Table 7 Robustness 3: T-test results of all independent variables before PSM and after PSM.

Variables	Unmatched sample				Matched sample
	Mean	Mean	Difference	p value	Mean	Mean	Difference	p value
	Pre zodiac year = 1 (Treated)	Pre zodiac year = 0 (Control)	(T-C)	p value	Pre zodiac year = 1 (Treated)	Pre zodiac year = 0 (Control)	(T-C)	p value
Family firm	0.474	0.424	0.051	0.000	0.474	0.484	−0.010	0.435
Taoist atmosphere	0.050	0.059	−0.009	0.000	0.050	0.051	−0.001	0.655
Firm size	22.119	22.087	0.032	0.217	22.119	22.134	−0.015	0.689
Firm age	8.796	8.787	0.010	0.942	8.796	8.832	−0.036	0.847
Firm profitability	0.038	0.036	0.002	0.130	0.038	0.039	−0.001	0.595
Firm leverage	0.426	0.428	−0.002	0.544	0.426	0.422	0.003	0.567
CSR evaluation	23.375	23.348	0.027	0.919	23.375	23.332	0.043	0.902
SOE	0.333	0.320	0.013	0.146	0.333	0.321	0.012	0.325
Largest shareholding	34.558	33.667	0.891	0.002	34.558	34.388	0.170	0.661
Duality	1.708	1.693	0.015	0.085	1.708	1.714	−0.006	0.601
Inddirector	0.383	0.382	0.001	0.483	0.383	0.384	−0.001	0.618
Firm visibility	2.967	2.959	0.007	0.786	2.967	2.979	−0.012	0.744
Chairman age	53.500	53.070	0.430	0.002	53.500	53.424	0.076	0.694
Chairman gender	0.045	0.051	−0.005	0.182	0.045	0.046	−0.001	0.903
Chairman education	2.637	2.652	−0.014	0.560	2.637	2.638	−0.001	0.969
Chairman overseas background	0.129	0.128	0.000	0.952	0.129	0.129	0.000	0.970
Industry competition	0.059	0.057	0.002	0.213	0.059	0.059	0.000	0.956
Market development	9.607	9.610	−0.003	0.920	9.607	9.597	0.010	0.833

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