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Frontiers of Business Research in China

Table 4 Results of Covariate Balance Checks

From: Can returnee managers promote CSR performance? Evidence from China

 

Means

t-test

Test sample

Control sample

State control i,t

0.021

0.022

−0.14

Top1 i,t

0.358

0.359

−0.15

Board size i,t

9.013

9.023

−0.13

Managerial ownership i,t

0.367

0.365

1.01

Institutional ownership i,t

0.063

0.059

0.68

Board independence i,t

0.258

0.250

0.72

Firm age i,t

14.666

14.803

−0.63

Size i,t

21.962

21.888

1.58

Leverage i,t

0.161

0.156

0.84

ROA i,t

0.044

0.047

−0.99

Growth i,t

−0.411

−0.356

−0.40

  1. Notes. (1) This table shows the covariate balance checks (pstest) on the main differences between test sample (firms having returnee managers) and control sample (firms without returnee managers) using PSM approach. (2) All the variables are one-year lagged and the definition of variables are presented in Appendix A
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