Table 2:

Descriptive statistics.

NMeanSDMinimumQ1MedianQ3Maximum
SALES_Gt20,0380.070.21-0.94-0.020.060.151.94
CSRt-220,038-2.5513.47-33.00-15.00-1.0011.0028.00
REGEXPOt-220,0380.372.010.000.000.000.0087.11
PHYEXPOt-220,0380.141.050.000.000.000.0059.77
CCEXPOt-220,0380.261.160.000.000.000.0043.56
HLEV t-220,0380.330.470.000.000.001.001.00
SIZEt20,0387.491.591.076.367.408.4813.22
COMPETITIONt20,0380.480.140.230.370.450.551.00
PROFITt-120,0380.070.13-3.720.050.090.130.38
PROFIT t-220,0380.080.12-3.110.050.090.130.38
INVESTMENTt-120,0380.050.050.000.020.030.060.38
INVESTMENTt-220,0380.050.060.000.020.030.060.38
SELLEXPt-120,0380.300.400.020.120.230.3818.02
SELLEXPt-220,0380.300.390.020.120.230.3818.02
COGSt-120,0380.560.330.000.260.530.921.00
COGSt-220,0380.560.330.000.270.540.931.00
PENALTYt-120,0383.215.440.000.000.008.8422.69
PENALTYt-220,0383.165.400.000.000.008.7622.69
Note: This table reports the descriptive statistics for the key variables (before industry-year adjustments) used in Equations (1) and (2).

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