Table 2 Descriptive statistics Panel A:...

Table 2

Descriptive statistics

Panel A: Full sample descriptive statistics
	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)
Variables	N	Mean	sd	min	p25	p50	p75	max
\|DisWCA\|	1,643	0.031	0.033	0.001	0.010	0.021	0.040	0.244
\|ACFO\|	1,643	0.079	0.084	0.001	0.022	0.053	0.101	0.531
\|ADISEXP\|	1,643	0.065	0.068	0.001	0.020	0.043	0.087	0.446
\|APROD\|	1,643	0.105	0.114	0.001	0.031	0.071	0.136	0.684
\|REM_agg\|	1,643	0.204	0.218	0.002	0.061	0.140	0.262	1.298
FemaleonBoard	1,643	15.121	12.865	0.001	0.000	14.290	25.000	50.000
ESGScore	1,643	45.092	19.424	6.930	29.250	43.290	60.370	86.730
BoardSize	1,643	8.760	2.938	3.000	7.000	8.000	10.000	18.000
SIZE	1,643	14.210	1.405	10.012	13.185	14.472	15.387	15.927
LEV	1,643	0.246	0.171	0.001	0.103	0.243	0.363	0.717
INV	1,643	0.134	0.131	0.001	0.034	0.102	0.193	0.687
ROA	1,643	0.065	0.080	−0.355	0.022	0.051	0.093	0.325
ZSCORE	1,643	15.435	13.224	−38.232	8.962	12.938	18.622	78.221
GROWTH	1,643	0.075	0.225	−0.389	−0.037	0.037	0.126	1.594

Panel A: Full sample descriptive statistics
	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)
Variables	N	Mean	sd	min	p25	p50	p75	max
\|DisWCA\|	1,643	0.031	0.033	0.001	0.010	0.021	0.040	0.244
\|ACFO\|	1,643	0.079	0.084	0.001	0.022	0.053	0.101	0.531
\|ADISEXP\|	1,643	0.065	0.068	0.001	0.020	0.043	0.087	0.446
\|APROD\|	1,643	0.105	0.114	0.001	0.031	0.071	0.136	0.684
\|REM_agg\|	1,643	0.204	0.218	0.002	0.061	0.140	0.262	1.298
FemaleonBoard	1,643	15.121	12.865	0.001	0.000	14.290	25.000	50.000
ESGScore	1,643	45.092	19.424	6.930	29.250	43.290	60.370	86.730
BoardSize	1,643	8.760	2.938	3.000	7.000	8.000	10.000	18.000
SIZE	1,643	14.210	1.405	10.012	13.185	14.472	15.387	15.927
LEV	1,643	0.246	0.171	0.001	0.103	0.243	0.363	0.717
INV	1,643	0.134	0.131	0.001	0.034	0.102	0.193	0.687
ROA	1,643	0.065	0.080	−0.355	0.022	0.051	0.093	0.325
ZSCORE	1,643	15.435	13.224	−38.232	8.962	12.938	18.622	78.221
GROWTH	1,643	0.075	0.225	−0.389	−0.037	0.037	0.126	1.594

Panel B: Descriptive statistics for individual country
	ID		MY		SG		TH
Variables	N	Mean	N	Mean	N	Mean	N	Mean
\|DisWCA\|	336	0.034	770	0.032	281	0.028	256	0.028
\|ACFO\|	336	0.105	770	0.077	281	0.066	256	0.065
\|ADISEXP\|	336	0.071	770	0.058	281	0.081	256	0.062
\|APROD\|	336	0.133	770	0.099	281	0.093	256	0.097
\|REM_agg\|	336	0.258	770	0.191	281	0.191	256	0.188
FemaleonBoard	336	8.803	770	19.842	281	11.263	256	13.450
ESGScore	336	46.366	770	42.149	281	43.126	256	54.428
BoardSize	336	6.315	770	8.401	281	9.189	256	12.578
SIZE	336	14.675	770	13.675	281	14.780	256	14.582
LEV	336	0.221	770	0.229	281	0.238	256	0.341
INV	336	0.145	770	0.123	281	0.126	256	0.166
ROA	336	0.089	770	0.062	281	0.051	256	0.056
ZSCORE	336	15.826	770	16.386	281	16.964	256	10.383
GROWTH	336	0.098	770	0.062	281	0.069	256	0.090

