Table 13. Covariates matching Matched...

Table 13.

Covariates matching

Matched variable	Mean		%bias	t-Test
Matched variable	Treated, n = 478	Control, n = 478	%bias	t-Statistics	p > \|t\|
DIFEDU	0.858	0.881	−7.20	−1.05	0.292
DIFNAT	0.008	0.008	0.00	−0.00	1.000
DIFGEN	0.094	0.103	−3.10	−0.43	0.664
JONTENU	3.671	3.157	16.60	2.47	0.014
CHAIRAGE	54.582	51.266	51.70	7.48	0.000
CHANGE1	0.017	0.017	0.00	0.00	1.000
TENURE1	4.841	4.634	5.70	0.88	0.380
CEOAGE	50.592	47.860	46.80	6.79	0.000
CHANGE2	0.008	0.013	−4.40	−0.64	0.525
TENURE2	4.239	3.793	13.50	2.00	0.046
BODSIZE	9.090	9.159	−3.90	−0.62	0.536
BKTMK	0.298	0.300	−1.40	−0.21	0.830
LEVER	0.446	0.446	0.10	0.02	0.985
FCF	0.032	0.026	1.40	0.22	0.828
FSIZE	22.121	22.155	−2.80	−0.44	0.660
SDSALE	0.138	0.142	−2.90	−0.46	0.643
SALEGR	0.171	0.181	−2.20	−0.40	0.691
SOE%	0.091	0.099	−4.80	−0.73	0.465
LOSS	0.117	0.117	0.00	−0.00	1.000
Z-Score	4.702	4.473	4.30	0.66	0.510
TANGI	0.931	0.931	0.20	0.03	0.978
K-Structure	0.161	0.166	−1.30	−0.20	0.843
MFE	0.081	0.085	−4.50	−0.71	0.479
FIRMAGE	2.720	2.688	7.80	1.18	0.237

Matched variable	Mean		%bias	t-Test
Matched variable	Treated, n = 478	Control, n = 478	%bias	t-Statistics	p > \|t\|
DIFEDU	0.858	0.881	−7.20	−1.05	0.292
DIFNAT	0.008	0.008	0.00	−0.00	1.000
DIFGEN	0.094	0.103	−3.10	−0.43	0.664
JONTENU	3.671	3.157	16.60	2.47	0.014
CHAIRAGE	54.582	51.266	51.70	7.48	0.000
CHANGE1	0.017	0.017	0.00	0.00	1.000
TENURE1	4.841	4.634	5.70	0.88	0.380
CEOAGE	50.592	47.860	46.80	6.79	0.000
CHANGE2	0.008	0.013	−4.40	−0.64	0.525
TENURE2	4.239	3.793	13.50	2.00	0.046
BODSIZE	9.090	9.159	−3.90	−0.62	0.536
BKTMK	0.298	0.300	−1.40	−0.21	0.830
LEVER	0.446	0.446	0.10	0.02	0.985
FCF	0.032	0.026	1.40	0.22	0.828
FSIZE	22.121	22.155	−2.80	−0.44	0.660
SDSALE	0.138	0.142	−2.90	−0.46	0.643
SALEGR	0.171	0.181	−2.20	−0.40	0.691
SOE%	0.091	0.099	−4.80	−0.73	0.465
LOSS	0.117	0.117	0.00	−0.00	1.000
Z-Score	4.702	4.473	4.30	0.66	0.510
TANGI	0.931	0.931	0.20	0.03	0.978
K-Structure	0.161	0.166	−1.30	−0.20	0.843
MFE	0.081	0.085	−4.50	−0.71	0.479
FIRMAGE	2.720	2.688	7.80	1.18	0.237

Note(s):

*If variance ratio outside [0.84; 1.20]

Source(s): Authors’ calculations

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