Variable | Matched | Mean | t Value | Sig | |
---|---|---|---|---|---|
Treat | Control | ||||
SIGMA | N | 0.046 | 0.046 | − 0.150 | 0.878 |
 | Y | 0.046 | 0.046 | − 0.320 | 0.745 |
RET | N | − 0.001 | − 0.001 | − 0.230 | 0.819 |
 | Y | − 0.001 | − 0.001 | 0.160 | 0.870 |
SIZE | N | 22.386 | 22.174 | 5.910*** | 0.000 |
 | Y | 22.382 | 22.355 | 0.590 | 0.556 |
LEV | N | 0.443 | 0.453 | − 1.760* | 0.078 |
 | Y | 0.443 | 0.442 | 0.050 | 0.958 |
ROE | N | 0.058 | 0.049 | 1.880* | 0.060 |
 | Y | 0.058 | 0.055 | 0.550 | 0.585 |
ABSDA | N | 0.054 | 0.055 | − 0.720 | 0.472 |
 | Y | 0.054 | 0.055 | − 0.720 | 0.474 |
TURN | N | 0.666 | 0.671 | − 0.360 | 0.722 |
 | Y | 0.667 | 0.660 | 0.460 | 0.648 |
GENDER | N | 0.951 | 0.948 | 0.460 | 0.643 |
 | Y | 0.951 | 0.957 | − 0.990 | 0.322 |
DEGREE | N | 0.917 | 0.838 | 8.260*** | 0.000 |
 | Y | 0.916 | 0.912 | 0.470 | 0.640 |
DUAL | N | 0.237 | 0.214 | 2.000** | 0.045 |
 | Y | 0.236 | 0.255 | − 1.370 | 0.171 |
SALARY | N | 42.017 | 41.355 | 2.090** | 0.037 |
 | Y | 42.040 | 42.102 | − 0.160 | 0.874 |
INDEP | N | 0.372 | 0.367 | 3.850*** | 0.000 |
 | Y | 0.372 | 0.373 | − 0.430 | 0.666 |
STATE | N | 0.453 | 0.477 | − 1.750* | 0.080 |
 | Y | 0.454 | 0.440 | 0.870 | 0.386 |
FINRSIK | N | 0.887 | 0.886 | 0.080 | 0.933 |
 | Y | 0.887 | 0.885 | 0.140 | 0.891 |
ABCFO | N | − 0.001 | 0.002 | − 1.370 | 0.171 |
 | Y | 0.000 | 0.001 | − 0.200 | 0.842 |
PPE | N | 0.282 | 0.326 | − 9.050*** | 0.000 |
 | Y | 0.283 | 0.281 | 0.290 | 0.770 |