Table A2. Descriptive statistics...

Table A2.

Descriptive statistics (Sub-sample)

Variable	N	Mean	SD	P25	Median	P75	Min.	Max.
CDS spread (bps)	667	20.42634	19.89703	10.64611	16.81137	25.38325	1.344162	393.6864
Log (CDS spread)	667	2.77919	0.688815	2.365193	2.822055	3.23409	0.295771	5.975554
Divestment (max_divest)	667	2.827586	4.265085	1	2	3	1	65
Size	667	14.44354	1.559303	13.41783	14.60837	15.50866	9.493412	17.69237
ROA	667	5.803388	7.398989	3.055	5.66	8.67	−45.64	60.55
Leverage	667	0.573269	0.13226	0.501597	0.590334	0.657433	0.08085	1.646398
Liquidity	661	0.462994	0.158952	0.350731	0.447818	0.567071	0.077318	0.998794
Tangibility	667	0.290807	0.160906	0.163503	0.262052	0.41378	0	0.687675
Sales-to-Assets	667	1.054401	0.452586	0.795486	0.995409	1.202612	0	3.829487
Tobin’s Q	648	0.572374	0.132489	0.501234	0.589097	0.657474	0.081354	1.646528
International experience	640	72.4659	25.4371	52.73	82.82	94.21	0	111.95
ESG score	278	56.63514	19.46941	43.4625	60.12	70.3225	3.55	93.29
Distance to default	656	4.681002	2.349801	3.020371	4.476373	5.988119	−0.82999	14.94562

Variable	N	Mean	SD	P25	Median	P75	Min.	Max.
CDS spread (bps)	667	20.42634	19.89703	10.64611	16.81137	25.38325	1.344162	393.6864
Log (CDS spread)	667	2.77919	0.688815	2.365193	2.822055	3.23409	0.295771	5.975554
Divestment (max_divest)	667	2.827586	4.265085	1	2	3	1	65
Size	667	14.44354	1.559303	13.41783	14.60837	15.50866	9.493412	17.69237
ROA	667	5.803388	7.398989	3.055	5.66	8.67	−45.64	60.55
Leverage	667	0.573269	0.13226	0.501597	0.590334	0.657433	0.08085	1.646398
Liquidity	661	0.462994	0.158952	0.350731	0.447818	0.567071	0.077318	0.998794
Tangibility	667	0.290807	0.160906	0.163503	0.262052	0.41378	0	0.687675
Sales-to-Assets	667	1.054401	0.452586	0.795486	0.995409	1.202612	0	3.829487
Tobin’s Q	648	0.572374	0.132489	0.501234	0.589097	0.657474	0.081354	1.646528
International experience	640	72.4659	25.4371	52.73	82.82	94.21	0	111.95
ESG score	278	56.63514	19.46941	43.4625	60.12	70.3225	3.55	93.29
Distance to default	656	4.681002	2.349801	3.020371	4.476373	5.988119	−0.82999	14.94562

Note(s):

The CSR moderation models use firm-years with available ESG data from Refinitiv/LSEG. The CDS subsample reflects coverage constraints for market-based spreads. Model-specific Ns in Tables 3-5 reflect the largest feasible sample conditional on the included variables

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