Table A8.
Covariate Balance Summary, for PSM Analysis of Policy Effects.
|
Panel A. Social Security Exemption or Employment Stabilization Subsidies | ||||
|---|---|---|---|---|
| Standardized differences |
Variance ratio |
|||
| Raw | Matched | Raw | Matched | |
| Sales | 0.433 | 0.052 | 1.770 | 0.899 |
| Employment | 0.562 | −0.028 | 0.996 | 0.918 |
| Age | 0.054 | 0.010 | 1.268 | 1.062 |
| Service Sector Indicator | −0.104 | 0.051 | 0.902 | 0.948 |
| Wave 2018 Indicator | −0.267 | −0.013 | 2.545 | 1.035 |
| Distance to Wuhan | −0.010 | −0.026 | 0.538 | 0.658 |
| Ind. Dependence on Hubei | −0.295 | −0.048 | 1.093 | 1.597 |
| Panel B: Tax Exemptions or Extensions | ||||
| Standardized differences | Variance ratio | |||
| Raw | Matched | Raw | Matched | |
| Sales | 0.153 | 0.074 | 1.203 | 1.078 |
| Employment | 0.282 | −0.008 | 0.920 | 0.992 |
| Age | −0.016 | 0.060 | 0.949 | 0.943 |
| Service Sector Indicator | −0.013 | −0.022 | 1.013 | 1.022 |
| Wave 2018 Indicator | −0.043 | 0.037 | 1.158 | 0.892 |
| Distance to Wuhan | −0.029 | 0.037 | 0.798 | 0.961 |
| Ind. Dependence on Hubei | −0.127 | 0.016 | 1.222 | 1.156 |
| Panel C. Rent or Utilities Reductions | ||||
| Standardized differences | Variance ratio | |||
| Raw | Matched | Raw | Matched | |
| Sales | 0.108 | −0.073 | 1.093 | 0.821 |
| Employment | 0.048 | −0.088 | 1.117 | 1.120 |
| Age | 0.179 | −0.088 | 1.074 | 0.735 |
| Service Sector Indicator | 0.079 | 0.057 | 0.958 | 0.965 |
| Wave 2018 Indicator | −0.267 | −0.013 | 2.545 | 1.035 |
| Distance to Wuhan | 0.051 | −0.034 | 0.595 | 0.762 |
| Ind. Dependence on Hubei | −0.121 | 0.037 | 0.958 | 0.965 |
| Panel D. Credit or Loan Supports | ||||
| Standardized differences | Variance ratio | |||
| Raw | Matched | Raw | Matched | |
| Sales | 0.272 | −0.011 | 1.535 | 0.960 |
| Employment | 0.367 | −0.010 | 1.204 | 0.972 |
| Age | 0.100 | 0.040 | 0.907 | 0.931 |
| Service Sector Indicator | −0.122 | −0.081 | 1.116 | 1.069 |
| Wave 2018 Indicator | −0.104 | −0.013 | 2.545 | 1.035 |
| Distance to Wuhan | 0.025 | 0.063 | 0.856 | 0.866 |
| Ind. Dependence on Hubei | −0.039 | 0.006 | 1.096 | 1.093 |
Note: This table reports the balance test of covariates in the propensity score matching analysis of policy effects on reopening status. The covariates include firms' basic characteristics (sales, employment, age, and service sector indicator), geographic distance to Wuhan, and industry dependence on Hubei province. The treatment group comprises of firms that self-identify as recipients of corresponding policy supports. Each panel compares the mean and variance of covariates of the treatment and control groups, in raw and balanced data.