Table 5 PSM balance tests.
Covariates | Mean | Std.Dev. (%) | Reduction in Std.Dev. (%) | t value | t test (P > T) | ||
|---|---|---|---|---|---|---|---|
Experimental group | Control group | ||||||
Dependent variable: GS | |||||||
Gro | BM | 1.167 | 1.446 | −4.2 | 94.2 | −0.88 | 0.386 |
AM | 1.167 | 1.183 | −0.2 | −0.37 | 0.720 | ||
Ld | BM | 25.399 | 25.677 | 48.4 | 99.6 | 13.76 | 0.001 |
AM | 25.399 | 25.423 | −0.1 | −0.03 | 0.980 | ||
Rar | BM | 19.233 | 757.061 | −2.8 | 99.9 | −0.58 | 0.564 |
AM | 19.233 | 19.940 | −0.1 | −0.16 | 0.877 | ||
Opencf | BM | 1.281 | 124.910 | −2.2 | 99.9 | −0.45 | 0.650 |
AM | 1.281 | 1.450 | −0.0 | −0.26 | 0.798 | ||
Size | BM | 22.320 | 22.091 | 9.7 | 93.4 | 5.150 | 0.000 |
AM | 22.319 | 22.187 | −0.6 | −0.331 | 0.741 | ||
Noe | BM | 7.854 | 7.712 | 9.7 | 92.7 | 6.780 | 0.000 |
AM | 7.843 | 7.854 | −1.8 | −0.491 | 0.623 | ||
Age | BM | 2.891 | 2.861 | 9.7 | 81.8 | 5.140 | 0.000 |
AM | 2.887 | 2.893 | −1.9 | −0.940 | 0.348 | ||
Dependent variable: ROA | |||||||
Assert | BM | 0.819 | 0.819 | −0.1 | −319.1 | −0.041 | 0.969 |
AM | 0.819 | 0.820 | −0.4 | −0.200 | 0.843 | ||
Gro | BM | 1.170 | 1.447 | −4.2 | 94.6 | −0.86 | 0.389 |
AM | 1.173 | 1.180 | 0.2 | 0.46 | 0.645 | ||
Ld | BM | 25.503 | 15.680 | 48.8 | 97.4 | 13.91 | 0.000 |
AM | 23.705 | 23.946 | −1.3 | −0.25 | 0.805 | ||
Rar | BM | 19.236 | 756.590 | −2.8 | 99.9 | −0.58 | 0.564 |
AM | 19.918 | 23.964 | 0.0 | 0.11 | 0.910 | ||
Size | BM | 22.560 | 22.194 | 9.5 | 93.3 | 5.141 | 0.000 |
AM | 22.499 | 22.524 | −0.6 | −0.219 | 0.744 | ||
Noe | BM | 7.622 | 7.596 | 7.5 | 93.4 | 5.166 | 0.000 |
AM | 7.618 | 7.614 | 1.2 | −0.433 | 0.640 | ||
Age | BM | 2.067 | 2.208 | 10.4 | 83.9 | 5.430 | 0.000 |
AM | 2.871 | 2.109 | −2.1 | −0.156 | 0.121 | ||
