Table 3 Univariate analysis Variables...

Table 3

Univariate analysis

Variables	Low ET		High ET		Test of difference
Variables	N	Mean	N	Mean	t-stat.
AbTone	17,997	0.001	18,119	0.030	−0.029***
Size	17,997	21.928	18,119	22.487	−0.558***
Lev	17,997	0.445	18,119	0.430	0.015***
ROA	17,997	0.030	18,119	0.048	−0.018***
OCF	17,997	0.042	18,119	0.054	−0.011***
Growth	17,997	0.160	18,119	0.172	−0.012***
DA	17,997	0.072	18,119	0.067	0.004***
BM	17,997	0.594	18,119	0.646	−0.052***
Age	17,997	3.194	18,119	3.176	0.018***
Dir	17,997	0.375	18,119	0.374	0.001**
Dual	17,997	0.270	18,119	0.256	0.013***
Top1	17,997	0.326	18,119	0.359	−0.033***
Inst	17,997	0.389	18,119	0.525	−0.136***
Big4	17,997	0.023	18,119	0.097	−0.074***

Variables	Low ET		High ET		Test of difference
Variables	N	Mean	N	Mean	t-stat.
AbTone	17,997	0.001	18,119	0.030	−0.029***
Size	17,997	21.928	18,119	22.487	−0.558***
Lev	17,997	0.445	18,119	0.430	0.015***
ROA	17,997	0.030	18,119	0.048	−0.018***
OCF	17,997	0.042	18,119	0.054	−0.011***
Growth	17,997	0.160	18,119	0.172	−0.012***
DA	17,997	0.072	18,119	0.067	0.004***
BM	17,997	0.594	18,119	0.646	−0.052***
Age	17,997	3.194	18,119	3.176	0.018***
Dir	17,997	0.375	18,119	0.374	0.001**
Dual	17,997	0.270	18,119	0.256	0.013***
Top1	17,997	0.326	18,119	0.359	−0.033***
Inst	17,997	0.389	18,119	0.525	−0.136***
Big4	17,997	0.023	18,119	0.097	−0.074***

Note(s): This table reports the mean values of the main variables for subsamples divided by the level of external blockholder exit threats (ET), as well as t-tests for the differences in means between the high and low ET groups. Variable definitions are provided in Table 1. ***, ** and * indicate significance at the 1%, 5% and 10% levels, respectively

Source(s): Table by authors

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