Table 2

Descriptive statistics

VariableObservationsMeanStd. dev.MinMedianMax
Panel A: dependent variable (Rm)
EDRS1,0832.653.770.001.5147.84
EDRL1,0837.0558.640.000.451298.80
EDRI1,0839.7158.810.002.941299.29
Panel B: independent variables
EPS (cents)1,083171.54433.68−1625.306.703797.00
ROA (%)1,0837.0512.25−178.216.1863.73
TSR (%)1,0839.7448.18−129.003.72536.36
TQ (ratio)1,0831.320.990.001.028.71
Panel B: control variables – dichotomous
King IV1,0830.350.48001
Panel C: control variables – continuous
LEV (ratio)1,0831.939.61−17.710.88288.97
GRO (%)1,0830.171.08−1.000.0722.78
SIZE (Rm)1,08335.20139.580.066.571804.66
DSHARE (%)1,08314.0020.220.003.7393.94
ISHARE (%)1,0835.559.300.002.5761.53
Panel C: control variables – dichotomous
BSHARE1,0830.930.260.001.001.00

Note(s): All variables are defined in Table 1 

Source(s): Authors’ own creation

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