Table 2 Summary statistics Variables No....

Table 2

Summary statistics

Variables	No. of obs.	Mean	SD	10%	25%	50%	75%	90%
ETR1	18,253	0.196	0.197	0.000	0.112	0.174	0.259	0.374
ETR2	21,912	0.165	0.171	0.000	0.102	0.157	0.238	0.319
BTD1	15,746	0.004	0.028	−0.024	−0.011	0.001	0.015	0.036
BTD2	15,667	0.003	0.028	−0.027	−0.012	0.001	0.016	0.036
Cash_ETR	18,880	0.010	0.012	0.003	0.004	0.006	0.011	0.021
Financial_D	18,253	0.250	0.433	0.000	0.000	0.000	1.000	1.000
Financial_Ratio	18,253	0.050	0.106	0.000	0.000	0.000	0.037	0.200
Financial_CEO	18,253	0.055	0.227	0.000	0.000	0.000	0.000	0.000
Financial_Ratio_ExcludingCEO	18,023	0.046	0.111	0.000	0.000	0.000	0.000	0.200
RegulatoryFinancial	18,253	0.007	0.084	0.000	0.000	0.000	0.000	0.000
NonregulatoryFinancial	18,253	0.242	0.428	0.000	0.000	0.000	0.000	1.000
RegulatoryFinancial_Ratio	18,253	0.001	0.016	0.000	0.000	0.000	0.000	0.000
NonregulatoryFinancial_Ratio	18,253	0.038	0.089	0.000	0.000	0.000	0.000	0.167
Financial_Newly appointed	14,404	0.049	0.216	0.000	0.000	0.000	0.000	0.000
Financial_Increment	17,999	0.058	0.233	0.000	0.000	0.000	0.000	0.000
Financial_Departure	5,063	0.192	0.394	0.000	0.000	0.000	0.000	1.000
Financial_Decrease	17,999	0.059	0.235	0.000	0.000	0.000	0.000	0.000
Cross_Listing	17,008	0.061	0.239	0.000	0.000	0.000	0.000	0.000
InternalControl_Quality	17,008	6.282	1.172	6.304	6.435	6.519	6.567	6.616
Institutional_Ownership	17,033	6.975	7.578	0.360	1.316	4.339	10.047	17.359
Violation	18,247	0.019	0.136	0.000	0.000	0.000	0.000	0.000
SOE	18,253	0.415	0.493	0.000	0.000	0.000	1.000	1.000
Size	18,253	21.946	1.351	20.463	21.012	21.782	22.695	23.691
Age	18,253	2.018	0.877	0.693	1.386	2.197	2.773	2.944
Tangibility	18,253	0.931	0.086	0.836	0.919	0.959	0.981	0.995
Lev	18,253	0.445	0.224	0.145	0.266	0.440	0.614	0.742
RD	18,253	0.014	0.017	0.000	0.000	0.009	0.022	0.034
ROA	18,253	0.040	0.066	−0.017	0.012	0.039	0.072	0.111
Growth	18,253	0.218	0.598	−0.180	−0.028	0.114	0.289	0.570
Duality	18,253	0.245	0.430	0.000	0.000	0.000	0.000	1.000
Independence	18,253	0.371	0.052	0.333	0.333	0.333	0.400	0.429
Female	18,253	0.169	0.106	0.048	0.091	0.154	0.233	0.313
Loss	18,253	0.092	0.290	0.000	0.000	0.000	0.000	0.000
TotalAccruals	18,253	−0.003	0.083	−0.088	−0.042	−0.003	0.038	0.088
TMT_Age	18,253	3.831	0.081	3.726	3.778	3.836	3.889	3.932
TMT_Foreign	18,253	0.047	0.105	0.000	0.000	0.000	0.000	0.167
TMT_Academic	18,253	0.076	0.129	0.000	0.000	0.000	0.133	0.250
MTB	17,645	2.160	2.025	0.485	0.877	1.575	2.692	4.437
Tobin's_Q	17,645	2.611	1.401	1.584	1.805	2.153	2.875	4.079

