Table 7 PSM balance test of matching... | Emerald Publishing

Table 7

PSM balance test of matching variables

Variable	Sample	Average value		%bias	%reduce \|bias\|	T-test
Variable	Sample	Treatment	Control	%bias	%reduce \|bias\|	T-value	p>\|t\|
Size	Unmatched	22.299	22.387	−6.7	68.9	−2.57	0.010
Size	Matched	22.299	22.326	−2.1		−0.65	0.513
ROA	Unmatched	0.056	0.029	50.1	98.1	19.68	0.000
ROA	Matched	0.056	0.056	−0.9		−0.29	0.772
Growth	Unmatched	0.284	0.196	15.9	80.9	5.92	0.000
Growth	Matched	0.284	0.300	−3.0		−0.79	0.429
Lev	Unmatched	0.427	0.539	−58.6	99.4	−22.75	0.000
Lev	Matched	0.427	0.426	0.3		0.11	0.914
AM	Unmatched	0.226	0.253	−16.2	84.6	−5.89	0.000
AM	Matched	0.226	0.230	−2.5		−0.83	0.409
CFO	Unmatched	0.456	0.034	16.0	96.4	6.20	0.000
CFO	Matched	0.456	0.046	−0.6		−0.18	0.859
Top1	Unmatched	0.363	0.353	6.2	70.1	2.46	0.014
Top1	Matched	0.363	0.366	−1.9		−0.57	0.570
Dual	Unmatched	0.363	0.193	38.7	92.9	16.36	0.000
Dual	Matched	0.363	0.351	2.7		−0.78	0.434
QFII	Unmatched	0.001	0.001	7.2	90.8	2.97	0.003
QFII	Matched	0.001	0.001	0.7		0.19	0.847

Variable	Sample	Average value		%bias	%reduce \|bias\|	T-test
Variable	Sample	Treatment	Control	%bias	%reduce \|bias\|	T-value	p>\|t\|
Size	Unmatched	22.299	22.387	−6.7	68.9	−2.57	0.010
Size	Matched	22.299	22.326	−2.1		−0.65	0.513
ROA	Unmatched	0.056	0.029	50.1	98.1	19.68	0.000
ROA	Matched	0.056	0.056	−0.9		−0.29	0.772
Growth	Unmatched	0.284	0.196	15.9	80.9	5.92	0.000
Growth	Matched	0.284	0.300	−3.0		−0.79	0.429
Lev	Unmatched	0.427	0.539	−58.6	99.4	−22.75	0.000
Lev	Matched	0.427	0.426	0.3		0.11	0.914
AM	Unmatched	0.226	0.253	−16.2	84.6	−5.89	0.000
AM	Matched	0.226	0.230	−2.5		−0.83	0.409
CFO	Unmatched	0.456	0.034	16.0	96.4	6.20	0.000
CFO	Matched	0.456	0.046	−0.6		−0.18	0.859
Top1	Unmatched	0.363	0.353	6.2	70.1	2.46	0.014
Top1	Matched	0.363	0.366	−1.9		−0.57	0.570
Dual	Unmatched	0.363	0.193	38.7	92.9	16.36	0.000
Dual	Matched	0.363	0.351	2.7		−0.78	0.434
QFII	Unmatched	0.001	0.001	7.2	90.8	2.97	0.003
QFII	Matched	0.001	0.001	0.7		0.19	0.847

Note(s): This table presents the results of the PSM balance test of matching variables. Variable definitions are available in Appendix 2

Source(s): Table by authors