Table X. Covariate Balance After Matching
Panel A: Matching covariates; Panel B: CO₂‐intensity outcomes
Covariate	N	Mean (Treated)	Mean (Control)	Std. Diff.	p (mean diff)	Median (Treated)	Median (Control)	p (median diff)
A. Matching covariates
year	43	2,018.302	2,016.651	0.769	0.000	2,018.000	2,016.000	0.000
country	43	7.465	7.465	0.000	1.000	8.000	8.000	1.000
bics	43	2.419	2.163	0.406	0.056	3.000	2.000	0.028
log_assets	43	8.844	8.718	0.076	0.725	9.097	8.669	0.607
de_ratio	43	112.363	117.663	−0.045	0.835	79.690	98.490	0.367
roa	43	0.047	0.035	0.196	0.363	0.032	0.029	0.720
esg	43	3.574	3.432	0.108	0.617	3.360	3.380	0.669
B. CO₂‐intensity outcomes
Pre t-1	43	441.430	633.143	−0.151	0.485	148.610	42.280	0.682
Post t+2	43	272.899	539.448	−0.327	0.127	63.670	31.920	0.766
Post t+3	43	250.328	510.196	−0.336	0.116	51.080	36.700	0.976
Note: p (mean diff) from two‐sample Z‐test; p (median diff) from Wilcoxon rank‐sum.