Table 3. Sample descriptive statistics...

Table 3.

Sample descriptive statistics

Variables	Mean	SD	Min.	p25	Median	p75	Max.
Panel A: France (n = 3,590; 359 companies)
AuditQuality	0.044	0.050	0	0.01	0.025	0.057	0.187
SPEC	0.047	0.211	0	0	0	0	1
LnTA	13.24	2.384	3.178	11.525	13.022	14.896	18.833
BUSY	0.815	0.388	0	1	1	1	1
IFRS	0.893	0.309	0	1	1	1	1
OPINION	0.981	0.137	0	1	1	1	1
CHANGE	0.068	0.252	0	0	0	0	1
LOSS	0.283	0.450	0	0	0	1	1
LEV	27.547	17.809	0.12	13.44	25.96	38.69	76.15
ROA	−0.077	12.230	−41.19	−0.04	3.14	5.89	17.1
MTB	1.898	1.746	0.02	0.79	1.35	2.37	7.54
Sqrt_Sub	6.909	6.419	0	2.646	5	8.485	52.431
LIQ	162.814	88.189	0.143	103.206	140.31	195.754	403.402
Sqrt_Age	6.831	2.547	1.414	5	6.164	8.426	15.1
SHARES	52.327	26.012	0.01	33.73	56.804	71.64	99.97
NGI	81.037	1.038	78.489	80.566	80.901	81.53	83.288
Panel B: Morocco (n = 510; 51 companies)
AuditQuality	0.065	0.067	0.001	0.018	0.042	0.088	0.282
SPEC	0.216	0.412	0	0	0	0	1
LnTA	12.106	1.584	8.537	10.841	12.05	13.358	15.741
BUSY	0.98	0.139	0	1	1	1	1
IFRS	0.286	0.452	0	0	0	1	1
OPINION	0.953	0.212	0	1	1	1	1
CHANGE	0.102	0.303	0	0	0	0	1
LOSS	0.167	0.373	0	0	0	0	1
LEV	21.003	17.208	0.02	6.79	18.825	30.86	71
ROA	5.672	6.045	−8.28	2.38	5.37	9.45	18.79
MTB	2.384	1.742	0.13	1	1.975	3.48	6.74
Sqrt_Sub	1.521	1.757	0	0	1	2.449	8.66
LIQ	168.598	88.494	1.501	105.833	152.674	218.696	377.884
Sqrt_Age	7.022	1.844	3	5.477	6.782	8.602	10.247
SHARES	70.059	15.399	5.56	62.49	71.415	80.26	97.91
NGI	67.172	1.345	65.253	66.311	66.623	68.13	69.888
Panel C: Tunisia (n = 300; 30 companies)
AuditQuality	0.088	0.095	0.001	0.021	0.056	0.125	0.444
SPEC	0.323	0.469	0	0	0	1	1
LnTA	11.583	1.069	8.65	10.818	11.477	12.302	14.181
BUSY	1	0.000	1	1	1	1	1
IFRS	0.1	0.301	0	0	0	0	1
OPINION	0.987	0.115	0	1	1	1	1
CHANGE	0.12	0.326	0	0	0	0	1
LOSS	0.337	0.473	0	0	0	1	1
LEV	36.948	24.358	0.02	14.79	38.535	55.205	91.94
ROA	5.22	7.236	−9.85	1.475	5.31	10.13	21.23
MTB	1.662	1.336	0.12	0.595	1.455	2.43	5.12
Sqrt_Sub	1.815	1.937	0	0	1.573	2.646	9.487
LIQ	175.232	114.616	23.052	93.657	142.303	230.852	469.914
Sqrt_Age	5.954	1.805	2.236	4.583	5.916	7.106	9.95
SHARES	69.318	13.124	24.82	61.467	73.061	76.153	96.37
NGI	43.646	2.042	40.332	42.455	44.187	45.23	46.425

Variables	Mean	SD	Min.	p25	Median	p75	Max.
Panel A: France (n = 3,590; 359 companies)
AuditQuality	0.044	0.050	0	0.01	0.025	0.057	0.187
SPEC	0.047	0.211	0	0	0	0	1
LnTA	13.24	2.384	3.178	11.525	13.022	14.896	18.833
BUSY	0.815	0.388	0	1	1	1	1
IFRS	0.893	0.309	0	1	1	1	1
OPINION	0.981	0.137	0	1	1	1	1
CHANGE	0.068	0.252	0	0	0	0	1
LOSS	0.283	0.450	0	0	0	1	1
LEV	27.547	17.809	0.12	13.44	25.96	38.69	76.15
ROA	−0.077	12.230	−41.19	−0.04	3.14	5.89	17.1
MTB	1.898	1.746	0.02	0.79	1.35	2.37	7.54
Sqrt_Sub	6.909	6.419	0	2.646	5	8.485	52.431
LIQ	162.814	88.189	0.143	103.206	140.31	195.754	403.402
Sqrt_Age	6.831	2.547	1.414	5	6.164	8.426	15.1
SHARES	52.327	26.012	0.01	33.73	56.804	71.64	99.97
NGI	81.037	1.038	78.489	80.566	80.901	81.53	83.288
Panel B: Morocco (n = 510; 51 companies)
AuditQuality	0.065	0.067	0.001	0.018	0.042	0.088	0.282
SPEC	0.216	0.412	0	0	0	0	1
LnTA	12.106	1.584	8.537	10.841	12.05	13.358	15.741
BUSY	0.98	0.139	0	1	1	1	1
IFRS	0.286	0.452	0	0	0	1	1
OPINION	0.953	0.212	0	1	1	1	1
CHANGE	0.102	0.303	0	0	0	0	1
LOSS	0.167	0.373	0	0	0	0	1
LEV	21.003	17.208	0.02	6.79	18.825	30.86	71
ROA	5.672	6.045	−8.28	2.38	5.37	9.45	18.79
MTB	2.384	1.742	0.13	1	1.975	3.48	6.74
Sqrt_Sub	1.521	1.757	0	0	1	2.449	8.66
LIQ	168.598	88.494	1.501	105.833	152.674	218.696	377.884
Sqrt_Age	7.022	1.844	3	5.477	6.782	8.602	10.247
SHARES	70.059	15.399	5.56	62.49	71.415	80.26	97.91
NGI	67.172	1.345	65.253	66.311	66.623	68.13	69.888
Panel C: Tunisia (n = 300; 30 companies)
AuditQuality	0.088	0.095	0.001	0.021	0.056	0.125	0.444
SPEC	0.323	0.469	0	0	0	1	1
LnTA	11.583	1.069	8.65	10.818	11.477	12.302	14.181
BUSY	1	0.000	1	1	1	1	1
IFRS	0.1	0.301	0	0	0	0	1
OPINION	0.987	0.115	0	1	1	1	1
CHANGE	0.12	0.326	0	0	0	0	1
LOSS	0.337	0.473	0	0	0	1	1
LEV	36.948	24.358	0.02	14.79	38.535	55.205	91.94
ROA	5.22	7.236	−9.85	1.475	5.31	10.13	21.23
MTB	1.662	1.336	0.12	0.595	1.455	2.43	5.12
Sqrt_Sub	1.815	1.937	0	0	1.573	2.646	9.487
LIQ	175.232	114.616	23.052	93.657	142.303	230.852	469.914
Sqrt_Age	5.954	1.805	2.236	4.583	5.916	7.106	9.95
SHARES	69.318	13.124	24.82	61.467	73.061	76.153	96.37
NGI	43.646	2.042	40.332	42.455	44.187	45.23	46.425

Source(s): Authors’ own creation

[ViewLarge]

Sharing Unavailable