Table 2 Descriptive statistics Variables...

Table 2

Descriptive statistics

Variables	Observations	Mean	SD	Min.	Max.
Government ownership %	8,681	7.411	18.226	0	99.89
Government ownership %	1,681	38.270	23.123	2	99.89
Government ownership	8,681	0.194	0.395	0	1
Block government ownership (10% threshold)	8,681	0.181	0.385	0	1
Block government ownership (10% threshold)	1,681	0.933	0.249	0	1
Block government ownership (20% threshold)	8,681	0.147	0.354	0	1
Block government ownership (20% threshold)	1,681	0.761	0.427	0	1
Pyramid government ownership	8,681	0.045	0.207	0	1
Pyramid government ownership	1,681	0.233	0.423	0	1
Market conditions	8,681	4.283	0.526	0	5.325
Control of corruption	8,681	0.098	0.487	−1.037	1.407
Property rights	8,681	49.706	11.046	20	76.7
Political constraints	8,681	0.314	0.325	0	0.773
Power distance	8,681	78.025	7.877	62	93
Firm size	8,681	12.307	2.187	5.175	19.222
Firm age	8,681	3.205	0.704	0.693	5.100
ROA	8,681	2.205	9.662	−97.697	83.991
Tobin’s Q	8,681	0.762	0.830	0	15.334
Board size	8,681	7.531	3.2	1	35
Board independence	8,681	13.2	21.074	0	100
Female board representation	8,681	4.517	10.788	0	100
Board committees	8,681	1.596	1.803	0	8
Audit committee	8,681	0.504	0.5	0	1
Shareholders’ rights	8,681	2.428	3.141	0	28.82
Revenue growth	8,681	1.07	19.644	−37.277	554.667
Leverage ratio	8,681	0.483	0.298	0	7.24
GDP per capita	8,681	9.389	1.105	7.800	11.351
GPD growth	8,681	1.084	0.681	−1.553	2.975

Variables	Observations	Mean	SD	Min.	Max.
Government ownership %	8,681	7.411	18.226	0	99.89
Government ownership %	1,681	38.270	23.123	2	99.89
Government ownership	8,681	0.194	0.395	0	1
Block government ownership (10% threshold)	8,681	0.181	0.385	0	1
Block government ownership (10% threshold)	1,681	0.933	0.249	0	1
Block government ownership (20% threshold)	8,681	0.147	0.354	0	1
Block government ownership (20% threshold)	1,681	0.761	0.427	0	1
Pyramid government ownership	8,681	0.045	0.207	0	1
Pyramid government ownership	1,681	0.233	0.423	0	1
Market conditions	8,681	4.283	0.526	0	5.325
Control of corruption	8,681	0.098	0.487	−1.037	1.407
Property rights	8,681	49.706	11.046	20	76.7
Political constraints	8,681	0.314	0.325	0	0.773
Power distance	8,681	78.025	7.877	62	93
Firm size	8,681	12.307	2.187	5.175	19.222
Firm age	8,681	3.205	0.704	0.693	5.100
ROA	8,681	2.205	9.662	−97.697	83.991
Tobin’s Q	8,681	0.762	0.830	0	15.334
Board size	8,681	7.531	3.2	1	35
Board independence	8,681	13.2	21.074	0	100
Female board representation	8,681	4.517	10.788	0	100
Board committees	8,681	1.596	1.803	0	8
Audit committee	8,681	0.504	0.5	0	1
Shareholders’ rights	8,681	2.428	3.141	0	28.82
Revenue growth	8,681	1.07	19.644	−37.277	554.667
Leverage ratio	8,681	0.483	0.298	0	7.24
GDP per capita	8,681	9.389	1.105	7.800	11.351
GPD growth	8,681	1.084	0.681	−1.553	2.975

Note(s): N = 8,161 indicates total sample;

N = 1,681 indicates observations of government ownership specifically, i.e. 1,681 firms out of 8,681 belong to the government;

Min = 0 for government ownership % of the total sample (first row) indicates that the value 0 is for firms that are not government-owned;

N = 8,161 was used the analysis. Measures for N = 1,681 were just shown in this table for descriptive purposes

Source(s): Author’s own work

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