Experienced CEO and Factor Productivity Improvement: Re-Examination of Experience Trap

Table 2

Balance test of variables before and after PSM.

Variable	Unmatched; Matched	Treated	Control	%Bias	|bias|	t-test (t)
LA	U	0.48251	041356	34.4	94.7	3.18
	M	0.48251	0.47885	1.8		0.13
CIR	U	12.47	12.387	8.6	27.2	0.86
	M	12.47	12.41	6.3		0.45
Size	U	22.089	21.427	47.6	96.9	4.79
	M	22.089	22.069	1.5		0.10
Age	U	14.97 14.97	14.114	16.7	76.6	1.68
	M		15.17	-3.9		-0.28
Profit	U	0.05402	0.08915	-8.9	32.2	-0.74
	M	0.05402	0.08525	-6.1		-0.56
SOE	U	0.77	0.39344	82.4	94.7	7.14
	M	0.77	0.75	4.4		0.33
TFP	U	16.284	15.883	40.2	93.0	4.05
	M	16.284	16.256	2.8		0.19