Descriptive statistics
| Variable | N | Mean | Standard deviation |
|---|---|---|---|
| Tobin’s Q | 3,070 | 3.97 | 6.74 |
| Leverage | 3,070 | 0.329 | 9.86 |
| Corporate governance | 3,070 | 0.5 | 0.5 |
| Size | 3,070 | 7.97 | 2.20 |
| Age | 3,070 | 39.33 | 24.54 |
| Tax rate | 3,070 | 22.40 | 0.16 |
| Dividend payout ratio | 3,070 | 0.29 | 1.89 |
| Nondebt tax shields | 3,070 | 0.51 | 0.17 |
| Market to book value | 3,070 | 5.16 | 0.10 |
| Fixed asset ratio | 3,070 | 0.44 | 0.40 |
| Free cash flow | 3,070 | 0.15 | 2.07 |
| Variable | Mean | Standard deviation | |
|---|---|---|---|
| Tobin’s | 3,070 | 3.97 | 6.74 |
| Leverage | 3,070 | 0.329 | 9.86 |
| Corporate governance | 3,070 | 0.5 | 0.5 |
| Size | 3,070 | 7.97 | 2.20 |
| Age | 3,070 | 39.33 | 24.54 |
| Tax rate | 3,070 | 22.40 | 0.16 |
| Dividend payout ratio | 3,070 | 0.29 | 1.89 |
| Nondebt tax shields | 3,070 | 0.51 | 0.17 |
| Market to book value | 3,070 | 5.16 | 0.10 |
| Fixed asset ratio | 3,070 | 0.44 | 0.40 |
| Free cash flow | 3,070 | 0.15 | 2.07 |
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