Did the Inclusion of China’s A-Shares in the MSCI Index Improve the Information Content of Listed Firms? Analysis Based on Stock Price Synchronisation and Environmental Social Governance

Table 7

The balance test results of the PSM.

Variable	Unmatched	Mean		%reduct		-test
	Matched	Treated	Control	%bias	|bias|
Size	U	24.398	22.042	175.1		73.25	0.000	1.64
	M	34.351	24.385	-2.5	98.6	-0.65	0.513	1.13
Lev	U	.50922	.44762	14.1		4.06	0.000	0.12
	M	.50965	.51294	-0.8	94.7	-0.46	0.645	1.26
BM	U	1.8122	1.0516	42.3		17.82	0.000	1.68
	M	1.8054	1.8959	-5.0	88.1	-1.39	0.166	1.85
SOE	U	.5996	.36029	49.3		18.54	0.000	.
	M	.5947	.59487	-0.0	99.9	-0.01	0.993	.
Top1	U	.41417	.33863	47.0		18.89	0.000	1.39
	M	.40967	.41928	-6.0	87.3	-1.54	0.124	0.99
ListAge	U	2.4709	2.23	36.7		12.60	0.000	0.67
	M	2.4714	2.4622	1.4	96.2	0.42	0.676	0.95
Big4	U	.2951	.03819	73.4		43.36	0.000	.
	M	.28649	.0943	-2.2	97.0	-0.47	0.641	.

: statistics are in parentheses. , , and .