Experienced CEO and Factor Productivity Improvement: Re-Examination of Experience Trap

Table 4

Coefficient of the placebo test.

	Nearest neighbor matching	Radius matching
	TFP	TFP
d_2	0.008	0.009
	(0.012)	(0.012)
d_1	0.018	0.020
	(0.012)	(0.012)
d0	0.020	0.020
	(0.011)	(0.012)
d1	0.023	0.024
	(0.012)	(0.012)
d2	0.033	0.035
	(0.013)	(0.013)
d3	0.037	0.038
	(0.014)	(0.014)
d4	0.008	0.010
	(0.016)	(0.017)
d5	0.009	0.010
	(0.018)	(0.018)
Observations	11,711	12,371
χ2	5578	5603
R-squared	0.924	0.920

Note: standard errors in parentheses; , , .