Figure 1
The horizontal axis is labeled “Effect Size” and ranges from 0.00 to 0.25 in increments of 0.05 units. The vertical axis lists the categories from top to bottom: “Industry”, “Tobinsq”, “Firm Size”, “Leverage”, and “ROA”. Each category features two shaded bars, one representing “Before” and the other representing “After”, as indicated by a legend at the top right. The data values of the bars from top to bottom are as follows: “Industry”: “Before”: 0.025; “After”: 0.015. “Tobinsq”: “Before”: 0.024; “After”: 0.026. “Firm Size”: “Before”: 0.225; “After”: 0.008. “Leverage”: “Before”: 0.145; “After”: 0.014. “ROA”: “Before”: 0.120; “After”: 0.040. Note: All numerical data values are approximated.Covariate changes after propensity-score matching