Table 3 Descriptive statistics Variable...

Table 3

Descriptive statistics

Variable	Observations	Mean	Std. Dev	Min	Max
LNAF	18,889	13.977	0.702	12.206	21.417
BODMEET	18,889	9.98	4.3	2	58
BODSIZE	18,889	8.508	1.662	3	18
IDR	18,889	37.654	5.623	14.29	80
INVESTPROP	18,889	45.274	24.553	0	211.495
LEV	18,889	0.425	0.202	0.008	0.998
ROE	18,889	0.011	1.675	−186.557	2.324
INVR	18,889	0.406	1.807	0	119.477
FIRMAGE	18,889	23.01	5.674	5	64
BIG4	18,889	0.068	0.251	0	1

Variable	Observations	Mean	Std. Dev	Min	Max
LNAF	18,889	13.977	0.702	12.206	21.417
BODMEET	18,889	9.98	4.3	2	58
BODSIZE	18,889	8.508	1.662	3	18
IDR	18,889	37.654	5.623	14.29	80
INVESTPROP	18,889	45.274	24.553	0	211.495
LEV	18,889	0.425	0.202	0.008	0.998
ROE	18,889	0.011	1.675	−186.557	2.324
INVR	18,889	0.406	1.807	0	119.477
FIRMAGE	18,889	23.01	5.674	5	64
BIG4	18,889	0.068	0.251	0	1

Note(s): LNAF = audit fees, BODMEET = board meetings, BODSIZE = directors on the board, IDR = independent directors on the board, INVESTPROP = institutional investor shareholder ratio, LEV = total liability/total assets, ROE = return on equity, INVR = inventory/total revenue, FIRMAGE = firm living years, BIG4 = Big 4 audit firm, and Std.Dev = standard deviations

Source(s): Authors’ own creation

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