Table 1 Descriptive statistics Variable...

Table 1

Descriptive statistics

Variable	Obs	Mean	S.d	Min	Median	Max
Dependent variables
Liquidity	35,890	3.329	1.228	−1.468	3.356	6.423
Independent variables
EsgDis1	35,890	0.153	0.094	0.004	0.145	0.412
EsgDis2		0.163	0.100	0.004	0.154	0.423
Control variables
Size	35,890	22.193	1.355	19.612	22.002	27.387
Leverage	35,890	0.430	0.214	0.051	0.420	0.954
FirmAge	35,890	18.057	5.975	5.000	18.000	33.000
Cash	35,890	−2.300	1.569	−8.388	−2.132	0.762
ROA	35,890	0.034	0.070	−0.311	0.037	0.204
MB	35,890	2.104	1.471	0.844	1.630	9.868
Board	35,890	9.329	2.333	5.000	9.000	18.000
NumIndep	35,890	0.379	0.065	0.250	0.364	0.600
Dual	35,890	0.286	0.452	0.000	0.000	1.000
Salary	35,890	14.528	0.740	12.746	14.499	16.641
IO	35,890	0.157	0.114	0.013	0.126	0.562
Big4	35,890	0.060	0.237	0.000	0.000	1.000
Ret	35,890	0.003	0.023	−0.223	0.001	2.301
Sigma	35,890	0.068	0.058	0.000	0.060	5.269
GdpGrowth	35,890	0.091	0.058	−0.071	0.095	0.238

Variable	Obs	Mean	S.d	Min	Median	Max
Dependent variables
Liquidity	35,890	3.329	1.228	−1.468	3.356	6.423
Independent variables
EsgDis1	35,890	0.153	0.094	0.004	0.145	0.412
EsgDis2		0.163	0.100	0.004	0.154	0.423
Control variables
Size	35,890	22.193	1.355	19.612	22.002	27.387
Leverage	35,890	0.430	0.214	0.051	0.420	0.954
FirmAge	35,890	18.057	5.975	5.000	18.000	33.000
Cash	35,890	−2.300	1.569	−8.388	−2.132	0.762
ROA	35,890	0.034	0.070	−0.311	0.037	0.204
MB	35,890	2.104	1.471	0.844	1.630	9.868
Board	35,890	9.329	2.333	5.000	9.000	18.000
NumIndep	35,890	0.379	0.065	0.250	0.364	0.600
Dual	35,890	0.286	0.452	0.000	0.000	1.000
Salary	35,890	14.528	0.740	12.746	14.499	16.641
IO	35,890	0.157	0.114	0.013	0.126	0.562
Big4	35,890	0.060	0.237	0.000	0.000	1.000
Ret	35,890	0.003	0.023	−0.223	0.001	2.301
Sigma	35,890	0.068	0.058	0.000	0.060	5.269
GdpGrowth	35,890	0.091	0.058	−0.071	0.095	0.238

Note(s): This table presents the descriptive statistics for the main variables used in the regression analyses. All the continuous variables are winsorized at the 1% level. Variable definitions are presented in Appendix A

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