65,476
Absorbed variable: YearMunicipality                 No. of categories =  6,071
                                                    F(77, 13652)      =   1.60
                                                    Prob > F          = 0.0007
                                                    R-squared         = 0.2803
                                                    Adj R-squared     = 0.2057
                                                    Root MSE          = 0.0952

                                        (Std. err. adjusted for 13,653 clusters in ID)
--------------------------------------------------------------------------------------
                     |               Robust
D_Vaste_talous_kai~i | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
---------------------+----------------------------------------------------------------
 P_D_talous_kaikki_2 |   .0058477   .0020157     2.90   0.004     .0018966    .0097988
   P_D_muu_rikos_4_2 |  -.0015422   .0017691    -0.87   0.383    -.0050099    .0019256
P_BUSINESS_SOCIALDEG |    .000543   .0032518     0.17   0.867     -.005831     .006917
       P_LN_EDULEVEL |   .0001651   .0028356     0.06   0.954     -.005393    .0057232
  P_D_MARITAL_STATUS |   .0005374   .0024634     0.22   0.827    -.0042912    .0053661
P_LN_CUM_SUM_DIVORCE |   -.002744   .0034235    -0.80   0.423    -.0094545    .0039665
   P_LN_TOTALINCOME2 |   -.001578   .0018458    -0.85   0.393    -.0051961      .00204
   P_D_CUM_SUBSTANCE |   .0031496   .0027646     1.14   0.255    -.0022694    .0085686
P_D_CUM_ALL_BUT_SUBS |   -.003088   .0019119    -1.62   0.106    -.0068356    .0006595
       D_Muu_rikos_4 |   .0102114   .0027876     3.66   0.000     .0047472    .0156755
                MALE |   .0023173    .002175     1.07   0.287    -.0019461    .0065807
              LN_AGE |  -.0023466   .0080423    -0.29   0.770    -.0181107    .0134174
  BUSINESS_SOCIALDEG |    .004296   .0032197     1.33   0.182     -.002015     .010607
         LN_EDULEVEL |  -.0042576   .0021024    -2.03   0.043    -.0083786   -.0001366
    D_MARITAL_STATUS |   .0012124   .0028498     0.43   0.671    -.0043735    .0067984
  LN_CUM_SUM_DIVORCE |    .004345   .0045656     0.95   0.341    -.0046042    .0132943
     LN_TOTALINCOME2 |  -.0035508   .0018328    -1.94   0.053    -.0071433    .0000417
     D_CUM_SUBSTANCE |    .006984   .0089836     0.78   0.437    -.0106252    .0245932
  D_CUM_ALL_BUT_SUBS |   .0024624   .0025872     0.95   0.341    -.0026088    .0075337
              D_FMOB |    -.00333   .0031072    -1.07   0.284    -.0094205    .0027606
    LN_NUM_POSITIONS |   .0046855   .0026198     1.79   0.074    -.0004497    .0098206
  Mean_OMAVARAISUUS2 |   -.017365   .0050175    -3.46   0.001    -.0271999   -.0075301
        Mean_LNTASE2 |   .0011532   .0008267     1.39   0.163    -.0004673    .0027738
           Mean_ROA2 |  -.0031697   .0047528    -0.67   0.505    -.0124859    .0061465
   Mean_LN_Boardsize |  -.0084294   .0016361    -5.15   0.000    -.0116364   -.0052225
 Mean_Current_Ratio2 |   .0008518   .0005135     1.66   0.097    -.0001547    .0018584
                     |
     Industry_2002_3 |
                  2  |   .0019717   .0042226     0.47   0.641    -.0063051    .0102485
                  5  |  -.0386649   .0503898    -0.77   0.443    -.1374359     .060106
                 10  |   .0039059   .0037811     1.03   0.302    -.0035056    .0113175
                 14  |   .0188203   .0065267     2.88   0.004     .0060271    .0316134
                 15  |   .0181661   .0112778     1.61   0.107    -.0039399    .0402722
                 17  |   .0069062   .0053304     1.30   0.195    -.0035421    .0173545
                 18  |   .0042313    .005171     0.82   0.413    -.0059046    .0143672
                 19  |  -.0009192   .0120892    -0.08   0.939    -.0246156    .0227773
                 20  |  -.0066711   .0096364    -0.69   0.489    -.0255597    .0122175
                 21  |   .0045751   .0073487     0.62   0.534    -.0098293    .0189795
                 22  |   .0083377   .0067174     1.24   0.215    -.0048294    .0215047
