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


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


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


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


Before: without weighting

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


After:  _webal as the weighting variable

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

. 
. areg D_Vaste_talous_kaikki LN_Talous_rikokset_lapsuus 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 L
> N_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], absorb(YearM
> unicipality) 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(80, 75923)      =    3.01
                                                   Prob > F          =  0.0000
                                                   R-squared         =  0.1327
                                                   Adj R-squared     =  0.1147
                                                   Root MSE          =  0.0792

                                              (Std. err. adjusted for 75,924 clusters in ID)
--------------------------------------------------------------------------------------------
                           |               Robust
     D_Vaste_talous_kaikki | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
---------------------------+----------------------------------------------------------------
LN_Talous_rikokset_lapsuus |   .0012572   .0007592     1.66   0.098    -.0002307    .0027452
         P_D_muu_rikos_4_2 |   .0004266   .0008047     0.53   0.596    -.0011506    .0020037
      P_BUSINESS_SOCIALDEG |   .0012121   .0010257     1.18   0.237    -.0007982    .0032224
             P_LN_EDULEVEL |  -.0019527   .0010876    -1.80   0.073    -.0040843    .0001789
        P_D_MARITAL_STATUS |   .0009535   .0010994     0.87   0.386    -.0012012    .0031083
      P_LN_CUM_SUM_DIVORCE |  -.0003573   .0016246    -0.22   0.826    -.0035415     .002827
         P_LN_TOTALINCOME2 |  -.0002396   .0007924    -0.30   0.762    -.0017927    .0013134
         P_D_CUM_SUBSTANCE |  -.0000984    .001367    -0.07   0.943    -.0027777    .0025808
      P_D_CUM_ALL_BUT_SUBS |  -.0008888   .0009501    -0.94   0.350     -.002751    .0009734
             D_Muu_rikos_4 |   .0095374   .0013958     6.83   0.000     .0068017    .0122732
                      MALE |   .0018028   .0008083     2.23   0.026     .0002185    .0033871
                    LN_AGE |  -.0043207   .0032755    -1.32   0.187    -.0107408    .0020993
        BUSINESS_SOCIALDEG |   .0018127   .0010871     1.67   0.095     -.000318    .0039433
               LN_EDULEVEL |  -.0037628   .0010303    -3.65   0.000     -.005782   -.0017435
          D_MARITAL_STATUS |    .002072   .0012289     1.69   0.092    -.0003367    .0044807
        LN_CUM_SUM_DIVORCE |   .0029393   .0020977     1.40   0.161    -.0011722    .0070509
           LN_TOTALINCOME2 |  -.0023981   .0007133    -3.36   0.001    -.0037961   -.0010001
           D_CUM_SUBSTANCE |   .0100005   .0051279     1.95   0.051    -.0000501    .0200512
        D_CUM_ALL_BUT_SUBS |   .0016519   .0014012     1.18   0.238    -.0010945    .0043982
                    D_FMOB |  -.0025034   .0011284    -2.22   0.027    -.0047151   -.0002917
          LN_NUM_POSITIONS |   .0029247     .00128     2.28   0.022     .0004159    .0054336
        Mean_OMAVARAISUUS2 |  -.0108895   .0018785    -5.80   0.000    -.0145713   -.0072077
              Mean_LNTASE2 |    .001013   .0003043     3.33   0.001     .0004166    .0016093
                 Mean_ROA2 |  -.0045621   .0021387    -2.13   0.033    -.0087539   -.0003702
         Mean_LN_Boardsize |  -.0060769   .0008145    -7.46   0.000    -.0076733   -.0044806
       Mean_Current_Ratio2 |   .0004355   .0001667     2.61   0.009     .0001088    .0007622
                           |
           Industry_2002_3 |
                        2  |  -.0021038   .0019254    -1.09   0.275    -.0058776      .00167
                        5  |  -.0103893   .0137553    -0.76   0.450    -.0373496    .0165709
                       10  |   .0022271   .0017132     1.30   0.194    -.0011308    .0055849
                       13  |   .0066652   .0047637     1.40   0.162    -.0026717     .016002
                       14  |   .0015428   .0023467     0.66   0.511    -.0030567    .0061423
                       15  |   .0043034   .0047001     0.92   0.360    -.0049088    .0135156
                       17  |  -.0008682   .0027032    -0.32   0.748    -.0061665      .00443
                       18  |  -.0034997   .0031531    -1.11   0.267    -.0096798    .0026805
                       19  |  -.0026567   .0041547    -0.64   0.523    -.0107998    .0054864
                       20  |   -.004033   .0021999    -1.83   0.067    -.0083448    .0002787
                       21  |   .0082807   .0072761     1.14   0.255    -.0059803    .0225418
                       22  |   .0025567   .0028525     0.90   0.370    -.0030341    .0081476
                       23  |   .0030359   .0033068     0.92   0.359    -.0034454    .0095173
                       24  |   .0044925    .001906     2.36   0.018     .0007568    .0082282
                       25  |   .0067856   .0037364     1.82   0.069    -.0005376    .0141088
                       26  |   .0002784   .0019885     0.14   0.889    -.0036191    .0041758
                       27  |  -.0032815   .0028958    -1.13   0.257    -.0089572    .0023942
                       28  |   .0028638   .0024081     1.19   0.234     -.001856    .0075836
                       29  |    .001531   .0017141     0.89   0.372    -.0018287    .0048907
                       30  |   .0000207   .0031307     0.01   0.995    -.0061155    .0061569
                       31  |    .013289   .0070502     1.88   0.059    -.0005293    .0271074
                       32  |    .002494   .0025056     1.00   0.320    -.0024169    .0074049
                       33  |   .0002316   .0030103     0.08   0.939    -.0056684    .0061317
                       34  |   .0032948   .0046309     0.71   0.477    -.0057817    .0123713
                       35  |  -.0019564   .0022039    -0.89   0.375    -.0062761    .0023633
                       36  |  -.0022948   .0020665    -1.11   0.267    -.0063451    .0017554
                       37  |  -.0001855   .0033309    -0.06   0.956    -.0067141    .0063431
                       40  |   .0078739   .0059609     1.32   0.187    -.0038094    .0195571
                       41  |   .0050425    .002386     2.11   0.035     .0003659    .0097191
                       45  |    .006075   .0015347     3.96   0.000      .003067    .0090831
                       50  |   .0030751   .0022372     1.37   0.169    -.0013099      .00746
                       51  |   .0024278   .0018711     1.30   0.194    -.0012395    .0060951
                       52  |   .0008324    .001876     0.44   0.657    -.0028445    .0045092
                       55  |   .0051986   .0022758     2.28   0.022      .000738    .0096592
                       60  |   .0025412   .0020941     1.21   0.225    -.0015632    .0066456
                       61  |  -.0053896   .0029902    -1.80   0.071    -.0112504    .0004713
                       62  |  -.0042644   .0067248    -0.63   0.526     -.017445    .0089163
                       63  |   .0040394   .0028114     1.44   0.151    -.0014709    .0095497
                       64  |  -.0041846   .0026909    -1.56   0.120    -.0094587    .0010894
                       65  |   .0043807    .002548     1.72   0.086    -.0006134    .0093747
                       66  |   .0056094   .0030999     1.81   0.070    -.0004664    .0116852
                       67  |   .0029732   .0024068     1.24   0.217    -.0017441    .0076905
                       70  |   .0040942    .002219     1.85   0.065     -.000255    .0084434
                       71  |   .0055997   .0044856     1.25   0.212     -.003192    .0143913
                       72  |   .0027823   .0014838     1.88   0.061     -.000126    .0056905
                       73  |   .0161369   .0125095     1.29   0.197    -.0083815    .0406554
                       74  |   .0080895   .0018418     4.39   0.000     .0044795    .0116994
                       75  |   .0140197   .0039446     3.55   0.000     .0062882    .0217512
                       80  |  -.0009687      .0026    -0.37   0.709    -.0060648    .0041274
                       85  |   .0044868   .0017896     2.51   0.012     .0009791    .0079944
                       90  |  -.0035122   .0026583    -1.32   0.186    -.0087224     .001698
                       91  |  -.0014082   .0048525    -0.29   0.772    -.0109191    .0081026
                       92  |   .0014552   .0016576     0.88   0.380    -.0017937    .0047041
                       93  |   .0007193   .0018999     0.38   0.705    -.0030046    .0044431
                           |
                     _cons |   .0379425   .0135294     2.80   0.005     .0114249    .0644602
--------------------------------------------------------------------------------------------

. 
. 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 

. 
. 
. 
. areg D_Vaste_talous_kaikki Talous_rikokset_lapsuus_High P_D_muu_rikos_4_2 P_BUSINESS_SOCIALDEG P_LN_EDULEVEL P_D_MARITAL_STATUS P_LN_CUM_SUM_DIVORCE P_LN_TOTALINCOME2 P_D_CUM_SUBSTANCE P_D_CUM_ALL_BUT_SUBS D_Muu_rikos_4 MALE LN_AGE BUSINESS_SOCIALDEG
>  LN_EDULEVEL D_MARITAL_STATUS LN_CUM_SUM_DIVORCE LN_TOTALINCOME2 D_CUM_SUBSTANCE D_CUM_ALL_BUT_SUBS D_FMOB LN_NUM_POSITIONS Mean_OMAVARAISUUS2 Mean_LNTASE2 Mean_ROA2 Mean_LN_Boardsize Mean_Current_Ratio2 i.Industry_2002_3 [aweight=_webal], absorb(Yea
> rMunicipality) 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(80, 75923)      =    3.06
                                                   Prob > F          =  0.0000
                                                   R-squared         =  0.1327
                                                   Adj R-squared     =  0.1148
                                                   Root MSE          =  0.0792

                                                (Std. err. adjusted for 75,924 clusters in ID)
----------------------------------------------------------------------------------------------
                             |               Robust
       D_Vaste_talous_kaikki | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-----------------------------+----------------------------------------------------------------
Talous_rikokset_lapsuus_High |   .0019029   .0010315     1.84   0.065    -.0001188    .0039247
           P_D_muu_rikos_4_2 |   .0004277   .0008036     0.53   0.595    -.0011473    .0020027
        P_BUSINESS_SOCIALDEG |   .0012223   .0010256     1.19   0.233    -.0007878    .0032324
               P_LN_EDULEVEL |  -.0019517   .0010869    -1.80   0.073    -.0040821    .0001787
          P_D_MARITAL_STATUS |   .0009726   .0010991     0.88   0.376    -.0011815    .0031268
        P_LN_CUM_SUM_DIVORCE |  -.0004043   .0016265    -0.25   0.804    -.0035921    .0027836
           P_LN_TOTALINCOME2 |  -.0002237   .0007921    -0.28   0.778    -.0017763    .0013289
           P_D_CUM_SUBSTANCE |  -.0001139   .0013678    -0.08   0.934    -.0027948     .002567
        P_D_CUM_ALL_BUT_SUBS |  -.0008867   .0009501    -0.93   0.351     -.002749    .0009756
               D_Muu_rikos_4 |   .0095494   .0013963     6.84   0.000     .0068126    .0122861
                        MALE |   .0018094   .0008077     2.24   0.025     .0002264    .0033924
                      LN_AGE |  -.0043646   .0032829    -1.33   0.184     -.010799    .0020698
          BUSINESS_SOCIALDEG |   .0018062   .0010874     1.66   0.097    -.0003252    .0039375
                 LN_EDULEVEL |  -.0037624   .0010285    -3.66   0.000    -.0057782   -.0017466
            D_MARITAL_STATUS |   .0020608   .0012301     1.68   0.094    -.0003501    .0044717
          LN_CUM_SUM_DIVORCE |   .0029356   .0020976     1.40   0.162    -.0011757    .0070469
             LN_TOTALINCOME2 |   -.002399   .0007134    -3.36   0.001    -.0037972   -.0010007
             D_CUM_SUBSTANCE |   .0100329   .0051276     1.96   0.050    -.0000172     .020083
          D_CUM_ALL_BUT_SUBS |   .0016601    .001401     1.18   0.236    -.0010859    .0044061
                      D_FMOB |  -.0025198   .0011284    -2.23   0.026    -.0047315   -.0003082
            LN_NUM_POSITIONS |   .0029124   .0012806     2.27   0.023     .0004025    .0054224
          Mean_OMAVARAISUUS2 |  -.0108788   .0018783    -5.79   0.000    -.0145604   -.0071973
                Mean_LNTASE2 |   .0010156   .0003043     3.34   0.001     .0004192    .0016121
                   Mean_ROA2 |  -.0045813   .0021391    -2.14   0.032     -.008774   -.0003886
           Mean_LN_Boardsize |  -.0060907   .0008144    -7.48   0.000    -.0076869   -.0044945
         Mean_Current_Ratio2 |   .0004331   .0001666     2.60   0.009     .0001065    .0007597
                             |
             Industry_2002_3 |
                          2  |  -.0019666   .0019272    -1.02   0.308    -.0057438    .0018106
                          5  |  -.0104917   .0137573    -0.76   0.446    -.0374558    .0164725
                         10  |   .0023501   .0017439     1.35   0.178     -.001068    .0057682
                         13  |   .0069677   .0049121     1.42   0.156      -.00266    .0165954
                         14  |   .0015957   .0023317     0.68   0.494    -.0029745    .0061659
                         15  |   .0043702   .0047086     0.93   0.353    -.0048586     .013599
                         17  |  -.0007789   .0027081    -0.29   0.774    -.0060868     .004529
                         18  |   -.003611   .0032269    -1.12   0.263    -.0099357    .0027137
                         19  |   -.002778   .0042434    -0.65   0.513    -.0110952    .0055391
                         20  |  -.0038841   .0022066    -1.76   0.078    -.0082091    .0004409
                         21  |   .0080802    .007273     1.11   0.267    -.0061748    .0223352
                         22  |    .002689   .0028481     0.94   0.345    -.0028933    .0082712
                         23  |   .0027885   .0033758     0.83   0.409    -.0038281     .009405
                         24  |    .004767   .0019058     2.50   0.012     .0010316    .0085024
                         25  |   .0067039   .0037455     1.79   0.073    -.0006372     .014045
                         26  |   .0004633   .0020041     0.23   0.817    -.0034647    .0043913
                         27  |  -.0030813   .0028486    -1.08   0.279    -.0086645    .0025019
                         28  |   .0030061   .0024044     1.25   0.211    -.0017065    .0077187
                         29  |   .0016576   .0017171     0.97   0.334     -.001708    .0050231
                         30  |    .000117   .0032076     0.04   0.971    -.0061699     .006404
                         31  |   .0133028   .0070523     1.89   0.059    -.0005197    .0271252
                         32  |   .0024781   .0025109     0.99   0.324    -.0024433    .0073995
                         33  |   .0004754   .0030113     0.16   0.875    -.0054267    .0063776
                         34  |   .0033042   .0046741     0.71   0.480     -.005857    .0124655
                         35  |  -.0018588   .0021957    -0.85   0.397    -.0061624    .0024449
                         36  |  -.0022385   .0020686    -1.08   0.279     -.006293     .001816
                         37  |  -.0001925   .0032585    -0.06   0.953    -.0065792    .0061942
                         40  |   .0079413   .0059508     1.33   0.182    -.0037222    .0196048
                         41  |   .0051103   .0023822     2.15   0.032     .0004412    .0097794
                         45  |   .0061717   .0015394     4.01   0.000     .0031545    .0091889
                         50  |   .0032448   .0022414     1.45   0.148    -.0011484    .0076379
                         51  |   .0025755   .0018805     1.37   0.171    -.0011102    .0062612
                         52  |   .0009566    .001875     0.51   0.610    -.0027184    .0046317
                         55  |    .005327   .0022681     2.35   0.019     .0008815    .0097725
                         60  |   .0026702   .0020969     1.27   0.203    -.0014397    .0067802
                         61  |  -.0054478   .0029938    -1.82   0.069    -.0113156    .0004201
                         62  |  -.0042103    .006742    -0.62   0.532    -.0174245    .0090039
                         63  |   .0041887    .002811     1.49   0.136    -.0013209    .0096983
                         64  |    -.00402   .0026637    -1.51   0.131    -.0092409    .0012008
                         65  |   .0045357   .0025441     1.78   0.075    -.0004508    .0095221
                         66  |     .00627    .003048     2.06   0.040     .0002959     .012244
                         67  |   .0030993   .0024037     1.29   0.197    -.0016119    .0078104
                         70  |   .0042311   .0022148     1.91   0.056    -.0001099    .0085721
                         71  |   .0056358   .0044841     1.26   0.209    -.0031531    .0144246
                         72  |   .0029335   .0014784     1.98   0.047      .000036    .0058311
                         73  |   .0162442   .0125013     1.30   0.194    -.0082582    .0407467
                         74  |   .0082395   .0018378     4.48   0.000     .0046374    .0118416
                         75  |   .0141359    .003922     3.60   0.000     .0064488    .0218229
                         80  |  -.0009379   .0026084    -0.36   0.719    -.0060504    .0041746
                         85  |   .0046102   .0017827     2.59   0.010     .0011162    .0081042
                         90  |  -.0033821   .0026596    -1.27   0.203    -.0085949    .0018306
                         91  |  -.0010318   .0047063    -0.22   0.826    -.0102561    .0081925
                         92  |   .0015831   .0016458     0.96   0.336    -.0016426    .0048088
                         93  |   .0008508   .0018893     0.45   0.652    -.0028522    .0045538
                             |
                       _cons |   .0397141   .0138613     2.87   0.004     .0125461    .0668821
----------------------------------------------------------------------------------------------

