Variable name | Matching process | Variable mean | Standard deviation (%) | Deviation reduction (%) | t statistic | p value | |
test group | Control group | ||||||
Size | Before matching | 22.3590 | 22.2610 | 7.90 | 1.8700 | 0.0610 | |
After matching | 22.3590 | 22.3010 | 4.60 | 40.90 | 0.8700 | 0.3850 | |
Leverge | Before matching | 0.4227 | 0.4363 | −6.80 | −1.6800 | 0.0920 | |
After matching | 0.4227 | 0.4072 | 7.70 | −13.70 | 1.4700 | 0.1430 | |
Cash | Before matching | 0.1624 | 0.1630 | −0.60 | −0.1300 | 0.8940 | |
After matching | 0.1624 | 0.1633 | −0.90 | −57.60 | −0.1700 | 0.8680 | |
Fixedpp | Before matching | 12.5100 | 12.6670 | −14.90 | −3.5800 | 0.0000 | |
After matching | 12.5100 | 12.5370 | −2.50 | 83.10 | −0.4900 | 0.6260 | |
Salespp | Before matching | 13.8250 | 13.8290 | −0.50 | −0.1200 | 0.9010 | |
After matching | 13.8250 | 13.8300 | −0.60 | −16.70 | −0.1100 | 0.9130 | |
Age | Before matching | 9.1879 | 12.0680 | −43.40 | −10.2700 | 0.0000 | |
After matching | 9.1879 | 8.8752 | 4.70 | 89.10 | 0.9600 | 0.3380 | |
Board | Before matching | 8.2855 | 8.5855 | −19.30 | −4.5700 | 0.0000 | |
After matching | 8.2855 | 8.2645 | 1.40 | 93.00 | 0.2700 | 0.7890 | |
Indep | Before matching | 0.3806 | 0.3757 | 8.60 | 2.2500 | 0.0250 | |
After matching | 0.3806 | 0.3799 | 1.20 | 85.70 | 0.2300 | 0.8210 | |
Share | Before matching | 0.1945 | 0.1201 | 37.50 | 10.0100 | 0.0000 | |
After matching | 0.1945 | 0.1899 | 2.30 | 93.80 | 0.4000 | 0.6860 | |
Top 10 | Before matching | 59.8520 | 57.8020 | 14.50 | 3.4900 | 0.0000 | |
After matching | 59.8520 | 59.7920 | 0.40 | 97.10 | 0.0800 | 0.9370 | |
Subsidy | Before matching | 0.0051 | 0.0047 | 4.20 | 0.9000 | 0.3680 | |
After matching | 0.0051 | 0.0050 | 1.40 | 66.80 | 0.3700 | 0.7080 | |
intangible | Before matching | 0.0469 | 0.5015 | −5.30 | −1.3000 | 0.1930 | |
After matching | 0.0469 | 0.4712 | −0.40 | 92.90 | −0.0800 | 0.9390 |