Table 7 Comparison of sample... | Emerald Publishing

Table 7

Comparison of sample characteristics before and after propensity score matching (PSM)

Variable	Unmatched	Mean			% reduct	t-test
Variable	Matched	Treated	Control	% bias	Bias	t	p > t
SIZE	U	19.488	19.336	9.70		6.04	0.00
SIZE	M	19.488	19.361	8.10	16.30	4.74	0.00
LEV	U	0.388	0.494	−54.30		−33.84	0.00
LEV	M	0.388	0.383	2.30	95.80	1.37	0.17
ROA	U	0.017	0.003	13.00		8.12	0.00
ROA	M	0.017	0.008	8.50	35.00	4.84	0.00
MTB	U	1.132	0.795	30.30		19.00	0.00
MTB	M	1.132	1.196	−5.80	81.00	−2.82	0.01
Foreign	U	1.141	0.655	29.70		18.51	0.00
Foreign	M	1.141	1.038	6.30	78.70	3.89	0.00
Blockholder	U	39.954	40.399	−2.70		−1.65	0.10
Blockholder	M	39.954	40.346	−2.30	12.10	−1.42	0.16
Big4	U	0.495	0.465	6.20		3.84	0.00
Big4	M	0.495	0.483	2.50	59.90	1.51	0.13
Market	U	0.587	0.551	7.20		4.50	0.00
Market	M	0.587	0.607	−4.00	44.50	−2.47	0.01

Variable	Unmatched	Mean			% reduct	t-test
Variable	Matched	Treated	Control	% bias	Bias	t	p > t
SIZE	U	19.488	19.336	9.70		6.04	0.00
SIZE	M	19.488	19.361	8.10	16.30	4.74	0.00
LEV	U	0.388	0.494	−54.30		−33.84	0.00
LEV	M	0.388	0.383	2.30	95.80	1.37	0.17
ROA	U	0.017	0.003	13.00		8.12	0.00
ROA	M	0.017	0.008	8.50	35.00	4.84	0.00
MTB	U	1.132	0.795	30.30		19.00	0.00
MTB	M	1.132	1.196	−5.80	81.00	−2.82	0.01
Foreign	U	1.141	0.655	29.70		18.51	0.00
Foreign	M	1.141	1.038	6.30	78.70	3.89	0.00
Blockholder	U	39.954	40.399	−2.70		−1.65	0.10
Blockholder	M	39.954	40.346	−2.30	12.10	−1.42	0.16
Big4	U	0.495	0.465	6.20		3.84	0.00
Big4	M	0.495	0.483	2.50	59.90	1.51	0.13
Market	U	0.587	0.551	7.20		4.50	0.00
Market	M	0.587	0.607	−4.00	44.50	−2.47	0.01

Note(s): Due to space limitations, results for industry and year fixed effects are omitted. For variable definitions, refer to Table 2

Source(s): The authors

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