Table 2.

Matched sample results test

VariablesSampleMeant-test
Observed sampleMatched sampletp > t
GrowBefore matching0.7840.982−9.330.000
After matching0.7840.7760.310.760
RoeBefore matching0.0980.05512.960.000
After matching0.0980.0941.270.206
Exe_ownBefore matching0.1480.07517.720.000
After matching0.1480.153−0.750.454
TechBefore matching0.5130.35813.530.000
After matching0.5130.525−0.750.450
DualBefore matching0.3350.20713.180.000
After matching0.3350.339−0.260.797
StateBefore matching0.2050.531−28.200.000
After matching0.2050.1990.490.627
LeverageBefore matching0.4100.458−9.740.000
After matching0.4100.4060.500.617
SizeBefore matching21.86721.7772.680.007
After matching21.86721.8410.340.734
Hhl5Before matching0.1660.177−4.040.000
After matching0.1660.1650.250.826
Patent_growthBefore matching0.5130.35913.530.000
After matching0.5130.525−0.750.453

Notes:

“Before matching” refers to the sample before the propensity score matching is used and “after matching” refers to the sample after the nearest neighbour matching is used. “Observed sample” and “matched sample” refer to companies that have implemented and have not implemented stock options, respectively

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