Table 4. Sample descriptive statistics... | Emerald Publishing

Table 4.

Sample descriptive statistics

Variables	Mean	SD	Min	p25	Median	p75	Max
Panel A: France (N = 3,590; 359 companies)
Panel A1 Continuous variables
ARL	103.751	29.346	21	85	110	119	311
LNTA	13.24	2.384	3.178	11.525	13.022	14.896	18.833
SHARES	52.327	26.012	0.01	33.73	56.804	71.64	99.97
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
Sqrt_Age	6.822	2.503	2.646	5	6.164	8.426	13.191

Variables	Mean	SD	Min	p25	Median	p75	Max
Panel A: France (N = 3,590; 359 companies)
Panel A1 Continuous variables
ARL	103.751	29.346	21	85	110	119	311
LNTA	13.24	2.384	3.178	11.525	13.022	14.896	18.833
SHARES	52.327	26.012	0.01	33.73	56.804	71.64	99.97
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
Sqrt_Age	6.822	2.503	2.646	5	6.164	8.426	13.191

Variables			YES				%
Panel A2: Dummy variables
LOSS			1015				28.27
IFRS			3205				89.28
BUSY			2927				81.53
OPINION			3521				98.08
Restatement			798				22.23
CHANGE			245				6.82

Panel B: Morocco (N = 510; 51 companies)
Panel B1 Continuous variables
ARL	96.127	24.217	35	82	92	117	148
LNTA	12.106	1.584	8.537	10.841	12.05	13.358	15.741
SHARES	70.059	15.399	5.56	62.49	71.415	80.26	97.91
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
Sqrt_Age	7.022	1.844	3	5.477	6.782	8.602	10.247

Panel B2: Dummy variables
Variables			Yes				%
LOSS			85				16.67
IFRS			146				28.63
BUSY			500				98.4
OPINION			486				95.29
Restatement			44				8.63
CHANGE			52				10.20

Panel C: Tunisia (N = 300; 30 companies)
Panel C1 Continuous variables
ARL	144.013	55.583	54	115	130.5	160.5	348
LNTA	11.583	1.069	8.65	10.818	11.477	12.302	14.181
SHARES	69.318	13.124	24.82	61.467	73.061	76.153	96.37
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
Sqrt_Age	5.956	1.801	2.646	4.583	5.916	7.106	9.95

Variables			YES				%
Panel C2: Dummy variables
LOSS			101				33.67
IFRS			30				10
BUSY			300				100
OPINION			296				98.67
Restatement			45				15
CHANGE			36				12

Source(s): Authors’ own creation