. 
. 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 

. 
. 
. 
. areg D_Vaste_talous_kaikki P_D_talous_kaikki_2 LN_Talous_rikokset_lapsuus P_D_muu_rikos_4_2 P_BUSINESS_SOCIALDEG P_LN_EDULEVEL P_D_MARITAL_STATUS P_LN_CUM_SUM_DIVORCE P_LN_TOTALINCOME2 P_D_CUM_SUBSTANCE P_D_CUM_ALL_BUT_SUBS D_Muu_rikos_4 MALE LN_AGE 
> BUSINESS_SOCIALDEG LN_EDULEVEL D_MARITAL_STATUS LN_CUM_SUM_DIVORCE LN_TOTALINCOME2 D_CUM_SUBSTANCE D_CUM_ALL_BUT_SUBS D_FMOB LN_NUM_POSITIONS Mean_OMAVARAISUUS2 Mean_LNTASE2 Mean_ROA2 Mean_LN_Boardsize Mean_Current_Ratio2 i.Industry_2002_3 [aweight=_
> webal], absorb(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)      =    3.32
                                                   Prob > F          =  0.0000
                                                   R-squared         =  0.1333
                                                   Adj R-squared     =  0.1153
                                                   Root MSE          =  0.0792

                                              (Std. err. adjusted for 75,924 clusters in ID)
--------------------------------------------------------------------------------------------
                           |               Robust
     D_Vaste_talous_kaikki | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
---------------------------+----------------------------------------------------------------
       P_D_talous_kaikki_2 |   .0040448   .0008302     4.87   0.000     .0024177    .0056719
LN_Talous_rikokset_lapsuus |   .0011043   .0007585     1.46   0.145    -.0003823     .002591
         P_D_muu_rikos_4_2 |   .0004296   .0008089     0.53   0.595    -.0011558     .002015
      P_BUSINESS_SOCIALDEG |   .0012199   .0010296     1.18   0.236    -.0007981     .003238
             P_LN_EDULEVEL |  -.0019453   .0010933    -1.78   0.075    -.0040881    .0001976
        P_D_MARITAL_STATUS |   .0009529   .0011043     0.86   0.388    -.0012116    .0031173
      P_LN_CUM_SUM_DIVORCE |  -.0003528   .0016319    -0.22   0.829    -.0035512    .0028457
         P_LN_TOTALINCOME2 |  -.0002121    .000793    -0.27   0.789    -.0017664    .0013423
         P_D_CUM_SUBSTANCE |  -.0001083   .0013712    -0.08   0.937    -.0027958    .0025792
      P_D_CUM_ALL_BUT_SUBS |  -.0008868   .0009532    -0.93   0.352    -.0027551    .0009814
             D_Muu_rikos_4 |   .0095201    .001399     6.80   0.000     .0067781    .0122622
                      MALE |   .0018092   .0008118     2.23   0.026     .0002181    .0034003
                    LN_AGE |  -.0042444   .0032792    -1.29   0.196    -.0106717    .0021828
        BUSINESS_SOCIALDEG |   .0018144    .001091     1.66   0.096    -.0003239    .0039527
               LN_EDULEVEL |  -.0037828   .0010344    -3.66   0.000    -.0058102   -.0017555
          D_MARITAL_STATUS |   .0020717   .0012307     1.68   0.092    -.0003406    .0044839
        LN_CUM_SUM_DIVORCE |   .0029498   .0021055     1.40   0.161    -.0011771    .0070767
           LN_TOTALINCOME2 |  -.0023902    .000714    -3.35   0.001    -.0037897   -.0009908
           D_CUM_SUBSTANCE |   .0100185   .0051488     1.95   0.052    -.0000733    .0201102
        D_CUM_ALL_BUT_SUBS |   .0016537   .0014078     1.17   0.240    -.0011055     .004413
                    D_FMOB |  -.0024967   .0011321    -2.21   0.027    -.0047157   -.0002778
          LN_NUM_POSITIONS |   .0029188   .0012862     2.27   0.023     .0003978    .0054398
        Mean_OMAVARAISUUS2 |  -.0108689   .0018815    -5.78   0.000    -.0145567   -.0071812
              Mean_LNTASE2 |   .0010139   .0003054     3.32   0.001     .0004152    .0016125
                 Mean_ROA2 |  -.0045703   .0021397    -2.14   0.033    -.0087641   -.0003765
         Mean_LN_Boardsize |  -.0060761   .0008171    -7.44   0.000    -.0076775   -.0044746
       Mean_Current_Ratio2 |   .0004343   .0001669     2.60   0.009     .0001073    .0007614
                           |
           Industry_2002_3 |
                        2  |  -.0020648   .0019363    -1.07   0.286    -.0058599    .0017304
                        5  |  -.0106543   .0138062    -0.77   0.440    -.0377143    .0164057
                       10  |   .0023398   .0016385     1.43   0.153    -.0008716    .0055513
                       13  |   .0090185   .0049387     1.83   0.068    -.0006612    .0186982
                       14  |   .0015051   .0022807     0.66   0.509     -.002965    .0059752
                       15  |   .0043853   .0047186     0.93   0.353    -.0048632    .0136338
                       17  |  -.0009854   .0027212    -0.36   0.717    -.0063189    .0043482
                       18  |  -.0034074   .0031387    -1.09   0.278    -.0095592    .0027443
                       19  |  -.0026751   .0039514    -0.68   0.498    -.0104198    .0050696
                       20  |  -.0039177   .0022055    -1.78   0.076    -.0082404     .000405
                       21  |   .0081897   .0073667     1.11   0.266     -.006249    .0226285
                       22  |   .0027154    .002877     0.94   0.345    -.0029235    .0083543
                       23  |   .0044023   .0034997     1.26   0.208     -.002457    .0112617
                       24  |   .0044693   .0019045     2.35   0.019     .0007366    .0082021
                       25  |   .0067306   .0037525     1.79   0.073    -.0006243    .0140855
                       26  |   .0003372   .0019975     0.17   0.866    -.0035778    .0042523
                       27  |  -.0029866   .0033869    -0.88   0.378    -.0096249    .0036517
                       28  |   .0029823   .0024276     1.23   0.219    -.0017758    .0077404
                       29  |   .0015827   .0017184     0.92   0.357    -.0017853    .0049507
                       30  |   .0001839    .003344     0.05   0.956    -.0063703    .0067381
                       31  |    .013384   .0070848     1.89   0.059    -.0005021    .0272701
                       32  |   .0027233   .0025171     1.08   0.279    -.0022102    .0076567
                       33  |   .0003016   .0030589     0.10   0.921    -.0056939    .0062971
                       34  |   .0031097   .0047743     0.65   0.515    -.0062478    .0124672
                       35  |   -.001921   .0022932    -0.84   0.402    -.0064157    .0025737
                       36  |  -.0020884   .0020782    -1.00   0.315    -.0061617    .0019849
                       37  |  -.0001117    .003068    -0.04   0.971    -.0061249    .0059015
                       40  |    .007856   .0059693     1.32   0.188    -.0038439    .0195558
                       41  |     .00501   .0023907     2.10   0.036     .0003241    .0096958
                       45  |   .0061727   .0015514     3.98   0.000     .0031318    .0092135
                       50  |   .0031646   .0022514     1.41   0.160    -.0012482    .0075774
                       51  |   .0025508   .0018885     1.35   0.177    -.0011507    .0062523
                       52  |   .0009606   .0018904     0.51   0.611    -.0027445    .0046658
                       55  |   .0053421   .0022919     2.33   0.020     .0008501    .0098341
                       60  |   .0026203   .0021126     1.24   0.215    -.0015203    .0067608
                       61  |  -.0052219   .0030426    -1.72   0.086    -.0111854    .0007416
                       62  |  -.0040699   .0065598    -0.62   0.535    -.0169271    .0087873
                       63  |   .0041471   .0028276     1.47   0.142    -.0013949    .0096891
                       64  |  -.0040503    .002666    -1.52   0.129    -.0092758    .0011751
                       65  |   .0045526   .0025617     1.78   0.076    -.0004683    .0095734
                       66  |   .0077793   .0031963     2.43   0.015     .0015145     .014044
                       67  |   .0031443   .0024092     1.31   0.192    -.0015777    .0078662
                       70  |   .0042353   .0022354     1.89   0.058    -.0001461    .0086167
                       71  |   .0057476    .004501     1.28   0.202    -.0030743    .0145695
                       72  |   .0028971   .0014961     1.94   0.053    -.0000352    .0058294
                       73  |   .0163606   .0125461     1.30   0.192    -.0082297    .0409509
                       74  |   .0082184   .0018607     4.42   0.000     .0045714    .0118655
                       75  |   .0141607   .0032359     4.38   0.000     .0078183    .0205031
                       80  |  -.0008791     .00262    -0.34   0.737    -.0060143     .004256
                       85  |   .0046013   .0018069     2.55   0.011     .0010598    .0081429
                       90  |  -.0034348   .0026692    -1.29   0.198    -.0086663    .0017968
                       91  |   .0007563   .0048637     0.16   0.876    -.0087765    .0102891
                       92  |    .001619   .0016848     0.96   0.337    -.0016833    .0049212
                       93  |   .0008526   .0018873     0.45   0.651    -.0028466    .0045518
                           |
                     _cons |    .035474   .0134528     2.64   0.008     .0091065    .0618414
--------------------------------------------------------------------------------------------

. 
. 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 

. 
. test P_D_talous_kaikki_2 - LN_Talous_rikokset_lapsuus = 0

 ( 1)  P_D_talous_kaikki_2 - LN_Talous_rikokset_lapsuus = 0

       F(  1, 75923) =    7.85
            Prob > F =    0.0051

. 
. 
. 
. areg D_Vaste_talous_kaikki P_D_talous_kaikki_2 Talous_rikokset_lapsuus_High 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_AG
> E BUSINESS_SOCIALDEG LN_EDULEVEL D_MARITAL_STATUS LN_CUM_SUM_DIVORCE LN_TOTALINCOME2 D_CUM_SUBSTANCE D_CUM_ALL_BUT_SUBS D_FMOB LN_NUM_POSITIONS Mean_OMAVARAISUUS2 Mean_LNTASE2 Mean_ROA2 Mean_LN_Boardsize Mean_Current_Ratio2 i.Industry_2002_3 [aweight
> =_webal], absorb(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)      =    3.34
                                                   Prob > F          =  0.0000
                                                   R-squared         =  0.1333
                                                   Adj R-squared     =  0.1153
                                                   Root MSE          =  0.0792

