Table: Covariate Balance After Matching
Two‐sample z‐tests for means and Wilcoxon tests for medians
	N	Mean (Treated)	Mean (Control)	Std. Mean Diff.	z‐value	p (mean diff)	Median (Treated)	Median (Control)	p (median diff)
year	43	2,018.302	2,016.651	0.829	3.846	0.000	2,018.000	2,016.000	0.000
log_assets	43	8.844	8.718	0.076	0.352	0.725	9.097	8.669	0.607
de_ratio	43	112.363	117.663	−0.045	−0.208	0.835	79.690	98.490	0.367
roa	43	0.047	0.035	0.196	0.910	0.363	0.032	0.029	0.720
esg	43	3.574	3.432	0.108	0.500	0.617	3.360	3.380	0.669
Note: Std. Mean Diff. = (MeanT – MeanC)/SDpooled.