Sample distribution and descriptive statistics
| Panel A: Sample distribution | |||
|---|---|---|---|
| Year | Freq. | Percent (%) | Cum. (%) |
| 2007 | 1,024 | 2.835 | 2.835 |
| 2008 | 1,184 | 3.278 | 6.114 |
| 2009 | 1,266 | 3.505 | 9.619 |
| 2010 | 1,338 | 3.705 | 13.324 |
| 2011 | 1,687 | 4.671 | 17.995 |
| 2012 | 1,983 | 5.491 | 23.485 |
| 2013 | 1,978 | 5.477 | 28.962 |
| 2014 | 2,052 | 5.682 | 34.644 |
| 2015 | 2,177 | 6.028 | 40.672 |
| 2016 | 2,384 | 6.601 | 47.273 |
| 2017 | 2,537 | 7.025 | 54.297 |
| 2018 | 3,072 | 8.506 | 62.803 |
| 2019 | 3,115 | 8.625 | 71.428 |
| 2020 | 3,181 | 8.808 | 80.236 |
| 2021 | 3,335 | 9.234 | 89.470 |
| 2022 | 3,803 | 10.530 | 100.000 |
| Total | 36,116 | 100.00 | |
| Panel A: Sample distribution | |||
|---|---|---|---|
| Year | Freq. | Percent (%) | Cum. (%) |
| 2007 | 1,024 | 2.835 | 2.835 |
| 2008 | 1,184 | 3.278 | 6.114 |
| 2009 | 1,266 | 3.505 | 9.619 |
| 2010 | 1,338 | 3.705 | 13.324 |
| 2011 | 1,687 | 4.671 | 17.995 |
| 2012 | 1,983 | 5.491 | 23.485 |
| 2013 | 1,978 | 5.477 | 28.962 |
| 2014 | 2,052 | 5.682 | 34.644 |
| 2015 | 2,177 | 6.028 | 40.672 |
| 2016 | 2,384 | 6.601 | 47.273 |
| 2017 | 2,537 | 7.025 | 54.297 |
| 2018 | 3,072 | 8.506 | 62.803 |
| 2019 | 3,115 | 8.625 | 71.428 |
| 2020 | 3,181 | 8.808 | 80.236 |
| 2021 | 3,335 | 9.234 | 89.470 |
| 2022 | 3,803 | 10.530 | 100.000 |
| Total | 36,116 | 100.00 | |
| Panel B: Summary statistics for variables in main analyses | ||||||||
|---|---|---|---|---|---|---|---|---|
| Variables | Obs. | Mean | Std | Min | 25th | Median | 75th | Max |
| AbTone | 36,116 | 0.015 | 0.981 | −2.281 | −0.656 | 0.002 | 0.669 | 2.441 |
| ET | 36,116 | −0.015 | 0.012 | −0.059 | −0.019 | −0.011 | −0.006 | −0.001 |
| Size | 36,116 | 22.209 | 1.286 | 19.842 | 21.292 | 22.026 | 22.938 | 26.209 |
| Lev | 36,116 | 0.438 | 0.203 | 0.059 | 0.277 | 0.434 | 0.589 | 0.897 |
| ROA | 36,116 | 0.039 | 0.063 | −0.219 | 0.013 | 0.038 | 0.070 | 0.219 |
| OCF | 36,116 | 0.048 | 0.070 | −0.159 | 0.009 | 0.047 | 0.089 | 0.248 |
| Growth | 36,116 | 0.166 | 0.393 | −0.562 | −0.028 | 0.107 | 0.269 | 2.414 |
| DA | 36,116 | 0.070 | 0.073 | 0.001 | 0.022 | 0.047 | 0.091 | 0.403 |
| BM | 36,116 | 0.620 | 0.249 | 0.119 | 0.430 | 0.617 | 0.806 | 1.180 |
| Age | 36,116 | 3.188 | 0.221 | 2.565 | 3.045 | 3.219 | 3.367 | 3.638 |
| Dir | 36,116 | 0.374 | 0.053 | 0.313 | 0.333 | 0.333 | 0.429 | 0.571 |
| Dual | 36,116 | 0.263 | 0.440 | 0.000 | 0.000 | 0.000 | 1.000 | 1.000 |
| Top1 | 36,116 | 0.343 | 0.149 | 0.084 | 0.227 | 0.321 | 0.445 | 0.743 |
| Inst | 36,116 | 0.457 | 0.249 | 0.003 | 0.264 | 0.473 | 0.654 | 0.943 |
| Big4 | 36,116 | 0.060 | 0.238 | 0.000 | 0.000 | 0.000 | 0.000 | 1.000 |
| Panel B: Summary statistics for variables in main analyses | ||||||||
|---|---|---|---|---|---|---|---|---|
| Variables | Obs. | Mean | Std | Min | 25th | Median | 75th | Max |
| 36,116 | 0.015 | 0.981 | −2.281 | −0.656 | 0.002 | 0.669 | 2.441 | |
| 36,116 | −0.015 | 0.012 | −0.059 | −0.019 | −0.011 | −0.006 | −0.001 | |
| 36,116 | 22.209 | 1.286 | 19.842 | 21.292 | 22.026 | 22.938 | 26.209 | |
| 36,116 | 0.438 | 0.203 | 0.059 | 0.277 | 0.434 | 0.589 | 0.897 | |
| 36,116 | 0.039 | 0.063 | −0.219 | 0.013 | 0.038 | 0.070 | 0.219 | |
| 36,116 | 0.048 | 0.070 | −0.159 | 0.009 | 0.047 | 0.089 | 0.248 | |
| 36,116 | 0.166 | 0.393 | −0.562 | −0.028 | 0.107 | 0.269 | 2.414 | |
| 36,116 | 0.070 | 0.073 | 0.001 | 0.022 | 0.047 | 0.091 | 0.403 | |
| 36,116 | 0.620 | 0.249 | 0.119 | 0.430 | 0.617 | 0.806 | 1.180 | |
| 36,116 | 3.188 | 0.221 | 2.565 | 3.045 | 3.219 | 3.367 | 3.638 | |
| 36,116 | 0.374 | 0.053 | 0.313 | 0.333 | 0.333 | 0.429 | 0.571 | |
| 36,116 | 0.263 | 0.440 | 0.000 | 0.000 | 0.000 | 1.000 | 1.000 | |
| 36,116 | 0.343 | 0.149 | 0.084 | 0.227 | 0.321 | 0.445 | 0.743 | |
| 36,116 | 0.457 | 0.249 | 0.003 | 0.264 | 0.473 | 0.654 | 0.943 | |
| 36,116 | 0.060 | 0.238 | 0.000 | 0.000 | 0.000 | 0.000 | 1.000 | |
Note(s): This table consists of two panels. Panel A reports the sample distribution by year, including the number of observations, percentage and cumulative percentage for each year. Panel B presents descriptive statistics for the main variables, including the number of observations, mean, standard deviation, minimum, 25th percentile, median, 75th percentile and maximum. Variable definitions are provided in Table 1
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