                                                (Std. err. adjusted for 75,924 clusters in ID)
----------------------------------------------------------------------------------------------
                             |               Robust
       D_Vaste_talous_kaikki | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-----------------------------+----------------------------------------------------------------
         P_D_talous_kaikki_2 |   .0040515   .0008288     4.89   0.000     .0024271    .0056759
Talous_rikokset_lapsuus_High |   .0017625   .0010283     1.71   0.087    -.0002531    .0037781
           P_D_muu_rikos_4_2 |   .0004278   .0008077     0.53   0.596    -.0011553     .002011
        P_BUSINESS_SOCIALDEG |   .0012289   .0010295     1.19   0.233    -.0007889    .0032466
               P_LN_EDULEVEL |  -.0019459   .0010928    -1.78   0.075    -.0040877     .000196
          P_D_MARITAL_STATUS |   .0009674    .001104     0.88   0.381    -.0011964    .0031313
        P_LN_CUM_SUM_DIVORCE |  -.0003951   .0016337    -0.24   0.809    -.0035971     .002807
           P_LN_TOTALINCOME2 |  -.0001992   .0007929    -0.25   0.802    -.0017534    .0013549
           P_D_CUM_SUBSTANCE |  -.0001232    .001372    -0.09   0.928    -.0028124     .002566
        P_D_CUM_ALL_BUT_SUBS |   -.000885   .0009532    -0.93   0.353    -.0027533    .0009834
               D_Muu_rikos_4 |   .0095307   .0013994     6.81   0.000     .0067878    .0122736
                        MALE |   .0018159   .0008111     2.24   0.025     .0002261    .0034057
                      LN_AGE |  -.0043155    .003287    -1.31   0.189     -.010758     .002127
          BUSINESS_SOCIALDEG |   .0018068   .0010913     1.66   0.098    -.0003321    .0039457
                 LN_EDULEVEL |  -.0037784   .0010326    -3.66   0.000    -.0058022   -.0017546
            D_MARITAL_STATUS |   .0020627   .0012319     1.67   0.094    -.0003519    .0044773
          LN_CUM_SUM_DIVORCE |   .0029478   .0021054     1.40   0.161    -.0011789    .0070744
             LN_TOTALINCOME2 |  -.0023907   .0007141    -3.35   0.001    -.0037904    -.000991
             D_CUM_SUBSTANCE |   .0100507   .0051486     1.95   0.051    -.0000406    .0201419
          D_CUM_ALL_BUT_SUBS |     .00166   .0014077     1.18   0.238     -.001099    .0044191
                      D_FMOB |  -.0025117   .0011321    -2.22   0.027    -.0047305   -.0002928
            LN_NUM_POSITIONS |   .0029074   .0012869     2.26   0.024     .0003851    .0054296
          Mean_OMAVARAISUUS2 |   -.010861   .0018815    -5.77   0.000    -.0145489   -.0071732
                Mean_LNTASE2 |   .0010162   .0003055     3.33   0.001     .0004175    .0016149
                   Mean_ROA2 |  -.0045866   .0021401    -2.14   0.032    -.0087811    -.000392
           Mean_LN_Boardsize |  -.0060878   .0008168    -7.45   0.000    -.0076888   -.0044868
         Mean_Current_Ratio2 |   .0004323   .0001668     2.59   0.010     .0001053    .0007593
                             |
             Industry_2002_3 |
                          2  |  -.0019357   .0019383    -1.00   0.318    -.0057348    .0018634
                          5  |  -.0107356   .0138077    -0.78   0.437    -.0377985    .0163274
                         10  |   .0024417   .0016641     1.47   0.142      -.00082    .0057033
                         13  |   .0092908   .0050737     1.83   0.067    -.0006536    .0192352
                         14  |   .0015568   .0022638     0.69   0.492    -.0028802    .0059939
                         15  |   .0044492   .0047263     0.94   0.347    -.0048143    .0137128
                         17  |  -.0009072    .002725    -0.33   0.739    -.0062482    .0044339
                         18  |  -.0035142   .0032139    -1.09   0.274    -.0098135    .0027851
                         19  |   -.002801   .0040248    -0.70   0.486    -.0106896    .0050876
                         20  |  -.0037756    .002211    -1.71   0.088    -.0081091    .0005579
                         21  |   .0080001    .007371     1.09   0.278    -.0064471    .0224473
                         22  |   .0028273   .0028735     0.98   0.325    -.0028048    .0084593
                         23  |   .0041426   .0036019     1.15   0.250    -.0029171    .0112024
                         24  |   .0047188   .0018949     2.49   0.013     .0010049    .0084327
                         25  |   .0066472   .0037628     1.77   0.077    -.0007278    .0140221
                         26  |   .0005073   .0020116     0.25   0.801    -.0034355    .0044501
                         27  |  -.0028138   .0033576    -0.84   0.402    -.0093947    .0037671
                         28  |   .0031066   .0024239     1.28   0.200    -.0016443    .0078575
                         29  |   .0016968   .0017219     0.99   0.324     -.001678    .0050717
                         30  |   .0003032   .0034615     0.09   0.930    -.0064812    .0070877
                         31  |     .01339   .0070865     1.89   0.059    -.0004996    .0272796
                         32  |   .0027084   .0025226     1.07   0.283     -.002236    .0076527
                         33  |    .000521   .0030596     0.17   0.865    -.0054757    .0065178
                         34  |   .0031209   .0048173     0.65   0.517     -.006321    .0125627
                         35  |  -.0018433   .0022872    -0.81   0.420    -.0063262    .0026395
                         36  |  -.0020396   .0020806    -0.98   0.327    -.0061175    .0020384
                         37  |  -.0001076   .0030156    -0.04   0.972    -.0060182     .005803
                         40  |   .0079054   .0059598     1.33   0.185    -.0037757    .0195865
                         41  |   .0050631   .0023951     2.11   0.035     .0003687    .0097575
                         45  |   .0062556   .0015564     4.02   0.000     .0032052    .0093061
                         50  |   .0033115   .0022556     1.47   0.142    -.0011095    .0077325
                         51  |   .0026759   .0018976     1.41   0.159    -.0010434    .0063952
                         52  |   .0010693   .0018899     0.57   0.572    -.0026349    .0047736
                         55  |   .0054493   .0022843     2.39   0.017     .0009721    .0099265
                         60  |   .0027293   .0021159     1.29   0.197    -.0014178    .0068764
                         61  |  -.0052923    .003049    -1.74   0.083    -.0112683    .0006838
                         62  |  -.0040406   .0065778    -0.61   0.539    -.0169331    .0088519
                         63  |   .0042795   .0028275     1.51   0.130    -.0012624    .0098215
                         64  |  -.0039046   .0026419    -1.48   0.139    -.0090827    .0012734
                         65  |   .0046835   .0025588     1.83   0.067    -.0003316    .0096987
                         66  |   .0083865   .0031596     2.65   0.008     .0021936    .0145793
                         67  |   .0032492   .0024064     1.35   0.177    -.0014674    .0079657
                         70  |   .0043505    .002231     1.95   0.051    -.0000222    .0087231
                         71  |   .0057708      .0045     1.28   0.200    -.0030491    .0145907
                         72  |     .00303   .0014914     2.03   0.042     .0001069     .005953
                         73  |   .0164348   .0125377     1.31   0.190     -.008139    .0410086
                         74  |   .0083461   .0018563     4.50   0.000     .0047077    .0119844
                         75  |   .0142354   .0031971     4.45   0.000     .0079691    .0205017
                         80  |  -.0008531    .002629    -0.32   0.746    -.0060058    .0042997
                         85  |   .0047043   .0017999     2.61   0.009     .0011765    .0082321
                         90  |  -.0033269   .0026695    -1.25   0.213    -.0085591    .0019053
                         91  |   .0011001   .0047265     0.23   0.816    -.0081639     .010364
                         92  |   .0017243   .0016739     1.03   0.303    -.0015566    .0050051
                         93  |   .0009563   .0018775     0.51   0.610    -.0027235    .0046362
                             |
                       _cons |   .0371202   .0137708     2.70   0.007     .0101294     .064111
----------------------------------------------------------------------------------------------

. 
. 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 

. 
. test P_D_talous_kaikki_2 - Talous_rikokset_lapsuus_High = 0

 ( 1)  P_D_talous_kaikki_2 - Talous_rikokset_lapsuus_High = 0

       F(  1, 75923) =    3.92
            Prob > F =    0.0478

. 
. 
. 
. 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 Talous_rikokset_lapsuus_Q == 1, targets(3) ma
> xiter(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 __000012
note: higher order constraint omitted due to too few values of __000016
note: higher order constraint omitted due to too few values of __00001U
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 67.Industry_2002_3 70.Industry_2002_3 71.Industry_2002_3 72.Industry_2002_3 73.Indus
> try_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_NUM_POSITIONS Mean_O
> MAVARAISUUS2 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.Y
> EAR 2014.YEAR 2015.YEAR 2016.YEAR 2017.YEAR 2018.YEAR 2019.YEAR 2.Industry_2002_3 5.Industry_2002_3 10.Industry_2002_3 14.Industry_2002_3 15.Industry_2002_3 17.Industry_2002_3 18.Industry_2002_3 20.Industry_2002_3 21.Industry_2002_3 22.Industry_2002_
> 3 24.Industry_2002_3 25.Industry_2002_3 26.Industry_2002_3 27.Industry_2002_3 28.Industry_2002_3 29.Industry_2002_3 30.Industry_2002_3 31.Industry_2002_3 32.Industry_2002_3 33.Industry_2002_3 34.Industry_2002_3 35.Industry_2002_3 36.Industry_2002_3 3
> 7.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.I
> ndustry_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_SOC
> IALDEG 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_A
> LL_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_2002_3 20.Industry_2
> 002_3 21.Industry_2002_3 22.Industry_2002_3 24.Industry_2002_3 25.Industry_2002_3 26.Industry_2002_3 27.Industry_2002_3 28.Industry_2002_3 29.Industry_2002_3 30.Industry_2002_3 31.Industry_2002_3 32.Industry_2002_3 33.Industry_2002_3 34.Industry_2002
> _3 35.Industry_2002_3 36.Industry_2002_3 37.Industry_2002_3 40.Industry_2002_3 41.Industry_2002_3 45.Industry_2002_3 50.Industry_2002_3 51.Industry_2002_3 52.Industry_2002_3 55.Industry_2002_3 60.Industry_2002_3 61.Industry_2002_3 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 (3r
> d order).


Optimizing...
Iteration 1: Max Difference = 958133.909
Iteration 2: Max Difference = 352475.983
Iteration 3: Max Difference = 129666.884
Iteration 4: Max Difference = 47699.9968
Iteration 5: Max Difference = 17546.0645
Iteration 6: Max Difference = 6453.05352
Iteration 7: Max Difference = 2372.16488
Iteration 8: Max Difference = 870.89538
Iteration 9: Max Difference = 318.624162
Iteration 10: Max Difference = 115.494961
Iteration 11: Max Difference = 40.871885
Iteration 12: Max Difference = 13.667499
Iteration 13: Max Difference = 4.11376062
Iteration 14: Max Difference = 1.0740406
Iteration 15: Max Difference = .33431591
Iteration 16: Max Difference = .074101857
Iteration 17: Max Difference = .006822539
maximum difference smaller than the tolerance level; convergence achieved


Treated units: 6557    total of weights: 6557
Control units: 123879  total of weights: 6557


Before: without weighting

             |              Treat              |             Control             
             |      mean   variance   skewness |      mean   variance   skewness 
-------------+---------------------------------+--------------------------------
P_D_muu_~4_2 |     .6408      .2302     -.5871 |      .258      .1914      1.106 
P_BUSINESS~G |     .2683      .1963      1.046 |     .2211      .1722      1.344 
P_LN_EDULE~L |     .6588       .171      .1114 |     .6622      .1959      .1203 
P_D_MARITA~S |     .3807      .2358      .4916 |     .2925       .207      .9122 
P_LN_CUM_S~E |      .199      .1035      1.136 |     .1039     .06247      2.093 
P_LN_TOTAL~2 |     10.39      .6192      1.205 |     10.38      .4529      1.036 
P_D_CUM_SU~E |     .1266      .1106      2.246 |    .04893     .04654      4.182 
P_D_CUM_AL~S |     .2808       .202      .9757 |     .1955      .1573      1.536 
D_Muu_riko~4 |     .2426      .1838      1.201 |     .1849      .1507      1.623 
        MALE |     .7696      .1774      -1.28 |     .8042      .1575     -1.533 
      LN_AGE |     3.498     .04136     -.4056 |     3.538     .03576     -.5374 
BUSINESS_S~G |     .2036      .1622      1.472 |     .1858      .1513      1.615 
 LN_EDULEVEL |     .8143      .2603    -.02888 |     .9222      .2349      -.199 
D_MARITAL_~S |     .2561      .1905      1.118 |     .2034       .162      1.474 
LN_CUM_SUM~E |    .06348     .04332      3.109 |    .05678     .03793      3.239 
LN_TOTALIN~2 |     10.66      .7492     -.3766 |     10.72      .5893     -.5548 
D_CUM_SUBS~E |    .01037     .01026      9.666 |    .01172     .01158      9.073 
D_CUM_ALL_~S |    .08235     .07558      3.038 |      .078     .07192      3.147 
      D_FMOB |     .4067      .2413      .3797 |     .3441      .2257      .6565 
LN_NUM_POS~S |     .1109     .09589      3.037 |    .09364     .08311      3.556 
Mean_OMAVA~2 |     .3807     .07394      .4053 |     .4295     .07669       .197 
Mean_LNTASE2 |     13.27      1.502      .9373 |     13.31      1.581      1.143 
   Mean_ROA2 |     .1006     .03212      .2013 |     .1159     .03313      .3491 
Mean_LN_Bo~e |     .7383      .3554     .07116 |     .8741      .3405     -.1204 
Mean_Curre~2 |     2.387      6.752      2.423 |     2.676      7.651      2.188 
   1996.YEAR |    .00183    .001827      23.31 |   .001106    .001105      30.02 
   1997.YEAR |   .002745    .002738      19.01 |   .002349    .002344      20.56 
   1998.YEAR |   .005338     .00531      13.58 |   .003641    .003627      16.48 
   1999.YEAR |   .005643    .005612       13.2 |   .004924      .0049      14.15 
   2000.YEAR |   .008998    .008918       10.4 |   .006781    .006735      12.02 
   2001.YEAR |    .01235      .0122       8.83 |   .008863    .008785      10.48 
   2002.YEAR |     .0151     .01487      7.953 |    .01113     .01101      9.319 
   2003.YEAR |    .01723     .01694      7.419 |    .01372     .01353       8.36 
   2004.YEAR |    .02089     .02046      6.699 |    .01633     .01606      7.632 
   2005.YEAR |     .0241     .02352      6.207 |    .01935     .01898      6.979 
   2006.YEAR |    .02699     .02627      5.837 |    .02343     .02289      6.301 
   2007.YEAR |    .03309       .032       5.22 |    .02822     .02742      5.698 
   2008.YEAR |    .03919     .03766      4.749 |     .0346      .0334      5.093 
   2009.YEAR |    .04606     .04394      4.331 |    .04124     .03954      4.614 
   2010.YEAR |    .04865     .04629      4.196 |     .0452     .04315      4.379 
   2011.YEAR |    .05368     .05081       3.96 |    .05182     .04914      4.044 
   2012.YEAR |    .05963     .05608      3.719 |    .05908     .05559       3.74 
   2013.YEAR |    .06207     .05823       3.63 |    .06643     .06202      3.482 
   2014.YEAR |    .06665     .06221      3.475 |    .07317     .06782      3.278 
   2015.YEAR |    .07122     .06616      3.334 |    .08001     .07361      3.096 
   2016.YEAR |    .07885     .07264      3.125 |    .08738     .07975      2.922 
   2017.YEAR |    .08678     .07926      2.936 |    .09137     .08302      2.836 
   2018.YEAR |    .09944     .08956      2.677 |     .1068     .09536      2.547 
   2019.YEAR |     .1132      .1004      2.442 |     .1227      .1077      2.299 
2.Industry~3 |    .01342     .01324      8.457 |     .0281     .02731      5.711 
5.Industry~3 |  .0009151   .0009144      33.01 |    .00151    .001507      25.68 
10.Industr~3 |   .002898     .00289       18.5 |   .004537    .004516      14.75 
13.Industr~3 |         0          0          . |  .0000646   .0000646      124.4 
14.Industr~3 |   .005338     .00531      13.58 |   .003415    .003403      17.03 
15.Industr~3 |    .01723     .01694      7.419 |    .01656     .01629      7.575 
17.Industr~3 |    .00671    .006666      12.08 |   .003528    .003515      16.75 
18.Industr~3 |   .001983    .001979      22.39 |   .001372     .00137      26.94 
19.Industr~3 |         0          0          . |   .001122    .001121       29.8 
20.Industr~3 |    .01129     .01116      9.253 |    .01677     .01649      7.525 
21.Industr~3 |   .001525    .001523      25.55 |   .002212    .002207      21.19 
22.Industr~3 |    .01022     .01012       9.74 |   .009905    .009807      9.898 
23.Industr~3 |         0          0          . |  .0000323   .0000323        176 
24.Industr~3 |  .0007625   .0007621      36.17 |   .002607    .002601      19.51 
25.Industr~3 |    .00488    .004857      14.21 |   .007927    .007864       11.1 
26.Industr~3 |   .003965     .00395      15.79 |   .006539    .006496      12.25 
27.Industr~3 |    .00122    .001219      28.58 |   .001292     .00129      27.77 
28.Industr~3 |    .03431     .03314      5.116 |    .04119      .0395      4.617 
29.Industr~3 |    .02242     .02192      6.452 |    .02342     .02287      6.303 
30.Industr~3 |    .00122    .001219      28.58 |  .0004036   .0004035      49.75 
31.Industr~3 |   .007625    .007568      11.32 |   .003253    .003243      17.45 
32.Industr~3 |   .004118    .004101      15.49 |   .002123    .002119      21.63 
33.Industr~3 |   .000305    .000305      57.23 |   .003826    .003812      16.07 
34.Industr~3 |    .00366    .003647      16.44 |   .003439    .003427      16.96 
35.Industr~3 |   .003813    .003799       16.1 |   .004973    .004948      14.08 
36.Industr~3 |    .01235      .0122       8.83 |   .007774    .007713      11.21 
37.Industr~3 |  .0009151   .0009144      33.01 |  .0006619   .0006615      38.83 
40.Industr~3 |   .002135    .002131      21.57 |    .01017     .01007      9.764 
41.Industr~3 |   .001525    .001523      25.55 |   .002624    .002617      19.45 
45.Industr~3 |     .1983       .159      1.514 |     .1753      .1446      1.708 
50.Industr~3 |    .05902     .05555      3.742 |     .0436      .0417       4.47 
51.Industr~3 |    .05216     .04945      4.028 |    .06238     .05849      3.619 
52.Industr~3 |    .09013     .08202      2.862 |    .06998     .06508      3.371 
55.Industr~3 |    .03599      .0347      4.982 |    .03222     .03118      5.298 
60.Industr~3 |    .06268     .05876      3.608 |    .07507     .06943      3.225 
61.Industr~3 |    .00244    .002435      20.17 |   .001493    .001491      25.82 
62.Industr~3 |         0          0          . |  .0002341    .000234      65.34 
63.Industr~3 |    .03004     .02915      5.506 |    .01439     .01419      8.154 
64.Industr~3 |   .004423    .004404      14.94 |   .003592    .003579      16.59 
65.Industr~3 |   .009608    .009517      10.05 |   .007943     .00788      11.09 
67.Industr~3 |    .00305    .003041      18.02 |   .004803     .00478      14.32 
70.Industr~3 |    .04758     .04533       4.25 |    .04367     .04176      4.466 
71.Industr~3 |   .009303    .009218      10.22 |   .005635    .005603      13.21 
72.Industr~3 |    .03645     .03513      4.947 |    .03842     .03695      4.803 
73.Industr~3 |  .0007625   .0007621      36.17 |   .001655    .001652      24.52 
74.Industr~3 |    .09471     .08575      2.768 |      .101     .09078      2.649 
75.Industr~3 |         0          0          . |  .0003713   .0003712      51.87 
80.Industr~3 |     .0061    .006064      12.69 |   .005005     .00498      14.03 
85.Industr~3 |    .02608      .0254      5.947 |    .03385      .0327      5.156 
90.Industr~3 |   .003813    .003799       16.1 |   .009437    .009348      10.15 
91.Industr~3 |         0          0          . |  .0000484   .0000484      143.7 
92.Industr~3 |     .0151     .01487      7.953 |    .02019     .01978      6.823 
93.Industr~3 |   .004118    .004101      15.49 |   .004892    .004868      14.19 


