Table 11. Test of the balancing...

Table 11.

Test of the balancing hypothesis

Variables	Unmatched (U)/matched (M)	Mean		% reduct		p-value
Variables	Unmatched (U)/matched (M)	Treated	Control	% bias	\|bias\|	p-value
Boardindep	U	0.1466	−0.0750	22.5		0.000
Boardindep	M	0.1466	0.1858	−4.0	82.3	0.107
Leverage	U	−0.0000	−0.1696	20.9		0.000
Leverage	M	−0.0000	0.1064	−13.1	37.2	0.000
Interestcoverage	U	−0.0188	−0.0155	−1.6		0.537
Interestcoverage	M	−0.0188	−0.0182	−0.3	79.7	0.857
Loss	U	0.1811	0.0465	−16.1		0.000
Loss	M	0.1811	0.0197	−0.9	94.4	0.644
Tangibility	U	−0.0699	0.0514	−12.6		0.000
Tangibility	M	−0.0699	−0.0264	−4.5	64.2	0.058
ROA	U	0.2166	0.0726	17.2		0.000
ROA	M	0.2166	0.2652	−5.8	66.3	0.012
Size	U	0.2166	0.0726	17.2		0.000
Size	M	0.2166	0.2651	−5.8	66.3	0.012
MtB	U	−0.0072	−0.0099	4.9		0.066
MtB	M	−0.0072	−0.0095	4.1	17.5	0.212
Audit	U	0.9155	0.8992	5.6		0.032
Audit	M	0.9155	0.9082	2.5	55.2	0.307
Financial	U	0.1258	0.1293	−1.1		0.689
Financial	M	0.1258	0.1255	0.1	91.0	0.970

Variables	Unmatched (U)/matched (M)	Mean		% reduct		p-value
Variables	Unmatched (U)/matched (M)	Treated	Control	% bias	\|bias\|	p-value
Boardindep	U	0.1466	−0.0750	22.5		0.000
Boardindep	M	0.1466	0.1858	−4.0	82.3	0.107
Leverage	U	−0.0000	−0.1696	20.9		0.000
Leverage	M	−0.0000	0.1064	−13.1	37.2	0.000
Interestcoverage	U	−0.0188	−0.0155	−1.6		0.537
Interestcoverage	M	−0.0188	−0.0182	−0.3	79.7	0.857
Loss	U	0.1811	0.0465	−16.1		0.000
Loss	M	0.1811	0.0197	−0.9	94.4	0.644
Tangibility	U	−0.0699	0.0514	−12.6		0.000
Tangibility	M	−0.0699	−0.0264	−4.5	64.2	0.058
ROA	U	0.2166	0.0726	17.2		0.000
ROA	M	0.2166	0.2652	−5.8	66.3	0.012
Size	U	0.2166	0.0726	17.2		0.000
Size	M	0.2166	0.2651	−5.8	66.3	0.012
MtB	U	−0.0072	−0.0099	4.9		0.066
MtB	M	−0.0072	−0.0095	4.1	17.5	0.212
Audit	U	0.9155	0.8992	5.6		0.032
Audit	M	0.9155	0.9082	2.5	55.2	0.307
Financial	U	0.1258	0.1293	−1.1		0.689
Financial	M	0.1258	0.1255	0.1	91.0	0.970

Source(s): Authors’ own work

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