Carbon emission trading system and stock price crash risk of heavily polluting listed companies in China: based on analyst coverage mechanism

Financial Innovation

Table 17 The differences between samples before and after matching (1:1 matching)

Variable	Matched	Mean		t-Value	Sig
Variable	Matched	Treat	Control	t-Value	Sig
SIGMA	N	0.046	0.046	− 0.150	0.878
	Y	0.046	0.045	0.970	0.330
RET	N	− 0.001	− 0.001	− 0.230	0.819
	Y	− 0.001	− 0.001	− 1.400	0.161
SIZE	N	22.386	22.174	5.910***	0.000
	Y	22.382	22.361	0.450	0.655
LEV	N	0.443	0.453	− 1.760*	0.078
	Y	0.443	0.438	0.740	0.460
ROE	N	0.058	0.049	1.880*	0.060
	Y	0.058	0.052	1.110	0.268
ABSDA	N	0.054	0.055	− 0.720	0.472
	Y	0.054	0.054	− 0.340	0.736
TURN	N	0.666	0.671	− 0.360	0.722
	Y	0.667	0.647	1.330	0.184
GENDER	N	0.951	0.948	0.460	0.643
	Y	0.951	0.961	− 1.600	0.110
DEGREE	N	0.917	0.838	8.260***	0.000
	Y	0.916	0.914	0.290	0.769
DUAL	N	0.237	0.214	2.000**	0.045
	Y	0.236	0.262	− 1.820*	0.069
SALARY	N	42.017	41.355	2.090**	0.037
	Y	42.040	42.199	− 0.410	0.680
INDEP	N	0.372	0.367	3.850***	0.000
	Y	0.372	0.372	0.000	0.999
STATE	N	0.453	0.477	− 1.750*	0.080
	Y	0.454	0.439	0.890	0.374
FINRSIK	N	0.887	0.886	0.080	0.933
	Y	0.887	0.892	− 0.520	0.602
ABCFO	N	− 0.001	0.002	− 1.370	0.171
	Y	0.000	− 0.001	0.590	0.558
PPE	N	0.282	0.326	− 9.050***	0.000
	Y	0.283	0.282	0.120	0.907

In this paper, ***, **, and * represent the significance levels of 1%, 5%, and 10%, respectively