Table 3. Descriptive statistics for...

Table 3.

Descriptive statistics for sample firms

Variable		Mean	SD	Min.	Max.	1	2	3	4	5	6	7	8	9	10	11	12	13
Panel A. Descriptive statistics and Pearson's r correlations
1.	Disclosure score of DEBT-Covenant-Related APMS	0.413	0.238	0	1	1.000
2.	DIsclosure score of efficiency-related APMS	0.462	0.232	0	1	0.143	1.000
3.	DCD_High&ERD_Low	0.271	0.444	0	1	0.361	-0.483	1.000
4.	DCD_Low&ERD_High	0.193	0.395	0	1	-0.389	0.344	-0.299	1.000
5.	Leverage	0.192	0.148	0	0.995	0.159	-0.047	0.135	-0.093	1.000
6.	Loss	0.057	0.231	0	1	0.027	-0.060	0.013	-0.008	0.028	1.000
7.	Size	10.055	0.817	5.837	12.384	0.097	0.254	-0.105	0.052	-0.015	0.020	1.000
8.	Market-to-book	0.368	0.295	0	1	0.124	0.011	0.002	-0.037	-0.089	0.073	0.190	1.000
9.	Sales growth	0.091	0.494	-4.078	17.847	0.014	0.039	0.008	-0.012	-0.011	0.014	-0.081	0.001	1.000
10.	BIG4	0.901	0.299	0	1	0.092	0.111	-0.040	0.008	0.009	0.035	0.038	0.010	-0.068	1.000
11.	Institutional investors	0.242	0.063	0	0.357	-0.011	0.004	-0.018	-0.011	0.001	0.015	-0.004	-0.009	0.001	-0.003	1.000
12.	Firm age	0.821	0.172	0	1.117	0.067	0.069	-0.023	-0.017	-0.120	-0.074	0.113	0.074	-0.076	0.115	-0.000	1.000
12.	Law and enforcement	3.576	1.137	-0.1	5	0.097	-0.002	0.094	-0.007	0.017	0.013	-0.077	-0.077	-0.007	-0.053	0.107	0.107	1.000
13.	Investor protection	3.634	0.993	2	5	0.104	-0.011	0.095	-0.004	0.015	0.021	-0.099	-0.069	0.003	-0.047	0.117	0.956	0.957

Variable		Mean	SD	Min.	Max.	1	2	3	4	5	6	7	8	9	10	11	12	13
Panel A. Descriptive statistics and Pearson's r correlations
1.	Disclosure score of DEBT-Covenant-Related APMS	0.413	0.238	0	1	1.000
2.	DIsclosure score of efficiency-related APMS	0.462	0.232	0	1	0.143	1.000
3.	DCD_High&ERD_Low	0.271	0.444	0	1	0.361	-0.483	1.000
4.	DCD_Low&ERD_High	0.193	0.395	0	1	-0.389	0.344	-0.299	1.000
5.	Leverage	0.192	0.148	0	0.995	0.159	-0.047	0.135	-0.093	1.000
6.	Loss	0.057	0.231	0	1	0.027	-0.060	0.013	-0.008	0.028	1.000
7.	Size	10.055	0.817	5.837	12.384	0.097	0.254	-0.105	0.052	-0.015	0.020	1.000
8.	Market-to-book	0.368	0.295	0	1	0.124	0.011	0.002	-0.037	-0.089	0.073	0.190	1.000
9.	Sales growth	0.091	0.494	-4.078	17.847	0.014	0.039	0.008	-0.012	-0.011	0.014	-0.081	0.001	1.000
10.	BIG4	0.901	0.299	0	1	0.092	0.111	-0.040	0.008	0.009	0.035	0.038	0.010	-0.068	1.000
11.	Institutional investors	0.242	0.063	0	0.357	-0.011	0.004	-0.018	-0.011	0.001	0.015	-0.004	-0.009	0.001	-0.003	1.000
12.	Firm age	0.821	0.172	0	1.117	0.067	0.069	-0.023	-0.017	-0.120	-0.074	0.113	0.074	-0.076	0.115	-0.000	1.000
12.	Law and enforcement	3.576	1.137	-0.1	5	0.097	-0.002	0.094	-0.007	0.017	0.013	-0.077	-0.077	-0.007	-0.053	0.107	0.107	1.000
13.	Investor protection	3.634	0.993	2	5	0.104	-0.011	0.095	-0.004	0.015	0.021	-0.099	-0.069	0.003	-0.047	0.117	0.956	0.957

Panel B. Normalized and raw disclosure scores of debt covenant-related and efficiency-related APMs across industries
Industry	No. of firm-year observations	Disclosure scores of Debt-covenant-related APMS		Disclosure scores of efficiency-related APMS
		Normalized	Raw	Normalized	Raw
		Mean (SD)	Mean (SD)	Mean (SD)	Mean (SD)
Manufacturing	1,431	0.376 (0.227)	0.107 (0.064)	0.429 (0.179)	0.255 (0.107)
Transportation, communication & utilities	459	0.444 (0.242)	0.117 (0.062)	0.468 (0.210)	0.227 (0.108)
Trade	277	0.454 (0.246)	0.124 (0.067)	0.430 (0.220)	0.245 (0.093)
Services	441	0.484 (0.231)	0.121 (0.058)	0.368 (0.207)	0.191 (0.110)
Finance	870	0.388 (0.215)	0.115 (0.062)	0.555 (0.271)	0.230 (0.110)
Construction, mining & agriculture	205	0.491 (0.320)	0.104 (0.070)	0.525 (0.329)	0.246 (0.098)
Total	3,683	0.412 (0.238)	0.113 (0.063)	0.462 (0.236)	0.237 (0.109)

Note(s): Panel A provides the definitions of the variables. Correlations that are significant at a level below 5 % (Two-tailed) are in italic. All variables are defined in Panel B. The classification of industry groups is explained in Table 1

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Panel B. Normalized and raw disclosure scores of debt covenant-related and efficiency-related APMs across industries
Industry	No. of firm-year observations	Disclosure scores of Debt-covenant-related APMS		Disclosure scores of efficiency-related APMS
		Normalized	Raw	Normalized	Raw
		Mean (SD)	Mean (SD)	Mean (SD)	Mean (SD)
Manufacturing	1,431	0.376 (0.227)	0.107 (0.064)	0.429 (0.179)	0.255 (0.107)
Transportation, communication & utilities	459	0.444 (0.242)	0.117 (0.062)	0.468 (0.210)	0.227 (0.108)
Trade	277	0.454 (0.246)	0.124 (0.067)	0.430 (0.220)	0.245 (0.093)
Services	441	0.484 (0.231)	0.121 (0.058)	0.368 (0.207)	0.191 (0.110)
Finance	870	0.388 (0.215)	0.115 (0.062)	0.555 (0.271)	0.230 (0.110)
Construction, mining & agriculture	205	0.491 (0.320)	0.104 (0.070)	0.525 (0.329)	0.246 (0.098)
Total	3,683	0.412 (0.238)	0.113 (0.063)	0.462 (0.236)	0.237 (0.109)

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