Descriptive statistics
| Variables | N | Mean | SD | p25 | Median | p75 |
|---|---|---|---|---|---|---|
| Dependent variables (investment efficiency) | ||||||
| IE | 20,358 | −0.10 | 0.08 | −0.13 | −0.08 | −0.04 |
| IED | 20,358 | 0.48 | 0.50 | 0.00 | 0.00 | 1.00 |
| IE_Biddle | 19,961 | −0.05 | 0.06 | −0.06 | −0.04 | −0.02 |
| IED_Biddle | 19,961 | 0.75 | 0.43 | 0.00 | 1.00 | 1.00 |
| IE_Chen | 19,961 | −0.05 | 0.05 | −0.06 | −0.04 | −0.02 |
| IED_Chen | 19,961 | 0.49 | 0.50 | 0.00 | 0.00 | 1.00 |
| Independent variables (Chair–CEO age gap) | ||||||
| GAPS | 22,792 | 3.76 | 8.24 | 0.00 | 1.00 | 8.00 |
| GAPU | 22,792 | 5.93 | 6.95 | 0.00 | 4.00 | 9.00 |
| GAP20 | 22,792 | 0.06 | 0.24 | 0.00 | 0.00 | 0.00 |
| GAP15 | 22,792 | 0.12 | 0.33 | 0.00 | 0.00 | 0.00 |
| GAP10 | 22,792 | 0.24 | 0.43 | 0.00 | 0.00 | 0.00 |
| GAP5 | 22,792 | 0.45 | 0.50 | 0.00 | 0.00 | 1.00 |
| Control variables about characteristics (Chair–CEO) | ||||||
| DIFEDU | 22,792 | 0.87 | 0.33 | 1.00 | 1.00 | 1.00 |
| DIFNAT | 22,792 | 0.02 | 0.14 | 0.00 | 0.00 | 0.00 |
| DIFGEN | 22,792 | 0.08 | 0.27 | 0.00 | 0.00 | 0.00 |
| JONTENU | 22,792 | 3.41 | 3.11 | 1.00 | 2.42 | 4.92 |
| CHAIRAGE | 22,792 | 52.44 | 7.30 | 48.00 | 52.00 | 57.00 |
| CHANGE1 | 22,792 | 0.01 | 0.12 | 0.00 | 0.00 | 0.00 |
| TENURE1 | 22,792 | 4.72 | 3.57 | 1.75 | 4.08 | 6.83 |
| CEOAGE | 22,792 | 48.68 | 6.63 | 44.00 | 49.00 | 53.00 |
| CHANGE2 | 22,792 | 0.01 | 0.09 | 0.00 | 0.00 | 0.00 |
| TENURE2 | 22,792 | 3.90 | 3.33 | 1.33 | 2.92 | 5.50 |
| Control variables about characteristics (firm level) | ||||||
| BODSIZE | 22,792 | 8.75 | 1.78 | 7.00 | 9.00 | 9.00 |
| BKTMK | 22,792 | 0.28 | 0.14 | 0.18 | 0.26 | 0.36 |
| LEVER | 22,792 | 0.45 | 0.21 | 0.29 | 0.44 | 0.60 |
| FCF | 22,792 | 0.03 | 0.43 | −0.12 | 0.10 | 0.27 |
| FSIZE | 22,792 | 22.05 | 1.25 | 21.18 | 21.89 | 22.74 |
| SDSALE | 22,792 | 0.14 | 0.15 | 0.05 | 0.09 | 0.17 |
| SOE% | 22,792 | 0.08 | 0.17 | 0.00 | 0.00 | 0.04 |
| LOSS | 22,792 | 0.14 | 0.34 | 0.00 | 0.00 | 0.00 |
| Z-Score | 22,792 | 4.53 | 5.35 | 1.70 | 2.87 | 5.09 |
| TANGI | 22,792 | 0.92 | 0.09 | 0.91 | 0.95 | 0.98 |
| K-Structure | 22,792 | 0.15 | 0.35 | 0.00 | 0.02 | 0.13 |
| MFE | 22,792 | 0.10 | 0.10 | 0.04 | 0.07 | 0.11 |
| FIRMAGE | 22,792 | 2.69 | 0.40 | 2.48 | 2.77 | 3.00 |
| GAPD | 22,792 | 0.70 | 0.46 | 0.00 | 1.00 | 1.00 |
| HHI_Mean | 22,792 | 0.30 | 0.46 | 0.00 | 0.00 | 1.00 |
| Blockholder 50% | 22,792 | 0.16 | 0.37 | 0.00 | 0.00 | 0.00 |
| SOE | 22,792 | 0.36 | 0.48 | 0.00 | 0.00 | 1.00 |
| CGR | 22,792 | 0.45 | 0.50 | 0.00 | 0.00 | 1.00 |
| GAPS_mean | 22,792 | 0.39 | 0.49 | 0.00 | 0.00 | 1.00 |
| GAPU_mean | 22,792 | 0.40 | 0.49 | 0.00 | 0.00 | 1.00 |
| ChairNCN | 22,792 | 0.98 | 0.13 | 1.00 | 1.00 | 1.00 |
