Implications of Venture Capital on Companies’ M&A Goodwill Bubbles: Evidence from Chinese Listed Companies

Table 6

Covariate balance testing results.

Variable	Unmatched	Mean		Bias	% reduct	t test
	Matched	Treated	Control	(%)	|bias|	t	p > t
LnSize	U	21.320	21.511	−21.4		−4.96	0.019
	M	21.322	21.323	−0.1	99.5	−0.03	0.979
SOE	U	0.095	0.078	6.2		1.45	0.148
	M	0.092	0.088	1.3	79.8	0.28	0.781
MB	U	1.959	1.951	1.0		0.23	0.819
	M	1.958	1.957	0.2	83.0	0.04	0.969
ROA	U	0.067	0.071	−9.3		−2.16	0.031
	M	0.067	0.068	−2.3	75.1	−0.52	0.602
LEV	U	0.345	0.331	8.2		1.90	0.057
	M	0.344	0.340	2.4	71.0	0.54	0.592
Big4	U	0.022	0.0341	−7.6		−1.75	0.080
	M	0.022	0.019	1.6	78.9	0.42	0.676
Top1	U	36.084	38.915	−19.8		−4.58	0.000
	M	36.119	36.270	−1.1	94.7	−0.24	0.807
Growth	U	−0.019	0.050	−7.0		−1.63	0.103
	M	−0.020	0.000	−2.1	70.3	−0.45	0.652
Turnover	U	0.650	0.672	−6.2		−1.44	0.149
	M	0.650	0.651	−0.3	95.8	−0.06	0.951