Table 2 Descriptive statistics and...

Table 2

Descriptive statistics and correlation matrix

Panel A: Descriptive statistics
Variables	Observations	Mean	sd	min	p25	p50	p75	max
FERatio	40,940	0.186	0.117	0.000	0.095	0.167	0.263	0.500
Clan	40,940	0.713	1.132	0.003	0.057	0.276	1.005	6.315
Size	40,940	21.975	1.331	19.272	21.032	21.798	22.718	26.104
Leverage	40,940	0.437	0.216	0.051	0.266	0.429	0.593	0.999
ROA	40,940	0.041	0.073	−0.284	0.014	0.040	0.076	0.238
Growth	40,940	0.187	0.472	−0.649	−0.024	0.116	0.286	3.133
Largest_share_ratio	40,940	35.518	15.253	9.430	23.420	33.160	46.030	75.010
Board_size	40,940	2.137	0.206	1.609	1.946	2.197	2.197	2.708
Ind_dir_ratio	40,940	0.372	0.053	0.273	0.333	0.333	0.429	0.571
Dual	40,940	0.272	0.445	0.000	0.000	0.000	1.000	1.000
Ln_GDP_PC	40,940	10.986	0.707	8.959	10.603	11.095	11.498	12.142
First_Ind_GDP	40,940	6.670	5.091	0.231	3.400	5.200	9.500	22.400
MKT_index	40,940	9.448	1.780	4.587	8.490	9.638	10.610	12.864
Education	40,940	4.597	0.403	2.890	4.369	4.673	4.920	5.124
Marriage	40,940	12.747	0.725	11.140	12.111	12.884	13.359	13.784
Confucianism	40,940	3.224	1.063	0.000	2.773	3.434	4.111	5.063
Social_trust	40,516	0.665	0.054	0.565	0.633	0.676	0.697	0.792
LD_GenderPercep1	40,516	0.347	0.063	0.261	0.300	0.323	0.411	0.477
LD_GenderPercep2	40,516	0.080	0.025	0.052	0.064	0.071	0.098	0.139
LS_GenderPercep1	40,516	1.015	0.729	0.000	0.544	1.028	1.062	4.009
LS_GenderPercep2	40,516	0.202	0.108	0.032	0.109	0.240	0.304	0.364
Wage_diff	31,934	0.268	0.406	−0.928	0.010	0.267	0.549	1.133

Panel A: Descriptive statistics
Variables	Observations	Mean	sd	min	p25	p50	p75	max
FERatio	40,940	0.186	0.117	0.000	0.095	0.167	0.263	0.500
Clan	40,940	0.713	1.132	0.003	0.057	0.276	1.005	6.315
Size	40,940	21.975	1.331	19.272	21.032	21.798	22.718	26.104
Leverage	40,940	0.437	0.216	0.051	0.266	0.429	0.593	0.999
ROA	40,940	0.041	0.073	−0.284	0.014	0.040	0.076	0.238
Growth	40,940	0.187	0.472	−0.649	−0.024	0.116	0.286	3.133
Largest_share_ratio	40,940	35.518	15.253	9.430	23.420	33.160	46.030	75.010
Board_size	40,940	2.137	0.206	1.609	1.946	2.197	2.197	2.708
Ind_dir_ratio	40,940	0.372	0.053	0.273	0.333	0.333	0.429	0.571
Dual	40,940	0.272	0.445	0.000	0.000	0.000	1.000	1.000
Ln_GDP_PC	40,940	10.986	0.707	8.959	10.603	11.095	11.498	12.142
First_Ind_GDP	40,940	6.670	5.091	0.231	3.400	5.200	9.500	22.400
MKT_index	40,940	9.448	1.780	4.587	8.490	9.638	10.610	12.864
Education	40,940	4.597	0.403	2.890	4.369	4.673	4.920	5.124
Marriage	40,940	12.747	0.725	11.140	12.111	12.884	13.359	13.784
Confucianism	40,940	3.224	1.063	0.000	2.773	3.434	4.111	5.063
Social_trust	40,516	0.665	0.054	0.565	0.633	0.676	0.697	0.792
LD_GenderPercep1	40,516	0.347	0.063	0.261	0.300	0.323	0.411	0.477
LD_GenderPercep2	40,516	0.080	0.025	0.052	0.064	0.071	0.098	0.139
LS_GenderPercep1	40,516	1.015	0.729	0.000	0.544	1.028	1.062	4.009
LS_GenderPercep2	40,516	0.202	0.108	0.032	0.109	0.240	0.304	0.364
Wage_diff	31,934	0.268	0.406	−0.928	0.010	0.267	0.549	1.133

