Table 8 Results for propensity score matching analysis.

From: Does corporate digitalization promote labor investment efficiency? Evidence from Chinese listed companies

Panel A: Balance test
Variables	Sample	Mean		Bias (%)	T-test
Variables	Sample	Treatment	Control	Bias (%)	T-statistics	P-value
Mtb	Unmatched	1.8921	1.9469	−4.5	−3.71	0.000
Mtb	Matched	1.8921	1.9307	−3.2	−1.51	0.139
Size	Unmatched	22.421	22.031	30.9	25.49	0.000
Size	Matched	22.421	22.383	3.0	2.37	0.018
Quick	Unmatched	1.1961	1.1470	3.8	3.15	0.002
Quick	Matched	1.1961	1.2117	−1.2	−0.94	0.348
Lev	Unmatched	0.4643	0.4550	4.7	3.68	0.000
Lev	Matched	0.4643	0.4684	−2.1	−1.71	0.087
Divd	Unmatched	0.7117	0.6867	5.5	4.49	0.000
Divd	Matched	0.7117	0.7172	−1.2	−0.96	0.336
Sdcfo	Unmatched	0.0467	0.0344	16.5	13.69	0.000
Sdcfo	Matched	0.0467	0.0440	3.6	1.70	0.064
Sdsale	Unmatched	0.1966	0.1331	18.8	15.61	0.000
Sdsale	Matched	0.1966	0.1780	5.5	1.78	0.089
Tangib	Unmatched	0.2432	0.2436	−0.3	−0.23	0.621
Tangib	Matched	0.2432	0.2420	0.7	0.52	0.801
Loss	Unmatched	0.1032	0.1052	−0.6	−0.53	0.293
Loss	Matched	0.1032	0.1074	1.3	−1.07	0.586
Inst	Unmatched	0.2413	0.2402	−1.0	0.81	0.001
Inst	Matched	0.2413	0.2365	4.3	3.30	0.491
Sdhire	Unmatched	0.5232	0.5418	−1.2	−0.95	0.342
Sdhire	Matched	0.5232	0.5243	−0.1	−0.06	0.953
Labor	Unmatched	0.0775	0.0860	−11.1	−9.09	0.000
Labor	Matched	0.0775	0.0784	−1.2	−1.02	0.310
Abinv	Unmatched	0.0304	0.0325	−7.9	−6.50	0.000
Abinv	Matched	0.0304	0.0304	0.0	−0.02	0.981
Panel B: Univariate tests using the PSM sample
	Treated	N	Controls	N	Difference	T-Statistics
Ablabor	0.1525	12,631	0.1662	7153	−0.0137***	−3.86
Panel C: Regression results using the PSM sample
	Dependent variable = Ablabor
	(1)			(2)
Digital₁	−0.0077*** (−4.10)
Digital₂				−0.0503*** (−3.00)
Controls	Yes			Yes
Year	Yes			Yes
Industry	Yes			Yes
N	19,784			19,784
Adj_R²	0.1129			0.1129

*, ** and *** denote significance at the 10%, 5% and 1% level, respectively. T-statistics (in parentheses) are based on standard errors clustered by firm

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