After:  _webal as the weighting variable

             |              Treat              |             Control             
             |      mean   variance   skewness |      mean   variance   skewness 
-------------+---------------------------------+--------------------------------
P_D_muu_~4_2 |     .6408      .2302     -.5871 |     .6408      .2302      -.587 
P_BUSINESS~G |     .2683      .1963      1.046 |     .2683      .1963      1.046 
P_LN_EDULE~L |     .6588       .171      .1114 |     .6588       .171      .1116 
P_D_MARITA~S |     .3807      .2358      .4916 |     .3807      .2358      .4914 
P_LN_CUM_S~E |      .199      .1035      1.136 |      .199      .1035      1.137 
P_LN_TOTAL~2 |     10.39      .6192      1.205 |     10.39      .6192      1.207 
P_D_CUM_SU~E |     .1266      .1106      2.246 |     .1266      .1106      2.246 
P_D_CUM_AL~S |     .2808       .202      .9757 |     .2808       .202      .9755 
D_Muu_riko~4 |     .2426      .1838      1.201 |     .2427      .1838        1.2 
        MALE |     .7696      .1774      -1.28 |     .7695      .1774      -1.28 
      LN_AGE |     3.498     .04136     -.4056 |     3.498     .04136     -.4038 
BUSINESS_S~G |     .2036      .1622      1.472 |     .2036      .1622      1.472 
 LN_EDULEVEL |     .8143      .2603    -.02888 |     .8143      .2603    -.02872 
D_MARITAL_~S |     .2561      .1905      1.118 |     .2561      .1905      1.118 
LN_CUM_SUM~E |    .06348     .04332      3.109 |    .06348     .04332      3.109 
LN_TOTALIN~2 |     10.66      .7492     -.3766 |     10.66      .7492     -.3753 
D_CUM_SUBS~E |    .01037     .01026      9.666 |    .01037     .01026      9.666 
D_CUM_ALL_~S |    .08235     .07558      3.038 |    .08236     .07558      3.038 
      D_FMOB |     .4067      .2413      .3797 |     .4068      .2413      .3796 
LN_NUM_POS~S |     .1109     .09589      3.037 |     .1109     .09589      3.037 
Mean_OMAVA~2 |     .3807     .07394      .4053 |     .3807     .07394      .4054 
Mean_LNTASE2 |     13.27      1.502      .9373 |     13.27      1.503      .9385 
   Mean_ROA2 |     .1006     .03212      .2013 |     .1006     .03212      .2014 
Mean_LN_Bo~e |     .7383      .3554     .07116 |     .7383      .3554     .07132 
Mean_Curre~2 |     2.387      6.752      2.423 |     2.387      6.752      2.423 
   1996.YEAR |    .00183    .001827      23.31 |    .00183    .001827      23.31 
   1997.YEAR |   .002745    .002738      19.01 |   .002745    .002738      19.01 
   1998.YEAR |   .005338     .00531      13.58 |   .005338     .00531      13.58 
   1999.YEAR |   .005643    .005612       13.2 |   .005643    .005612       13.2 
   2000.YEAR |   .008998    .008918       10.4 |   .008999    .008918       10.4 
   2001.YEAR |    .01235      .0122       8.83 |    .01235      .0122      8.829 
   2002.YEAR |     .0151     .01487      7.953 |     .0151     .01487      7.952 
   2003.YEAR |    .01723     .01694      7.419 |    .01724     .01694      7.419 
   2004.YEAR |    .02089     .02046      6.699 |     .0209     .02046      6.699 
   2005.YEAR |     .0241     .02352      6.207 |     .0241     .02352      6.207 
   2006.YEAR |    .02699     .02627      5.837 |      .027     .02627      5.837 
   2007.YEAR |    .03309       .032       5.22 |     .0331       .032       5.22 
   2008.YEAR |    .03919     .03766      4.749 |     .0392     .03766      4.749 
   2009.YEAR |    .04606     .04394      4.331 |    .04606     .04394      4.331 
   2010.YEAR |    .04865     .04629      4.196 |    .04865     .04629      4.196 
   2011.YEAR |    .05368     .05081       3.96 |    .05369     .05081       3.96 
   2012.YEAR |    .05963     .05608      3.719 |    .05964     .05608      3.719 
   2013.YEAR |    .06207     .05823       3.63 |    .06208     .05822       3.63 
   2014.YEAR |    .06665     .06221      3.475 |    .06665     .06221      3.475 
   2015.YEAR |    .07122     .06616      3.334 |    .07123     .06615      3.334 
   2016.YEAR |    .07885     .07264      3.125 |    .07885     .07263      3.125 
   2017.YEAR |    .08678     .07926      2.936 |    .08678     .07925      2.936 
   2018.YEAR |    .09944     .08956      2.677 |    .09944     .08955      2.677 
   2019.YEAR |     .1132      .1004      2.442 |     .1132      .1004      2.442 
2.Industry~3 |    .01342     .01324      8.457 |    .01342     .01324      8.457 
5.Industry~3 |  .0009151   .0009144      33.01 |  .0009151   .0009143      33.01 
10.Industr~3 |   .002898     .00289       18.5 |   .002898    .002889       18.5 
13.Industr~3 |         0          0          . |  9.97e-07   9.97e-07       1001 
14.Industr~3 |   .005338     .00531      13.58 |   .005338     .00531      13.58 
15.Industr~3 |    .01723     .01694      7.419 |    .01723     .01694      7.419 
17.Industr~3 |    .00671    .006666      12.08 |   .006711    .006666      12.08 
18.Industr~3 |   .001983    .001979      22.39 |   .001983    .001979      22.39 
19.Industr~3 |         0          0          . |   .000017    .000017      242.4 
20.Industr~3 |    .01129     .01116      9.253 |    .01129     .01116      9.253 
21.Industr~3 |   .001525    .001523      25.55 |   .001525    .001523      25.55 
22.Industr~3 |    .01022     .01012       9.74 |    .01022     .01012       9.74 
23.Industr~3 |         0          0          . |  4.51e-07   4.51e-07       1490 
24.Industr~3 |  .0007625   .0007621      36.17 |  .0007626   .0007621      36.17 
25.Industr~3 |    .00488    .004857      14.21 |   .004881    .004857      14.21 
26.Industr~3 |   .003965     .00395      15.79 |   .003965     .00395      15.79 
27.Industr~3 |    .00122    .001219      28.58 |    .00122    .001219      28.58 
28.Industr~3 |    .03431     .03314      5.116 |    .03432     .03314      5.116 
29.Industr~3 |    .02242     .02192      6.452 |    .02242     .02192      6.452 
30.Industr~3 |    .00122    .001219      28.58 |    .00122    .001219      28.58 
31.Industr~3 |   .007625    .007568      11.32 |   .007626    .007568      11.32 
32.Industr~3 |   .004118    .004101      15.49 |   .004118    .004101      15.49 
33.Industr~3 |   .000305    .000305      57.23 |  .0003118   .0003117       56.6 
34.Industr~3 |    .00366    .003647      16.44 |    .00366    .003647      16.44 
35.Industr~3 |   .003813    .003799       16.1 |   .003813    .003798       16.1 
36.Industr~3 |    .01235      .0122       8.83 |    .01235      .0122      8.829 
37.Industr~3 |  .0009151   .0009144      33.01 |  .0009151   .0009143      33.01 
40.Industr~3 |   .002135    .002131      21.57 |   .002136    .002131      21.57 
41.Industr~3 |   .001525    .001523      25.55 |   .001525    .001523      25.55 
45.Industr~3 |     .1983       .159      1.514 |     .1983       .159      1.513 
50.Industr~3 |    .05902     .05555      3.742 |    .05902     .05554      3.742 
51.Industr~3 |    .05216     .04945      4.028 |    .05216     .04944      4.028 
52.Industr~3 |    .09013     .08202      2.862 |    .09014     .08201      2.862 
55.Industr~3 |    .03599      .0347      4.982 |    .03599      .0347      4.982 
60.Industr~3 |    .06268     .05876      3.608 |    .06268     .05875      3.608 
61.Industr~3 |    .00244    .002435      20.17 |    .00244    .002434      20.17 
62.Industr~3 |         0          0          . |  3.78e-06   3.78e-06      514.2 
63.Industr~3 |    .03004     .02915      5.506 |    .03005     .02914      5.506 
64.Industr~3 |   .004423    .004404      14.94 |   .004423    .004403      14.94 
65.Industr~3 |   .009608    .009517      10.05 |   .009609    .009516      10.05 
67.Industr~3 |    .00305    .003041      18.02 |    .00305    .003041      18.02 
70.Industr~3 |    .04758     .04533       4.25 |    .04758     .04532       4.25 
71.Industr~3 |   .009303    .009218      10.22 |   .009303    .009217      10.22 
72.Industr~3 |    .03645     .03513      4.947 |    .03645     .03512      4.947 
73.Industr~3 |  .0007625   .0007621      36.17 |  .0007626    .000762      36.17 
74.Industr~3 |    .09471     .08575      2.768 |    .09471     .08574      2.768 
75.Industr~3 |         0          0          . |  5.49e-06   5.49e-06      426.7 
80.Industr~3 |     .0061    .006064      12.69 |   .006101    .006063      12.69 
85.Industr~3 |    .02608      .0254      5.947 |    .02608      .0254      5.947 
90.Industr~3 |   .003813    .003799       16.1 |   .003813    .003798       16.1 
91.Industr~3 |         0          0          . |  6.75e-07   6.75e-07       1217 
92.Industr~3 |     .0151     .01487      7.953 |     .0151     .01487      7.953 
93.Industr~3 |   .004118    .004101      15.49 |   .004118    .004101      15.49 

. 
. 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 13,114)

Linear regression, absorbing indicators            Number of obs     = 130,436
Absorbed variable: YearMunicipality                No. of categories =   6,889
                                                   F(79, 24834)      =    1.22
                                                   Prob > F          =  0.0863
                                                   R-squared         =  0.3053
                                                   Adj R-squared     =  0.2661
                                                   Root MSE          =  0.0665

                                        (Std. err. adjusted for 24,835 clusters in ID)
--------------------------------------------------------------------------------------
                     |               Robust
D_Vaste_talous_kai~i | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
---------------------+----------------------------------------------------------------
 P_D_talous_kaikki_2 |   .0033168   .0013607     2.44   0.015     .0006496    .0059839
   P_D_muu_rikos_4_2 |   .0014118   .0009448     1.49   0.135    -.0004401    .0032637
P_BUSINESS_SOCIALDEG |   .0013616   .0017612     0.77   0.439    -.0020906    .0048137
       P_LN_EDULEVEL |  -.0032671    .001729    -1.89   0.059    -.0066561    .0001219
  P_D_MARITAL_STATUS |   .0020168   .0015663     1.29   0.198    -.0010532    .0050869
P_LN_CUM_SUM_DIVORCE |   .0040329   .0026972     1.50   0.135    -.0012537    .0093194
   P_LN_TOTALINCOME2 |   .0027331   .0013316     2.05   0.040     .0001231    .0053431
   P_D_CUM_SUBSTANCE |   .0001588   .0021533     0.07   0.941    -.0040619    .0043794
P_D_CUM_ALL_BUT_SUBS |   .0004746   .0014902     0.32   0.750    -.0024464    .0033955
       D_Muu_rikos_4 |   .0084993   .0019751     4.30   0.000     .0046281    .0123706
                MALE |   .0010078   .0011353     0.89   0.375    -.0012174     .003233
              LN_AGE |   .0010747   .0036428     0.30   0.768    -.0060654    .0082147
  BUSINESS_SOCIALDEG |  -.0004043   .0013114    -0.31   0.758    -.0029746     .002166
         LN_EDULEVEL |  -.0048019   .0019094    -2.51   0.012    -.0085443   -.0010595
    D_MARITAL_STATUS |   .0026381   .0018178     1.45   0.147    -.0009249    .0062011
  LN_CUM_SUM_DIVORCE |   .0030926   .0036541     0.85   0.397    -.0040696    .0102549
     LN_TOTALINCOME2 |  -.0024809   .0010488    -2.37   0.018    -.0045367   -.0004252
     D_CUM_SUBSTANCE |   .0031775   .0058279     0.55   0.586    -.0082456    .0146005
  D_CUM_ALL_BUT_SUBS |   -.000117   .0021334    -0.05   0.956    -.0042987    .0040647
              D_FMOB |  -.0027274   .0014251    -1.91   0.056    -.0055207    .0000659
    LN_NUM_POSITIONS |   .0057039   .0029015     1.97   0.049     .0000167    .0113911
  Mean_OMAVARAISUUS2 |  -.0046936   .0024085    -1.95   0.051    -.0094144    .0000271
        Mean_LNTASE2 |   .0006318   .0004186     1.51   0.131    -.0001886    .0014523
           Mean_ROA2 |  -.0060096   .0029027    -2.07   0.038     -.011699   -.0003202
   Mean_LN_Boardsize |  -.0035932   .0010497    -3.42   0.001    -.0056508   -.0015357
 Mean_Current_Ratio2 |   .0002228   .0002064     1.08   0.280    -.0001818    .0006274
                     |
     Industry_2002_3 |
                  2  |    .001621   .0017164     0.94   0.345    -.0017432    .0049853
                  5  |  -.0011191   .0053174    -0.21   0.833    -.0115415    .0093033
                 10  |   .0048798   .0019249     2.54   0.011     .0011069    .0086526
                 13  |  -.0057456   .0094009    -0.61   0.541    -.0241719    .0126806
                 14  |   -.004223   .0048748    -0.87   0.386    -.0137778    .0053319
                 15  |  -.0020441   .0050318    -0.41   0.685    -.0119067    .0078186
                 17  |   .0039408   .0027658     1.42   0.154    -.0014803    .0093619
                 18  |   .0025915   .0028486     0.91   0.363     -.002992     .008175
                 19  |   .0007393    .003873     0.19   0.849     -.006852    .0083307
                 20  |  -.0037833   .0034275    -1.10   0.270    -.0105014    .0029348
                 21  |   .0040499   .0023219     1.74   0.081    -.0005011    .0086009
                 22  |  -.0017633   .0036168    -0.49   0.626    -.0088523    .0053258
                 23  |    .009999   .0036019     2.78   0.006      .002939     .017059
                 24  |   -.002659   .0039257    -0.68   0.498    -.0103536    .0050356
                 25  |   .0026396   .0037333     0.71   0.480    -.0046778     .009957
                 26  |   .0011486   .0022767     0.50   0.614    -.0033139    .0056111
                 27  |   .0049309   .0034309     1.44   0.151    -.0017938    .0116556
                 28  |    .003279   .0035151     0.93   0.351    -.0036107    .0101688
                 29  |   .0001015   .0025257     0.04   0.968     -.004849     .005052
                 30  |  -.0126811   .0123488    -1.03   0.304    -.0368855    .0115233
                 31  |   .0109032   .0065978     1.65   0.098     -.002029    .0238353
                 32  |   .0022577   .0062752     0.36   0.719    -.0100421    .0145575
                 33  |   .0013082   .0051844     0.25   0.801    -.0088535      .01147
                 34  |   .0063938   .0025321     2.53   0.012     .0014308    .0113568
                 35  |    .001124   .0028084     0.40   0.689    -.0043806    .0066286
                 36  |  -.0008708    .002821    -0.31   0.758    -.0064001    .0046585
                 37  |  -.0004468   .0028852    -0.15   0.877     -.006102    .0052085
                 40  |   .0162775   .0344916     0.47   0.637    -.0513282    .0838831
                 41  |   .0070324   .0036712     1.92   0.055    -.0001633    .0142282
                 45  |   .0046364   .0017772     2.61   0.009     .0011531    .0081198
                 50  |   .0069102   .0031943     2.16   0.031     .0006492    .0131712
                 51  |   .0013934   .0019439     0.72   0.473    -.0024167    .0052035
                 52  |   .0012127   .0020892     0.58   0.562    -.0028822    .0053077
                 55  |   .0111241   .0058681     1.90   0.058    -.0003777    .0226258
                 60  |   .0025645   .0029211     0.88   0.380    -.0031611    .0082901
                 61  |  -.0054057   .0082257    -0.66   0.511    -.0215285    .0107171
                 62  |   -.005653   .0072059    -0.78   0.433     -.019777     .008471
                 63  |   .0117342    .005377     2.18   0.029      .001195    .0222735
                 64  |   .0077007   .0068392     1.13   0.260    -.0057045     .021106
                 65  |   .0081287   .0043441     1.87   0.061    -.0003859    .0166434
                 67  |   .0022802   .0024864     0.92   0.359    -.0025933    .0071536
                 70  |   .0018442   .0021743     0.85   0.396    -.0024175    .0061059
                 71  |   .0133246   .0084852     1.57   0.116     -.003307    .0299561
                 72  |    .004599   .0020351     2.26   0.024       .00061    .0085879
                 73  |    .008156   .0022828     3.57   0.000     .0036817    .0126304
                 74  |   .0097576   .0035485     2.75   0.006     .0028023    .0167128
                 75  |    .011275   .0028506     3.96   0.000     .0056877    .0168623
                 80  |   .0016491   .0035227     0.47   0.640    -.0052556    .0085539
                 85  |   .0066454   .0041062     1.62   0.106    -.0014029    .0146937
                 90  |  -.0028073   .0023853    -1.18   0.239    -.0074826     .001868
                 91  |   .0104922   .0059726     1.76   0.079    -.0012144    .0221988
                 92  |   .0046101   .0029569     1.56   0.119    -.0011857    .0104059
                 93  |    .003488   .0041608     0.84   0.402    -.0046674    .0116435
                     |
               _cons |  -.0095763   .0197869    -0.48   0.628    -.0483598    .0292073
--------------------------------------------------------------------------------------