Panel B: Descriptive statistics for individual country
	ID		MY		SG		TH
Variables	N	Mean	N	Mean	N	Mean	N	Mean
\|DisWCA\|	336	0.034	770	0.032	281	0.028	256	0.028
\|ACFO\|	336	0.105	770	0.077	281	0.066	256	0.065
\|ADISEXP\|	336	0.071	770	0.058	281	0.081	256	0.062
\|APROD\|	336	0.133	770	0.099	281	0.093	256	0.097
\|REM_agg\|	336	0.258	770	0.191	281	0.191	256	0.188
FemaleonBoard	336	8.803	770	19.842	281	11.263	256	13.450
ESGScore	336	46.366	770	42.149	281	43.126	256	54.428
BoardSize	336	6.315	770	8.401	281	9.189	256	12.578
SIZE	336	14.675	770	13.675	281	14.780	256	14.582
LEV	336	0.221	770	0.229	281	0.238	256	0.341
INV	336	0.145	770	0.123	281	0.126	256	0.166
ROA	336	0.089	770	0.062	281	0.051	256	0.056
ZSCORE	336	15.826	770	16.386	281	16.964	256	10.383
GROWTH	336	0.098	770	0.062	281	0.069	256	0.090

Panel C: Correlation and VIF
Variables	VIF	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)	(12)	(13)
(1) \|DisWCA\|		1.000
(2) \|ACFO\|		0.404*	1.000
(3) \|ADISEXP\|		0.120*	0.167*	1.000
(4) \|APROD\|		0.216*	0.398*	0.573*	1.000
(5) \|REM_agg\|		0.241*	0.562*	0.618*	0.887*	1.000
(6) FemaleonBoard	1.34	−0.011	−0.004	−0.014	0.030	0.025	1.000
(7 ESGScore	3.26	−0.063*	0.051*	0.027	0.093*	0.102*	0.088*	1.000
(8) SIZE	1.83	−0.210*	−0.169*	−0.188*	−0.142*	−0.154*	−0.225*	0.289*	1.000
(9) LEV	1.58	0.027*	−0.045*	−0.134*	−0.072*	−0.067*	0.004	0.120*	0.319*	1.000
(10) INV	1.17	0.042*	0.013	0.034*	0.120*	0.094*	−0.002	−0.088*	−0.029*	0.086*	1.000
(11) ROA	1.60	−0.187*	0.081*	0.061*	0.194*	0.166*	−0.006	0.053*	0.083*	−0.302*	0.056*	1.000
(12) ZSCORE	1.58	−0.047*	0.082*	0.037*	0.077*	0.070*	−0.021	−0.090*	−0.094*	−0.428*	−0.096*	0.458*	1.000
(13) GROWTH	1.14	0.169*	0.311*	0.139*	0.274*	0.257*	−0.046	−0.076*	0.015	0.012	−0.011	0.241*	0.107*	1.000

Panel C: Correlation and VIF
Variables	VIF	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)	(12)	(13)
(1) \|DisWCA\|		1.000
(2) \|ACFO\|		0.404*	1.000
(3) \|ADISEXP\|		0.120*	0.167*	1.000
(4) \|APROD\|		0.216*	0.398*	0.573*	1.000
(5) \|REM_agg\|		0.241*	0.562*	0.618*	0.887*	1.000
(6) FemaleonBoard	1.34	−0.011	−0.004	−0.014	0.030	0.025	1.000
(7 ESGScore	3.26	−0.063*	0.051*	0.027	0.093*	0.102*	0.088*	1.000
(8) SIZE	1.83	−0.210*	−0.169*	−0.188*	−0.142*	−0.154*	−0.225*	0.289*	1.000
(9) LEV	1.58	0.027*	−0.045*	−0.134*	−0.072*	−0.067*	0.004	0.120*	0.319*	1.000
(10) INV	1.17	0.042*	0.013	0.034*	0.120*	0.094*	−0.002	−0.088*	−0.029*	0.086*	1.000
(11) ROA	1.60	−0.187*	0.081*	0.061*	0.194*	0.166*	−0.006	0.053*	0.083*	−0.302*	0.056*	1.000
(12) ZSCORE	1.58	−0.047*	0.082*	0.037*	0.077*	0.070*	−0.021	−0.090*	−0.094*	−0.428*	−0.096*	0.458*	1.000
(13) GROWTH	1.14	0.169*	0.311*	0.139*	0.274*	0.257*	−0.046	−0.076*	0.015	0.012	−0.011	0.241*	0.107*	1.000

Note(s): This table presents the summary statistics of the variables in individual countries. ID refer to Indonesia, MY refer to Malaysia, SG refer to Singapore, and TH refer to Thailand. Panel B presents country-specific descriptive statistics. FemaleonBoard is the percentage of female directors on the board. ESGScore is the firm's environmental, social, and governance engagement score (0–100). |DisWCA| is the absolute value of discretionary working capital accruals, where higher values indicate lower earnings quality. REM_agg is the aggregate real earnings management measure, where higher values indicate greater earnings manipulation through operational decisions. All continuous variables are winsorized at the 1st and 99th percentiles

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