Table 2 Sample distribution and...

Table 2

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
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

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

Source(s): Table by authors

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