Table 1 Descriptive statistics Variables...

Table 1

Descriptive statistics

Variables	N	Mean	SD	Min	P25	P50	P75	Max
Status	43,433	1.2997	0.6975	0.0870	0.7688	1.1711	1.7052	5.4598
Hierarchy	43,433	0.3117	0.4632	0.0000	0.0000	0.0000	1.0000	1.0000
Firm-level variables
Size	43,433	22.2632	1.4912	14.9416	21.2499	21.9988	22.9674	31.4309
Lev	43,433	0.4200	0.2168	0.0071	0.2458	0.4067	0.5764	1.9566
Grossprofit	43,433	0.2878	0.1900	−3.2529	0.1584	0.2563	0.3830	3.7639
Tobinq	43,433	1.8844	0.9304	0.9435	1.2137	1.5657	2.2334	4.4283
Top1	43,433	0.3389	0.1507	0.0029	0.2233	0.3153	0.4371	0.8999
FirmAge	43,433	2.9235	0.3569	0.0000	2.7081	2.9957	3.1781	4.1897
Executive-level variables
Female	43,433	0.1990	0.1163	0.0000	0.1111	0.1875	0.2692	0.7333
Tenure_CEO	43,433	3.4866	1.0363	0.0000	2.8904	3.6636	4.2485	5.5645
Dual	43,433	0.2979	0.4573	0.0000	0.0000	0.0000	1.0000	1.0000
Indep_per	43,433	0.3741	0.0609	0.0000	0.3333	0.3636	0.4286	0.8000
Indep_age	43,433	3.9998	0.1017	3.4761	3.9318	4.0013	4.0719	4.3631
Mechanism Variables
Bank	43,304	0.0671	0.2502	0.0000	0.0000	0.0000	0.0000	1.0000
Alliances	23,268	0.3703	0.4499	0.0000	0.0000	0.0000	0.6931	1.9459
Other Variables
Business	43,410	3.5922	0.2701	2.8000	3.4175	3.6700	3.8233	3.9367
Diligence	36,746	0.0007	0.0029	0.0000	0.0000	0.0000	0.0000	0.0132
Diversity	43,433	0.1648	0.0412	0.0437	0.1352	0.1626	0.1923	0.3549
CashFlow	40,695	6.6097	13.3278	−0.8923	2.0685	3.9610	7.5007	42.1445
Agency	36,407	0.0069	0.5446	−2.2944	−0.3491	−0.0035	0.3520	2.2748

Variables	N	Mean	SD	Min	P25	P50	P75	Max
Status	43,433	1.2997	0.6975	0.0870	0.7688	1.1711	1.7052	5.4598
Hierarchy	43,433	0.3117	0.4632	0.0000	0.0000	0.0000	1.0000	1.0000
Firm-level variables
Size	43,433	22.2632	1.4912	14.9416	21.2499	21.9988	22.9674	31.4309
Lev	43,433	0.4200	0.2168	0.0071	0.2458	0.4067	0.5764	1.9566
Grossprofit	43,433	0.2878	0.1900	−3.2529	0.1584	0.2563	0.3830	3.7639
Tobinq	43,433	1.8844	0.9304	0.9435	1.2137	1.5657	2.2334	4.4283
Top1	43,433	0.3389	0.1507	0.0029	0.2233	0.3153	0.4371	0.8999
FirmAge	43,433	2.9235	0.3569	0.0000	2.7081	2.9957	3.1781	4.1897
Executive-level variables
Female	43,433	0.1990	0.1163	0.0000	0.1111	0.1875	0.2692	0.7333
Tenure_CEO	43,433	3.4866	1.0363	0.0000	2.8904	3.6636	4.2485	5.5645
Dual	43,433	0.2979	0.4573	0.0000	0.0000	0.0000	1.0000	1.0000
Indep_per	43,433	0.3741	0.0609	0.0000	0.3333	0.3636	0.4286	0.8000
Indep_age	43,433	3.9998	0.1017	3.4761	3.9318	4.0013	4.0719	4.3631
Mechanism Variables
Bank	43,304	0.0671	0.2502	0.0000	0.0000	0.0000	0.0000	1.0000
Alliances	23,268	0.3703	0.4499	0.0000	0.0000	0.0000	0.6931	1.9459
Other Variables
Business	43,410	3.5922	0.2701	2.8000	3.4175	3.6700	3.8233	3.9367
Diligence	36,746	0.0007	0.0029	0.0000	0.0000	0.0000	0.0000	0.0132
Diversity	43,433	0.1648	0.0412	0.0437	0.1352	0.1626	0.1923	0.3549
CashFlow	40,695	6.6097	13.3278	−0.8923	2.0685	3.9610	7.5007	42.1445
Agency	36,407	0.0069	0.5446	−2.2944	−0.3491	−0.0035	0.3520	2.2748

Note(s): Table 1 reports the descriptive statistics for the key variables, Mean and SD denote the sample mean and standard deviation, respectively. See Appendix for the definitions of all variables

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