. 
. tabulate D_Vaste_talous_kaikki P_D_talous_kaikki_2 if Talous_rikokset_lapsuus_Q == 1

D_Vaste_ta |
lous_kaikk |  P_D_talous_kaikki_2
         i |         0          1 |     Total
-----------+----------------------+----------
         0 |   123,597      6,504 |   130,101 
         1 |       282         53 |       335 
-----------+----------------------+----------
     Total |   123,879      6,557 |   130,436 

. 
. 
. 
. 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 Talous_rikokset_lapsuus_Q == 2, targets(3) ma
> xiter(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 __00001U
note: higher order constraint omitted due to too few values of __00001Y
note: higher order constraint omitted due to too few values of __000023
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 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.I
> ndustry_2002_3 67.Industry_2002_3 70.Industry_2002_3 71.Industry_2002_3 72.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_SOC
> IALDEG 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_A
> LL_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_2002_3 19.Industry_2
> 002_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 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 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 = 1014759.03
Iteration 2: Max Difference = 373307.329
Iteration 3: Max Difference = 137330.436
Iteration 4: Max Difference = 50519.3881
Iteration 5: Max Difference = 18583.3888
Iteration 6: Max Difference = 6834.79202
Iteration 7: Max Difference = 2512.72692
Iteration 8: Max Difference = 922.733794
Iteration 9: Max Difference = 337.823576
Iteration 10: Max Difference = 122.688591
Iteration 11: Max Difference = 43.6513953
Iteration 12: Max Difference = 14.8221682
Iteration 13: Max Difference = 4.90686417
Iteration 14: Max Difference = 1.32845971
Iteration 15: Max Difference = .211866841
Iteration 16: Max Difference = .017843784
Iteration 17: Max Difference = .001473415
maximum difference smaller than the tolerance level; convergence achieved


Treated units: 8022    total of weights: 8022
Control units: 122678  total of weights: 8022


Before: without weighting

             |              Treat              |             Control             
             |      mean   variance   skewness |      mean   variance   skewness 
-------------+---------------------------------+--------------------------------
P_D_muu_~4_2 |      .682      .2169     -.7816 |     .2784      .2009      .9886 
P_BUSINESS~G |     .3138      .2153      .8027 |      .278      .2007      .9912 
P_LN_EDULE~L |     .6783      .1844      .1155 |     .7754      .2214    -.01995 
P_D_MARITA~S |     .4379      .2462      .2503 |     .3215      .2182      .7641 
P_LN_CUM_S~E |     .2308      .1135      .9413 |     .1282     .07429      1.772 
P_LN_TOTAL~2 |     10.41      .6797      1.113 |      10.5      .4736      .9168 
P_D_CUM_SU~E |      .119      .1049      2.353 |    .05223      .0495      4.025 
P_D_CUM_AL~S |      .262      .1934      1.082 |     .1973      .1584      1.521 
D_Muu_riko~4 |     .2654       .195      1.063 |     .1815      .1486      1.653 
        MALE |     .7281       .198     -1.025 |     .7894      .1662      -1.42 
      LN_AGE |     3.497      .0404     -.4772 |     3.539     .03484      -.549 
BUSINESS_S~G |     .2463      .1857      1.178 |     .2323      .1784      1.268 
 LN_EDULEVEL |     .8398      .2461    -.07447 |     .9764      .2487     -.3047 
D_MARITAL_~S |     .2406      .1827      1.214 |     .2089      .1652      1.432 
LN_CUM_SUM~E |    .06196     .04017      2.976 |    .06099     .04015      3.059 
LN_TOTALIN~2 |     10.69       .741     -.5494 |     10.78      .6455     -.6287 
D_CUM_SUBS~E |    .01708     .01679      7.455 |    .01163      .0115      9.109 
D_CUM_ALL_~S |    .09998     .08999      2.667 |    .07755     .07154      3.159 
      D_FMOB |     .3717      .2336      .5309 |     .3278      .2204      .7336 
LN_NUM_POS~S |      .107     .09114      3.232 |     .1046      .0956      3.445 
Mean_OMAVA~2 |     .4016     .07169      .2676 |     .4432     .07752      .1311 
Mean_LNTASE2 |     13.32      1.677      1.159 |     13.35      1.791      1.158 
   Mean_ROA2 |     .1082     .03501      .2388 |     .1179     .03832      .2665 
Mean_LN_Bo~e |     .7467      .3493     .07061 |     .8875      .3464     -.1329 
Mean_Curre~2 |     2.371      6.267       2.52 |     2.787      8.099      2.108 
   1996.YEAR |   .001995    .001991      22.32 |   .001467    .001465      26.05 
   1997.YEAR |   .002368    .002363      20.47 |   .002282    .002277      20.86 
   1998.YEAR |   .005111    .005085      13.88 |   .003619    .003606      16.53 
   1999.YEAR |   .006981    .006933      11.84 |   .004948    .004923      14.11 
   2000.YEAR |   .008601    .008528      10.64 |   .006554    .006511      12.23 
   2001.YEAR |    .01109     .01097      9.335 |   .008983    .008902      10.41 
   2002.YEAR |    .01434     .01413      8.171 |    .01102      .0109      9.367 
   2003.YEAR |    .01733     .01703      7.398 |    .01383     .01364      8.325 
   2004.YEAR |    .01982     .01943       6.89 |    .01666     .01638      7.552 
   2005.YEAR |    .02368     .02313      6.265 |    .02013     .01972      6.834 
   2006.YEAR |     .0263     .02561       5.92 |    .02388     .02331      6.237 
   2007.YEAR |    .03067     .02973      5.444 |    .02957      .0287      5.554 
   2008.YEAR |    .04039     .03876      4.669 |     .0359     .03461      4.989 
   2009.YEAR |    .04463     .04264      4.411 |    .04176     .04002      4.581 
   2010.YEAR |    .04762     .04536      4.249 |    .04605     .04393      4.332 
   2011.YEAR |     .0531     .05029      3.986 |    .05205     .04934      4.033 
   2012.YEAR |    .05921     .05571      3.735 |    .05939     .05586      3.728 
   2013.YEAR |    .06682     .06236       3.47 |    .06546     .06117      3.514 
   2014.YEAR |    .07155     .06644      3.325 |    .07237     .06713      3.301 
   2015.YEAR |    .07592     .07016      3.202 |    .07872     .07252      3.129 
   2016.YEAR |     .0834     .07645      3.014 |    .08613     .07871       2.95 
   2017.YEAR |    .08427     .07718      2.993 |    .08996     .08187      2.866 
   2018.YEAR |    .09698     .08759      2.724 |     .1062     .09493      2.556 
   2019.YEAR |     .1073     .09582      2.537 |     .1227      .1076        2.3 
2.Industry~3 |   .006482    .006441       12.3 |    .01422     .01402      8.205 
5.Industry~3 |  .0002493   .0002493      63.31 |  .0002364   .0002363      65.02 
10.Industr~3 |  .0006233    .000623      40.02 |   .001801    .001798       23.5 
13.Industr~3 |         0          0          . |  .0000978   .0000978      101.1 
14.Industr~3 |   .002618    .002611      19.47 |    .00185    .001847      23.18 
15.Industr~3 |    .01521     .01498      7.923 |   .009456    .009366      10.14 
17.Industr~3 |  .0004986   .0004984      44.75 |   .002013    .002009      22.22 
18.Industr~3 |   .001371     .00137      26.95 |   .001435    .001433      26.34 
19.Industr~3 |  .0002493   .0002493      63.31 |  .0009048    .000904       33.2 
20.Industr~3 |    .01471     .01449      8.062 |     .0103     .01019      9.703 
21.Industr~3 |  .0002493   .0002493      63.31 |   .001687    .001685      24.28 
22.Industr~3 |    .01022     .01012      9.739 |    .01256      .0124      8.753 
23.Industr~3 |         0          0          . |  .0000408   .0000408      156.6 
24.Industr~3 |   .004737    .004715      14.43 |   .002266    .002261      20.94 
25.Industr~3 |   .005485    .005456      13.39 |   .004231    .004213      15.28 
26.Industr~3 |    .01072     .01061      9.502 |   .004255    .004237      15.23 
27.Industr~3 |         0          0          . |   .001231    .001229      28.45 
28.Industr~3 |    .03964     .03807      4.719 |    .03577     .03449      4.999 
29.Industr~3 |    .02231     .02182      6.468 |    .02124     .02079      6.641 
30.Industr~3 |  .0001247   .0001247      89.55 |  .0005543    .000554      42.44 
31.Industr~3 |   .002368    .002363      20.47 |   .003603     .00359      16.57 
32.Industr~3 |   .000374   .0003739      51.68 |   .001695    .001693      24.22 
33.Industr~3 |   .006358    .006318      12.42 |   .003309    .003299       17.3 
34.Industr~3 |   .002618    .002611      19.47 |   .001418    .001416       26.5 
35.Industr~3 |   .001122    .001121       29.8 |    .00322    .003209      17.54 
36.Industr~3 |    .00536    .005332      13.55 |   .007874    .007812      11.14 
37.Industr~3 |  .0001247   .0001247      89.55 |  .0006195   .0006191      40.14 
40.Industr~3 |   .005111    .005085      13.88 |   .008225    .008157      10.89 
41.Industr~3 |  .0002493   .0002493      63.31 |   .001704    .001701      24.17 
45.Industr~3 |     .1736      .1435      1.723 |     .1487      .1266      1.975 
50.Industr~3 |    .05809     .05472      3.778 |    .04625     .04411      4.321 
51.Industr~3 |    .08876     .08089      2.892 |    .08025     .07381       3.09 
52.Industr~3 |    .07479     .06921      3.233 |    .08162     .07496      3.056 
55.Industr~3 |    .05261     .04984      4.008 |    .03671     .03536      4.928 
60.Industr~3 |    .05161     .04895      4.054 |    .05495     .05193      3.906 
61.Industr~3 |  .0006233    .000623      40.02 |  .0009782   .0009772      31.93 
62.Industr~3 |         0          0          . |  .0002445   .0002445      63.92 
63.Industr~3 |    .01932     .01895      6.984 |    .01711     .01682      7.447 
64.Industr~3 |   .005859    .005825      12.95 |   .003782    .003768      16.17 
65.Industr~3 |   .009349    .009263       10.2 |    .01228     .01213      8.858 
66.Industr~3 |         0          0          . |  .0001223   .0001223      90.42 
67.Industr~3 |   .006482    .006441       12.3 |   .006497    .006455      12.29 
70.Industr~3 |    .06195     .05812      3.634 |    .05321     .05038      3.981 
71.Industr~3 |   .006482    .006441       12.3 |   .005535    .005504      13.33 
72.Industr~3 |    .04188     .04014      4.574 |    .05863      .0552      3.757 
73.Industr~3 |         0          0          . |   .002551    .002545      19.72 
74.Industr~3 |     .1164      .1029      2.392 |     .1365      .1178      2.118 
75.Industr~3 |         0          0          . |  .0006277   .0006273      39.88 
80.Industr~3 |   .003116    .003107      17.83 |   .007181     .00713      11.67 
85.Industr~3 |    .02867     .02785      5.649 |    .03662     .03528      4.934 
90.Industr~3 |   .007105    .007056      11.74 |   .007002    .006953      11.82 
91.Industr~3 |         0          0          . |  .0001549   .0001549      80.34 
92.Industr~3 |    .02917     .02832      5.596 |    .02909     .02825      5.604 
93.Industr~3 |    .00374    .003726      16.26 |   .005184    .005157      13.78 


