Table 5 Covariates effect size before... | Emerald Publishing

Table 5

Covariates effect size before and after propensity-score matching

	Effect size		p-value (t-stats)
	Before matching	After matching	Before matching	After matching
ROA ( $β_{1}$ )	0.119	0.039	0.012 (−2.524)	0.503 (−0.669)
Company_size ( $β_{2}$ )	0.226	0.008	0.00 (−4.777)	0.890 (−0.137)
Leverage ( $β_{3}$ )	0.145	0.013	0.002 (−3.056)	0.821 (−0.226)
Tobins_q ( $β_{4}$ )	0.024	0.027	0.601 (−0.522)	0.653 (−0.449)
Industry ( $β_{5}$ )	0.026	0.016	0.583 (−0.549)	0.781 (0.277)

	Effect size		p-value (t-stats)
	Before matching	After matching	Before matching	After matching
ROA ( $β_{1}$ )	0.119	0.039	0.012 (−2.524)	0.503 (−0.669)
Company_size ( $β_{2}$ )	0.226	0.008	0.00 (−4.777)	0.890 (−0.137)
Leverage ( $β_{3}$ )	0.145	0.013	0.002 (−3.056)	0.821 (−0.226)
Tobins_q ( $β_{4}$ )	0.024	0.027	0.601 (−0.522)	0.653 (−0.449)
Industry ( $β_{5}$ )	0.026	0.016	0.583 (−0.549)	0.781 (0.277)

Source(s): Created by authors