Table 1. Summary statistics Variable N...

Table 1.

Summary statistics

Variable	N	Mean	STD	Q1	Median	Q3
Panel A: Full sample
Firm level
Cash	28,113	0.146	0.151	0.044	0.097	0.191
CashToNetAssets	28,113	0.249	0.520	0.046	0.107	0.236
Fff	28,113	0.221	0.415	0.000	0.000	0.000
Size $_{(t - 1)}$	28,113	12.547	2.210	10.961	12.336	14.025
Growth $_{(t - 1)}$	28,113	1.888	1.705	0.947	1.358	2.140
Leverage $_{(t - 1)}$	28,113	0.205	0.170	0.053	0.183	0.318
Nwc $_{(t - 1)}$	28,113	0.018	0.168	–0.084	0.011	0.122
Investments $_{(t - 1)}$	28,113	0.086	0.111	0.022	0.053	0.105
Dividends $_{(t - 1)}$	28,113	0.613	0.487	0.000	1.000	1.000
Cash flow $_{(t - 1)}$	28,113	0.029	0.141	0.015	0.054	0.089
Cash flow volatility $_{(t - 1)}$	28,113	0.094	0.120	0.041	0.066	0.116
Other ultimate owner	28,113	0.319	0.466	0.000	0.000	1.000
Country level
LMR	170	4.011	1.361	3.341	4.326	4.946
LMR $^{L C - I}$	170	–0.247	0.798	–1.000	0.000	0.000
Inflation $_{(t - 1)}$	170	0.015	0.014	0.004	0.015	0.025
GDP growth $_{(t - 1)}$	170	0.009	0.033	–0.003	0.013	0.024
ln(GDP p.c.) $_{(t - 1)}$	170	10.759	0.400	10.582	10.740	10.937
Panel B: Labor-intensive firms
Firm level
Cash	12,098	0.139	0.134	0.047	0.099	0.183
CashToNetAssets	12,098	0.215	0.394	0.050	0.109	0.225
FFF	12,098	0.245	0.430	0.000	0.000	0.000
Size $_{(t - 1)}$	12,098	12.308	2.064	10.888	12.198	13.611
Growth $_{(t - 1)}$	12,098	1.946	1.730	0.982	1.409	2.225
Leverage $_{(t - 1)}$	12,098	0.193	0.156	0.055	0.173	0.300
NWC $_{(t - 1)}$	12,098	0.020	0.164	–0.083	0.023	0.131
Investments $_{(t - 1)}$	12,098	0.087	0.110	0.025	0.054	0.104
Dividends $_{(t - 1)}$	12,098	0.639	0.480	0.000	1.000	1.000
Cash flow $_{(t - 1)}$	12,098	0.032	0.146	0.022	0.058	0.092
Cash flow volatility $_{(t - 1)}$	12,098	0.097	0.123	0.043	0.069	0.120
Other ultimate owner	12,098	0.310	0.463	0.000	0.000	1.000
Panel C: Domestic firms
Firm level
Cash	7,027	0.155	0.174	0.032	0.092	0.208
CashToNetAssets	7,027	0.297	0.633	0.034	0.102	0.263
FFF	7,027	0.290	0.454	0.000	0.000	1.000
Size $_{(t - 1)}$	7,027	11.622	1.932	10.285	11.420	12.693
Growth $_{(t - 1)}$	7,027	1.860	1.809	0.902	1.278	2.037
Leverage $_{(t - 1)}$	7,027	0.192	0.180	0.024	0.148	0.313
NWC $_{(t - 1)}$	7,027	0.016	0.182	–0.099	0.002	0.130
Investments $_{(t - 1)}$	7,027	0.073	0.104	0.014	0.038	0.087
Dividends $_{(t - 1)}$	7,027	0.537	0.499	0.000	1.000	1.000
Cash flow $_{(t - 1)}$	7,027	0.014	0.165	0.005	0.048	0.084
Cash flow volatility $_{(t - 1)}$	7,027	0.095	0.105	0.040	0.065	0.118
Other ultimate owner	7,027	0.292	0.455	0.000	0.000	1.000