Panel B: Correlation matrix
Variables	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)
(1) FERatio	1.000
(2) Clan	0.009*	1.000
(3) Size	−0.143*	−0.062*	1.000
(4) Leverage	−0.138*	−0.063*	0.365*	1.000
(5) ROA	0.026*	0.046*	0.021*	−0.410*	1.000
(6) Growth	−0.009*	0.002	0.030*	0.032*	0.251*	1.000
(7) Largest_share_ratio	−0.088*	−0.034*	0.176*	0.029*	0.140*	0.021*	1.000
(8) Board_size	−0.205*	−0.027*	0.203*	0.138*	0.006	0.000	0.047*	1.000
(9) Ind_dir_ratio	0.096*	0.001	0.048*	−0.025*	−0.005	−0.008*	0.011*	−0.506*	1.000
(10) Dual	0.162*	0.049*	−0.145*	−0.160*	0.061*	0.008	−0.079*	−0.196*	0.127*	1.000
(11) Ln_GDP_PC	0.247*	0.068*	0.214*	−0.166*	0.072*	−0.044*	−0.089*	−0.208*	0.159*	0.171*
(12) First_Ind_GDP	−0.151*	−0.048*	−0.123*	0.111*	−0.080*	0.016*	0.000	0.102*	−0.086*	−0.115*
(13) MKT_index	0.219*	0.200*	0.104*	−0.153*	0.086*	−0.037*	−0.086*	−0.205*	0.125*	0.181*
(14) Education	0.084*	0.195*	0.045*	−0.100*	0.085*	−0.016*	−0.060*	−0.124*	0.071*	0.107*
(15) Marriage	−0.064*	0.167*	−0.090*	−0.011*	0.055*	0.013*	−0.029*	−0.019*	0.000	0.019*
(16) Confucianism	0.013*	0.196*	0.003	−0.034*	0.040*	−0.007	0.020*	0.009*	−0.021*	−0.032*
(17) Social_trust	−0.042*	−0.107*	0.024*	0.025*	−0.008	−0.002	0.014*	0.047*	−0.065*	−0.081*
(18) LD_GenderPercep1	−0.111*	0.014*	−0.038*	0.055*	−0.026*	0.000	−0.007	0.049*	−0.058*	−0.072*
(19) LD_GenderPercep2	−0.085*	−0.007	0.009*	0.058*	−0.035*	0.003	−0.006	0.060*	−0.056*	−0.081*
(20) LS_GenderPercep1	0.020*	−0.189*	0.042*	0.013*	−0.036*	0.000	0.003	0.023*	0.027*	−0.011*
(21) LS_GenderPercep2	0.106*	−0.056*	0.057*	−0.057*	0.021*	−0.004	0.023*	−0.052*	0.065*	0.079*
(22) Wage_diff	0.051*	0.043*	−0.024*	−0.023*	0.014*	0.012*	−0.036*	−0.037*	0.012*	0.018*

Panel B: Correlation matrix
Variables	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)
(1) FERatio	1.000
(2) Clan	0.009*	1.000
(3) Size	−0.143*	−0.062*	1.000
(4) Leverage	−0.138*	−0.063*	0.365*	1.000
(5) ROA	0.026*	0.046*	0.021*	−0.410*	1.000
(6) Growth	−0.009*	0.002	0.030*	0.032*	0.251*	1.000
(7) Largest_share_ratio	−0.088*	−0.034*	0.176*	0.029*	0.140*	0.021*	1.000
(8) Board_size	−0.205*	−0.027*	0.203*	0.138*	0.006	0.000	0.047*	1.000
(9) Ind_dir_ratio	0.096*	0.001	0.048*	−0.025*	−0.005	−0.008*	0.011*	−0.506*	1.000
(10) Dual	0.162*	0.049*	−0.145*	−0.160*	0.061*	0.008	−0.079*	−0.196*	0.127*	1.000
(11) Ln_GDP_PC	0.247*	0.068*	0.214*	−0.166*	0.072*	−0.044*	−0.089*	−0.208*	0.159*	0.171*
(12) First_Ind_GDP	−0.151*	−0.048*	−0.123*	0.111*	−0.080*	0.016*	0.000	0.102*	−0.086*	−0.115*
(13) MKT_index	0.219*	0.200*	0.104*	−0.153*	0.086*	−0.037*	−0.086*	−0.205*	0.125*	0.181*
(14) Education	0.084*	0.195*	0.045*	−0.100*	0.085*	−0.016*	−0.060*	−0.124*	0.071*	0.107*
(15) Marriage	−0.064*	0.167*	−0.090*	−0.011*	0.055*	0.013*	−0.029*	−0.019*	0.000	0.019*
(16) Confucianism	0.013*	0.196*	0.003	−0.034*	0.040*	−0.007	0.020*	0.009*	−0.021*	−0.032*
(17) Social_trust	−0.042*	−0.107*	0.024*	0.025*	−0.008	−0.002	0.014*	0.047*	−0.065*	−0.081*
(18) LD_GenderPercep1	−0.111*	0.014*	−0.038*	0.055*	−0.026*	0.000	−0.007	0.049*	−0.058*	−0.072*
(19) LD_GenderPercep2	−0.085*	−0.007	0.009*	0.058*	−0.035*	0.003	−0.006	0.060*	−0.056*	−0.081*
(20) LS_GenderPercep1	0.020*	−0.189*	0.042*	0.013*	−0.036*	0.000	0.003	0.023*	0.027*	−0.011*
(21) LS_GenderPercep2	0.106*	−0.056*	0.057*	−0.057*	0.021*	−0.004	0.023*	−0.052*	0.065*	0.079*
(22) Wage_diff	0.051*	0.043*	−0.024*	−0.023*	0.014*	0.012*	−0.036*	−0.037*	0.012*	0.018*

