Table A2 Balance tests Mean t -test... | Emerald Publishing

Table A2

Balance tests

	Mean		t-test
Variable	Treated	Control	t	p > t
Panel A: Balance test (pre-matching)
RVOL	0.258	0.188	11.60	0.000
IPRC	0.098	0.028	9.13	0.000
SIZE	8.574	10.290	−6.50	0.000
LEV	0.267	0.129	5.55	0.000
R&D	0.002	0.006	−13.90	0.000
IO	0.085	0.196	−14.90	0.000
Panel B: Balance test (post-matching)
RVOL	0.217	0.216	0.75	0.452
IPRC	0.041	0.039	0.50	0.621
SIZE	9.501	9.480	0.47	0.640
LEV	0.170	0.178	−0.47	0.642
R&D	0.003	0.003	0.50	0.620
IO	0.129	0.129	−0.04	0.968

	Mean		t-test
Variable	Treated	Control	t	p > t
Panel A: Balance test (pre-matching)
RVOL	0.258	0.188	11.60	0.000
IPRC	0.098	0.028	9.13	0.000
SIZE	8.574	10.290	−6.50	0.000
LEV	0.267	0.129	5.55	0.000
R&D	0.002	0.006	−13.90	0.000
IO	0.085	0.196	−14.90	0.000
Panel B: Balance test (post-matching)
RVOL	0.217	0.216	0.75	0.452
IPRC	0.041	0.039	0.50	0.621
SIZE	9.501	9.480	0.47	0.640
LEV	0.170	0.178	−0.47	0.642
R&D	0.003	0.003	0.50	0.620
IO	0.129	0.129	−0.04	0.968

Source(s): Table by authors