Table 2 Descriptive statistics Variables...

Table 2

Descriptive statistics

Variables	N	Mean	Std. Dev	Min	p25	Median	p75	Max
Dependent variables (Annual Report Tone)
TONE	26,876	3.41	0.74	1.85	2.90	3.34	3.85	5.49
TONE_P	26,876	0.06	0.70	−1.89	−0.43	−0.01	0.48	2.65
TONE_S	26,876	0.09	1.01	−3.03	−0.62	−0.01	0.69	4.77
TONEF	26,876	5.32	1.06	2.80	4.58	5.20	5.94	9.03
TONEF_P	26,876	0.10	1.01	−2.70	−0.60	−0.02	0.69	4.49
TONEF_S	26,876	0.10	1.01	−2.63	−0.61	−0.02	0.70	5.63
Independent variables (Chair–CEO Age Gap)
GAPS	26,876	3.45	8.23	−16.00	0.00	0.00	7.00	28.00
GAPU	26,876	5.68	7.10	0.00	0.00	3.00	9.00	29.00
GAP20	26,876	0.06	0.24	0.00	0.00	0.00	0.00	1.00
GAP15	26,876	0.10	0.30	0.00	0.00	0.00	0.00	1.00
GAP10	26,876	0.19	0.40	0.00	0.00	0.00	0.00	1.00
GAP5	26,876	0.37	0.48	0.00	0.00	0.00	1.00	1.00
Control variables
CHANGE1	26,876	0.18	0.39	0.00	0.00	0.00	0.00	1.00
CHANGE2	26,876	0.26	0.44	0.00	0.00	0.00	1.00	1.00
TENURE1	26,876	5.62	3.89	0.12	2.50	4.67	8.00	16.42
TENURE2	26,876	4.38	3.33	0.08	1.83	3.42	6.08	14.75
BODSIZE	26,876	8.38	1.63	5.00	7.00	9.00	9.00	15.00
LEVER	26,876	0.42	0.22	0.05	0.25	0.41	0.57	1.10
FIRMAGE	26,876	2.16	0.79	0.00	1.61	2.30	2.77	3.37
FSIZE	26,876	22.08	1.23	18.93	21.21	21.90	22.77	26.03
STDRET	26,876	0.13	0.06	0.04	0.09	0.12	0.15	0.42
SALEGR	26,876	0.17	0.46	−0.68	−0.04	0.01	0.27	3.16
INDDIR%	26,876	0.38	0.05	0.00	0.33	0.36	0.43	0.57
ROA	26,876	0.03	0.08	−0.37	0.01	0.03	0.06	0.21
LOSS	26,876	0.15	0.36	0.00	0.00	0.00	0.00	1.00
O-Score	26,876	−8.40	1.95	−13.57	−9.61	−8.36	−7.20	−1.81
SALARY	26,876	14.92	0.80	11.87	14.42	14.91	15.43	17.04
GAPQU	26,876	79.62	161.51	0.00	0.00	9.00	81.00	784.00
Other variables
GAPS_median	26,876	0.47	0.50	0.00	0.00	0.00	1.00	1.00
GAPU_median	26,876	0.48	0.50	0.00	0.00	0.00	1.00	1.00
NTUPW	26,848	8.21	0.29	7.37	8.01	8.23	8.42	8.84
MDAPW	26,848	8.19	0.28	7.37	7.99	8.21	8.39	8.81
CEOLPW	437	3.79	0.41	2.64	3.53	3.83	4.08	4.68
ECCCQASPW	13,631	4.96	0.79	2.08	4.49	5.01	5.49	6.66
NEG%	26,876	0.04	0.01	0.03	0.04	0.04	0.05	0.07
OTW%	26,876	39.29	7.56	23.71	34.06	38.42	43.63	61.67
FinBert_TONE	26,876	0.14	0.59	−1.00	−0.12	0.39	0.55	1.00