Panel B: Correlation matrix
Variables	(11)	(12)	(13)	(14)	(15)	(16)	(17)	(18)	(19)	(20)	(21)	(22)
(1) FERatio
(2) Clan
(3) Size
(4) Leverage
(5) ROA
(6) Growth
(7) Largest_share_ratio
(8) Board_size
(9) Ind_dir_ratio
(10) Dual
(11) Ln_GDP_PC	1.000
(12) First_Ind_GDP	−0.794*	1.000
(13) MKT_index	0.812*	−0.713*	1.000
(14) Education	0.306*	−0.204*	0.505*	1.000
(15) Marriage	−0.294*	0.318*	0.031*	0.733*	1.000
(16) Confucianism	0.175*	−0.172*	0.132*	−0.153*	−0.223*	1.000
(17) Social_trust	0.005	0.034*	−0.134*	−0.246*	−0.280*	0.205*	1.000
(18) LD_GenderPercep1	−0.384*	0.583*	−0.345*	0.114*	0.311*	−0.156*	0.336*	1.000
(19) LD_GenderPercep2	−0.230*	0.291*	−0.321*	−0.166*	−0.120*	−0.142*	0.521*	0.658*	1.000
(20) LS_GenderPercep1	0.078*	−0.051*	−0.155*	−0.156*	−0.260*	−0.090*	−0.110*	−0.124*	−0.075*	1.000
(21) LS_GenderPercep2	0.473*	−0.765*	0.402*	−0.105*	−0.401*	−0.038*	−0.312*	−0.802*	−0.400*	0.216*	1.000
(22) Wage_diff	0.036*	−0.020*	0.055*	0.052*	0.030*	0.006	−0.014*	0.011*	−0.015*	−0.018*	−0.007	1.000

Panel B: Correlation matrix
Variables	(11)	(12)	(13)	(14)	(15)	(16)	(17)	(18)	(19)	(20)	(21)	(22)
(1) FERatio
(2) Clan
(3) Size
(4) Leverage
(5) ROA
(6) Growth
(7) Largest_share_ratio
(8) Board_size
(9) Ind_dir_ratio
(10) Dual
(11) Ln_GDP_PC	1.000
(12) First_Ind_GDP	−0.794*	1.000
(13) MKT_index	0.812*	−0.713*	1.000
(14) Education	0.306*	−0.204*	0.505*	1.000
(15) Marriage	−0.294*	0.318*	0.031*	0.733*	1.000
(16) Confucianism	0.175*	−0.172*	0.132*	−0.153*	−0.223*	1.000
(17) Social_trust	0.005	0.034*	−0.134*	−0.246*	−0.280*	0.205*	1.000
(18) LD_GenderPercep1	−0.384*	0.583*	−0.345*	0.114*	0.311*	−0.156*	0.336*	1.000
(19) LD_GenderPercep2	−0.230*	0.291*	−0.321*	−0.166*	−0.120*	−0.142*	0.521*	0.658*	1.000
(20) LS_GenderPercep1	0.078*	−0.051*	−0.155*	−0.156*	−0.260*	−0.090*	−0.110*	−0.124*	−0.075*	1.000
(21) LS_GenderPercep2	0.473*	−0.765*	0.402*	−0.105*	−0.401*	−0.038*	−0.312*	−0.802*	−0.400*	0.216*	1.000
(22) Wage_diff	0.036*	−0.020*	0.055*	0.052*	0.030*	0.006	−0.014*	0.011*	−0.015*	−0.018*	−0.007	1.000

Note(s): Panel A presents the descriptive statistics for our primary sample of 40,940 firm-year observations over 2003–2022. Panel B reports the correlation matrix of main variables. Variable definitions are provided in Table 1

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