Variable	N	Mean	STD	Q1	Median	Q3
Panel A: Full sample
Firm level
Cash	28,113	0.146	0.151	0.044	0.097	0.191
CashToNetAssets	28,113	0.249	0.520	0.046	0.107	0.236
Fff	28,113	0.221	0.415	0.000	0.000	0.000
Size $_{(t - 1)}$	28,113	12.547	2.210	10.961	12.336	14.025
Growth $_{(t - 1)}$	28,113	1.888	1.705	0.947	1.358	2.140
Leverage $_{(t - 1)}$	28,113	0.205	0.170	0.053	0.183	0.318
Nwc $_{(t - 1)}$	28,113	0.018	0.168	–0.084	0.011	0.122
Investments $_{(t - 1)}$	28,113	0.086	0.111	0.022	0.053	0.105
Dividends $_{(t - 1)}$	28,113	0.613	0.487	0.000	1.000	1.000
Cash flow $_{(t - 1)}$	28,113	0.029	0.141	0.015	0.054	0.089
Cash flow volatility $_{(t - 1)}$	28,113	0.094	0.120	0.041	0.066	0.116
Other ultimate owner	28,113	0.319	0.466	0.000	0.000	1.000
Country level
LMR	170	4.011	1.361	3.341	4.326	4.946
LMR $^{L C - I}$	170	–0.247	0.798	–1.000	0.000	0.000
Inflation $_{(t - 1)}$	170	0.015	0.014	0.004	0.015	0.025
GDP growth $_{(t - 1)}$	170	0.009	0.033	–0.003	0.013	0.024
ln(GDP p.c.) $_{(t - 1)}$	170	10.759	0.400	10.582	10.740	10.937
Panel B: Labor-intensive firms
Firm level
Cash	12,098	0.139	0.134	0.047	0.099	0.183
CashToNetAssets	12,098	0.215	0.394	0.050	0.109	0.225
FFF	12,098	0.245	0.430	0.000	0.000	0.000
Size $_{(t - 1)}$	12,098	12.308	2.064	10.888	12.198	13.611
Growth $_{(t - 1)}$	12,098	1.946	1.730	0.982	1.409	2.225
Leverage $_{(t - 1)}$	12,098	0.193	0.156	0.055	0.173	0.300
NWC $_{(t - 1)}$	12,098	0.020	0.164	–0.083	0.023	0.131
Investments $_{(t - 1)}$	12,098	0.087	0.110	0.025	0.054	0.104
Dividends $_{(t - 1)}$	12,098	0.639	0.480	0.000	1.000	1.000
Cash flow $_{(t - 1)}$	12,098	0.032	0.146	0.022	0.058	0.092
Cash flow volatility $_{(t - 1)}$	12,098	0.097	0.123	0.043	0.069	0.120
Other ultimate owner	12,098	0.310	0.463	0.000	0.000	1.000
Panel C: Domestic firms
Firm level
Cash	7,027	0.155	0.174	0.032	0.092	0.208
CashToNetAssets	7,027	0.297	0.633	0.034	0.102	0.263
FFF	7,027	0.290	0.454	0.000	0.000	1.000
Size $_{(t - 1)}$	7,027	11.622	1.932	10.285	11.420	12.693
Growth $_{(t - 1)}$	7,027	1.860	1.809	0.902	1.278	2.037
Leverage $_{(t - 1)}$	7,027	0.192	0.180	0.024	0.148	0.313
NWC $_{(t - 1)}$	7,027	0.016	0.182	–0.099	0.002	0.130
Investments $_{(t - 1)}$	7,027	0.073	0.104	0.014	0.038	0.087
Dividends $_{(t - 1)}$	7,027	0.537	0.499	0.000	1.000	1.000
Cash flow $_{(t - 1)}$	7,027	0.014	0.165	0.005	0.048	0.084
Cash flow volatility $_{(t - 1)}$	7,027	0.095	0.105	0.040	0.065	0.118
Other ultimate owner	7,027	0.292	0.455	0.000	0.000	1.000

Note(s):

Panel A reports the summary statistics for key dependent and independent variables for the whole sample of 4,693 firms and 28,113 firm-year observations from 17 European countries (Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland and United Kingdom), over the period 2007–2016. Panel B reports the summary statistics for key dependent and independent variables for the subsample of labor-intensive firms, consisting of 2,708 firms and 12,098 firm-year observations. Panel C reports the summary statistics for key dependent and independent variables for the subsample of domestic firms, consisting of 1,245 firms and 7,027 firm-year observations. All variables are defined in Table A1 in the Appendix

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