Table 3 Descriptive statistics and...

Table 3

Descriptive statistics and correlation coefficients

	Mean	Std. dev.	1	2	3	4	5	6	7	8	9	10	11	12	13
Panel A: Heckman first-stage variables
IDTPA	0.11	0.312	1
SOE	0.34	0.474	0.242***	1
PC	0.123	0.329	0.015	0.006	1
POVERTY	0.265	0.441	0.170***	0.141***	0.030***	1
DECENTRAL	0.868	0.924	−0.158***	−0.149***	−0.008	−0.501***	1
ADV	0.073	0.083	−0.031***	−0.155***	0.007	−0.001	−0.055***	1
COVER	1.271	1.051	0.081***	−0.034***	0.056***	−0.027**	0.084***	0.057***	1
MAND_CSR	0.129	0.336	0.225***	0.281***	0.011	−0.014	−0.003	−0.076***	0.211***	1
ADJ_ROA	0.001	0.053	0.006	−0.111***	−0.01	−0.080***	0.080***	0.056***	0.368***	0.074***	1
SIZE	8.443	1.264	0.282***	0.353***	0.005	0.013	−0.023**	−0.180***	0.344***	0.463***	0.034***	1
LEV	0.427	0.208	0.140***	0.282***	0.016	0.071***	−0.071***	−0.243***	−0.009	0.170***	−0.331***	0.495***	1
SLACK	0.012	0.089	0.011	−0.002	0.028**	−0.011	0.004	−0.027**	0.116***	0.025**	0.114***	0.076***	0.007	1
IDratio	0.109	0.067	0.217***	0.187***	−0.070***	0.106***	−0.159***	−0.086***	−0.062***	0.081***	0.012	0.176***	0.074***	0.007	−0.088***
Panel B: Heckman second-stage variables
NPOP	0.866	3.841	1
TPA_EXP	2,870	12,581	0.321***	1
SOE	0.497	0.5	−0.094***	−0.173***	1
PC	0.137	0.344	−0.003	−0.033	0.024	1
POVERTY	0.479	0.5	−0.120***	−0.024	−0.006	0	1
DECENTRAL	0.452	1.169	0.102***	0.049	0.082**	−0.011	−0.338***	1
ADV	0.066	0.083	−0.026	−0.050	−0.241***	0.053	0.036	−0.190***	1
COVER	1.513	1.089	0.147***	0.086**	−0.080**	−0.014	−0.056*	0.124***	0.042	1
MAND_CSR	0.345	0.476	0.105***	−0.007	0.201***	−0.050	−0.191***	0.120***	−0.165***	0.280***	1
ADJ_ROA	0.002	0.041	0.118***	0.006	−0.186***	−0.001	−0.053*	0.117***	0.161***	0.363***	0.108***	1
SIZE	9.505	1.537	0.177***	0.038	0.232***	−0.033	−0.222***	0.170***	−0.267***	0.398***	0.508***	0.055	1
LEV	0.51	0.191	0.03	0.054	0.168***	−0.038	−0.067**	0.0460	−0.364***	0.035	0.177***	−0.314***	−0.498***	1
SLACK	0.015	0.071	0.029	0.056*	−0.068**	0.012	0.021	0.064*	0.066*	0.129***	0.079**	0.186***	0.083**	−0.01	1

	Mean	Std. dev.	1	2	3	4	5	6	7	8	9	10	11	12	13
Panel A: Heckman first-stage variables
IDTPA	0.11	0.312	1
SOE	0.34	0.474	0.242***	1
PC	0.123	0.329	0.015	0.006	1
POVERTY	0.265	0.441	0.170***	0.141***	0.030***	1
DECENTRAL	0.868	0.924	−0.158***	−0.149***	−0.008	−0.501***	1
ADV	0.073	0.083	−0.031***	−0.155***	0.007	−0.001	−0.055***	1
COVER	1.271	1.051	0.081***	−0.034***	0.056***	−0.027**	0.084***	0.057***	1
MAND_CSR	0.129	0.336	0.225***	0.281***	0.011	−0.014	−0.003	−0.076***	0.211***	1
ADJ_ROA	0.001	0.053	0.006	−0.111***	−0.01	−0.080***	0.080***	0.056***	0.368***	0.074***	1
SIZE	8.443	1.264	0.282***	0.353***	0.005	0.013	−0.023**	−0.180***	0.344***	0.463***	0.034***	1
LEV	0.427	0.208	0.140***	0.282***	0.016	0.071***	−0.071***	−0.243***	−0.009	0.170***	−0.331***	0.495***	1
SLACK	0.012	0.089	0.011	−0.002	0.028**	−0.011	0.004	−0.027**	0.116***	0.025**	0.114***	0.076***	0.007	1
IDratio	0.109	0.067	0.217***	0.187***	−0.070***	0.106***	−0.159***	−0.086***	−0.062***	0.081***	0.012	0.176***	0.074***	0.007	−0.088***
Panel B: Heckman second-stage variables
NPOP	0.866	3.841	1
TPA_EXP	2,870	12,581	0.321***	1
SOE	0.497	0.5	−0.094***	−0.173***	1
PC	0.137	0.344	−0.003	−0.033	0.024	1
POVERTY	0.479	0.5	−0.120***	−0.024	−0.006	0	1
DECENTRAL	0.452	1.169	0.102***	0.049	0.082**	−0.011	−0.338***	1
ADV	0.066	0.083	−0.026	−0.050	−0.241***	0.053	0.036	−0.190***	1
COVER	1.513	1.089	0.147***	0.086**	−0.080**	−0.014	−0.056*	0.124***	0.042	1
MAND_CSR	0.345	0.476	0.105***	−0.007	0.201***	−0.050	−0.191***	0.120***	−0.165***	0.280***	1
ADJ_ROA	0.002	0.041	0.118***	0.006	−0.186***	−0.001	−0.053*	0.117***	0.161***	0.363***	0.108***	1
SIZE	9.505	1.537	0.177***	0.038	0.232***	−0.033	−0.222***	0.170***	−0.267***	0.398***	0.508***	0.055	1
LEV	0.51	0.191	0.03	0.054	0.168***	−0.038	−0.067**	0.0460	−0.364***	0.035	0.177***	−0.314***	−0.498***	1
SLACK	0.015	0.071	0.029	0.056*	−0.068**	0.012	0.021	0.064*	0.066*	0.129***	0.079**	0.186***	0.083**	−0.01	1

Note(s): ***/**/*: significant at the 1%/5%/10% level (two-tailed), respectively. Please refer to Appendix 2 for variable definitions

Source(s): Table by authors

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