Descriptive statistics
| Variable | Obs | Mean | Std. dev | Min | Max |
|---|---|---|---|---|---|
| ROA | 1,176 | 0.022 | 0.061 | −0.540 | 0.720 |
| ROE | 1,176 | 0.120 | 0.816 | −0.960 | 2.770 |
| Board independence (%) | 1,176 | 45.220 | 9.542 | 21.500 | 72.000 |
| MFI age (years) | 1,176 | 6.320 | 19.660 | 7.000 | 42.000 |
| MFI size (USD ‘000) | 1,176 | 392.875 | 214.454 | 0.085 | 623.284 |
| CEO duality (dummy) | 1,176 | 0.677 | 0.255 | 0.000 | 1.000 |
| Legal status (dummy) | 1,176 | 0.000 | 0.985 | 0.000 | 1.000 |
| RISK30 | 1,176 | 0.062 | 0.093 | 0.000 | 0.934 |
| GDP growth (%) | 1,176 | 4.650 | 0.036 | −1.910 | 20.320 |
| Inflation (%) | 1,176 | 4.430 | 0.034 | −4.930 | 18.650 |
| Blau index | 1,176 | 0.329 | 0.087 | 0.000 | 0.468 |
| Shannon index | 1,176 | 0.585 | 0.106 | 0.000 | 0.625 |
| Variable | Obs | Mean | Std. dev | Min | Max |
|---|---|---|---|---|---|
| 1,176 | 0.022 | 0.061 | −0.540 | 0.720 | |
| 1,176 | 0.120 | 0.816 | −0.960 | 2.770 | |
| Board independence (%) | 1,176 | 45.220 | 9.542 | 21.500 | 72.000 |
| MFI age (years) | 1,176 | 6.320 | 19.660 | 7.000 | 42.000 |
| MFI size (USD ‘000) | 1,176 | 392.875 | 214.454 | 0.085 | 623.284 |
| CEO duality (dummy) | 1,176 | 0.677 | 0.255 | 0.000 | 1.000 |
| Legal status (dummy) | 1,176 | 0.000 | 0.985 | 0.000 | 1.000 |
| RISK30 | 1,176 | 0.062 | 0.093 | 0.000 | 0.934 |
| GDP growth (%) | 1,176 | 4.650 | 0.036 | −1.910 | 20.320 |
| Inflation (%) | 1,176 | 4.430 | 0.034 | −4.930 | 18.650 |
| Blau index | 1,176 | 0.329 | 0.087 | 0.000 | 0.468 |
| Shannon index | 1,176 | 0.585 | 0.106 | 0.000 | 0.625 |
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