Table 13 Property-score-matched results...

Table 13

Property-score-matched results

Variable	% bias		T-value		p-value
Variable	Unmatched	Matched	Unmatched	Matched	Unmatched	Matched
BODMEET	−14.5	−2.9	−9.72	−1.81	0.000***	0.071
BODSIZE	−36.1	2.7	−24.33	1.68	0.000***	0.092
IDR	12.1	−1.2	8.24	−0.71	0.000***	0.479
INVESTPROP	−57.6	−2.3	−39.44	−1.41	0.000***	0.159
LEV	−40.9	2.3	−27.47	1.44	0.000***	0.151
ROE	22.8	2.3	15.42	1.38	0.000***	0.168
INVR	2.2	0.8	1.5	0.52	0.133	0.601
FIRMAGE	−34.7	2.3	−23.46	1.42	0.000***	0.156
BIG4	−22.5	0.8	−14.61	0.66	0.000***	0.508

Variable	% bias		T-value		p-value
Variable	Unmatched	Matched	Unmatched	Matched	Unmatched	Matched
BODMEET	−14.5	−2.9	−9.72	−1.81	0.000***	0.071
BODSIZE	−36.1	2.7	−24.33	1.68	0.000***	0.092
IDR	12.1	−1.2	8.24	−0.71	0.000***	0.479
INVESTPROP	−57.6	−2.3	−39.44	−1.41	0.000***	0.159
LEV	−40.9	2.3	−27.47	1.44	0.000***	0.151
ROE	22.8	2.3	15.42	1.38	0.000***	0.168
INVR	2.2	0.8	1.5	0.52	0.133	0.601
FIRMAGE	−34.7	2.3	−23.46	1.42	0.000***	0.156
BIG4	−22.5	0.8	−14.61	0.66	0.000***	0.508

Note(s): BODMEET = board meetings, BODSIZE = directors on the board, IDR = independent directors on the board, INVESTPROP = institutional investor shareholder ratio, LEV = total liability/total assets ROE = return on equity, INVR = inventory/total revenue, FIRMAGE = firm living years, and BIG4 = Big 4 audit firm; ^***p < 0.01

Source(s): Authors’ own creation

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