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*** |