FinBert_TONE_P	26,876	−0.04	0.54	−1.54	−0.24	0.08	0.33	1.13
FinBert_TONE_S	26,876	−0.06	1.00	−10.74	−0.70	0.27	0.65	5.03
FinBert_NEGT	26,876	0.16	0.35	0.00	0.00	0.00	0.01	1.00
FinBert_NEGT_P	26,876	0.02	0.33	−0.34	−0.20	−0.06	0.00	0.99
FinBert_NEGT_S	26,876	0.05	1.06	−2.30	−0.53	−0.36	−0.06	29.45
FinBert_NEUTRAL	26,876	0.81	0.37	0.00	0.98	0.99	1.00	1.00
FinBert_NEUTRAL_P	26,876	−0.02	0.35	−0.99	0.00	0.08	0.22	0.43
FinBert_NEUTRAL_S	26,876	−0.05	1.05	−27.23	0.07	0.36	0.57	1.79
unrelated	26,876	0.00	0.00	0.00	0.00	0.00	0.00	0.00
uncertain	26,876	0.00	0.04	0.00	0.00	0.00	0.00	1.00
CCS 50%	26,876	0.24	0.43	0.00	0.00	0.00	0.00	1.00
INSINVS 50%	26,876	0.37	0.48	0.00	0.00	0.00	1.00	1.00
INTANG_median	26,876	0.58	0.49	0.00	0.00	1.00	1.00	1.00
LARGEFIRM	26,876	0.57	0.50	0.00	0.00	1.00	1.00	1.00
FFIRM	26,876	0.67	0.47	0.00	0.00	1.00	1.00	1.00
SOE	26,876	0.29	0.45	0.00	0.00	0.00	1.00	1.00
ChairNCN	26,876	0.98	0.15	0.00	1.00	1.00	1.00	1.00
CEONCN	26,876	0.97	0.16	0.00	1.00	1.00	1.00	1.00
CRG	26,876	0.29	0.45	0.00	0.00	0.00	1.00	1.00
GAPD	26,876	0.67	0.47	0.00	0.00	1.00	1.00	1.00
MEETING	26,876	1.10	0.53	0.00	0.69	1.10	1.39	2.20
JONTENU	26,876	3.47	0.92	0.00	2.89	3.53	4.14	5.10
FCF	26,876	0.02	0.09	−0.35	−0.01	0.03	0.06	0.23
MJONES	26,876	0.01	0.09	−0.31	−0.04	0.01	0.05	0.32
ES	5,584	−0.02	0.94	−16.83	−0.18	0.06	0.31	7.57
CAR [-1:1]	8,724	−0.01	0.05	−0.31	−0.03	−0.00	0.02	0.37
CAR[2:60]	19,162	0.00	0.01	0.00	0.00	0.00	0.00	0.01

Variables	N	Mean	Std. Dev	Min	p25	Median	p75	Max
Dependent variables (Annual Report Tone)
TONE	26,876	3.41	0.74	1.85	2.90	3.34	3.85	5.49
TONE_P	26,876	0.06	0.70	−1.89	−0.43	−0.01	0.48	2.65
TONE_S	26,876	0.09	1.01	−3.03	−0.62	−0.01	0.69	4.77
TONEF	26,876	5.32	1.06	2.80	4.58	5.20	5.94	9.03
TONEF_P	26,876	0.10	1.01	−2.70	−0.60	−0.02	0.69	4.49
TONEF_S	26,876	0.10	1.01	−2.63	−0.61	−0.02	0.70	5.63
Independent variables (Chair–CEO Age Gap)
GAPS	26,876	3.45	8.23	−16.00	0.00	0.00	7.00	28.00
GAPU	26,876	5.68	7.10	0.00	0.00	3.00	9.00	29.00
GAP20	26,876	0.06	0.24	0.00	0.00	0.00	0.00	1.00
GAP15	26,876	0.10	0.30	0.00	0.00	0.00	0.00	1.00
GAP10	26,876	0.19	0.40	0.00	0.00	0.00	0.00	1.00
