Table 2 Main variable descriptive...

Table 2

Main variable descriptive statistic

Variable	N	Mean	Std.	Min	Median	Max
lnCOGS	25,331	0.113	0.278	−0.93	0.102	1.325
lnREV	25,331	0.106	0.268	−0.892	0.098	1.263
Dec	25,331	0.289	0.453	0	0	1
DT	25,331	1.534	1.415	0	1.386	5.62
EInt	25,331	1.318	1.1	0.025	1.039	9.525
AInt	25,331	2.558	2.176	0.325	1.919	17.24
Sdec	25,331	0.114	0.318	0	0	1
GDPgrow	25,331	0.077	0.028	−0.05	0.078	0.174
Independ	25,331	0.374	0.054	0.25	0.333	0.6
Top1	25,331	0.338	0.145	0.085	0.315	0.761
Mshare	25,331	0.098	0.164	0	0.001	0.66
Dual	25,331	0.243	0.429	0	0	1
Age	25,331	2.287	0.644	1.099	2.398	3.434
Soe	25,331	0.416	0.493	0	0	1
Lev	25,331	0.451	0.199	0.054	0.449	0.9
Size	25,331	22.36	1.266	19.41	22.19	26.59

Variable	N	Mean	Std.	Min	Median	Max
lnCOGS	25,331	0.113	0.278	−0.93	0.102	1.325
lnREV	25,331	0.106	0.268	−0.892	0.098	1.263
Dec	25,331	0.289	0.453	0	0	1
DT	25,331	1.534	1.415	0	1.386	5.62
EInt	25,331	1.318	1.1	0.025	1.039	9.525
AInt	25,331	2.558	2.176	0.325	1.919	17.24
Sdec	25,331	0.114	0.318	0	0	1
GDPgrow	25,331	0.077	0.028	−0.05	0.078	0.174
Independ	25,331	0.374	0.054	0.25	0.333	0.6
Top1	25,331	0.338	0.145	0.085	0.315	0.761
Mshare	25,331	0.098	0.164	0	0.001	0.66
Dual	25,331	0.243	0.429	0	0	1
Age	25,331	2.287	0.644	1.099	2.398	3.434
Soe	25,331	0.416	0.493	0	0	1
Lev	25,331	0.451	0.199	0.054	0.449	0.9
Size	25,331	22.36	1.266	19.41	22.19	26.59

Note(s): Table 2 presents the descriptive statistics of the main variables in this study. All continuous variables are winsorized at the 1% and 99% level. Definitions of all variables are provided in Appendix Table 1

Source(s): Table created by authors

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