Descriptive statistics
| Variables | N | Mean | Median | SD | Minimum | Maximum |
|---|---|---|---|---|---|---|
| MtoB | 1,840 | 2.243 | 1.288 | 17.586 | −527.5 | 503.92 |
| Included shares | 1,838 | 0.149 | 0.000 | 0.275 | 0 | 1 |
| Voting S | 1,840 | 0.273 | 0.000 | 0.446 | 0 | 1 |
| Consultation S | 1,840 | 0.139 | 0.000 | 0.346 | 0 | 1 |
| Block S | 1,840 | 0.234 | 0.000 | 0.423 | 0 | 1 |
| Purchase S | 1,840 | 0.053 | 0.000 | 0.224 | 0 | 1 |
| Control S | 1,840 | 0.069 | 0.000 | 0.254 | 0 | 1 |
| Opa S | 1,840 | 0.011 | 0.000 | 0.106 | 0 | 1 |
| SAs | 1,840 | 0.778 | 0.000 | 1.335 | 0 | 6 |
| SA_NoV | 1,840 | 0.541 | 0.000 | 0.942 | 0 | 5 |
| Size | 1,840 | 12.716 | 12.603 | 1.821 | 3.829 | 18.302 |
| Leverage | 1,840 | 0.523 | 0.507 | 0.380 | 0.001 | 5.892 |
| LargeSH | 1,840 | 0.461 | 0.500 | 0.190 | 0.039 | 0.995 |
| ROA | 1,840 | 0.055 | −0.003 | 3.391 | −50.031 | 64.795 |
| Variables | Mean | Median | Minimum | Maximum | ||
|---|---|---|---|---|---|---|
| MtoB | 1,840 | 2.243 | 1.288 | 17.586 | −527.5 | 503.92 |
| Included shares | 1,838 | 0.149 | 0.000 | 0.275 | 0 | 1 |
| Voting S | 1,840 | 0.273 | 0.000 | 0.446 | 0 | 1 |
| Consultation S | 1,840 | 0.139 | 0.000 | 0.346 | 0 | 1 |
| Block S | 1,840 | 0.234 | 0.000 | 0.423 | 0 | 1 |
| Purchase S | 1,840 | 0.053 | 0.000 | 0.224 | 0 | 1 |
| Control S | 1,840 | 0.069 | 0.000 | 0.254 | 0 | 1 |
| Opa S | 1,840 | 0.011 | 0.000 | 0.106 | 0 | 1 |
| SAs | 1,840 | 0.778 | 0.000 | 1.335 | 0 | 6 |
| SA_NoV | 1,840 | 0.541 | 0.000 | 0.942 | 0 | 5 |
| Size | 1,840 | 12.716 | 12.603 | 1.821 | 3.829 | 18.302 |
| Leverage | 1,840 | 0.523 | 0.507 | 0.380 | 0.001 | 5.892 |
| LargeSH | 1,840 | 0.461 | 0.500 | 0.190 | 0.039 | 0.995 |
| 1,840 | 0.055 | −0.003 | 3.391 | −50.031 | 64.795 |
See Table 2 for variable definitions
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