Table 2

Descriptive statistics of matched sample (N = 17,218)

MeanSDP25MedianP75
PDIFF10.51830.14700.43100.53590.6264
PDIFF20.44690.15960.34680.46320.5645
TREAT0.49710.50000.00000.00001.0000
POST0.53780.49860.00001.00001.0000
TFP2.47811.83020.00003.17873.9972
SIZE10.56801.12689.784810.510111.2583
ROA0.12300.17850.02120.06110.1467
LEV0.54860.25630.36000.55640.7434
AGE2.11950.56511.79182.19722.4849
NP1.05870.75710.69311.09861.6094

Note(s): This table presents the descriptive statistics of the regression variables in our matched sample. We present the mean, standard deviation (SD), 25th percentile (P25), median and 75th percentile (P75) of each regression variable. All continuous variables are winsorized at the 1st and 99th percentiles

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