Confounders effect size and significance level before and after propensity score matching
| Covariates | Effect size | p-value (t-stats) | ||
|---|---|---|---|---|
| Before matching | After matching | Before matching | After matching | |
| Industry (β1) | 0.011206 | 0.004181 | 0.840842 | 0.950902 |
| (−0.200) | ((0.061) | |||
| Tobins_q (β2) | 0.151331 | 0.021707 | 0.006752 | 0.749224 |
| (2.712) | (−0.319) | |||
| Firm_size (β3) | 0.106176 | 0.000705 | 0.057209 | 0.991717 |
| (1.903) | (0.010) | |||
| Leverage (β4) | 0.098987 | 0.022266 | 0.076214 | 0.742988 |
| (−1.774) | (−0.328) | |||
| ROA (β5) | 0.037085 | 0.006835 | 0.506327 | 0.919818 |
| (0.664) | (−0.100) | |||
| Covariates | Effect size | |||
|---|---|---|---|---|
| Before matching | After matching | Before matching | After matching | |
| Industry (β1) | 0.011206 | 0.004181 | 0.840842 | 0.950902 |
| (−0.200) | ((0.061) | |||
| Tobins_q (β2) | 0.151331 | 0.021707 | 0.006752 | 0.749224 |
| (2.712) | (−0.319) | |||
| Firm_size (β3) | 0.106176 | 0.000705 | 0.057209 | 0.991717 |
| (1.903) | (0.010) | |||
| Leverage (β4) | 0.098987 | 0.022266 | 0.076214 | 0.742988 |
| (−1.774) | (−0.328) | |||
| 0.037085 | 0.006835 | 0.506327 | 0.919818 | |
| (0.664) | (−0.100) | |||
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