Table 1

Summary statistics

VariablesObsMeanSDP25MedianP75
R222,3840.3620.1960.2070.3530.510
Syn22,384−0.7401.137−1.344−0.6080.039
Divergence22,3840.1930.1340.0880.1710.271
Size22,38422.5201.37621.54522.34723.318
Lev22,3840.4430.2060.2830.4390.595
ROE22,3840.0311.5220.0250.0730.129
Top122,3840.3480.1540.2280.3240.452
INST22,3840.4170.2420.2210.4250.607
Volatility22,3840.4360.2110.3020.3950.517
Volume22,38421.4891.08920.74821.51022.243
HHI22,3840.0940.1010.0320.0650.115
SOE22,3840.3780.4850.0000.0001.000

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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