Table 10 Propensity score matching...

Table 10

Propensity score matching procedure

Variable	Sample	Mean		Standard deviations	t-test
Variable	Sample	Treatment group	Control group	Standard deviations	t-stat	p-value
Size	Before matching	23.16	22.23	64.50	0	1.67*
Size	After matching	23.15	23.16	−0.400	−0.120	0.902
Growth	Before matching	0.399	0.466	−5	0.0330	0.78*
Growth	After matching	0.395	0.399	−0.300	−0.120	0.901
Dir	Before matching	0.413	0.416	−3.800	0.100	0.88*
Dir	After matching	0.413	0.412	1	0.330	0.741
Top1	Before matching	0.344	0.334	6.200	0.00500	1.050
Top1	After matching	0.344	0.347	−2	−0.660	0.507
ROE	Before matching	0.0431	0.0450	−1.100	0.621	1.25*
ROE	After matching	0.0445	0.0508	−3.400	−1.170	0.242
Loss	Before matching	0.138	0.127	3.200	0.149
Loss	After matching	0.136	0.137	−0.300	−0.0900	0.930
OCF	Before matching	0.0493	0.0461	4.500	0.0470	0.970
OCF	After matching	0.0494	0.0479	2.200	0.740	0.462
LR	Before matching	1.706	2.015	−19	0	0.70*
LR	After matching	1.709	1.746	−2.300	−0.800	0.422
Dual	Before matching	0.164	0.228	−16.10	0
Dual	After matching	0.164	0.159	1.300	0.450	0.652
BM	Before matching	1.657	1.031	44.40	0	2.42*
BM	After matching	1.645	1.685	−2.800	−0.790	0.431
Board	Before matching	2.149	2.128	9.900	0	1.030
Board	After matching	2.149	2.153	−1.700	−0.550	0.583

Variable	Sample	Mean		Standard deviations	t-test
Variable	Sample	Treatment group	Control group	Standard deviations	t-stat	p-value
Size	Before matching	23.16	22.23	64.50	0	1.67*
Size	After matching	23.15	23.16	−0.400	−0.120	0.902
Growth	Before matching	0.399	0.466	−5	0.0330	0.78*
Growth	After matching	0.395	0.399	−0.300	−0.120	0.901
Dir	Before matching	0.413	0.416	−3.800	0.100	0.88*
Dir	After matching	0.413	0.412	1	0.330	0.741
Top1	Before matching	0.344	0.334	6.200	0.00500	1.050
Top1	After matching	0.344	0.347	−2	−0.660	0.507
ROE	Before matching	0.0431	0.0450	−1.100	0.621	1.25*
ROE	After matching	0.0445	0.0508	−3.400	−1.170	0.242
Loss	Before matching	0.138	0.127	3.200	0.149
Loss	After matching	0.136	0.137	−0.300	−0.0900	0.930
OCF	Before matching	0.0493	0.0461	4.500	0.0470	0.970
OCF	After matching	0.0494	0.0479	2.200	0.740	0.462
LR	Before matching	1.706	2.015	−19	0	0.70*
LR	After matching	1.709	1.746	−2.300	−0.800	0.422
Dual	Before matching	0.164	0.228	−16.10	0
Dual	After matching	0.164	0.159	1.300	0.450	0.652
BM	Before matching	1.657	1.031	44.40	0	2.42*
BM	After matching	1.645	1.685	−2.800	−0.790	0.431
Board	Before matching	2.149	2.128	9.900	0	1.030
Board	After matching	2.149	2.153	−1.700	−0.550	0.583

Source(s): Table by authors

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