Sample descriptive statistics
| Variables | N | Mean | SD | Min | P25 | Median | P75 | Max |
|---|---|---|---|---|---|---|---|---|
| BT_Adoption | 27,400 | 0.033 | 0.178 | 0.000 | 0.000 | 0.000 | 0.000 | 1.000 |
| AI | 27,400 | 0.009 | 0.095 | 0.000 | 0.000 | 0.000 | 0.000 | 1.000 |
| Compete | 27,400 | 0.931 | 0.108 | 0.650 | 0.861 | 0.931 | 1.002 | 1.200 |
| Create | 27,400 | 0.299 | 0.051 | 0.177 | 0.267 | 0.297 | 0.328 | 0.472 |
| HHI | 27,400 | 0.140 | 0.149 | 0.026 | 0.057 | 0.090 | 0.155 | 0.891 |
| Subsidy | 27,400 | 15.179 | 4.072 | 0.000 | 14.827 | 16.099 | 17.170 | 20.240 |
| DFI | 27,400 | 0.326 | 0.082 | 0.142 | 0.265 | 0.337 | 0.397 | 0.459 |
| Size | 27,400 | 22.198 | 1.307 | 19.240 | 21.275 | 22.025 | 22.940 | 26.181 |
| ROA | 27,400 | 0.032 | 0.077 | −0.398 | 0.013 | 0.037 | 0.068 | 0.212 |
| Cash | 27,400 | 0.046 | 0.070 | −0.182 | 0.008 | 0.046 | 0.086 | 0.251 |
| Growth | 27,400 | 0.177 | 0.452 | −0.628 | −0.026 | 0.107 | 0.271 | 2.923 |
| Lev | 27,400 | 0.425 | 0.211 | 0.057 | 0.255 | 0.412 | 0.576 | 0.952 |
| MTB | 27,400 | 2.131 | 1.483 | 0.849 | 1.262 | 1.659 | 2.398 | 9.893 |
| Netloss | 27,400 | 0.121 | 0.326 | 0.000 | 0.000 | 0.000 | 0.000 | 1.000 |
| Top1 | 27,400 | 0.359 | 0.149 | 0.000 | 0.246 | 0.343 | 0.459 | 0.748 |
| Agescale | 27,400 | 3.016 | 1.411 | 1.000 | 2.000 | 3.000 | 4.000 | 5.000 |
| SOE | 27,400 | 0.320 | 0.467 | 0.000 | 0.000 | 0.000 | 1.000 | 1.000 |
| HTT | 27,400 | 0.259 | 0.438 | 0.000 | 0.000 | 0.000 | 1.000 | 1.000 |
| Big4 | 27,400 | 0.056 | 0.230 | 0.000 | 0.000 | 0.000 | 0.000 | 1.000 |
| Variables | Mean | SD | Min | P25 | Median | P75 | Max | |
|---|---|---|---|---|---|---|---|---|
| 27,400 | 0.033 | 0.178 | 0.000 | 0.000 | 0.000 | 0.000 | 1.000 | |
| 27,400 | 0.009 | 0.095 | 0.000 | 0.000 | 0.000 | 0.000 | 1.000 | |
| 27,400 | 0.931 | 0.108 | 0.650 | 0.861 | 0.931 | 1.002 | 1.200 | |
| 27,400 | 0.299 | 0.051 | 0.177 | 0.267 | 0.297 | 0.328 | 0.472 | |
| 27,400 | 0.140 | 0.149 | 0.026 | 0.057 | 0.090 | 0.155 | 0.891 | |
| 27,400 | 15.179 | 4.072 | 0.000 | 14.827 | 16.099 | 17.170 | 20.240 | |
| 27,400 | 0.326 | 0.082 | 0.142 | 0.265 | 0.337 | 0.397 | 0.459 | |
| 27,400 | 22.198 | 1.307 | 19.240 | 21.275 | 22.025 | 22.940 | 26.181 | |
| 27,400 | 0.032 | 0.077 | −0.398 | 0.013 | 0.037 | 0.068 | 0.212 | |
| 27,400 | 0.046 | 0.070 | −0.182 | 0.008 | 0.046 | 0.086 | 0.251 | |
| 27,400 | 0.177 | 0.452 | −0.628 | −0.026 | 0.107 | 0.271 | 2.923 | |
| 27,400 | 0.425 | 0.211 | 0.057 | 0.255 | 0.412 | 0.576 | 0.952 | |
| 27,400 | 2.131 | 1.483 | 0.849 | 1.262 | 1.659 | 2.398 | 9.893 | |
| 27,400 | 0.121 | 0.326 | 0.000 | 0.000 | 0.000 | 0.000 | 1.000 | |
| 27,400 | 0.359 | 0.149 | 0.000 | 0.246 | 0.343 | 0.459 | 0.748 | |
| 27,400 | 3.016 | 1.411 | 1.000 | 2.000 | 3.000 | 4.000 | 5.000 | |
| 27,400 | 0.320 | 0.467 | 0.000 | 0.000 | 0.000 | 1.000 | 1.000 | |
| 27,400 | 0.259 | 0.438 | 0.000 | 0.000 | 0.000 | 1.000 | 1.000 | |
| 27,400 | 0.056 | 0.230 | 0.000 | 0.000 | 0.000 | 0.000 | 1.000 |
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