When and where does it pay to be green? – A look into socially responsible investing and the cost of equity capital

International Journal of Corporate Social Responsibility

Table 8 Balance and overlap assessment of treatment groups

	Mean Treated	SD Treated	Mean Control	SD Control	Normalized Diff	Log Ratio SD	Tails Treated	Tails Control
Risk premium	4.653	3.348	4.398	4.016	0.069	-0.182	0.025	0.079
Market cap	7.845	1.509	6.270	1.145	1.176	0.276	0.224	0.168
Leverage	0.214	0.201	0.235	0.244	-0.094	-0.193	0.136	0.247
Book-to-Market	-0.901	0.744	-0.776	0.733	-0.170	0.014	0.043	0.060
Dispersion	-2.842	1.051	-3.041	1.082	0.186	-0.029	0.118	0.170
Long-term growth	0.175	0.811	0.212	0.636	-0.052	0.244	0.049	0.063
Beta	1.226	0.696	1.293	0.931	-0.080	-0.291	0.015	0.106
Return	0.014	0.017	0.016	0.024	-0.084	-0.347	0.016	0.119

Columns 2-9 report results from the balance and overlap assessment of the treated and control samples: columns 6-7 report the normalized difference and the log ratio of the standard deviation, metrics for assessing the balance; and columns 8-9 report the fraction of observations in the tails of the opposing distribution, metrics for assessing the overlap