| 
 | Unmatched/ Matched | Mean | %bias | % reduct |bias| | t−test | ||
| Treated | Control | t | p > |t| | ||||
| Size | U | 21.588 | 22.044 | −51.5 | 
 | −4.26 | 0 | 
| 
 | M | 21.592 | 21.727 | −15.3 | 70.3 | −1.1 | 0.274 | 
| Roa | U | 0.073 | 0.047 | 43.2 | 
 | 4.45 | 0 | 
| 
 | M | 0.073 | 0.070 | 4.6 | 89.4 | 0.33 | 0.744 | 
| Lev | U | 0.331 | 0.390 | −36.9 | 
 | −3.33 | 0.001 | 
| 
 | M | 0.332 | 0.335 | −2.1 | 94.2 | −0.17 | 0.867 | 
| TobinQ | U | 2.665 | 2.273 | 24 | 
 | 2.87 | 0.004 | 
| 
 | M | 2.721 | 2.745 | −1.5 | 93.9 | −0.09 | 0.93 | 
| Tato | U | 0.925 | 0.649 | 62.1 | 
 | 7.92 | 0 | 
| 
 | M | 0.862 | 0.916 | −12.2 | 80.3 | −0.8 | 0.424 | 
| Ret | U | 0.240 | 0.180 | 10.9 | 
 | 1.11 | 0.265 | 
| 
 | M | 0.257 | 0.176 | 14.9 | −36.8 | 1.02 | 0.309 | 
| Soe | U | 0.019 | 0.224 | −66 | 
 | −5 | 0 | 
| 
 | M | 0.020 | 0.030 | −3.3 | 95.1 | −0.45 | 0.653 | 
| Top1 | U | 0.336 | 0.342 | −5.5 | 
 | −0.5 | 0.619 | 
| 
 | M | 0.343 | 0.356 | −10.4 | −87 | −0.81 | 0.421 | 
| Sharebalance | U | 0.604 | 0.715 | −22.4 | 
 | −1.93 | 0.053 | 
| 
 | M | 0.596 | 0.566 | 6 | 73 | 0.52 | 0.604 | 
| Dual | U | 0.462 | 0.324 | 28.4 | 
 | 2.96 | 0.003 | 
| 
 | M | 0.444 | 0.414 | 6.3 | 78 | 0.43 | 0.669 | 
| Mhold | U | 0.229 | 0.161 | 32.8 | 
 | 3.4 | 0.001 | 
| 
 | M | 0.235 | 0.235 | 0.2 | 99.5 | 0.01 | 0.991 | 
| HHI | U | 0.129 | 0.114 | 17.1 | 
 | 1.79 | 0.073 | 
| 
 | M | 0.130 | 0.131 | −1.7 | 90 | −0.11 | 0.913 | 
| IndTobinQ | U | 2.286 | 2.374 | −11.6 | 
 | −1.16 | 0.246 | 
| 
 | M | 2.302 | 2.255 | 6.2 | 47 | 0.49 | 0.627 |