Table 1 Descriptive statistics Panel A:...

Table 1

Descriptive statistics

Panel A: Descriptive statistics
Variables	N	Mean	SD	Min	Q1	Median	Q3	Max
LS	924	0.121	0.088	0.006	0.058	0.098	0.166	0.444
LN_LS	924	−2.258	0.916	−5.174	−2.794	−2.224	−1.618	−0.226
RM	924	0.498	0.500	0.000	0.000	0.000	1.000	1.000
PC	924	0.500	0.500	0.000	0.000	0.500	1.000	1.000
FIRST	924	0.392	0.152	0.100	0.289	0.375	0.500	0.771
DUAL	924	0.384	0.487	0.000	0.000	0.000	1.000	1.000
SOE	924	0.197	0.398	0.000	0.000	0.000	0.000	1.000
SIZE	924	22.654	1.145	20.379	21.919	22.515	23.206	26.859
LEV	924	0.465	0.251	0.054	0.295	0.446	0.612	0.961
ROA	924	0.040	0.129	−0.814	0.024	0.051	0.093	0.296
MARGIN	924	0.004	0.633	−4.266	0.041	0.103	0.188	0.513
WAGE	924	11.681	0.553	10.580	11.285	11.602	12.037	13.043
KY	924	0.510	0.773	0.003	0.120	0.278	0.556	5.268
CI	924	2.649	2.300	0.415	1.298	1.876	3.016	13.107
TOBINQ	924	1.868	0.981	0.903	1.261	1.574	2.141	6.766

Panel A: Descriptive statistics
Variables	N	Mean	SD	Min	Q1	Median	Q3	Max
LS	924	0.121	0.088	0.006	0.058	0.098	0.166	0.444
LN_LS	924	−2.258	0.916	−5.174	−2.794	−2.224	−1.618	−0.226
RM	924	0.498	0.500	0.000	0.000	0.000	1.000	1.000
PC	924	0.500	0.500	0.000	0.000	0.500	1.000	1.000
FIRST	924	0.392	0.152	0.100	0.289	0.375	0.500	0.771
DUAL	924	0.384	0.487	0.000	0.000	0.000	1.000	1.000
SOE	924	0.197	0.398	0.000	0.000	0.000	0.000	1.000
SIZE	924	22.654	1.145	20.379	21.919	22.515	23.206	26.859
LEV	924	0.465	0.251	0.054	0.295	0.446	0.612	0.961
ROA	924	0.040	0.129	−0.814	0.024	0.051	0.093	0.296
MARGIN	924	0.004	0.633	−4.266	0.041	0.103	0.188	0.513
WAGE	924	11.681	0.553	10.580	11.285	11.602	12.037	13.043
KY	924	0.510	0.773	0.003	0.120	0.278	0.556	5.268
CI	924	2.649	2.300	0.415	1.298	1.876	3.016	13.107
TOBINQ	924	1.868	0.981	0.903	1.261	1.574	2.141	6.766

Panel B: Distribution by industries
Code	Industry	N	%
B	Mining	35	3.79
C1	Food and beverage manufacturing, textiles and apparel	57	6.17
C2	Paper and printing, petrochemicals, medicine and biological products	171	18.51
C3	Machinery, metals and non-metals and electronics manufacturing	277	29.98
C4	Other manufacturing	37	4.00
D	Electric power, gas production and tap water	41	4.44
E	Construction	22	2.38
F	Wholesale and retail trade	54	5.84
G	Transportation	32	3.46
I	Information technology	67	7.25
K	Real estate	35	3.79
L	Leasing and business services	9	0.97
M	Scientific research and integrated technological services	24	2.60
N	Public facilities and services	14	1.52
R	Cultural, sports and entertainment	49	5.31
Total		924	100

Panel B: Distribution by industries
Code	Industry	N	%
B	Mining	35	3.79
C1	Food and beverage manufacturing, textiles and apparel	57	6.17
C2	Paper and printing, petrochemicals, medicine and biological products	171	18.51
C3	Machinery, metals and non-metals and electronics manufacturing	277	29.98
C4	Other manufacturing	37	4.00
D	Electric power, gas production and tap water	41	4.44
E	Construction	22	2.38
F	Wholesale and retail trade	54	5.84
G	Transportation	32	3.46
I	Information technology	67	7.25
K	Real estate	35	3.79
L	Leasing and business services	9	0.97
M	Scientific research and integrated technological services	24	2.60
N	Public facilities and services	14	1.52
R	Cultural, sports and entertainment	49	5.31
Total		924	100

Note(s): This table presents the descriptive statistics for the variables used in our main analysis and the sample distribution by industries. All variables are defined in Appendix A. The industry group is based on the China Securities Regulatory Commission (CSRC) industry classification

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