Table 10 Standardized mean differences...

Table 10

Standardized mean differences before and after matching

Variable	AvgID_Total		AvgID_Inside		AvgID_Outside
Variable	Bias before (%)	Bias after (%)	Bias before (%)	Bias after (%)	Bias before (%)	Bias after (%)
SIZE	42.7	3.9	34.7	4.6	66.4	−0.2
LEV	−2.2	2.3	5.0	−9.3	10.1	−9.1
CFO	8.1	−2.0	−2.1	0.8	15.8	−8.5
MB	−27.0	1.9	−30.0	−4.7	−17.7	−5.6
ROA_t-1	10.0	−0.4	6.9	3.3	18.7	4.6
PPE _t-1	12.3	3.1	17.6	−1.5	3.2	−0.9
INTAN_t-1	12.8	3.1	3.6	1.2	20.4	−0.8
OWN	39.3	−3.8	47.2	−8.7	1.4	−5.8
FOR	7.6	1.3	0.1	−0.3	26.4	−0.3
AGE	8.1	−10.0	8.5	6.5	6.1	1.2
LOSS	−23.2	−2.1	−15.5	−3.7	−19.6	5.0
BIG4	23.9	6.6	18.4	5.2	34.3	1.0

Variable	AvgID_Total		AvgID_Inside		AvgID_Outside
Variable	Bias before (%)	Bias after (%)	Bias before (%)	Bias after (%)	Bias before (%)	Bias after (%)
SIZE	42.7	3.9	34.7	4.6	66.4	−0.2
LEV	−2.2	2.3	5.0	−9.3	10.1	−9.1
CFO	8.1	−2.0	−2.1	0.8	15.8	−8.5
MB	−27.0	1.9	−30.0	−4.7	−17.7	−5.6
ROA_t-1	10.0	−0.4	6.9	3.3	18.7	4.6
PPE _t-1	12.3	3.1	17.6	−1.5	3.2	−0.9
INTAN_t-1	12.8	3.1	3.6	1.2	20.4	−0.8
OWN	39.3	−3.8	47.2	−8.7	1.4	−5.8
FOR	7.6	1.3	0.1	−0.3	26.4	−0.3
AGE	8.1	−10.0	8.5	6.5	6.1	1.2
LOSS	−23.2	−2.1	−15.5	−3.7	−19.6	5.0
BIG4	23.9	6.6	18.4	5.2	34.3	1.0

Note(s): The table reports standardized mean differences (SMDs) between treated and control firms before and after propensity score matching. Values closer to zero indicate better covariate balance. Following common practice, absolute values below 10% are considered indicative of satisfactory balance

Source(s): Table by author

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