Table A2 PSM Balance Test Results...

Table A2

PSM Balance Test Results

Variables	Unmatched	Mean		t-test
Variables	Matched	Treated	Control	t	p>\|t\|
Size	U	9.594	9.523	1.84	0.065
Size	M	9.599	9.613	−0.24	0.810
ROA	U	0.048	0.035	1.32	0.185
ROA	M	0.048	0.040	1.59	0.113
Leverage	U	0.454	0.436	0.20	0.838
Leverage	M	0.453	0.424	1.52	0.130
Growth	U	0.086	−0.030	0.43	0.665
Growth	M	0.085	0.136	−0.55	0.586
TobinQ	U	3.201	2.793	1.70	0.090
TobinQ	M	2.875	2.642	0.98	0.329
OwnershipCon	U	58.872	59.128	−0.26	0.793
OwnershipCon	M	59.032	58.894	0.10	0.923
SOE	U	0.230	0.160	2.99	0.003
SOE	M	0.230	0.242	−0.31	0.756
MgmtHolding	U	0.510	0.667	−5.30	0.000
MgmtHolding	M	0.512	0.488	0.53	0.597
CEODuality	U	0.284	0.319	−1.18	0.238
CEODuality	M	0.281	0.289	−0.20	0.845
ExeAge	U	46.984	49.869	−6.88	0.000
ExeAge	M	47.016	47.188	−0.27	0.786
ExeGender	U	0.825	0.930	−6.45	0.000
ExeGender	M	0.824	0.828	−0.12	0.907
ExeEdu	U	0.700	0.869	−7.86	0.000
ExeEdu	M	0.703	0.699	0.10	0.923
ExeOverseas	U	0.117	0.097	1.07	0.284
ExeOverseas	M	0.117	0.160	−1.41	0.160
ExeAcademic	U	0.070	0.217	−5.69	0.000
ExeAcademic	M	0.070	0.094	−0.97	0.335
ExeFinBack	U	0.160	0.083	4.39	0.000
ExeFinBack	M	0.160	0.141	0.62	0.537

Variables	Unmatched	Mean		t-test
Variables	Matched	Treated	Control	t	p>\|t\|
Size	U	9.594	9.523	1.84	0.065
Size	M	9.599	9.613	−0.24	0.810
ROA	U	0.048	0.035	1.32	0.185
ROA	M	0.048	0.040	1.59	0.113
Leverage	U	0.454	0.436	0.20	0.838
Leverage	M	0.453	0.424	1.52	0.130
Growth	U	0.086	−0.030	0.43	0.665
Growth	M	0.085	0.136	−0.55	0.586
TobinQ	U	3.201	2.793	1.70	0.090
TobinQ	M	2.875	2.642	0.98	0.329
OwnershipCon	U	58.872	59.128	−0.26	0.793
OwnershipCon	M	59.032	58.894	0.10	0.923
SOE	U	0.230	0.160	2.99	0.003
SOE	M	0.230	0.242	−0.31	0.756
MgmtHolding	U	0.510	0.667	−5.30	0.000
MgmtHolding	M	0.512	0.488	0.53	0.597
CEODuality	U	0.284	0.319	−1.18	0.238
CEODuality	M	0.281	0.289	−0.20	0.845
ExeAge	U	46.984	49.869	−6.88	0.000
ExeAge	M	47.016	47.188	−0.27	0.786
ExeGender	U	0.825	0.930	−6.45	0.000
ExeGender	M	0.824	0.828	−0.12	0.907
ExeEdu	U	0.700	0.869	−7.86	0.000
ExeEdu	M	0.703	0.699	0.10	0.923
ExeOverseas	U	0.117	0.097	1.07	0.284
ExeOverseas	M	0.117	0.160	−1.41	0.160
ExeAcademic	U	0.070	0.217	−5.69	0.000
ExeAcademic	M	0.070	0.094	−0.97	0.335
ExeFinBack	U	0.160	0.083	4.39	0.000
ExeFinBack	M	0.160	0.141	0.62	0.537

Note(s): This table reports the results of the PSM test. The t-test results show that the differences between the treated and the control samples after matching are all insignificant, which indicates that the matching effect is effective

Source(s): Appendix 2 by authors

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