After:  _webal as the weighting variable

             |              Treat              |             Control             
             |      mean   variance   skewness |      mean   variance   skewness 
-------------+---------------------------------+--------------------------------
P_D_muu_~4_2 |      .682      .2169     -.7816 |      .682      .2169     -.7814 
P_BUSINESS~G |     .3138      .2153      .8027 |     .3138      .2153      .8025 
P_LN_EDULE~L |     .6783      .1844      .1155 |     .6783      .1844      .1157 
P_D_MARITA~S |     .4379      .2462      .2503 |     .4379      .2461      .2502 
P_LN_CUM_S~E |     .2308      .1135      .9413 |     .2308      .1135      .9414 
P_LN_TOTAL~2 |     10.41      .6797      1.113 |     10.41      .6797      1.114 
P_D_CUM_SU~E |      .119      .1049      2.353 |     .1191      .1049      2.352 
P_D_CUM_AL~S |      .262      .1934      1.082 |     .2621      .1934      1.082 
D_Muu_riko~4 |     .2654       .195      1.063 |     .2654       .195      1.063 
        MALE |     .7281       .198     -1.025 |     .7281       .198     -1.025 
      LN_AGE |     3.497      .0404     -.4772 |     3.497      .0404     -.4758 
BUSINESS_S~G |     .2463      .1857      1.178 |     .2464      .1857      1.177 
 LN_EDULEVEL |     .8398      .2461    -.07447 |     .8398      .2461    -.07434 
D_MARITAL_~S |     .2406      .1827      1.214 |     .2406      .1827      1.214 
LN_CUM_SUM~E |    .06196     .04017      2.976 |    .06198     .04019      2.977 
LN_TOTALIN~2 |     10.69       .741     -.5494 |     10.69       .741     -.5484 
D_CUM_SUBS~E |    .01708     .01679      7.455 |    .01708     .01679      7.455 
D_CUM_ALL_~S |    .09998     .08999      2.667 |    .09998     .08999      2.667 
      D_FMOB |     .3717      .2336      .5309 |     .3717      .2336      .5308 
LN_NUM_POS~S |      .107     .09114      3.232 |      .107     .09114      3.233 
Mean_OMAVA~2 |     .4016     .07169      .2676 |     .4016     .07169      .2677 
Mean_LNTASE2 |     13.32      1.677      1.159 |     13.32      1.677       1.16 
   Mean_ROA2 |     .1082     .03501      .2388 |     .1082     .03501      .2387 
Mean_LN_Bo~e |     .7467      .3493     .07061 |     .7467      .3493     .07068 
Mean_Curre~2 |     2.371      6.267       2.52 |     2.371      6.266       2.52 
   1996.YEAR |   .001995    .001991      22.32 |   .001994    .001991      22.32 
   1997.YEAR |   .002368    .002363      20.47 |   .002369    .002363      20.47 
   1998.YEAR |   .005111    .005085      13.88 |   .005111    .005085      13.88 
   1999.YEAR |   .006981    .006933      11.84 |   .006981    .006932      11.84 
   2000.YEAR |   .008601    .008528      10.64 |   .008601    .008527      10.64 
   2001.YEAR |    .01109     .01097      9.335 |     .0111     .01097      9.335 
   2002.YEAR |    .01434     .01413      8.171 |    .01434     .01413      8.171 
   2003.YEAR |    .01733     .01703      7.398 |    .01733     .01703      7.398 
   2004.YEAR |    .01982     .01943       6.89 |    .01982     .01943       6.89 
   2005.YEAR |    .02368     .02313      6.265 |    .02369     .02313      6.264 
   2006.YEAR |     .0263     .02561       5.92 |     .0263     .02561       5.92 
   2007.YEAR |    .03067     .02973      5.444 |    .03067     .02973      5.444 
   2008.YEAR |    .04039     .03876      4.669 |    .04039     .03876      4.669 
   2009.YEAR |    .04463     .04264      4.411 |    .04463     .04264      4.411 
   2010.YEAR |    .04762     .04536      4.249 |    .04762     .04535      4.248 
   2011.YEAR |     .0531     .05029      3.986 |    .05311     .05029      3.986 
   2012.YEAR |    .05921     .05571      3.735 |    .05921     .05571      3.735 
   2013.YEAR |    .06682     .06236       3.47 |    .06682     .06235       3.47 
   2014.YEAR |    .07155     .06644      3.325 |    .07156     .06644      3.325 
   2015.YEAR |    .07592     .07016      3.202 |    .07592     .07016      3.202 
   2016.YEAR |     .0834     .07645      3.014 |     .0834     .07645      3.013 
   2017.YEAR |    .08427     .07718      2.993 |    .08427     .07717      2.993 
   2018.YEAR |    .09698     .08759      2.724 |    .09699     .08759      2.723 
   2019.YEAR |     .1073     .09582      2.537 |     .1073     .09583      2.537 
2.Industry~3 |   .006482    .006441       12.3 |   .006482     .00644       12.3 
5.Industry~3 |  .0002493   .0002493      63.31 |  .0002493   .0002492      63.31 
10.Industr~3 |  .0006233    .000623      40.02 |  .0006233   .0006229      40.02 
13.Industr~3 |         0          0          . |  1.70e-06   1.70e-06      767.4 
14.Industr~3 |   .002618    .002611      19.47 |   .002618    .002611      19.47 
15.Industr~3 |    .01521     .01498      7.923 |    .01521     .01498      7.923 
17.Industr~3 |  .0004986   .0004984      44.75 |  .0004987   .0004984      44.75 
18.Industr~3 |   .001371     .00137      26.95 |   .001371    .001369      26.95 
19.Industr~3 |  .0002493   .0002493      63.31 |  .0002493   .0002493      63.31 
20.Industr~3 |    .01471     .01449      8.062 |    .01471     .01449      8.062 
21.Industr~3 |  .0002493   .0002493      63.31 |  .0002498   .0002497      63.25 
22.Industr~3 |    .01022     .01012      9.739 |    .01022     .01012      9.738 
23.Industr~3 |         0          0          . |  6.29e-07   6.29e-07       1261 
24.Industr~3 |   .004737    .004715      14.43 |   .004737    .004714      14.43 
25.Industr~3 |   .005485    .005456      13.39 |   .005485    .005455      13.39 
26.Industr~3 |    .01072     .01061      9.502 |    .01072     .01061      9.502 
27.Industr~3 |         0          0          . |  .0000185   .0000185      232.3 
28.Industr~3 |    .03964     .03807      4.719 |    .03964     .03807      4.719 
29.Industr~3 |    .02231     .02182      6.468 |    .02231     .02182      6.468 
30.Industr~3 |  .0001247   .0001247      89.55 |  .0001247   .0001247      89.54 
31.Industr~3 |   .002368    .002363      20.47 |   .002368    .002363      20.48 
32.Industr~3 |   .000374   .0003739      51.68 |  .0003741   .0003739      51.68 
33.Industr~3 |   .006358    .006318      12.42 |   .006357    .006317      12.42 
34.Industr~3 |   .002618    .002611      19.47 |   .002618    .002611      19.47 
35.Industr~3 |   .001122    .001121       29.8 |   .001122    .001121      29.81 
36.Industr~3 |    .00536    .005332      13.55 |    .00536    .005331      13.55 
37.Industr~3 |  .0001247   .0001247      89.55 |  .0001247   .0001247      89.52 
40.Industr~3 |   .005111    .005085      13.88 |   .005111    .005085      13.88 
41.Industr~3 |  .0002493   .0002493      63.31 |  .0002499   .0002498      63.24 
45.Industr~3 |     .1736      .1435      1.723 |     .1737      .1435      1.723 
50.Industr~3 |    .05809     .05472      3.778 |    .05809     .05472      3.778 
51.Industr~3 |    .08876     .08089      2.892 |    .08875     .08088      2.892 
52.Industr~3 |    .07479     .06921      3.233 |    .07479      .0692      3.233 
55.Industr~3 |    .05261     .04984      4.008 |     .0526     .04984      4.008 
60.Industr~3 |    .05161     .04895      4.054 |    .05161     .04894      4.054 
61.Industr~3 |  .0006233    .000623      40.02 |  .0006233   .0006229      40.02 
62.Industr~3 |         0          0          . |  3.68e-06   3.68e-06        521 
63.Industr~3 |    .01932     .01895      6.984 |    .01932     .01895      6.984 
64.Industr~3 |   .005859    .005825      12.95 |   .005859    .005824      12.95 
65.Industr~3 |   .009349    .009263       10.2 |   .009349    .009262       10.2 
66.Industr~3 |         0          0          . |  1.76e-06   1.76e-06      753.3 
67.Industr~3 |   .006482    .006441       12.3 |   .006482     .00644       12.3 
70.Industr~3 |    .06195     .05812      3.634 |    .06195     .05811      3.634 
71.Industr~3 |   .006482    .006441       12.3 |   .006482     .00644       12.3 
72.Industr~3 |    .04188     .04014      4.574 |    .04188     .04013      4.574 
73.Industr~3 |         0          0          . |  .0000395   .0000395      159.2 
74.Industr~3 |     .1164      .1029      2.392 |     .1164      .1029      2.392 
75.Industr~3 |         0          0          . |  9.53e-06   9.53e-06      323.9 
80.Industr~3 |   .003116    .003107      17.83 |   .003116    .003107      17.83 
85.Industr~3 |    .02867     .02785      5.649 |    .02867     .02785      5.649 
90.Industr~3 |   .007105    .007056      11.74 |   .007105    .007055      11.74 
91.Industr~3 |         0          0          . |  2.22e-06   2.22e-06      671.3 
92.Industr~3 |    .02917     .02832      5.596 |    .02917     .02832      5.596 
93.Industr~3 |    .00374    .003726      16.26 |    .00374    .003726      16.26 

. 
. 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 16,044)

Linear regression, absorbing indicators            Number of obs     = 130,700
Absorbed variable: YearMunicipality                No. of categories =   5,493
                                                   F(80, 26293)      =    1.47
                                                   Prob > F          =  0.0040
                                                   R-squared         =  0.2229
                                                   Adj R-squared     =  0.1883
                                                   Root MSE          =  0.0747

                                        (Std. err. adjusted for 26,294 clusters in ID)
--------------------------------------------------------------------------------------
                     |               Robust
D_Vaste_talous_kai~i | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
---------------------+----------------------------------------------------------------
 P_D_talous_kaikki_2 |   .0033386   .0012653     2.64   0.008     .0008585    .0058187
   P_D_muu_rikos_4_2 |   .0025663    .001178     2.18   0.029     .0002573    .0048752
P_BUSINESS_SOCIALDEG |   .0024214     .00144     1.68   0.093     -.000401    .0052438
       P_LN_EDULEVEL |  -.0003823   .0016254    -0.24   0.814    -.0035682    .0028035
  P_D_MARITAL_STATUS |  -.0004988   .0015352    -0.32   0.745    -.0035078    .0025103
P_LN_CUM_SUM_DIVORCE |    -.00167   .0021526    -0.78   0.438    -.0058891    .0025491
   P_LN_TOTALINCOME2 |  -.0002132   .0009485    -0.22   0.822    -.0020724    .0016459
   P_D_CUM_SUBSTANCE |   .0000163   .0020942     0.01   0.994    -.0040885    .0041211
P_D_CUM_ALL_BUT_SUBS |  -.0023944   .0011821    -2.03   0.043    -.0047115   -.0000774
       D_Muu_rikos_4 |   .0070129   .0017906     3.92   0.000     .0035032    .0105225
                MALE |   .0017317     .00128     1.35   0.176    -.0007772    .0042406
              LN_AGE |   .0021781   .0052271     0.42   0.677    -.0080674    .0124236
  BUSINESS_SOCIALDEG |   .0009579    .001739     0.55   0.582    -.0024507    .0043665
         LN_EDULEVEL |  -.0027748   .0014874    -1.87   0.062    -.0056902    .0001407
    D_MARITAL_STATUS |   .0024109   .0016497     1.46   0.144    -.0008225    .0056443
  LN_CUM_SUM_DIVORCE |   .0017508    .003334     0.53   0.599    -.0047841    .0082857
     LN_TOTALINCOME2 |  -.0037109   .0012018    -3.09   0.002    -.0060664   -.0013554
     D_CUM_SUBSTANCE |   .0053882   .0068978     0.78   0.435    -.0081319    .0189083
  D_CUM_ALL_BUT_SUBS |   .0027437   .0019554     1.40   0.161    -.0010889    .0065763
              D_FMOB |  -.0034053   .0016735    -2.03   0.042    -.0066855   -.0001252
    LN_NUM_POSITIONS |    .002886    .001552     1.86   0.063     -.000156     .005928
  Mean_OMAVARAISUUS2 |  -.0115146    .003286    -3.50   0.000    -.0179554   -.0050739
        Mean_LNTASE2 |   .0005095     .00041     1.24   0.214    -.0002942    .0013132
           Mean_ROA2 |  -.0046738   .0035981    -1.30   0.194    -.0117262    .0023786
   Mean_LN_Boardsize |  -.0059104     .00104    -5.68   0.000    -.0079488    -.003872
 Mean_Current_Ratio2 |   .0004458   .0003184     1.40   0.161    -.0001782    .0010698
                     |
     Industry_2002_3 |
                  2  |  -.0006269   .0070935    -0.09   0.930    -.0145305    .0132767
                  5  |  -.0011999   .0064763    -0.19   0.853    -.0138938    .0114941
                 10  |   .0054097   .0058047     0.93   0.351    -.0059679    .0167873
                 13  |   .0219302   .0079132     2.77   0.006     .0064199    .0374405
                 14  |   .0025241   .0056041     0.45   0.652    -.0084603    .0135085
                 15  |   .0144007   .0106694     1.35   0.177    -.0065118    .0353133
                 17  |   .0058432   .0058989     0.99   0.322    -.0057189    .0174053
                 18  |   .0057528   .0065089     0.88   0.377     -.007005    .0185107
                 19  |   .0095971   .0060676     1.58   0.114    -.0022958      .02149
                 20  |    .001092    .005621     0.19   0.846    -.0099253    .0121094
                 21  |   .0012991   .0078631     0.17   0.869    -.0141129    .0167111
                 22  |   .0026635   .0070069     0.38   0.704    -.0110704    .0163974
                 23  |   .0063068   .0080604     0.78   0.434    -.0094921    .0221057
                 24  |   .0079314   .0060947     1.30   0.193    -.0040145    .0198774
                 25  |   .0075951   .0055977     1.36   0.175    -.0033768     .018567
                 26  |   .0011926   .0061717     0.19   0.847    -.0109043    .0132895
                 27  |   .0027765   .0057241     0.49   0.628    -.0084431    .0139961
                 28  |   .0104514   .0070319     1.49   0.137    -.0033314    .0242343
                 29  |   .0058897   .0057057     1.03   0.302    -.0052939    .0170733
                 30  |   .0104276   .0081847     1.27   0.203     -.005615    .0264701
                 31  |   .0101278   .0062917     1.61   0.107    -.0022043    .0224599
                 32  |   .0077748   .0056049     1.39   0.165    -.0032111    .0187606
                 33  |   .0037248   .0060177     0.62   0.536    -.0080701    .0155198
                 34  |   .0112842   .0127218     0.89   0.375    -.0136512    .0362195
                 35  |   .0046628   .0073077     0.64   0.523    -.0096606    .0189863
                 36  |    .006807   .0057106     1.19   0.233    -.0043862    .0180001
                 37  |  -.0069024   .0070446    -0.98   0.327    -.0207103    .0069055
                 40  |   .0103558   .0055873     1.85   0.064    -.0005957    .0213072
                 41  |   .0061159   .0061124     1.00   0.317    -.0058647    .0180965
                 45  |   .0105681   .0055339     1.91   0.056    -.0002786    .0214148
                 50  |   .0031654   .0055083     0.57   0.566    -.0076311     .013962
                 51  |   .0084165   .0057557     1.46   0.144    -.0028651     .019698
                 52  |   .0018942   .0055045     0.34   0.731     -.008895    .0126834
                 55  |   .0090982   .0056396     1.61   0.107    -.0019557    .0201521
                 60  |   .0087038   .0068474     1.27   0.204    -.0047175    .0221251
                 61  |   .0093222   .0060589     1.54   0.124    -.0025537     .021198
                 62  |   .0091905   .0060386     1.52   0.128    -.0026455    .0210265
                 63  |   .0043463   .0065549     0.66   0.507    -.0085017    .0171943
                 64  |  -.0055921   .0065388    -0.86   0.392    -.0184086    .0072243
                 65  |   .0158613   .0088421     1.79   0.073    -.0014698    .0331924
                 66  |    .015409   .0059412     2.59   0.010      .003764     .027054
                 67  |   .0064703   .0055169     1.17   0.241    -.0043431    .0172837
                 70  |     .00522   .0054939     0.95   0.342    -.0055483    .0159883
                 71  |   .0009482    .006244     0.15   0.879    -.0112904    .0131868
                 72  |   .0069179   .0055398     1.25   0.212    -.0039405    .0177762
                 73  |   .0107294   .0058201     1.84   0.065    -.0006782    .0221371
                 74  |   .0106088   .0056185     1.89   0.059    -.0004037    .0216213
                 75  |   .0096462   .0058434     1.65   0.099    -.0018072    .0210995
                 80  |   .0047768    .005489     0.87   0.384     -.005982    .0155355
                 85  |   .0081237   .0053696     1.51   0.130    -.0024009    .0186484
                 90  |   .0010837   .0075476     0.14   0.886    -.0137101    .0158774
                 91  |   .0027019   .0065729     0.41   0.681    -.0101814    .0155852
                 92  |   .0031117   .0056447     0.55   0.581    -.0079522    .0141757
                 93  |   .0050306   .0056643     0.89   0.374    -.0060716    .0161329
                     |
               _cons |   .0316756   .0200983     1.58   0.115    -.0077182    .0710694
--------------------------------------------------------------------------------------

