Characteristic N Control
N = 261		 Treated
N = 261		 p-value2
total_assets_base 52 9,815.11 (25,067.05) 17,628.30 (77,231.65) 0.6
year 52

>0.9
    2016
21 (81%) 20 (77%)
    2017
1 (3.8%) 1 (3.8%)
    2018
2 (7.7%) 3 (12%)
    2019
2 (7.7%) 2 (7.7%)
country 52

>0.9
    AD
0 (0%) 0 (0%)
    AT
0 (0%) 0 (0%)
    BA
0 (0%) 0 (0%)
    BE
0 (0%) 0 (0%)
    BG
0 (0%) 0 (0%)
    BY
0 (0%) 0 (0%)
    CH
0 (0%) 0 (0%)
    CY
0 (0%) 0 (0%)
    CZ
0 (0%) 0 (0%)
    DE
1 (3.8%) 1 (3.8%)
    DK
0 (0%) 0 (0%)
    EE
0 (0%) 0 (0%)
    ES
1 (3.8%) 1 (3.8%)
    FI
4 (15%) 3 (12%)
    FR
0 (0%) 0 (0%)
    GB
14 (54%) 15 (58%)
    GI
0 (0%) 0 (0%)
    GR
0 (0%) 0 (0%)
    HR
0 (0%) 0 (0%)
    HU
0 (0%) 0 (0%)
    IE
0 (0%) 0 (0%)
    IS
0 (0%) 0 (0%)
    IT
1 (3.8%) 1 (3.8%)
    KV
0 (0%) 0 (0%)
    LI
0 (0%) 0 (0%)
    LT
0 (0%) 0 (0%)
    LU
0 (0%) 0 (0%)
    LV
0 (0%) 0 (0%)
    MC
0 (0%) 0 (0%)
    MD
0 (0%) 0 (0%)
    ME
0 (0%) 0 (0%)
    MK
0 (0%) 0 (0%)
    MT
0 (0%) 0 (0%)
    NL
0 (0%) 0 (0%)
    NO
0 (0%) 0 (0%)
    PL
3 (12%) 3 (12%)
    PT
1 (3.8%) 1 (3.8%)
    RO
0 (0%) 0 (0%)
    RS
0 (0%) 0 (0%)
    RU
1 (3.8%) 1 (3.8%)
    SE
0 (0%) 0 (0%)
    SI
0 (0%) 0 (0%)
    SK
0 (0%) 0 (0%)
    TR
0 (0%) 0 (0%)
    UA
0 (0%) 0 (0%)
sector 52

>0.9
    Agriculture, Horticulture & Livestock
0 (0%) 0 (0%)
    Banking, Insurance & Financial Services
2 (7.7%) 2 (7.7%)
    Biotechnology and Life Sciences
0 (0%) 0 (0%)
    Business Services
7 (27%) 8 (31%)
    Chemicals, Petroleum, Rubber & Plastic
0 (0%) 0 (0%)
    Communications
0 (0%) 0 (0%)
    Computer Hardware
0 (0%) 0 (0%)
    Computer Software
1 (3.8%) 1 (3.8%)
    Construction
0 (0%) 0 (0%)
    Food & Tobacco Manufacturing
0 (0%) 0 (0%)
    Industrial, Electric & Electronic Machinery
4 (15%) 4 (15%)
    Information Services
0 (0%) 0 (0%)
    Leather, Stone, Clay & Glass products
1 (3.8%) 0 (0%)
    Media & Broadcasting
2 (7.7%) 2 (7.7%)
    Metals & Metal Products
0 (0%) 0 (0%)
    Mining & Extraction
0 (0%) 0 (0%)
    Miscellaneous Manufacturing
0 (0%) 0 (0%)
    Printing & Publishing
0 (0%) 0 (0%)
    Property Services
3 (12%) 2 (7.7%)
    Public Administration, Education, Health Social Services
0 (0%) 0 (0%)
    Retail
2 (7.7%) 2 (7.7%)
    Textiles & Clothing Manufacturing
0 (0%) 0 (0%)
    Transport Manufacturing
0 (0%) 0 (0%)
    Transport, Freight & Storage
0 (0%) 0 (0%)
    Travel, Personal & Leisure
1 (3.8%) 2 (7.7%)
    Utilities
0 (0%) 0 (0%)
    Waste Management & Treatment
0 (0%) 0 (0%)
    Wholesale
3 (12%) 3 (12%)
    Wood, Furniture & Paper Manufacturing
0 (0%) 0 (0%)
1 Mean (SD); n (%)
2 Welch Two Sample t-test; Fisher’s exact test