Variable

Low Leverage Firms

Matching Firms

Difference of Mean

t Test

LDEBT

0.002

0.088

−0.086

−9.032***

LEV

0.013

0.35

−0.337

−36.310***

FAGE

17.37

17.25

0.11

0.286

AGE

48.16

47.81

0.35

0.435

COMP

5.543

5.47

0.073

1.702*

EHOLD

0.012

0.005

0.007

2.224**

FIHOLD

0.38

0.324

0.056

3.169***

SIZE

9.291

9.483

−0.191

−3.976***

CASH

0.25

0.146

0.104

7.728***

ROA

0.084

0.033

0.051

5.539***

TANGI

0.287

0.338

−0.051

−1.986**

Q

1.977

1.519

0.458

3.319***