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