. 
. tabulate D_Vaste_talous_kaikki P_D_talous_kaikki_2 if Talous_rikokset_lapsuus_Q == 2

D_Vaste_ta |
lous_kaikk |  P_D_talous_kaikki_2
         i |         0          1 |     Total
-----------+----------------------+----------
         0 |   122,339      7,951 |   130,290 
         1 |       339         71 |       410 
-----------+----------------------+----------
     Total |   122,678      8,022 |   130,700 

. 
. 
. 
. 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 Talous_rikokset_lapsuus_Q == 3, targets(3) ma
> xiter(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 __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 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 o
> rder). P_D_muu_rikos_4_2 P_BUSINESS_SOCIALDEG P_LN_EDULEVEL P_D_MARITAL_STATUS P_LN_CUM_SUM_DIVORCE P_LN_TOTALINCOME2 P_D_CUM_SUBSTANCE P_D_CUM_ALL_BUT_SUBS D_Muu_rikos_4 MALE LN_AGE BUSINESS_SOCIALDEG LN_EDULEVEL D_MARITAL_STATUS LN_CUM_SUM_DIVORCE 
> LN_TOTALINCOME2 D_CUM_SUBSTANCE D_CUM_ALL_BUT_SUBS D_FMOB LN_NUM_POSITIONS Mean_OMAVARAISUUS2 Mean_LNTASE2 Mean_ROA2 Mean_LN_Boardsize Mean_Current_Ratio2 1996.YEAR 1997.YEAR 1998.YEAR 1999.YEAR 2000.YEAR 2001.YEAR 2002.YEAR 2003.YEAR 2004.YEAR 2005.
> YEAR 2006.YEAR 2007.YEAR 2008.YEAR 2009.YEAR 2010.YEAR 2011.YEAR 2012.YEAR 2013.YEAR 2014.YEAR 2015.YEAR 2016.YEAR 2017.YEAR 2018.YEAR 2019.YEAR 2.Industry_2002_3 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_20
> 02_3 34.Industry_2002_3 35.Industry_2002_3 36.Industry_2002_3 37.Industry_2002_3 40.Industry_2002_3 41.Industry_2002_3 45.Industry_2002_3 50.Industry_2002_3 51.Industry_2002_3 52.Industry_2002_3 55.Industry_2002_3 60.Industry_2002_3 61.Industry_2002_
> 3 62.Industry_2002_3 63.Industry_2002_3 64.Industry_2002_3 65.Industry_2002_3 67.Industry_2002_3 70.Industry_2002_3 71.Industry_2002_3 72.Industry_2002_3 73.Industry_2002_3 74.Industry_2002_3 75.Industry_2002_3 80.Industry_2002_3 85.Industry_2002_3 9
> 0.Industry_2002_3 92.Industry_2002_3 93.Industry_2002_3 (3rd order).


Optimizing...
Iteration 1: Max Difference = 1494649.45
Iteration 2: Max Difference = 549850.582
Iteration 3: Max Difference = 202278.501
Iteration 4: Max Difference = 74413.8786
Iteration 5: Max Difference = 27375.1127
Iteration 6: Max Difference = 10070.5178
Iteration 7: Max Difference = 3704.51319
Iteration 8: Max Difference = 1362.59124
Iteration 9: Max Difference = 501.046777
Iteration 10: Max Difference = 184.102027
Iteration 11: Max Difference = 67.4935798
Iteration 12: Max Difference = 24.5120227
Iteration 13: Max Difference = 8.37143355
Iteration 14: Max Difference = 2.16972402
Iteration 15: Max Difference = .38491024
Iteration 16: Max Difference = .061911137
Iteration 17: Max Difference = .002555086
maximum difference smaller than the tolerance level; convergence achieved


Treated units: 8771    total of weights: 8771
Control units: 121815  total of weights: 8771


Before: without weighting

             |              Treat              |             Control             
             |      mean   variance   skewness |      mean   variance   skewness 
-------------+---------------------------------+--------------------------------
P_D_muu_~4_2 |     .7033      .2087     -.8903 |     .2904      .2061      .9237 
P_BUSINESS~G |     .3067      .2127      .8384 |     .2978      .2091      .8843 
P_LN_EDULE~L |      .731      .2171    -.02575 |     .8304      .2562     -.1077 
P_D_MARITA~S |     .4597      .2484      .1617 |     .3422      .2251       .665 
P_LN_CUM_S~E |     .2315       .111      .8989 |     .1326     .07565      1.705 
P_LN_TOTAL~2 |     10.45      .7337      1.021 |     10.59      .5195       .897 
P_D_CUM_SU~E |     .1365      .1179      2.118 |    .05621     .05305      3.854 
P_D_CUM_AL~S |     .2808       .202      .9755 |     .1906      .1543      1.575 
D_Muu_riko~4 |     .2606      .1927      1.091 |     .1851      .1508      1.622 
        MALE |     .7403      .1923     -1.096 |      .775      .1744     -1.317 
      LN_AGE |     3.517     .03671     -.5625 |     3.561     .03055     -.6444 
BUSINESS_S~G |     .2434      .1842      1.196 |     .2573      .1911       1.11 
 LN_EDULEVEL |     .8496      .2922     -.1311 |     1.004      .2648     -.3799 
D_MARITAL_~S |     .2477      .1864      1.169 |     .2032      .1619      1.475 
LN_CUM_SUM~E |    .06622     .04335      2.907 |    .06722     .04393      2.875 
LN_TOTALIN~2 |     10.75      .7973     -.4086 |     10.87      .6626     -.5309 
D_CUM_SUBS~E |     .0122     .01205      8.887 |     .0104     .01029      9.652 
D_CUM_ALL_~S |    .09383     .08504      2.786 |    .07687     .07096      3.177 
      D_FMOB |     .3604      .2305      .5816 |     .3233      .2188      .7557 
LN_NUM_POS~S |     .1383      .1289      3.037 |     .1217      .1135      3.271 
Mean_OMAVA~2 |     .4114      .0757      .2272 |     .4579     .07656     .05303 
Mean_LNTASE2 |     13.36      1.781      1.099 |     13.42      1.899      1.158 
   Mean_ROA2 |     .1095     .03818      .1511 |     .1248     .04118      .2613 
Mean_LN_Bo~e |     .7549      .3531     .04029 |     .9075      .3431      -.189 
Mean_Curre~2 |     2.522      7.036      2.308 |      2.86      8.273       2.06 
   1996.YEAR |   .001368    .001366      26.98 |   .001371    .001369      26.95 
   1997.YEAR |    .00342    .003409      17.01 |    .00252    .002514      19.84 
   1998.YEAR |   .007753    .007694      11.22 |   .004014    .003998      15.69 
   1999.YEAR |    .01038     .01027      9.664 |   .005853    .005819      12.96 
   2000.YEAR |      .013     .01283        8.6 |   .007873    .007811      11.14 
   2001.YEAR |    .01505     .01482      7.966 |    .01051      .0104      9.601 
   2002.YEAR |    .01847     .01813      7.153 |    .01328     .01311      8.503 
   2003.YEAR |    .01893     .01857      7.061 |    .01627     .01601      7.647 
   2004.YEAR |    .02451     .02391       6.15 |     .0191     .01874      7.026 
   2005.YEAR |     .0252     .02456      6.059 |    .02248     .02198      6.442 
   2006.YEAR |     .0293     .02845      5.582 |    .02666     .02595      5.876 
   2007.YEAR |    .03637     .03505      4.953 |     .0322     .03117        5.3 
   2008.YEAR |    .04344     .04156       4.48 |    .03899     .03747      4.763 
   2009.YEAR |     .0529     .05011      3.995 |    .04496     .04294      4.392 
   2010.YEAR |    .05438     .05143       3.93 |    .04951     .04706      4.153 
   2011.YEAR |    .05621     .05305      3.854 |    .05576     .05265      3.872 
   2012.YEAR |    .06054     .05688      3.685 |    .06147     .05769      3.652 
   2013.YEAR |    .06385     .05978      3.568 |    .06739     .06285      3.451 
   2014.YEAR |     .0651     .06087      3.526 |    .07208     .06688      3.309 
   2015.YEAR |     .0675     .06295      3.448 |    .07642     .07058      3.189 
   2016.YEAR |    .07263     .06736      3.294 |    .08243     .07563      3.037 
   2017.YEAR |    .07502      .0694      3.227 |     .0831      .0762      3.021 
   2018.YEAR |     .0879     .08019      2.911 |    .09642     .08713      2.734 
   2019.YEAR |    .09634     .08707      2.736 |     .1089     .09703      2.511 
2.Industry~3 |  .0006841   .0006837      38.19 |   .005402    .005373       13.5 
5.Industry~3 |         0          0          . |  .0002545   .0002544      62.66 
10.Industr~3 |  .0009121   .0009114      33.07 |  .0009851   .0009841      31.81 
13.Industr~3 |         0          0          . |  .0000246   .0000246      201.5 
14.Industr~3 |   .001938    .001935      22.65 |  .0007552   .0007547      36.35 
15.Industr~3 |   .003762    .003749      16.21 |    .01196     .01182      8.979 
17.Industr~3 |   .001938    .001935      22.65 |   .001461    .001459       26.1 
18.Industr~3 |    .00285    .002843      18.65 |    .00179    .001786      23.58 
19.Industr~3 |  .0006841   .0006837      38.19 |  .0003119   .0003119      56.59 
20.Industr~3 |   .003876    .003862      15.97 |   .004113    .004096       15.5 
21.Industr~3 |   .004332    .004314      15.09 |   .001568    .001566      25.19 
22.Industr~3 |    .01927      .0189      6.994 |    .01424     .01404      8.199 
23.Industr~3 |         0          0          . |  .0001231   .0001231       90.1 
24.Industr~3 |    .00114    .001139      29.57 |    .00344    .003428      16.96 
25.Industr~3 |    .01038     .01027      9.664 |   .004737    .004714      14.43 
26.Industr~3 |  .0009121   .0009114      33.07 |   .003834    .003819      16.06 
27.Industr~3 |   .001482     .00148      25.92 |  .0005172   .0005169      43.94 
28.Industr~3 |    .02451     .02391       6.15 |     .0253     .02466      6.046 
29.Industr~3 |    .01174     .01161      9.065 |     .0162     .01593      7.665 
30.Industr~3 |         0          0          . |  .0001313   .0001313      87.24 
31.Industr~3 |   .009235    .009151      10.26 |   .004154    .004137      15.42 
32.Industr~3 |   .001482     .00148      25.92 |   .002307    .002301      20.75 
33.Industr~3 |   .001368    .001366      26.98 |   .005615    .005584      13.23 
34.Industr~3 |   .002622    .002616      19.45 |   .001026    .001025      31.17 
35.Industr~3 |   .003648    .003635      16.47 |   .002635    .002628       19.4 
36.Industr~3 |   .004104    .004088      15.51 |   .006641    .006597      12.15 
37.Industr~3 |   .000228    .000228       66.2 |  .0004351   .0004349      47.91 
40.Industr~3 |   .004446    .004427       14.9 |   .006083    .006046       12.7 
41.Industr~3 |   .001026    .001025      31.17 |   .001363    .001361      27.03 
45.Industr~3 |     .1652      .1379      1.803 |     .1171      .1034      2.382 
50.Industr~3 |    .04161     .03989      4.591 |    .03729      .0359      4.885 
51.Industr~3 |    .09805     .08845      2.703 |    .09267     .08408       2.81 
52.Industr~3 |    .06966     .06482      3.381 |    .07817     .07206      3.143 
55.Industr~3 |    .04766     .04539      4.247 |    .04452     .04254      4.417 
60.Industr~3 |    .06065     .05698      3.681 |    .04843     .04609      4.207 
61.Industr~3 |   .004104    .004088      15.51 |   .002553    .002547      19.72 
62.Industr~3 |   .001254    .001253      28.18 |  .0002709   .0002708      60.73 
63.Industr~3 |    .01231     .01216      8.845 |    .01594     .01569      7.729 
64.Industr~3 |   .005815    .005781         13 |    .00527    .005243      13.67 
65.Industr~3 |    .01528     .01505      7.904 |    .01742     .01712      7.377 
66.Industr~3 |         0          0          . |  .0000328   .0000328      174.5 
67.Industr~3 |    .01095     .01083      9.401 |   .009473    .009384      10.13 
70.Industr~3 |    .06909     .06433      3.398 |    .06029     .05665      3.695 
71.Industr~3 |   .009577    .009486      10.07 |    .00628    .006241       12.5 
72.Industr~3 |    .03751     .03611      4.868 |    .06958     .06474      3.383 
73.Industr~3 |   .004104    .004088      15.51 |   .003563     .00355      16.66 
74.Industr~3 |     .1432      .1227      2.037 |     .1604      .1347      1.851 
75.Industr~3 |   .000114    .000114      93.64 |  .0003694   .0003693         52 
80.Industr~3 |   .002736    .002729      19.04 |   .008447    .008376      10.74 
85.Industr~3 |    .03078     .02984      5.433 |    .04572     .04363       4.35 
90.Industr~3 |   .006157    .006119      12.63 |   .005533    .005502      13.33 
91.Industr~3 |         0          0          . |  .0000985   .0000985      100.7 
92.Industr~3 |    .03352      .0324      5.183 |    .03403     .03287       5.14 
93.Industr~3 |   .007981    .007918      11.06 |   .004926    .004901      14.14 


