Robustness Tests Using Propensity Score Matching Sample Clauses

Robustness Tests Using Propensity Score Matching. Supplier financing is not a common arrangement based on disclosure frequency, as it is used by only 5% of our sample firm-years. Comparison between supplier financing firms and others can be problematic due to this imbalance between test and control samples. Therefore, we apply propensity score matching (PSM) to construct a balanced sample and compare against a fair benchmark group, and to check the robustness of our main results. We first estimate a logit model (3) to calculate the likelihood of supplier financing in our sample. Then, for each supplier financing firm-year observation, we match the nearest neighbor within 0.1 caliper in the same year and industry width with no replacement. The resulting sample includes a balanced number of observations of supplier financing firms and other firms. Finally, using this PSM sample, we re-estimate models (1) and (2) to assess the associations between supplier financing and firm cash flows as well as analysts’ cash flow forecasts. The results, reported in Table 5 support our initial results with the full sample. After estimating our main models on the PSM sample, we find that the Supplier Financing indicator is negatively associated with Abnormal CFO and Excess Cash Holdings, while it is positively associated with analysts’ cash flow forecast indicator and cash flow analyst coverage.
Sample 1
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