Table 3. Descriptive statistics Variable...

Table 3.

Descriptive statistics

Variable	Mean	SD	Min.	p25	p50	p75	Max.
CoD	0.0284	0.0187	0.0000	0.0145	0.0259	0.0390	0.1124
IPO	0.4451	0.4970	0.0000	0.0000	0.0000	1.0000	1.0000
Leverage	0.4668	0.2757	0.0126	0.3376	0.4647	0.5872	15.0055
Size	20.6056	1.2105	15.9434	19.7359	20.5366	21.3523	26.0191
Age	2.2717	0.6125	0.0000	1.9459	2.3979	2.6391	4.4886
Current ratio	1.9854	2.0560	−0.3727	1.1226	1.4927	2.1416	49.8475
ROA	0.0844	0.0841	−2.0084	0.0379	0.0718	0.1176	0.9842
Fixed assets	0.2571	0.1482	−0.7174	0.1512	0.2396	0.3435	2.9049
SOE	0.1378	0.3447	0.0000	0.0000	0.0000	0.0000	1.0000

Variable	Mean	SD	Min.	p25	p50	p75	Max.
CoD	0.0284	0.0187	0.0000	0.0145	0.0259	0.0390	0.1124
IPO	0.4451	0.4970	0.0000	0.0000	0.0000	1.0000	1.0000
Leverage	0.4668	0.2757	0.0126	0.3376	0.4647	0.5872	15.0055
Size	20.6056	1.2105	15.9434	19.7359	20.5366	21.3523	26.0191
Age	2.2717	0.6125	0.0000	1.9459	2.3979	2.6391	4.4886
Current ratio	1.9854	2.0560	−0.3727	1.1226	1.4927	2.1416	49.8475
ROA	0.0844	0.0841	−2.0084	0.0379	0.0718	0.1176	0.9842
Fixed assets	0.2571	0.1482	−0.7174	0.1512	0.2396	0.3435	2.9049
SOE	0.1378	0.3447	0.0000	0.0000	0.0000	0.0000	1.0000

Note(s): This table presents the descriptive statistics for a list of main variables used in our testing. The variable definitions are provided in AppendixTable A1. Continuous variables are winsorized at the 1st and 99th percentiles. “SD”, “p25”, “p50” and “p75” represent “standard deviation”, “25th percentile”, “50th percentile” and “75th percentile”, respectively

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