After:  _webal as the weighting variable

             |              Treat              |             Control             
             |      mean   variance   skewness |      mean   variance   skewness 
-------------+---------------------------------+--------------------------------
P_D_muu_~4_2 |     .7033      .2087     -.8903 |     .7033      .2087     -.8901 
P_BUSINESS~G |     .3067      .2127      .8384 |     .3067      .2126      .8383 
P_LN_EDULE~L |      .731      .2171    -.02575 |      .731      .2171    -.02563 
P_D_MARITA~S |     .4597      .2484      .1617 |     .4597      .2484      .1617 
P_LN_CUM_S~E |     .2315       .111      .8989 |     .2314       .111       .899 
P_LN_TOTAL~2 |     10.45      .7337      1.021 |     10.45      .7337      1.022 
P_D_CUM_SU~E |     .1365      .1179      2.118 |     .1365      .1179      2.118 
P_D_CUM_AL~S |     .2808       .202      .9755 |     .2808       .202      .9753 
D_Muu_riko~4 |     .2606      .1927      1.091 |     .2607      .1927       1.09 
        MALE |     .7403      .1923     -1.096 |     .7403      .1923     -1.096 
      LN_AGE |     3.517     .03671     -.5625 |     3.517     .03671      -.561 
BUSINESS_S~G |     .2434      .1842      1.196 |     .2434      .1842      1.196 
 LN_EDULEVEL |     .8496      .2922     -.1311 |     .8496      .2922      -.131 
D_MARITAL_~S |     .2477      .1864      1.169 |     .2478      .1864      1.168 
LN_CUM_SUM~E |    .06622     .04335      2.907 |    .06621     .04335      2.907 
LN_TOTALIN~2 |     10.75      .7973     -.4086 |     10.75      .7973     -.4077 
D_CUM_SUBS~E |     .0122     .01205      8.887 |     .0122     .01205      8.887 
D_CUM_ALL_~S |    .09383     .08504      2.786 |    .09384     .08503      2.786 
      D_FMOB |     .3604      .2305      .5816 |     .3604      .2305      .5815 
LN_NUM_POS~S |     .1383      .1289      3.037 |     .1383      .1289      3.037 
Mean_OMAVA~2 |     .4114      .0757      .2272 |     .4114     .07569      .2273 
Mean_LNTASE2 |     13.36      1.781      1.099 |     13.36      1.781        1.1 
   Mean_ROA2 |     .1095     .03818      .1511 |     .1095     .03818      .1511 
Mean_LN_Bo~e |     .7549      .3531     .04029 |     .7548      .3531     .04039 
Mean_Curre~2 |     2.522      7.036      2.308 |     2.522      7.036      2.308 
   1996.YEAR |   .001368    .001366      26.98 |   .001368    .001366      26.98 
   1997.YEAR |    .00342    .003409      17.01 |   .003421    .003409      17.01 
   1998.YEAR |   .007753    .007694      11.22 |   .007753    .007693      11.22 
   1999.YEAR |    .01038     .01027      9.664 |    .01038     .01027      9.664 
   2000.YEAR |      .013     .01283        8.6 |      .013     .01283      8.599 
   2001.YEAR |    .01505     .01482      7.966 |    .01505     .01482      7.966 
   2002.YEAR |    .01847     .01813      7.153 |    .01847     .01813      7.152 
   2003.YEAR |    .01893     .01857      7.061 |    .01893     .01857      7.061 
   2004.YEAR |    .02451     .02391       6.15 |    .02451     .02391       6.15 
   2005.YEAR |     .0252     .02456      6.059 |     .0252     .02456      6.059 
   2006.YEAR |     .0293     .02845      5.582 |     .0293     .02844      5.582 
   2007.YEAR |    .03637     .03505      4.953 |    .03637     .03505      4.953 
   2008.YEAR |    .04344     .04156       4.48 |    .04344     .04155      4.479 
   2009.YEAR |     .0529     .05011      3.995 |     .0529     .05011      3.995 
   2010.YEAR |    .05438     .05143       3.93 |    .05439     .05143       3.93 
   2011.YEAR |    .05621     .05305      3.854 |    .05621     .05305      3.854 
   2012.YEAR |    .06054     .05688      3.685 |    .06054     .05688      3.685 
   2013.YEAR |    .06385     .05978      3.568 |    .06385     .05977      3.568 
   2014.YEAR |     .0651     .06087      3.526 |     .0651     .06087      3.526 
   2015.YEAR |     .0675     .06295      3.448 |     .0675     .06294      3.448 
   2016.YEAR |    .07263     .06736      3.294 |    .07263     .06735      3.293 
   2017.YEAR |    .07502      .0694      3.227 |    .07502      .0694      3.226 
   2018.YEAR |     .0879     .08019      2.911 |    .08791     .08018      2.911 
   2019.YEAR |    .09634     .08707      2.736 |    .09634     .08706      2.736 
2.Industry~3 |  .0006841   .0006837      38.19 |  .0006866   .0006861      38.12 
5.Industry~3 |         0          0          . |  3.54e-06   3.54e-06      531.2 
10.Industr~3 |  .0009121   .0009114      33.07 |  .0009121   .0009113      33.07 
13.Industr~3 |         0          0          . |  3.68e-07   3.68e-07       1650 
14.Industr~3 |   .001938    .001935      22.65 |   .001938    .001935      22.65 
15.Industr~3 |   .003762    .003749      16.21 |   .003763    .003749      16.21 
17.Industr~3 |   .001938    .001935      22.65 |   .001938    .001935      22.65 
18.Industr~3 |    .00285    .002843      18.65 |    .00285    .002842      18.65 
19.Industr~3 |  .0006841   .0006837      38.19 |  .0006841   .0006836      38.19 
20.Industr~3 |   .003876    .003862      15.97 |   .003877    .003862      15.97 
21.Industr~3 |   .004332    .004314      15.09 |   .004333    .004314      15.09 
22.Industr~3 |    .01927      .0189      6.994 |    .01927      .0189      6.994 
23.Industr~3 |         0          0          . |  1.86e-06   1.86e-06      734.1 
24.Industr~3 |    .00114    .001139      29.57 |    .00114    .001139      29.56 
25.Industr~3 |    .01038     .01027      9.664 |    .01038     .01027      9.664 
26.Industr~3 |  .0009121   .0009114      33.07 |  .0009122   .0009114      33.06 
27.Industr~3 |   .001482     .00148      25.92 |   .001482     .00148      25.92 
28.Industr~3 |    .02451     .02391       6.15 |    .02451     .02391       6.15 
29.Industr~3 |    .01174     .01161      9.065 |    .01174     .01161      9.064 
30.Industr~3 |         0          0          . |  1.83e-06   1.83e-06      738.6 
31.Industr~3 |   .009235    .009151      10.26 |   .009235     .00915      10.26 
32.Industr~3 |   .001482     .00148      25.92 |   .001482     .00148      25.92 
33.Industr~3 |   .001368    .001366      26.98 |   .001368    .001367      26.98 
34.Industr~3 |   .002622    .002616      19.45 |   .002622    .002616      19.45 
35.Industr~3 |   .003648    .003635      16.47 |   .003649    .003635      16.46 
36.Industr~3 |   .004104    .004088      15.51 |   .004105    .004088      15.51 
37.Industr~3 |   .000228    .000228       66.2 |   .000228    .000228       66.2 
40.Industr~3 |   .004446    .004427       14.9 |   .004447    .004427       14.9 
41.Industr~3 |   .001026    .001025      31.17 |   .001026    .001025      31.17 
45.Industr~3 |     .1652      .1379      1.803 |     .1652      .1379      1.803 
50.Industr~3 |    .04161     .03989      4.591 |    .04162     .03988       4.59 
51.Industr~3 |    .09805     .08845      2.703 |    .09805     .08844      2.703 
52.Industr~3 |    .06966     .06482      3.381 |    .06966     .06481      3.381 
55.Industr~3 |    .04766     .04539      4.247 |    .04766     .04539      4.246 
60.Industr~3 |    .06065     .05698      3.681 |    .06066     .05698      3.681 
61.Industr~3 |   .004104    .004088      15.51 |   .004105    .004088      15.51 
62.Industr~3 |   .001254    .001253      28.18 |   .001254    .001253      28.18 
63.Industr~3 |    .01231     .01216      8.845 |    .01231     .01216      8.844 
64.Industr~3 |   .005815    .005781         13 |   .005815    .005781         13 
65.Industr~3 |    .01528     .01505      7.904 |    .01528     .01505      7.904 
66.Industr~3 |         0          0          . |  4.86e-07   4.86e-07       1434 
67.Industr~3 |    .01095     .01083      9.401 |    .01095     .01083      9.401 
70.Industr~3 |    .06909     .06433      3.398 |    .06909     .06432      3.398 
71.Industr~3 |   .009577    .009486      10.07 |   .009577    .009486      10.07 
72.Industr~3 |    .03751     .03611      4.868 |    .03751      .0361      4.868 
73.Industr~3 |   .004104    .004088      15.51 |   .004105    .004088      15.51 
74.Industr~3 |     .1432      .1227      2.037 |     .1432      .1227      2.037 
75.Industr~3 |   .000114    .000114      93.64 |   .000114    .000114      93.63 
80.Industr~3 |   .002736    .002729      19.04 |   .002736    .002729      19.04 
85.Industr~3 |    .03078     .02984      5.433 |    .03078     .02984      5.433 
90.Industr~3 |   .006157    .006119      12.63 |   .006157    .006119      12.63 
91.Industr~3 |         0          0          . |  1.36e-06   1.36e-06      857.8 
92.Industr~3 |    .03352      .0324      5.183 |    .03352      .0324      5.183 
93.Industr~3 |   .007981    .007918      11.06 |   .007981    .007918      11.06 

. 
. 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 17,542)

Linear regression, absorbing indicators            Number of obs     = 130,586
Absorbed variable: YearMunicipality                No. of categories =   4,591
                                                   F(80, 24794)      =    1.56
                                                   Prob > F          =  0.0011
                                                   R-squared         =  0.1468
                                                   Adj R-squared     =  0.1152
                                                   Root MSE          =  0.0851

                                        (Std. err. adjusted for 24,795 clusters in ID)
--------------------------------------------------------------------------------------
                     |               Robust
D_Vaste_talous_kai~i | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
---------------------+----------------------------------------------------------------
 P_D_talous_kaikki_2 |    .005404   .0016381     3.30   0.001     .0021933    .0086148
   P_D_muu_rikos_4_2 |  -.0014882   .0017393    -0.86   0.392    -.0048973    .0019209
P_BUSINESS_SOCIALDEG |   .0005971   .0021232     0.28   0.779    -.0035645    .0047587
       P_LN_EDULEVEL |  -.0026059   .0019656    -1.33   0.185    -.0064586    .0012469
  P_D_MARITAL_STATUS |   .0017637   .0020711     0.85   0.394    -.0022957    .0058231
P_LN_CUM_SUM_DIVORCE |  -.0009461   .0032284    -0.29   0.769    -.0072739    .0053818
   P_LN_TOTALINCOME2 |  -.0011364   .0015333    -0.74   0.459    -.0041418     .001869
   P_D_CUM_SUBSTANCE |  -.0003141   .0024693    -0.13   0.899    -.0051541    .0045259
P_D_CUM_ALL_BUT_SUBS |  -.0007667   .0018666    -0.41   0.681    -.0044253     .002892
       D_Muu_rikos_4 |   .0126728   .0028668     4.42   0.000     .0070537    .0182919
                MALE |   .0021466    .001314     1.63   0.102     -.000429    .0047221
              LN_AGE |  -.0116129   .0076776    -1.51   0.130    -.0266615    .0034356
  BUSINESS_SOCIALDEG |   .0044554   .0021674     2.06   0.040     .0002073    .0087036
         LN_EDULEVEL |  -.0029162   .0018354    -1.59   0.112    -.0065138    .0006813
    D_MARITAL_STATUS |    .001653   .0024121     0.69   0.493    -.0030748    .0063808
  LN_CUM_SUM_DIVORCE |   .0032597   .0036523     0.89   0.372     -.003899    .0104185
     LN_TOTALINCOME2 |  -.0008829   .0012336    -0.72   0.474    -.0033009    .0015351
     D_CUM_SUBSTANCE |   .0187288   .0097852     1.91   0.056    -.0004507    .0379083
  D_CUM_ALL_BUT_SUBS |  -.0000289    .002388    -0.01   0.990    -.0047096    .0046518
              D_FMOB |  -.0021439   .0023855    -0.90   0.369    -.0068197    .0025319
    LN_NUM_POSITIONS |   .0013187   .0017018     0.77   0.438    -.0020169    .0046542
  Mean_OMAVARAISUUS2 |  -.0135032   .0036015    -3.75   0.000    -.0205623    -.006444
        Mean_LNTASE2 |   .0011142   .0006079     1.83   0.067    -.0000773    .0023056
           Mean_ROA2 |  -.0062822   .0038625    -1.63   0.104    -.0138529    .0012884
   Mean_LN_Boardsize |  -.0082283   .0016659    -4.94   0.000    -.0114935   -.0049631
 Mean_Current_Ratio2 |   .0004139   .0002965     1.40   0.163    -.0001673    .0009951
                     |
     Industry_2002_3 |
                  2  |  -.0017034   .0036711    -0.46   0.643     -.008899    .0054923
                  5  |  -.0207559   .0131194    -1.58   0.114    -.0464707     .004959
                 10  |  -.0060413   .0039619    -1.52   0.127    -.0138069    .0017242
                 13  |   .0108601   .0096004     1.13   0.258    -.0079572    .0296775
                 14  |   .0096325    .006847     1.41   0.159    -.0037881    .0230531
                 15  |  -.0085094   .0053731    -1.58   0.113    -.0190411    .0020223
                 17  |  -.0035782   .0042546    -0.84   0.400    -.0119175    .0047611
                 18  |  -.0274635   .0197442    -1.39   0.164    -.0661633    .0112364
                 19  |  -.0257283   .0179958    -1.43   0.153    -.0610012    .0095446
                 20  |  -.0025068    .004168    -0.60   0.548    -.0106763    .0056627
                 21  |   .0084892   .0178379     0.48   0.634    -.0264741    .0434526
                 22  |    .002157   .0052052     0.41   0.679    -.0080454    .0123595
                 23  |   .0074431   .0043525     1.71   0.087    -.0010881    .0159742
                 24  |   .0010058   .0037774     0.27   0.790    -.0063981    .0084096
                 25  |   .0037348   .0076398     0.49   0.625    -.0112397    .0187093
                 26  |  -.0131803   .0090204    -1.46   0.144    -.0308608    .0045002
                 27  |  -.0107518     .00502    -2.14   0.032    -.0205912   -.0009124
                 28  |  -.0026327   .0036185    -0.73   0.467    -.0097252    .0044599
                 29  |  -.0031302   .0041176    -0.76   0.447    -.0112009    .0049405
                 30  |   .0097992   .0042076     2.33   0.020      .001552    .0180464
                 31  |   .0156486   .0118116     1.32   0.185    -.0075029    .0388001
                 32  |   -.006846   .0076629    -0.89   0.372    -.0218657    .0081736
                 33  |  -.0036423   .0105962    -0.34   0.731    -.0244116    .0171269
                 34  |  -.0131494   .0119049    -1.10   0.269    -.0364836    .0101849
                 35  |  -.0064216   .0041457    -1.55   0.121    -.0145475    .0017043
                 36  |  -.0089639   .0040054    -2.24   0.025    -.0168147   -.0011131
                 37  |   -.005468   .0142127    -0.38   0.700    -.0333257    .0223898
                 40  |   .0038829   .0032141     1.21   0.227     -.002417    .0101829
                 41  |   .0002156   .0052198     0.04   0.967    -.0100154    .0104467
                 45  |   .0048123   .0035734     1.35   0.178    -.0021919    .0118164
                 50  |   -.000919   .0044327    -0.21   0.836    -.0096075    .0077694
                 51  |   -.002105   .0036441    -0.58   0.564    -.0092476    .0050376
                 52  |   .0013424   .0048158     0.28   0.780     -.008097    .0107817
                 55  |  -.0015921   .0039646    -0.40   0.688    -.0093629    .0061786
                 60  |  -.0030215   .0037321    -0.81   0.418    -.0103366    .0042936
                 61  |  -.0080218   .0039829    -2.01   0.044    -.0158285   -.0002151
                 62  |  -.0115075   .0098705    -1.17   0.244    -.0308543    .0078393
                 63  |  -.0050098   .0038493    -1.30   0.193    -.0125547    .0025352
                 64  |  -.0109904   .0051561    -2.13   0.033    -.0210967   -.0008842
                 65  |  -.0025087   .0031074    -0.81   0.419    -.0085995     .003582
                 66  |   .0059732   .0048249     1.24   0.216    -.0034839    .0154302
                 67  |   .0007756   .0048453     0.16   0.873    -.0087215    .0102726
                 70  |   .0026138   .0042359     0.62   0.537    -.0056887    .0109163
                 71  |  -.0025491   .0051777    -0.49   0.622    -.0126976    .0075994
                 72  |  -.0030066   .0031328    -0.96   0.337    -.0091471    .0031339
                 73  |   .0127925   .0157464     0.81   0.417    -.0180714    .0436564
                 74  |   .0040698   .0034923     1.17   0.244    -.0027754    .0109149
                 75  |   .0130526   .0059834     2.18   0.029     .0013248    .0247803
                 80  |  -.0010697   .0035114    -0.30   0.761    -.0079523    .0058129
                 85  |  -.0007194   .0032953    -0.22   0.827    -.0071783    .0057396
                 90  |  -.0047106   .0040292    -1.17   0.242    -.0126081     .003187
                 91  |   .0020813   .0058646     0.35   0.723    -.0094138    .0135763
                 92  |  -.0024915   .0031795    -0.78   0.433    -.0087235    .0037404
                 93  |  -.0050504   .0037517    -1.35   0.178    -.0124039    .0023032
                     |
               _cons |   .0623633   .0310599     2.01   0.045      .001484    .1232426
--------------------------------------------------------------------------------------

. 
. tabulate D_Vaste_talous_kaikki P_D_talous_kaikki_2 if Talous_rikokset_lapsuus_Q == 3

D_Vaste_ta |
lous_kaikk |  P_D_talous_kaikki_2
         i |         0          1 |     Total
-----------+----------------------+----------
         0 |   121,477      8,674 |   130,151 
         1 |       338         97 |       435 
-----------+----------------------+----------
     Total |   121,815      8,771 |   130,586 

. 
