Table 1.

Summary statistics

Variable ObservationsMeanSDMinMax
Digital132,1921.4221.40106.301
Digital232,1920.6620.47301
CR32,1922.7670.4871.4144.554
Size32,19222.171.31618.9826.16
Leverage32,1920.4330.2120.05020.955
Roe32,1920.05410.159−0.9150.439
First32,19234.0714.858.50074.98
Board32,1920.3760.05370.3330.571
Age32,19217.975.738533
Growth32,1920.1900.466−0.6183.030
Duality32,1920.2760.44701
Soe32,1920.3690.48301
GDP32,1920.08510.0632−0.2510.291
Notes:

This table reports summary statistics of the variables used in the baseline analysis

Source(s): Authors’ own work

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