Mean

t-test

Variable

Type

Treatd

Control

% bias

% reduct|bias|

t

p > t

Size

U

22.318

22.338

−1.6

−0.97

0.332

M

22.317

22.275

3.3

−102.5

1.75

0.080

Roa

U

0.034

0.031

6.1

3.70

0.000

M

0.034

0.035

1.4

77.5

0.71

0.477

Lev

U

0.479

0.500

−10.4

−6.17

0.000

M

0.479

0.472

3.6

65.9

1.89

0.059

Cf

U

0.061

0.038

32.2

18.81

0.000

M

0.060

0.060

0.3

99.1

0.15

0.881

Top5

U

0.504

0.496

5.0

2.95

0.003

0.503

0.502

1.0

80.2

0.52

0.604

Dual

U

0.164

0.179

−4.0

−2.32

0.020

M

M

0.164

0.163

0.2

93.9

0.13

0.898

Pay

U

14.140

14.356

−28.1

−16.73

0.000

M

14.140

14.136

0.6

97.9

0.32

0.751

Board

U

9.150

8.821

18.2

10.85

0.000

M

9.149

9.130

1.1

94.2

0.54

0.592

Soe

U

0.596

0.573

4.7

2.79

0.005

M

0.596

0.585

2.3

52.0

1.20

0.231

Firm age

U

20.733

20.813

−1.5

−0.86

0.389

M

20.734

20.707

0.5

66.8

0.26

0.792