Descriptive statistics
| Panel A: descriptive statistics | ||||||
|---|---|---|---|---|---|---|
| N | Mean | Std. dev | Median | 1st quartile | 3rd quartile | |
| PERF1 | 36,185 | 0.010 | 0.242 | 0.000 | −0.084 | 0.099 |
| PERF2 | 35,155 | 0.038 | 0.153 | 0.000 | 0.000 | 0.111 |
| INVOP | 36,185 | 0.750 | 0.209 | 0.800 | 0.600 | 0.900 |
| SIZE | ||||||
| Small | 13,734 | 0.380 | 0.000 | 1.000 | 1.000 | 1.000 |
| Medium | 13,611 | 0.376 | 0.000 | 1.000 | 1.000 | 1.000 |
| Large | 8,840 | 0.244 | 0.000 | 1.000 | 1.000 | 1.000 |
| FAGE | 36,185 | 2.880 | 0.669 | 2.890 | 2.398 | 3.332 |
| FEMOWN | 36,185 | 0.307 | 0.461 | 0.000 | 0.000 | 1.000 |
| CONTROL | 36,185 | 0.720 | 0.449 | 1.000 | 0.000 | 1.000 |
| FOROWN | 36,185 | 0.068 | 0.234 | 0.000 | 0.000 | 0.000 |
| FINCRED | 36,185 | 0.556 | 0.497 | 1.000 | 0.000 | 1.000 |
| EXPORT | 36,185 | 0.097 | 0.247 | 0.000 | 0.000 | 0.000 |
| FINCONS | 36,185 | 1.473 | 1.312 | 1.000 | 0.000 | 2.000 |
| BUSRISK | 36,185 | 0.011 | 0.310 | 0.000 | 0.000 | 0.000 |
| CORP | 36,185 | 0.430 | 0.495 | 0.000 | 0.000 | 1.000 |
| EXTDEP | 36,185 | 0.323 | 0.345 | 0.200 | 0.000 | 0.600 |
| INNOV | 36,185 | 1.594 | 1.220 | 2.000 | 1.000 | 3.000 |
| Panel A: descriptive statistics | ||||||
|---|---|---|---|---|---|---|
| Mean | Std. dev | Median | 1st quartile | 3rd quartile | ||
| 36,185 | 0.010 | 0.242 | 0.000 | −0.084 | 0.099 | |
| 35,155 | 0.038 | 0.153 | 0.000 | 0.000 | 0.111 | |
| 36,185 | 0.750 | 0.209 | 0.800 | 0.600 | 0.900 | |
| 13,734 | 0.380 | 0.000 | 1.000 | 1.000 | 1.000 | |
| 13,611 | 0.376 | 0.000 | 1.000 | 1.000 | 1.000 | |
| 8,840 | 0.244 | 0.000 | 1.000 | 1.000 | 1.000 | |
| 36,185 | 2.880 | 0.669 | 2.890 | 2.398 | 3.332 | |
| 36,185 | 0.307 | 0.461 | 0.000 | 0.000 | 1.000 | |
| 36,185 | 0.720 | 0.449 | 1.000 | 0.000 | 1.000 | |
| 36,185 | 0.068 | 0.234 | 0.000 | 0.000 | 0.000 | |
| 36,185 | 0.556 | 0.497 | 1.000 | 0.000 | 1.000 | |
| 36,185 | 0.097 | 0.247 | 0.000 | 0.000 | 0.000 | |
| 36,185 | 1.473 | 1.312 | 1.000 | 0.000 | 2.000 | |
| 36,185 | 0.011 | 0.310 | 0.000 | 0.000 | 0.000 | |
| 36,185 | 0.430 | 0.495 | 0.000 | 0.000 | 1.000 | |
| 36,185 | 0.323 | 0.345 | 0.200 | 0.000 | 0.600 | |
| 36,185 | 1.594 | 1.220 | 2.000 | 1.000 | 3.000 | |
| Panel B: mean and median tests | ||||||
|---|---|---|---|---|---|---|
| HIGH_INVOP (N = 19,695) | LOW_INVOP (N = 16,490) | Mean test (t-test) | Median test (z-test) | |||
| Mean | Median | Mean | Median | |||
| PERF1 | 0.023 | 0.009 | −0.006 | −0.012 | 11.600*** | 14.848*** |
| PERF2 | 0.050 | 0.023 | 0.025 | 0.000 | 15.150*** | 16.583*** |
| SIZE | 1.946 | 2.000 | 1.768 | 2.000 | 21.900*** | 21.445*** |
| FAGE | 2.857 | 2.833 | 2.906 | 2.890 | −6.946*** | −7.318*** |
| FEMOWN | 0.305 | 0.000 | 0.308 | 0.000 | −0.550 | −0.540 |
| CONTROL | 0.730 | 1.000 | 0.708 | 1.000 | 4.550*** | 4.534*** |
| FOROWN | 0.070 | 0.000 | 0.066 | 0.000 | 1.700* | −0.111 |
| FINCRED | 0.559 | 1.000 | 0.551 | 1.000 | 1.450 | 1.442 |
| EXPORT | 0.112 | 0.000 | 0.081 | 0.000 | 11.800*** | 8.690*** |
| FINCONS | 1.325 | 1.000 | 1.649 | 2.000 | −23.550*** | −22.620*** |
| BUSRISK | 0.011 | 0.000 | 0.011 | 0.000 | −0.050 | −6.832*** |
| CORP | 0.412 | 0.000 | 0.451 | 0.000 | −7.491*** | −7.486*** |
| EXTDEP | 0.300 | 0.200 | 0.350 | 0.300 | −13.700*** | −13.357*** |
| INNOV | 1.688 | 2.000 | 1.482 | 1.000 | 16.100*** | 15.841*** |
| Panel B: mean and median tests | ||||||
|---|---|---|---|---|---|---|
| Mean test ( | Median test ( | |||||
| Mean | Median | Mean | Median | |||
| 0.023 | 0.009 | −0.006 | −0.012 | 11.600*** | 14.848*** | |
| 0.050 | 0.023 | 0.025 | 0.000 | 15.150*** | 16.583*** | |
| 1.946 | 2.000 | 1.768 | 2.000 | 21.900*** | 21.445*** | |
| 2.857 | 2.833 | 2.906 | 2.890 | −6.946*** | −7.318*** | |
| 0.305 | 0.000 | 0.308 | 0.000 | −0.550 | −0.540 | |
| 0.730 | 1.000 | 0.708 | 1.000 | 4.550*** | 4.534*** | |
| 0.070 | 0.000 | 0.066 | 0.000 | 1.700* | −0.111 | |
| 0.559 | 1.000 | 0.551 | 1.000 | 1.450 | 1.442 | |
| 0.112 | 0.000 | 0.081 | 0.000 | 11.800*** | 8.690*** | |
| 1.325 | 1.000 | 1.649 | 2.000 | −23.550*** | −22.620*** | |
| 0.011 | 0.000 | 0.011 | 0.000 | −0.050 | −6.832*** | |
| 0.412 | 0.000 | 0.451 | 0.000 | −7.491*** | −7.486*** | |
| 0.300 | 0.200 | 0.350 | 0.300 | −13.700*** | −13.357*** | |
| 1.688 | 2.000 | 1.482 | 1.000 | 16.100*** | 15.841*** | |
Note(s): Superscript ***, **, and * represent statistical significance at the 1, 5, and 10% levels, respectively, two-tailed. Descriptions of variables are provided in Appendix
Source(s): Authors’ own work
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