Impact of Venture Capital on the Dividend Policy of Listed Companies and Management Platform Design

Table 7

PSM matching balance effect.

Variable	Unmatched matched	Mean		% bias	% reduct|bias|	t-test	p>|t|
		Treated	Control			t
Roe	U	0.0805	0.0786	2.500		1.570	0.116
	M	0.0805	0.0816	−1.600	37.30	−0.790	0.430
Lev	U	0.446	0.437	4.300		2.790	0.00500
	M	0.446	0.443	1.400	68	0.700	0.486
Cash	U	0.0431	0.0493	−8.700		−5.620	0
	M	0.0431	0.0440	−1.300	85.50	−0.640	0.520
Dual	U	1.773	1.762	2.800		1.790	0.0730
	M	1.773	1.781	−1.900	32.40	−0.970	0.334
Boardsize	U	8.849	8.801	2.700		1.740	0.0820
	M	8.849	8.831	1	61.80	0.530	0.597
Top1	U	35.25	35.72	−3.100		−2.010	0.0440
	M	35.25	35.49	−1.600	49.50	−0.800	0.423
Soe	U	0.463	0.432	6.100		4	0
	M	0.463	0.464	−0.200	97.50	−0.0800	0.937
LnSize	U	22.30	22.04	20		13.31	0
	M	22.30	22.30	−0.100	99.40	−0.0600	0.954