| Covariate Balance Before and After Matching | |||||
| Means, standardized mean differences, and variance ratios | |||||
| Stage |
Balance Statistics
|
||||
|---|---|---|---|---|---|
| Mean (Treated) | Mean (Control) | Std. Mean Diff. | Variance Ratio | ||
| year | Before | 2,018.250 | 2,016.606 | 0.794 | 1.000 |
| bics | Before | 2.432 | 1.947 | 0.697 | 1.640 |
| log_assets | Before | 8.793 | 8.677 | 0.059 | 1.893 |
| de_ratio | Before | 111.152 | 109.027 | 0.016 | 1.547 |
| roa | Before | 0.047 | 0.021 | 0.340 | 0.754 |
| esg | Before | 3.594 | 3.467 | 0.084 | 1.636 |
| countryAustria | Before | 0.068 | 0.030 | 0.150 | NA |
| countryBelgium | Before | 0.000 | 0.023 | −0.176 | NA |
| countryCroatia | Before | 0.000 | 0.008 | −0.101 | NA |
| countryCzech Republic | Before | 0.000 | 0.015 | −0.143 | NA |
| countryDenmark | Before | 0.091 | 0.030 | 0.211 | NA |
| countryFinland | Before | 0.023 | 0.030 | −0.051 | NA |
| countryFrance | Before | 0.114 | 0.106 | 0.024 | NA |
| countryGermany | Before | 0.091 | 0.121 | −0.105 | NA |
| countryGreat Britain | Before | 0.068 | 0.136 | −0.271 | NA |
| countryGreece | Before | 0.023 | 0.015 | 0.051 | NA |
| countryHungary | Before | 0.000 | 0.008 | −0.101 | NA |
| countryIreland | Before | 0.000 | 0.008 | −0.101 | NA |
| countryItaly | Before | 0.136 | 0.091 | 0.132 | NA |
| countryLithuania | Before | 0.023 | 0.000 | 0.152 | NA |
| countryLuxembourg | Before | 0.000 | 0.008 | −0.101 | NA |
| countryMarshall Island | Before | 0.000 | 0.008 | −0.101 | NA |
| countryNetherlands | Before | 0.023 | 0.061 | −0.254 | NA |
| countryNorway | Before | 0.091 | 0.076 | 0.053 | NA |
| countryPoland | Before | 0.045 | 0.015 | 0.145 | NA |
| countryPortugal | Before | 0.023 | 0.008 | 0.102 | NA |
| countrySpain | Before | 0.068 | 0.068 | 0.000 | NA |
| countrySweden | Before | 0.068 | 0.045 | 0.090 | NA |
| countrySwitzerland | Before | 0.045 | 0.091 | −0.218 | NA |
| year | After | 2,018.302 | 2,016.651 | 0.798 | 1.165 |
| bics | After | 2.419 | 2.163 | 0.368 | 1.725 |
| log_assets | After | 8.844 | 8.718 | 0.064 | 2.187 |
| de_ratio | After | 112.363 | 117.663 | −0.039 | 1.984 |
| roa | After | 0.047 | 0.035 | 0.157 | 4.047 |
| esg | After | 3.574 | 3.432 | 0.094 | 1.990 |
| countryAustria | After | 0.070 | 0.070 | 0.000 | NA |
| countryBelgium | After | 0.000 | 0.000 | 0.000 | NA |
| countryCroatia | After | 0.000 | 0.000 | 0.000 | NA |
| countryCzech Republic | After | 0.000 | 0.000 | 0.000 | NA |
| countryDenmark | After | 0.093 | 0.093 | 0.000 | NA |
| countryFinland | After | 0.023 | 0.023 | 0.000 | NA |
| countryFrance | After | 0.116 | 0.116 | 0.000 | NA |
| countryGermany | After | 0.093 | 0.093 | 0.000 | NA |
| countryGreat Britain | After | 0.070 | 0.070 | 0.000 | NA |
| countryGreece | After | 0.023 | 0.023 | 0.000 | NA |
| countryHungary | After | 0.000 | 0.000 | 0.000 | NA |
| countryIreland | After | 0.000 | 0.000 | 0.000 | NA |
| countryItaly | After | 0.140 | 0.140 | 0.000 | NA |
| countryLithuania | After | 0.000 | 0.000 | 0.000 | NA |
| countryLuxembourg | After | 0.000 | 0.000 | 0.000 | NA |
| countryMarshall Island | After | 0.000 | 0.000 | 0.000 | NA |
| countryNetherlands | After | 0.023 | 0.023 | 0.000 | NA |
| countryNorway | After | 0.093 | 0.093 | 0.000 | NA |
| countryPoland | After | 0.047 | 0.047 | 0.000 | NA |
| countryPortugal | After | 0.023 | 0.023 | 0.000 | NA |
| countrySpain | After | 0.070 | 0.070 | 0.000 | NA |
| countrySweden | After | 0.070 | 0.070 | 0.000 | NA |
| countrySwitzerland | After | 0.047 | 0.047 | 0.000 | NA |
| Note: “Before” refers to the full sample; “After” to the matched sample. | |||||