Table 8 Propensity score matching (PSM)... | Emerald Publishing

Table 8

Propensity score matching (PSM)

Panel A: Balance test and matching results
Variables	Mean		%bias	t-value	p-value
Variables	Treated (n = 105)	Control (n = 105)	%bias	t-value	p-value
AGE	4.010	4.005	2.96	0.2141	0.831
BIG4	0.762	0.829	−16.49	−1.195	0.233
FSIZE	21.236	21.229	0.55	0.040	0.968
FAGE	34.114	35.143	−4.85	−0.352	0.725
TANG	0.257	0.280	−10.30	−0.747	0.456
ROE	0.099	0.093	3.46	0.251	0.802
CASHEQ	0.147	0.131	11.40	0.826	0.410
SCORE	26.208	26.293	−0.92	−0.067	0.946
GDP	13.195	13.201	−1.27	−0.092	0.927

Panel A: Balance test and matching results
Variables	Mean		%bias	t-value	p-value
Variables	Treated (n = 105)	Control (n = 105)	%bias	t-value	p-value
AGE	4.010	4.005	2.96	0.2141	0.831
BIG4	0.762	0.829	−16.49	−1.195	0.233
FSIZE	21.236	21.229	0.55	0.040	0.968
FAGE	34.114	35.143	−4.85	−0.352	0.725
TANG	0.257	0.280	−10.30	−0.747	0.456
ROE	0.099	0.093	3.46	0.251	0.802
CASHEQ	0.147	0.131	11.40	0.826	0.410
SCORE	26.208	26.293	−0.92	−0.067	0.946
GDP	13.195	13.201	−1.27	−0.092	0.927

Panel B. Results using matched sample
Variables	(1)
Variables	RNDTA
CEO_RU	0.003^*
CEO_RU	(1.66)
Constant	−0.075
Constant	(−0.85)
Controls	Included
Industry and country FE	Included
R²	0.226
Adjusted R²	0.148
Observations	210

Note(s): ^***, ^** and ^* denote significance at the 1%, 5% and 10% levels, respectively. t-values of the regression coefficients appear in parentheses