Variables	No. of obs.	Mean	SD	10%	25%	50%	75%	90%
ETR1	18,253	0.196	0.197	0.000	0.112	0.174	0.259	0.374
ETR2	21,912	0.165	0.171	0.000	0.102	0.157	0.238	0.319
BTD1	15,746	0.004	0.028	−0.024	−0.011	0.001	0.015	0.036
BTD2	15,667	0.003	0.028	−0.027	−0.012	0.001	0.016	0.036
Cash_ETR	18,880	0.010	0.012	0.003	0.004	0.006	0.011	0.021
Financial_D	18,253	0.250	0.433	0.000	0.000	0.000	1.000	1.000
Financial_Ratio	18,253	0.050	0.106	0.000	0.000	0.000	0.037	0.200
Financial_CEO	18,253	0.055	0.227	0.000	0.000	0.000	0.000	0.000
Financial_Ratio_ExcludingCEO	18,023	0.046	0.111	0.000	0.000	0.000	0.000	0.200
RegulatoryFinancial	18,253	0.007	0.084	0.000	0.000	0.000	0.000	0.000
NonregulatoryFinancial	18,253	0.242	0.428	0.000	0.000	0.000	0.000	1.000
RegulatoryFinancial_Ratio	18,253	0.001	0.016	0.000	0.000	0.000	0.000	0.000
NonregulatoryFinancial_Ratio	18,253	0.038	0.089	0.000	0.000	0.000	0.000	0.167
Financial_Newly appointed	14,404	0.049	0.216	0.000	0.000	0.000	0.000	0.000
Financial_Increment	17,999	0.058	0.233	0.000	0.000	0.000	0.000	0.000
Financial_Departure	5,063	0.192	0.394	0.000	0.000	0.000	0.000	1.000
Financial_Decrease	17,999	0.059	0.235	0.000	0.000	0.000	0.000	0.000
Cross_Listing	17,008	0.061	0.239	0.000	0.000	0.000	0.000	0.000
InternalControl_Quality	17,008	6.282	1.172	6.304	6.435	6.519	6.567	6.616
Institutional_Ownership	17,033	6.975	7.578	0.360	1.316	4.339	10.047	17.359
Violation	18,247	0.019	0.136	0.000	0.000	0.000	0.000	0.000
SOE	18,253	0.415	0.493	0.000	0.000	0.000	1.000	1.000
Size	18,253	21.946	1.351	20.463	21.012	21.782	22.695	23.691
Age	18,253	2.018	0.877	0.693	1.386	2.197	2.773	2.944
Tangibility	18,253	0.931	0.086	0.836	0.919	0.959	0.981	0.995
Lev	18,253	0.445	0.224	0.145	0.266	0.440	0.614	0.742
RD	18,253	0.014	0.017	0.000	0.000	0.009	0.022	0.034
ROA	18,253	0.040	0.066	−0.017	0.012	0.039	0.072	0.111
Growth	18,253	0.218	0.598	−0.180	−0.028	0.114	0.289	0.570
Duality	18,253	0.245	0.430	0.000	0.000	0.000	0.000	1.000
Independence	18,253	0.371	0.052	0.333	0.333	0.333	0.400	0.429
Female	18,253	0.169	0.106	0.048	0.091	0.154	0.233	0.313
Loss	18,253	0.092	0.290	0.000	0.000	0.000	0.000	0.000
TotalAccruals	18,253	−0.003	0.083	−0.088	−0.042	−0.003	0.038	0.088
TMT_Age	18,253	3.831	0.081	3.726	3.778	3.836	3.889	3.932
TMT_Foreign	18,253	0.047	0.105	0.000	0.000	0.000	0.000	0.167
TMT_Academic	18,253	0.076	0.129	0.000	0.000	0.000	0.133	0.250
MTB	17,645	2.160	2.025	0.485	0.877	1.575	2.692	4.437
Tobin's_Q	17,645	2.611	1.401	1.584	1.805	2.153	2.875	4.079

Note(s): All variable definitions are provided in Table A1 of the Appendix section

Source(s): Authors’ own work

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