Table 1 Summary statistics Variables Obs...

Table 1

Summary statistics

Variables	Obs	Mean	SD	P25	Median	P75
R2	22,384	0.362	0.196	0.207	0.353	0.510
Syn	22,384	−0.740	1.137	−1.344	−0.608	0.039
Divergence	22,384	0.193	0.134	0.088	0.171	0.271
Size	22,384	22.520	1.376	21.545	22.347	23.318
Lev	22,384	0.443	0.206	0.283	0.439	0.595
ROE	22,384	0.031	1.522	0.025	0.073	0.129
Top1	22,384	0.348	0.154	0.228	0.324	0.452
INST	22,384	0.417	0.242	0.221	0.425	0.607
Volatility	22,384	0.436	0.211	0.302	0.395	0.517
Volume	22,384	21.489	1.089	20.748	21.510	22.243
HHI	22,384	0.094	0.101	0.032	0.065	0.115
SOE	22,384	0.378	0.485	0.000	0.000	1.000

Variables	Obs	Mean	SD	P25	Median	P75
R2	22,384	0.362	0.196	0.207	0.353	0.510
Syn	22,384	−0.740	1.137	−1.344	−0.608	0.039
Divergence	22,384	0.193	0.134	0.088	0.171	0.271
Size	22,384	22.520	1.376	21.545	22.347	23.318
Lev	22,384	0.443	0.206	0.283	0.439	0.595
ROE	22,384	0.031	1.522	0.025	0.073	0.129
Top1	22,384	0.348	0.154	0.228	0.324	0.452
INST	22,384	0.417	0.242	0.221	0.425	0.607
Volatility	22,384	0.436	0.211	0.302	0.395	0.517
Volume	22,384	21.489	1.089	20.748	21.510	22.243
HHI	22,384	0.094	0.101	0.032	0.065	0.115
SOE	22,384	0.378	0.485	0.000	0.000	1.000

Note(s): This table presents the summary statistics for the main variables in this study. The sample contains 4,343 firms over 2010–2022. All continuous variables are winsorized at the 1st and 99th percentiles. See Appendix A for variable definitions

Source(s): Authors’ own work

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