Table 11.

Balance test before and after covariable matching (VEB).

Variable	Unmatched	Mean		%bias	%reduct	t-test		V(T)/V(C)
	Matched	Treated	Control		bias	t	p > t
Ind	U	1.9908	2.0843	−9.7		−1.32	0.188	0.95
	M	1.9861	2.0485	−6.5	33.3	−0.69	0.488	1.09
Own	U	0.75115	0.78867	−8.9		−1.25	0.211	.
	M	0.75	0.68295	15.9	−78.7	1.55	0.123	.
Reg	U	4.9816	5.904	−19.4		−2.64	0.008	0.94
	M	5	5.2383	−5	74.2	−0.53	0.6	0.97
Size	U	8.00E+09	2.60E+09	50.5		10.04	0	5.83∗
	M	7.50E+09	7.10E+09	3.3	93.4	0.28	0.779	0.64∗
IIR	U	0.09037	0.15289	−8.6		−0.92	0.359	0.05∗
	M	0.08955	0.08489	0.6	92.6	0.22	0.826	0.92
ROA	U	0.05615	0.04768	10.3		1.32	0.187	0.64∗
	M	0.05631	0.06367	−9	13.2	−0.84	0.404	0.46∗