臺大管理論叢第31卷第2期

151 NTU Management Review Vol. 31 No. 2 Aug. 2021 Table 2 Effectiveness of Propensity Score Matching Panel A Comparison of Firm Characteristics between Approved Biopharmaceutical Firms and Unapproved Biopharmaceutical Firms One Matched Firm Two Matched Firms Three Matched Firms Four Matched Firms Treated Control Diff. Treated Control Diff. Treated Control Diff. Treated Control Diff. N 68 68 68 136 68 204 68 272 Total Assets 862.21 819.55 42.66 (0.54) 862.21 827.48 34.73 (0.53) 862.21 861.47 0.74 (0.99) 862.21 848.22 13.99 (0.78) ROA -19.78 -15.02 4.76 (0.27) -19.78 -12.54 7.24* (0.05) -19.78 -10.61 9.17*** (0.01) -19.78 -9.96 9.82*** (0.00) Tobin’s Q 2.75 2.34 0.40 (0.61) 2.75 2.14 0.61 (0.40) 2.75 2.11 0.64 (0.35) 2.75 2.15 0.60 (0.37) R&D intensity (%) 14.32 15.17 0.85 (0.64) 14.32 14.37 0.05 (0.97) 14.32 13.96 0.36 (0.76) 14.32 13.12 1.20 (0.31) Panel B Comparison of Firm Characteristics between Approved Biopharmaceutical Firms and High-tech Firms One Matched Firm Two Matched Firms Three Matched Firms Four Matched Firms Treated Control Diff. Treated Control Diff. Treated Control Diff. Treated Control Diff. N 68 68 68 136 68 204 68 272 Total Assets 862.21 722.38 139.83* (0.05) 862.21 681.46 180.75** (0.01) 862.21 683.07 179.14** (0.01) 862.21 691.62 170.59** (0.01) ROA -19.78 -19.13 0.66 (0.81) -19.78 -18.55 1.23 (0.57) -19.78 -18.26 1.52 (0.48) -19.78 -16.97 2.81 (0.19) Tobin’s Q 2.75 1.84 0.90 (0.10) 2.75 1.78 0.97* (0.08) 2.75 1.73 1.02* (0.07) 2.75 1.74 1.01* (0.08) (R&D/TA)*100 14.32 17.95 3.63 (0.14) 14.32 18.55 4.22** (0.02) 14.32 16.65 2.33 (0.15) 14.32 16.63 2.30 (0.16) Note: This table presents the comparison of pre-event firm characteristics between the approved biopharmaceutical firms and control firms. The data of firm characteristics are at year t-1 where t is the approval year of treated firms. This table shows one, two, three and four control firms which have the first, second, third, and fourth-nearest propensity scores with the treated firms. The variables are defined in Table 1. Panel A shows the comparison between approved biopharmaceutical firms and unapproved biopharmaceutical firms. Panel B shows the comparison between approved biopharmaceutical firms and high-tech firms. Diff. is the mean difference of variable (shown in absolute value) between the treated firms and control firms. Numbers in parentheses are p-values. ***,**, and * denote significance at the 1%, 5%, and 10% levels, respectively.

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