Table 3. t -tests Variables N Group A...

Table 3.

$t$ -tests

Variables	N	Group A Mean	N	Group B Mean	Diff	t-stat
Tobin’s Q	41	1.204	473	1.547	0.343**	1.704
ROA	41	0.058	473	0.047	−0.011	−1.148
Tangi	41	0.991	473	0.822	−0.169***	−4.410
Grow	41	0.114	473	0.059	−0.056**	−2.669
Lev	41	0.147	473	0.250	0.103***	5.071
Size	41	7.934	473	7.444	−0.491**	−1.847
Age	41	2.337	473	2.741	0.404***	−0.655
Board	41	1.847	473	1.916	0.070**	2.344
Female	41	0.342	473	0.254	−0.089***	−3.667
Indep	41	0.839	473	0.762	−0.077**	−1.751
InsInvestor	41	0.344	473	0.440	0.096***	2.897
Ar	41	3.880	473	3.405	−0.475***	−2.664

Variables	N	Group AMean	N	Group BMean	Diff	t-stat
Tobin’s Q	41	1.204	473	1.547	0.343**	1.704
ROA	41	0.058	473	0.047	−0.011	−1.148
Tangi	41	0.991	473	0.822	−0.169***	−4.410
Grow	41	0.114	473	0.059	−0.056**	−2.669
Lev	41	0.147	473	0.250	0.103***	5.071
Size	41	7.934	473	7.444	−0.491**	−1.847
Age	41	2.337	473	2.741	0.404***	−0.655
Board	41	1.847	473	1.916	0.070**	2.344
Female	41	0.342	473	0.254	−0.089***	−3.667
Indep	41	0.839	473	0.762	−0.077**	−1.751
InsInvestor	41	0.344	473	0.440	0.096***	2.897
Ar	41	3.880	473	3.405	−0.475***	−2.664

Note(s):

Table 3 reports the results of paired samples $t -tests$ to check the difference of all control variables between group A (retirement village firms) and group B (non-retirement village firms). *, ** and *** denote significance at the 10, 5 and 1% levels, respectively. The variables are defined as in Appendix 1

Source(s): Authors’ own work

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