Descriptive statistics
| Minimum | Maximum | Mean | Std. Deviation | |
|---|---|---|---|---|
| LnEQUAL | −7.22 | −0.72 | −3.58 | 1.44 |
| MAJTRIBE | 0.00 | 1.00 | 0.39 | 0.49 |
| MIN_TRIBE | 0.00 | 1.00 | 0.27 | 0.44 |
| PARL | 0.00 | 10.00 | 0.47 | 1.24 |
| GOVT | 0.00 | 8.00 | 0.51 | 0.98 |
| ROA | −0.54 | 0.35 | 0.02 | 0.12 |
| LEV | 0.03 | 30.83 | 3.59 | 4.99 |
| M2B | 0.02 | 23.99 | 1.994 | 3.32 |
| GROW | −0.32 | 0.22 | 0.0377 | 0.11 |
| AGE | 1.00 | 68.00 | 28.52 | 18.63 |
| Big4 | 0.00 | 1.00 | 0.94 | 0.24 |
| AUDCOM | 0.00 | 1.00 | 0.26 | 0.44 |
| NOMCOM | 0.00 | 1.00 | 0.25 | 0.44 |
| FIN_EXP | 0.00 | 1.00 | 0.55 | 0.50 |
| IND_EXP | 0.00 | 1.00 | 0.59 | 0.49 |
| GEN_F | 0.00 | 1.00 | 0.22 | 0.41 |
| Valid N (listwise) | 870 |
| Minimum | Maximum | Mean | Std. Deviation | |
|---|---|---|---|---|
| LnEQUAL | −7.22 | −0.72 | −3.58 | 1.44 |
| MAJTRIBE | 0.00 | 1.00 | 0.39 | 0.49 |
| MIN_TRIBE | 0.00 | 1.00 | 0.27 | 0.44 |
| PARL | 0.00 | 10.00 | 0.47 | 1.24 |
| GOVT | 0.00 | 8.00 | 0.51 | 0.98 |
| ROA | −0.54 | 0.35 | 0.02 | 0.12 |
| LEV | 0.03 | 30.83 | 3.59 | 4.99 |
| M2B | 0.02 | 23.99 | 1.994 | 3.32 |
| GROW | −0.32 | 0.22 | 0.0377 | 0.11 |
| AGE | 1.00 | 68.00 | 28.52 | 18.63 |
| Big4 | 0.00 | 1.00 | 0.94 | 0.24 |
| AUDCOM | 0.00 | 1.00 | 0.26 | 0.44 |
| NOMCOM | 0.00 | 1.00 | 0.25 | 0.44 |
| FIN_EXP | 0.00 | 1.00 | 0.55 | 0.50 |
| IND_EXP | 0.00 | 1.00 | 0.59 | 0.49 |
| GEN_F | 0.00 | 1.00 | 0.22 | 0.41 |
| Valid | 870 |
Note(s): N = 870 directors. Refer to Appendix 1 for variable definitions
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