Table 2 Descriptive statistics Variable...

Table 2

Descriptive statistics

Variable	Mean	Std. dev.	Q1	Median	Q3	N
Panel A. Management board
TENURE	1,635	1,804	399	967	2,181	3,639
GENDER	0.1107	0.3139	0.0000	0.0000	0.0000	3,639
ALTMAN-Z	5.0595	97.7095	3.9764	5.8831	7.9680	3,227
DEBT	0.6434	2.5963	0.3519	0.4891	0.6406	3,215
FAMILY	0.3493	0.4768	0.0000	0.0000	0.0000	3,639
STATE	0.1572	0.3640	0.0000	0.0000	0.0000	3,639
CODE	0.6579	0.4745	0.0000	1.0000	1.0000	3,639
SIZE	13.1225	2.1792	11.6217	12.9972	14.4955	3,226
Panel B. Supervisory board
TENURE	1,432	1,419	395	942	2,013	7,585
GENDER	0.1533	0.3603	0.0000	0.0000	0.0000	7,585
ALTMAN-Z	2.0053	115.6234	4.2621	6.0819	8.3264	6,592
DEBT	0.7758	6.2031	0.3236	0.4743	0.6208	6,560
FAMILY	0.3591	0.4798	0.0000	0.0000	0.0000	7,585
STATE	0.1303	0.3366	0.0000	0.0000	0.0000	7,585
CODE	0.6295	0.4830	0.0000	1.0000	1.0000	7,585
SIZE	12.7171	2.1749	11.2729	12.4392	14.0742	6,591
Panel C. Management and supervisory board
TENURE	1,498	1,557	397	948	2,033	11,223
GENDER	0.1395	0.3465	0.0000	0.0000	0.0000	11,223
ALTMAN-Z	3.0091	110.0625	4.1704	6.0393	8.2156	9,819
DEBT	0.7323	5.2954	0.3346	0.4808	0.6282	9,775
FAMILY	0.3560	0.4788	0.0000	0.0000	1.0000	11,223
STATE	0.1390	0.3460	0.0000	0.0000	0.0000	11,223
CODE	0.6387	0.4804	0.0000	1.0000	1.0000	11,223
SIZE	12.8503	2.1846	11.3799	12.6158	14.1921	9,817

Variable	Mean	Std. dev.	Q1	Median	Q3	N
Panel A. Management board
TENURE	1,635	1,804	399	967	2,181	3,639
GENDER	0.1107	0.3139	0.0000	0.0000	0.0000	3,639
ALTMAN-Z	5.0595	97.7095	3.9764	5.8831	7.9680	3,227
DEBT	0.6434	2.5963	0.3519	0.4891	0.6406	3,215
FAMILY	0.3493	0.4768	0.0000	0.0000	0.0000	3,639
STATE	0.1572	0.3640	0.0000	0.0000	0.0000	3,639
CODE	0.6579	0.4745	0.0000	1.0000	1.0000	3,639
SIZE	13.1225	2.1792	11.6217	12.9972	14.4955	3,226
Panel B. Supervisory board
TENURE	1,432	1,419	395	942	2,013	7,585
GENDER	0.1533	0.3603	0.0000	0.0000	0.0000	7,585
ALTMAN-Z	2.0053	115.6234	4.2621	6.0819	8.3264	6,592
DEBT	0.7758	6.2031	0.3236	0.4743	0.6208	6,560
FAMILY	0.3591	0.4798	0.0000	0.0000	0.0000	7,585
STATE	0.1303	0.3366	0.0000	0.0000	0.0000	7,585
CODE	0.6295	0.4830	0.0000	1.0000	1.0000	7,585
SIZE	12.7171	2.1749	11.2729	12.4392	14.0742	6,591
Panel C. Management and supervisory board
TENURE	1,498	1,557	397	948	2,033	11,223
GENDER	0.1395	0.3465	0.0000	0.0000	0.0000	11,223
ALTMAN-Z	3.0091	110.0625	4.1704	6.0393	8.2156	9,819
DEBT	0.7323	5.2954	0.3346	0.4808	0.6282	9,775
FAMILY	0.3560	0.4788	0.0000	0.0000	1.0000	11,223
STATE	0.1390	0.3460	0.0000	0.0000	0.0000	11,223
CODE	0.6387	0.4804	0.0000	1.0000	1.0000	11,223
SIZE	12.8503	2.1846	11.3799	12.6158	14.1921	9,817

Source(s): Authors’ elaboration

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