Table 1 Descriptive statistics and...

Table 1

Descriptive statistics and correlations

		Mean	SD	Max	Min	1	2	3	4	5	6	7	8	9	10	11
1	Inno	0.41	0.92	6.87	0
2	Commit	0.81	0.8	2	0	0.07^***
3	Age	17.74	5.72	44	7	−0.02^*	0.05^***
4	Size	23.23	1.59	31.04	19.19	0.17^***	0.20^***	0.19^***
5	ROA	0.04	0.08	0.68	−1.75	0.01	−0.01	−0.07^***	−0.09^***
6	Leverage	0.50	0.27	10.50	0.01	0.02^**	0.02^**	0.16^***	0.45^***	−0.42^***
7	Tb_Q	1.66	1.94	33.47	0.002	−0.03^***	−0.12^***	−0.1^***	−0.36^***	0.65^***	−0.3^***
8	SOE	0.51	0.50	1	0	0.04^***	0.14^***	0.1^***	0.28^***	−0.09^***	0.2^***	−0.2^***
9	Independ_Director	0.37	0.06	0.80	0.17	0.03	−0.01	−0.05^***	0.06^***	0.002	0.02^*	0.04^***	0.01
10	Largest_Share	0.37	0.16	0.90	0.03	0.06^***	0.09^***	−0.14^***	0.17^***	0.05^***	0.03^***	−0.07^***	0.29^***	0.07^***
11	Chairman_Duality	0.19	0.40	1	0	0.03^***	−0.09^***	−0.05^***	−0.14^***	0.05^***	−0.08^***	0.13^***	−0.28^***	0.09^***	−0.1^***
12	Board_Size	9.19	2.09	21	3	0.06^***	0.12^***	0.07^***	0.38^***	−0.03^***	0.17^***	−0.16^***	0.23^***	−0.36^***	0.001	−0.17^***

		Mean	SD	Max	Min	1	2	3	4	5	6	7	8	9	10	11
1	Inno	0.41	0.92	6.87	0
2	Commit	0.81	0.8	2	0	0.07^***
3	Age	17.74	5.72	44	7	−0.02^*	0.05^***
4	Size	23.23	1.59	31.04	19.19	0.17^***	0.20^***	0.19^***
5	ROA	0.04	0.08	0.68	−1.75	0.01	−0.01	−0.07^***	−0.09^***
6	Leverage	0.50	0.27	10.50	0.01	0.02^**	0.02^**	0.16^***	0.45^***	−0.42^***
7	Tb_Q	1.66	1.94	33.47	0.002	−0.03^***	−0.12^***	−0.1^***	−0.36^***	0.65^***	−0.3^***
8	SOE	0.51	0.50	1	0	0.04^***	0.14^***	0.1^***	0.28^***	−0.09^***	0.2^***	−0.2^***
9	Independ_Director	0.37	0.06	0.80	0.17	0.03	−0.01	−0.05^***	0.06^***	0.002	0.02^*	0.04^***	0.01
10	Largest_Share	0.37	0.16	0.90	0.03	0.06^***	0.09^***	−0.14^***	0.17^***	0.05^***	0.03^***	−0.07^***	0.29^***	0.07^***
11	Chairman_Duality	0.19	0.40	1	0	0.03^***	−0.09^***	−0.05^***	−0.14^***	0.05^***	−0.08^***	0.13^***	−0.28^***	0.09^***	−0.1^***
12	Board_Size	9.19	2.09	21	3	0.06^***	0.12^***	0.07^***	0.38^***	−0.03^***	0.17^***	−0.16^***	0.23^***	−0.36^***	0.001	−0.17^***

Note(s): This table summarizes descriptive statistics and correlations for the study's key variables. Columns (1)–(5) report the variable name, mean, standard deviation, maximum, and minimum, respectively; the remaining columns show correlation coefficients. The sample covers 9,306 firm-year observations of Chinese listed firms from 2011 to 2019

Source(s): Authors’ own work

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