Table 25 Results of the PSM matching equilibrium test.
From: The impact of common institutional ownership on green innovation of China’s energy firms
Variable | Unmatched | Mean | %reduct | t-test | V(T)/V(C) | |||
|---|---|---|---|---|---|---|---|---|
Matched | Treated | Control | %bias | |bias | | t | p > |t | | ||
L.Size | U | 8.4882 | 7.8970 | 51.3 | 92.9 | 4.88 | 0.000 | 0.43* |
M | 8.4958 | 8.5376 | −3.6 | −0.28 | 0.783 | 0.38* | ||
L.Age | U | 2.8815 | 2.8014 | 24.1 | 55.0 | 2.45 | 0.014 | 0.88 |
M | 2.8784 | 2.8423 | 10.8 | 0.86 | 0.389 | 0.66* | ||
L.Lev | U | 0.5453 | 0.4590 | 51.2 | 93.2 | 5.28 | 0.000 | 0.70* |
M | 0.5477 | 0.8377 | 3.5 | 0.30 | 0.746 | 0.92 | ||
L.Cashflow | U | 0.0771 | 0.0499 | 49.7 | 66.3 | 4.97 | 0.000 | 0.59* |
M | 0.0746 | 0.0838 | −16.7 | −1.47 | 0.141 | 0.70* | ||
L.Growth | U | 0.1362 | 0.1711 | −9.8 | −103.5 | −1.02 | 0.307 | 0.75* |
M | 0.1256 | 0.1966 | −19.9 | −1.64 | 0.102 | 0.67 | ||
L.Dual | U | 0.0465 | 0.2301 | −55.1 | 95.7 | −4.92 | 0.000 | . |
M | 0.0476 | 0.0397 | 2.4 | 0.31 | 0.759 | . | ||
L.Indep | U | 0.3893 | 0.3680 | 36.4 | 73.1 | 4.49 | 0.000 | 1.52* |
M | 0.3849 | 0.3792 | 9.8 | 0.79 | 0.432 | 1.04 | ||
L.Board | U | 2.2022 | 2.1862 | 6.9 | −35.0 | 0.84 | 0.401 | 1.46* |
M | 2.2083 | 2.2299 | −9.3 | −0.71 | 0.478 | 1.22 | ||
Sample | Ps R2 | LR chi2 | P > chi2 | |||||
Unmatched | 0.099 | 105.09 | 0.000 | |||||
Matched | 0.018 | 6.17 | 0.628 | |||||
