Table 8.

Propensity score matching (PSM) results.

Variable	Matched	Treated	Control	%bias	%reduct |bias|	t	P>|t|	V(T)/V(C)
Size	U	22.566	22.118	46.1		8.13	0.000	0.79*
	M	22.556	22.576	−2.1	95.5	−0.40	0.692	0.81*
Lev	U	34.658	29.373	29.8		5.19	0.000	1.19*
	M	34.595	34.871	−1.6	94.8	−0.27	0.784	0.92
Cash	U	6.9855	6.1399	14.5		2.54	0.011	0.95
	M	6.9796	6.5976	6.6	54.8	1.26	0.206	1.01
Roe	U	7.7377	6.1945	13.6		2.37	0.018	1.13
	M	7.7545	7.606	1.3	90.4	0.25	0.800	1.22*
Growth	U	10.573	9.6043	4.3		0.75	0.455	1.09
	M	10.317	10.023	1.3	69.7	0.26	0.798	1.22*
Shareh10	U	53.895	52.92	6.5		1.15	0.249	0.86*
	M	53.782	53.685	0.6	90.1	0.12	0.905	0.82*
Age	U	3.0662	3.0158	17.9		3.14	0.002	0.86*
	M	3.0649	3.0787	−4.9	72.6	−0.96	0.338	1.04