Descriptive statistics
| Variable | Observations | Mean | Std. dev. | Min | Median | Max |
|---|---|---|---|---|---|---|
| Panel A: dependent variable (Rm) | ||||||
| EDRS | 1,083 | 2.65 | 3.77 | 0.00 | 1.51 | 47.84 |
| EDRL | 1,083 | 7.05 | 58.64 | 0.00 | 0.45 | 1298.80 |
| EDRI | 1,083 | 9.71 | 58.81 | 0.00 | 2.94 | 1299.29 |
| Panel B: independent variables | ||||||
| EPS (cents) | 1,083 | 171.54 | 433.68 | −1625.30 | 6.70 | 3797.00 |
| ROA (%) | 1,083 | 7.05 | 12.25 | −178.21 | 6.18 | 63.73 |
| TSR (%) | 1,083 | 9.74 | 48.18 | −129.00 | 3.72 | 536.36 |
| TQ (ratio) | 1,083 | 1.32 | 0.99 | 0.00 | 1.02 | 8.71 |
| Panel B: control variables – dichotomous | ||||||
| King IV | 1,083 | 0.35 | 0.48 | 0 | 0 | 1 |
| Panel C: control variables – continuous | ||||||
| LEV (ratio) | 1,083 | 1.93 | 9.61 | −17.71 | 0.88 | 288.97 |
| GRO (%) | 1,083 | 0.17 | 1.08 | −1.00 | 0.07 | 22.78 |
| SIZE (Rm) | 1,083 | 35.20 | 139.58 | 0.06 | 6.57 | 1804.66 |
| DSHARE (%) | 1,083 | 14.00 | 20.22 | 0.00 | 3.73 | 93.94 |
| ISHARE (%) | 1,083 | 5.55 | 9.30 | 0.00 | 2.57 | 61.53 |
| Panel C: control variables – dichotomous | ||||||
| BSHARE | 1,083 | 0.93 | 0.26 | 0.00 | 1.00 | 1.00 |
| Variable | Observations | Mean | Std. dev. | Min | Median | Max |
|---|---|---|---|---|---|---|
| EDRS | 1,083 | 2.65 | 3.77 | 0.00 | 1.51 | 47.84 |
| EDRL | 1,083 | 7.05 | 58.64 | 0.00 | 0.45 | 1298.80 |
| EDRI | 1,083 | 9.71 | 58.81 | 0.00 | 2.94 | 1299.29 |
| EPS (cents) | 1,083 | 171.54 | 433.68 | −1625.30 | 6.70 | 3797.00 |
| ROA (%) | 1,083 | 7.05 | 12.25 | −178.21 | 6.18 | 63.73 |
| TSR (%) | 1,083 | 9.74 | 48.18 | −129.00 | 3.72 | 536.36 |
| TQ (ratio) | 1,083 | 1.32 | 0.99 | 0.00 | 1.02 | 8.71 |
| King IV | 1,083 | 0.35 | 0.48 | 0 | 0 | 1 |
| LEV (ratio) | 1,083 | 1.93 | 9.61 | −17.71 | 0.88 | 288.97 |
| GRO (%) | 1,083 | 0.17 | 1.08 | −1.00 | 0.07 | 22.78 |
| SIZE (Rm) | 1,083 | 35.20 | 139.58 | 0.06 | 6.57 | 1804.66 |
| DSHARE (%) | 1,083 | 14.00 | 20.22 | 0.00 | 3.73 | 93.94 |
| ISHARE (%) | 1,083 | 5.55 | 9.30 | 0.00 | 2.57 | 61.53 |
| BSHARE | 1,083 | 0.93 | 0.26 | 0.00 | 1.00 | 1.00 |
Note(s): All variables are defined in Table 1
Source(s): Authors’ own creation