                 24  |    .006631   .0068592     0.97   0.334     -.006814     .020076
                 25  |   .0056266   .0057319     0.98   0.326    -.0056087    .0168619
                 26  |  -.0037306   .0084022    -0.44   0.657    -.0202001    .0127388
                 27  |   .0003677   .0093063     0.04   0.968    -.0178739    .0186092
                 28  |   .0048635   .0054971     0.88   0.376    -.0059115    .0156385
                 29  |   .0012464   .0045943     0.27   0.786     -.007759    .0102518
                 30  |   .0029557   .0079649     0.37   0.711    -.0126565     .018568
                 31  |  -.0065755   .0158381    -0.42   0.678    -.0376203    .0244693
                 32  |   .0241873   .0077036     3.14   0.002     .0090872    .0392873
                 33  |  -.0092799   .0144613    -0.64   0.521     -.037626    .0190662
                 34  |   .0246626   .0453289     0.54   0.586    -.0641883    .1135134
                 35  |  -.0003686   .0083822    -0.04   0.965    -.0167988    .0160617
                 36  |   .0019912    .004882     0.41   0.683    -.0075782    .0115606
                 37  |   .0153768   .0053754     2.86   0.004     .0048404    .0259133
                 40  |   .0098191   .0055422     1.77   0.076    -.0010444    .0206826
                 41  |   .0124575   .0047102     2.64   0.008     .0032248    .0216901
                 45  |   .0100212    .003869     2.59   0.010     .0024374     .017605
                 50  |    .007295     .00603     1.21   0.226    -.0045246    .0191146
                 51  |   .0040055   .0048101     0.83   0.405    -.0054229    .0134339
                 52  |   .0075904   .0054723     1.39   0.165    -.0031361    .0183169
                 55  |    .010175   .0046303     2.20   0.028     .0010989    .0192511
                 60  |   .0041419    .005393     0.77   0.442     -.006429    .0147129
                 61  |  -.0059276   .0088245    -0.67   0.502    -.0232248    .0113696
                 62  |   .0044456   .0067976     0.65   0.513    -.0088786    .0177699
                 63  |   .0133842   .0060863     2.20   0.028     .0014542    .0253142
                 64  |  -.0010181   .0063631    -0.16   0.873    -.0134907    .0114545
                 65  |  -.0013952   .0054805    -0.25   0.799    -.0121378    .0093474
                 66  |   .0081098   .0060983     1.33   0.184    -.0038438    .0200633
                 67  |   .0211254   .0205682     1.03   0.304    -.0191911     .061442
                 70  |   .0040052   .0050517     0.79   0.428    -.0058969    .0139074
                 71  |   .0056786   .0133807     0.42   0.671    -.0205494    .0319067
                 72  |   .0047151   .0042215     1.12   0.264    -.0035596    .0129897
                 73  |   .0049733   .0077432     0.64   0.521    -.0102045     .020151
                 74  |   .0146027   .0045112     3.24   0.001       .00576    .0234453
                 75  |   .0206016   .0064326     3.20   0.001     .0079928    .0332104
                 80  |   .0053329   .0071406     0.75   0.455    -.0086636    .0193295
                 85  |   .0048528   .0046966     1.03   0.302    -.0043532    .0140588
                 90  |   .0065552   .0062062     1.06   0.291    -.0056099    .0187203
                 92  |  -.0009298   .0049916    -0.19   0.852    -.0107139    .0088544
                 93  |   .0007701    .004833     0.16   0.873    -.0087032    .0102434
                     |
               _cons |   .0560223   .0329768     1.70   0.089    -.0086167    .1206612
--------------------------------------------------------------------------------------

. 
. tabulate D_Vaste_talous_kaikki P_D_talous_kaikki_2 if Score_muuttuja_2_3lk == 2

D_Vaste_ta |
lous_kaikk |  P_D_talous_kaikki_2
         i |         0          1 |     Total
-----------+----------------------+----------
         0 |    57,666      7,446 |    65,112 
         1 |       251        113 |       364 
-----------+----------------------+----------
     Total |    57,917      7,559 |    65,476 

.

