Table 2.

Evaluating PSM results: t-test at period = 0

Variable(s)	Mean control	Mean treated	Diff.	|t|	Pr(|T| > |t|)
Largest shareholder rate	0.308	0.297	− 1.119	0.52	0.6060
Separation of power	3.524	2.891	− 0.633	0.59	0.5579
Financing demand	0.124	0.134	0.010	0.36	0.7217
Revenue growth	0.174	0.197	0.023	0.41	0.6841
Size	12.630	12.482	− 0.148	0.90	0.3706
Fixed assets ratio	0.177	0.161	− 0.016	0.78	0.4338
Solvency	18.395	16.770	− 1.625	0.11	0.9134
ROA	0.029	0.047	0.018	1.06	0.2915
EPS	0.275	0.434	0.158	1.34	0.1810

(1) *, **, and *** denote significance at the 10%, 5%, and 1% level, respectively