Table 6.

Balance test before and after covariable matching.

Variable	Unmatched	Mean		%bias	%reduct bias	t-test		V(T)/V(C)
	Matched	Treated	Control			t	p > t
Ind	U	2.1747	2.0311	14.8		2.72	0.007	1
	M	2.173	2.2737	−10.3	29.9	−1.53	0.125	0.86
Own	U	0.76632	0.79076	−5.9		−1.09	0.274	.
	M	0.76582	0.727	9.3	−58.8	1.37	0.17	.
Reg	U	5.7747	5.7874	−0.3		−0.05	0.961	0.98
	M	5.7848	6.0593	−5.7	−2068.4	−0.87	0.383	0.95
Size	U	4.90E+09	2.70E+09	27.5		5.27	0	1.42∗
	M	4.60E+09	3.80E+09	10.1	63.3	1.77	0.077	0.85
IIR	U	0.12716	0.15176	−3.1		−0.48	0.628	0.06∗
	M	0.12686	0.12862	−0.2	92.9	−0.1	0.923	0.79∗
ROA	U	0.05293	0.04712	7		1.21	0.226	0.49∗
	M	0.05299	0.06321	−12.4	−76	−1.85	0.064	0.45∗