| CEONCN | 22,792 | 0.98 | 0.13 | 1.00 | 1.00 | 1.00 |
| Variables | Mean | p25 | Median | p75 | ||
|---|---|---|---|---|---|---|
| 20,358 | −0.10 | 0.08 | −0.13 | −0.08 | −0.04 | |
| 20,358 | 0.48 | 0.50 | 0.00 | 0.00 | 1.00 | |
| IE_Biddle | 19,961 | −0.05 | 0.06 | −0.06 | −0.04 | −0.02 |
| IED_Biddle | 19,961 | 0.75 | 0.43 | 0.00 | 1.00 | 1.00 |
| IE_Chen | 19,961 | −0.05 | 0.05 | −0.06 | −0.04 | −0.02 |
| IED_Chen | 19,961 | 0.49 | 0.50 | 0.00 | 0.00 | 1.00 |
| 22,792 | 3.76 | 8.24 | 0.00 | 1.00 | 8.00 | |
| 22,792 | 5.93 | 6.95 | 0.00 | 4.00 | 9.00 | |
| GAP20 | 22,792 | 0.06 | 0.24 | 0.00 | 0.00 | 0.00 |
| GAP15 | 22,792 | 0.12 | 0.33 | 0.00 | 0.00 | 0.00 |
| GAP10 | 22,792 | 0.24 | 0.43 | 0.00 | 0.00 | 0.00 |
| GAP5 | 22,792 | 0.45 | 0.50 | 0.00 | 0.00 | 1.00 |
| 22,792 | 0.87 | 0.33 | 1.00 | 1.00 | 1.00 | |
| 22,792 | 0.02 | 0.14 | 0.00 | 0.00 | 0.00 | |
| 22,792 | 0.08 | 0.27 | 0.00 | 0.00 | 0.00 | |
| JONTENU | 22,792 | 3.41 | 3.11 | 1.00 | 2.42 | 4.92 |
| CHAIRAGE | 22,792 | 52.44 | 7.30 | 48.00 | 52.00 | 57.00 |
| CHANGE1 | 22,792 | 0.01 | 0.12 | 0.00 | 0.00 | 0.00 |
| TENURE1 | 22,792 | 4.72 | 3.57 | 1.75 | 4.08 | 6.83 |
| 22,792 | 48.68 | 6.63 | 44.00 | 49.00 | 53.00 | |
| CHANGE2 | 22,792 | 0.01 | 0.09 | 0.00 | 0.00 | 0.00 |
| TENURE2 | 22,792 | 3.90 | 3.33 | 1.33 | 2.92 | 5.50 |
| BODSIZE | 22,792 | 8.75 | 1.78 | 7.00 | 9.00 | 9.00 |
| 22,792 | 0.28 | 0.14 | 0.18 | 0.26 | 0.36 | |
| 22,792 | 0.45 | 0.21 | 0.29 | 0.44 | 0.60 | |
| 22,792 | 0.03 | 0.43 | −0.12 | 0.10 | 0.27 | |
| 22,792 | 22.05 | 1.25 | 21.18 | 21.89 | 22.74 | |
| 22,792 | 0.14 | 0.15 | 0.05 | 0.09 | 0.17 | |
| SOE% | 22,792 | 0.08 | 0.17 | 0.00 | 0.00 | 0.04 |
| 22,792 | 0.14 | 0.34 | 0.00 | 0.00 | 0.00 | |
| Z-Score | 22,792 | 4.53 | 5.35 | 1.70 | 2.87 | 5.09 |
| 22,792 | 0.92 | 0.09 | 0.91 | 0.95 | 0.98 | |
| K-Structure | 22,792 | 0.15 | 0.35 | 0.00 | 0.02 | 0.13 |
| 22,792 | 0.10 | 0.10 | 0.04 | 0.07 | 0.11 | |
| FIRMAGE | 22,792 | 2.69 | 0.40 | 2.48 | 2.77 | 3.00 |
| 22,792 | 0.70 | 0.46 | 0.00 | 1.00 | 1.00 | |
| HHI_Mean | 22,792 | 0.30 | 0.46 | 0.00 | 0.00 | 1.00 |
| Blockholder 50% | 22,792 | 0.16 | 0.37 | 0.00 | 0.00 | 0.00 |
| 22,792 | 0.36 | 0.48 | 0.00 | 0.00 | 1.00 | |
| 22,792 | 0.45 | 0.50 | 0.00 | 0.00 | 1.00 | |
| GAPS_mean | 22,792 | 0.39 | 0.49 | 0.00 | 0.00 | 1.00 |
| GAPU_mean | 22,792 | 0.40 | 0.49 | 0.00 | 0.00 | 1.00 |
| ChairNCN | 22,792 | 0.98 | 0.13 | 1.00 | 1.00 | 1.00 |
| 22,792 | 0.98 | 0.13 | 1.00 | 1.00 | 1.00 | |
This table presents the descriptive statistics of the main variables for the sample of Chinese firms listed on the Shanghai and Shenzhen Stock Exchange in the sample. Variables are defined in Appendix
Sharing content requires targeting cookies to be enabled. Please update your cookie preferences to use this feature.