Table 1. Descriptive statistics Variable... | Emerald Publishing

Table 1.

Descriptive statistics

Variable	Definitions	Obs	Mean	SD	Min	Max
Panel A: Corporate-level variables
GMA	Ln(count of green M&As activities plus one)	27,998	0.272	0.529	0	3.892
SIZE	Ln(Assets)	27,998	22.27	1.369	19.56	26.41
LEV	Debt/assets	27,998	0.440	0.213	0.052	0.923
AGE	Ln(listing year-year)	27,998	2.922	0.344	0.693	4.025
ROA	Net profit/assets	27,998	0.030	0.069	0.313	0.196
SOE	1 if corporate is SOE, otherwise 0	27,998	0.386	0.487	0	1
Panel B: Prefecture-level variables
TREAT × POST	TREAT equals one for corporates in 28 pilot cities; POST equals one for post-2017 years	2,547	0.027	0.164	0	1
LNGDP	Ln(gross domestic product)	2,547	7.617	0.936	5.185	10.71
FINANCE	Loan balances/GDP	2,547	1.108	0.639	0.118	7.451

Variable	Definitions	Obs	Mean	SD	Min	Max
Panel A: Corporate-level variables
GMA	Ln(count of green M&As activities plus one)	27,998	0.272	0.529	0	3.892
SIZE	Ln(Assets)	27,998	22.27	1.369	19.56	26.41
LEV	Debt/assets	27,998	0.440	0.213	0.052	0.923
AGE	Ln(listing year-year)	27,998	2.922	0.344	0.693	4.025
ROA	Net profit/assets	27,998	0.030	0.069	0.313	0.196
SOE	1 if corporate is SOE, otherwise 0	27,998	0.386	0.487	0	1
Panel B: Prefecture-level variables
TREAT × POST	TREAT equals one for corporates in 28 pilot cities; POST equals one for post-2017 years	2,547	0.027	0.164	0	1
LNGDP	Ln(gross domestic product)	2,547	7.617	0.936	5.185	10.71
FINANCE	Loan balances/GDP	2,547	1.108	0.639	0.118	7.451

Source(s): Authors’ own work