Table 10.

Balance test before and after covariable matching (VER).

Variable	Unmatched	Mean		%bias	%reduct	t-test		V(T)/V(C)
	Matched	Treated	Control		bias	t	p > t
Ind	U	2.1747	2.0311	14.8		2.72	0.007	1
	M	2.1747	2.272	−10	32.3	−1.48	0.138	0.86
Own	U	0.76632	0.79076	−5.9		−1.09	0.274
	M	0.76632	0.72758	9.3	−58.5	1.37	0.17
Reg	U	5.7747	5.7874	−0.3		−0.05	0.961	0.98
	M	5.7747	6.0576	−5.9	−2134.5	−0.9	0.368	0.95
Size	U	4.90E+09	2.70E+09	27.5		5.27	0	1.42∗
	M	4.90E+09	4.00E+09	11	59.9	1.6	0.11	1.09
IIR	U	0.12716	0.15176	−3.1		−0.48	0.628	0.06∗
	M	0.12716	0.12831	−0.1	95.3	−0.06	0.95	0.79∗
ROA	U	0.05293	0.04712	7		1.21	0.226	0.49∗
	M	0.05293	0.06317	−12.4	−76.5	−1.86	0.063	0.45∗