Table 2 Descriptive statistics Variables...

Table 2

Descriptive statistics

Variables	N	Mean	SD	0.25	Median	0.75
RMC	21,738	0.034	0.18	0.00	0.00	0.00
LAWSUIT	21,738	0.506	1.932	0.00	0.00	0.00
SUIT_COST	21,738	2.587	6.323	0.00	0.00	0.00
SUIT_COST (mln RMB)	21,738	9.97	477.00	0.00	0.00	0.00
RMCSIZE*	730	6.44	3.05	4.00	7.00	8.00
RMCIND*	730	0.320	0.345	0.00	0.20	0.636
RMC_HC*	730	0.273	0.446	0.00	0.00	1.00
RMC_LEGEX*	730	0.644	0.479	0.00	1.00	1.00
AC	21,738	0.983	0.081	1.00	1.00	1.00
BSIZE	21,738	8.64	1.754	7.00	9.00	9.00
BIND	21,738	0.375	0.056	0.333	0.333	0.429
DUAL	21,738	0.203	0.403	0.00	0.00	0.00
BTM	21,738	0.616	0.257	0.426	0.627	0.81
ROA	21,738	0.047	0.073	0.018	0.045	0.08
SIZE	21,738	22.347	1.344	21.386	22.131	23.072
LOSS	21,738	0.095	0.293	0.00	0.00	0.00
DEBT	21,738	0.450	0.213	0.283	0.442	0.607
FCS	21,738	0.534	0.499	0.00	1.00	1.00
BIG4	21,738	0.030	0.172	0.00	0.00	0.00
SOE	21,738	0.344	0.475	0.00	0.00	1.00
RD	21,738	0.010	0.006	0.006	0.009	0.013

Variables	N	Mean	SD	0.25	Median	0.75
RMC	21,738	0.034	0.18	0.00	0.00	0.00
LAWSUIT	21,738	0.506	1.932	0.00	0.00	0.00
SUIT_COST	21,738	2.587	6.323	0.00	0.00	0.00
SUIT_COST (mln RMB)	21,738	9.97	477.00	0.00	0.00	0.00
RMCSIZE*	730	6.44	3.05	4.00	7.00	8.00
RMCIND*	730	0.320	0.345	0.00	0.20	0.636
RMC_HC*	730	0.273	0.446	0.00	0.00	1.00
RMC_LEGEX*	730	0.644	0.479	0.00	1.00	1.00
AC	21,738	0.983	0.081	1.00	1.00	1.00
BSIZE	21,738	8.64	1.754	7.00	9.00	9.00
BIND	21,738	0.375	0.056	0.333	0.333	0.429
DUAL	21,738	0.203	0.403	0.00	0.00	0.00
BTM	21,738	0.616	0.257	0.426	0.627	0.81
ROA	21,738	0.047	0.073	0.018	0.045	0.08
SIZE	21,738	22.347	1.344	21.386	22.131	23.072
LOSS	21,738	0.095	0.293	0.00	0.00	0.00
DEBT	21,738	0.450	0.213	0.283	0.442	0.607
FCS	21,738	0.534	0.499	0.00	1.00	1.00
BIG4	21,738	0.030	0.172	0.00	0.00	0.00
SOE	21,738	0.344	0.475	0.00	0.00	1.00
RD	21,738	0.010	0.006	0.006	0.009	0.013

Note(s): This table presents the descriptive statistics for sample variables. *The descriptive values of RMC characteristics are reported only for firms with RMC. All variables are defined in Appendix

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