Table 2 Comparison of means of variables...

Table 2

Comparison of means of variables between the treatment and control groups in the starting year of the comparison

	Treatment group	Control group	Standardized difference	t-value (p-value)
ln_profit/loss	−5.23	−5.75	0.066	0.3436 (0.7315)
ln_profit/loss per employee	−4.85	−5.36	0.072	0.3782 (0.7057)
ln_sales	7.49	7.67	−0.036	−0.1837 (0.8545)
ln_sales per employee	6.93	7.06	−0.029	−0.1483 (0.8823)
ln_employees	0.85	0.83	0.016	0.0731 (0.9418)
In_age	0.37	0.32	0.084	0.4413 (0.6596)
North	0.61	0.65	−0.070	−0.3519 (0.7253)
ICT	0.45	0.48	−0.064	−0.3275 (0.7437)
Liberal professions	0.29	0.26	0.075	0.3737 (0.7091)
Manufacturing	0.21	0.23	−0.042	−0.2149 (0.8301)
Transportation	0.05	0.03	0.082	0.3933 (0.6945)

	Treatment group	Control group	Standardized difference	t-value (p-value)
ln_profit/loss	−5.23	−5.75	0.066	0.3436 (0.7315)
ln_profit/loss per employee	−4.85	−5.36	0.072	0.3782 (0.7057)
ln_sales	7.49	7.67	−0.036	−0.1837 (0.8545)
ln_sales per employee	6.93	7.06	−0.029	−0.1483 (0.8823)
ln_employees	0.85	0.83	0.016	0.0731 (0.9418)
In_age	0.37	0.32	0.084	0.4413 (0.6596)
North	0.61	0.65	−0.070	−0.3519 (0.7253)
ICT	0.45	0.48	−0.064	−0.3275 (0.7437)
Liberal professions	0.29	0.26	0.075	0.3737 (0.7091)
Manufacturing	0.21	0.23	−0.042	−0.2149 (0.8301)
Transportation	0.05	0.03	0.082	0.3933 (0.6945)

Note(s): This table compares the means of 11 variables of annual data of 31 treatment group firms and 144 control group firms in the starting year

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