Estimation of the Treatment Effects of Ownership on the Indirect Financing of Small- and Medium-Sized Enterprises

Table 4

Average treatment effects (matching estimators).

		Treated	Controls	ATT	S.E.	𝑡-stat
𝐷1	Unmatched	0.569	0.527	0.042***	0.004	9.570
	ATT	0.569	0.555	0.014**	0.007	2.020
𝐷2	Unmatched	0.475	0.536	−0.061***	0.002	−26.420
	ATT	0.475	0.535	−0.060***	0.003	−20.910
𝐷3	Unmatched	0.533	0.509	0.024***	0.002	13.220
	ATT	0.533	0.501	0.033***	0.003	12.550
𝐷3^∗	Unmatched	0.533	0.569	−0.035***	0.004	−8.250
	ATT	0.533	0.552	−0.018*	0.011	−1.660

∗∗∗,∗∗,∗indicates statistical significance at the 1%, 5%, and 10% significance level, respectively.