CEO Media Exposure and Green Technological Innovation Decision: Evidence from Chinese Polluting Firms

Table 8

Comparison of differences before and after variable matching.

Variable	Unmatched	Mean		t-test
	Matched	Treated	Control	T
Firm size	U	22.153	22.166	−0.280	0.782
	M	22.153	22.102	1.040	0.300
Leverage	U	0.402	0.466	−7.480	0.000
	M	0.402	0.402	−0.010	0.991
ROA	U	0.049	0.032	7.720	0.000
	M	0.049	0.049	0.120	0.901
Cash holding	U	0.371	0.256	7.330	0.000
	M	0.371	0.353	1.010	0.311
R&D	U	17.670	17.325	5.720	0.000
	M	17.670	17.662	0.150	0.885
Subsidy	U	16.279	16.254	0.340	0.736
	M	16.279	16.091	2.320	0.020
Top hold	U	0.349	0.375	−4.400	0.000
	M	0.349	0.338	1.830	0.068
TMT size	U	7.453	7.267	1.980	0.048
	M	7.453	7.387	0.670	0.500
Duality	U	0.361	0.115	15.450	0.000
	M	0.361	0.362	−0.040	0.967