GAP5	26,876	0.37	0.48	0.00	0.00	0.00	1.00	1.00
Control variables
CHANGE1	26,876	0.18	0.39	0.00	0.00	0.00	0.00	1.00
CHANGE2	26,876	0.26	0.44	0.00	0.00	0.00	1.00	1.00
TENURE1	26,876	5.62	3.89	0.12	2.50	4.67	8.00	16.42
TENURE2	26,876	4.38	3.33	0.08	1.83	3.42	6.08	14.75
BODSIZE	26,876	8.38	1.63	5.00	7.00	9.00	9.00	15.00
LEVER	26,876	0.42	0.22	0.05	0.25	0.41	0.57	1.10
FIRMAGE	26,876	2.16	0.79	0.00	1.61	2.30	2.77	3.37
FSIZE	26,876	22.08	1.23	18.93	21.21	21.90	22.77	26.03
STDRET	26,876	0.13	0.06	0.04	0.09	0.12	0.15	0.42
SALEGR	26,876	0.17	0.46	−0.68	−0.04	0.01	0.27	3.16
INDDIR%	26,876	0.38	0.05	0.00	0.33	0.36	0.43	0.57
ROA	26,876	0.03	0.08	−0.37	0.01	0.03	0.06	0.21
LOSS	26,876	0.15	0.36	0.00	0.00	0.00	0.00	1.00
O-Score	26,876	−8.40	1.95	−13.57	−9.61	−8.36	−7.20	−1.81
SALARY	26,876	14.92	0.80	11.87	14.42	14.91	15.43	17.04
GAPQU	26,876	79.62	161.51	0.00	0.00	9.00	81.00	784.00
Other variables
GAPS_median	26,876	0.47	0.50	0.00	0.00	0.00	1.00	1.00
GAPU_median	26,876	0.48	0.50	0.00	0.00	0.00	1.00	1.00
NTUPW	26,848	8.21	0.29	7.37	8.01	8.23	8.42	8.84
MDAPW	26,848	8.19	0.28	7.37	7.99	8.21	8.39	8.81
CEOLPW	437	3.79	0.41	2.64	3.53	3.83	4.08	4.68
ECCCQASPW	13,631	4.96	0.79	2.08	4.49	5.01	5.49	6.66
NEG%	26,876	0.04	0.01	0.03	0.04	0.04	0.05	0.07
OTW%	26,876	39.29	7.56	23.71	34.06	38.42	43.63	61.67
FinBert_TONE	26,876	0.14	0.59	−1.00	−0.12	0.39	0.55	1.00
FinBert_TONE_P	26,876	−0.04	0.54	−1.54	−0.24	0.08	0.33	1.13
FinBert_TONE_S	26,876	−0.06	1.00	−10.74	−0.70	0.27	0.65	5.03
FinBert_NEGT	26,876	0.16	0.35	0.00	0.00	0.00	0.01	1.00
FinBert_NEGT_P	26,876	0.02	0.33	−0.34	−0.20	−0.06	0.00	0.99
FinBert_NEGT_S	26,876	0.05	1.06	−2.30	−0.53	−0.36	−0.06	29.45
FinBert_NEUTRAL	26,876	0.81	0.37	0.00	0.98	0.99	1.00	1.00
FinBert_NEUTRAL_P	26,876	−0.02	0.35	−0.99	0.00	0.08	0.22	0.43
FinBert_NEUTRAL_S	26,876	−0.05	1.05	−27.23	0.07	0.36	0.57	1.79
unrelated	26,876	0.00	0.00	0.00	0.00	0.00	0.00	0.00
uncertain	26,876	0.00	0.04	0.00	0.00	0.00	0.00	1.00
CCS 50%	26,876	0.24	0.43	0.00	0.00	0.00	0.00	1.00
INSINVS 50%	26,876	0.37	0.48	0.00	0.00	0.00	1.00	1.00
INTANG_median	26,876	0.58	0.49	0.00	0.00	1.00	1.00	1.00
LARGEFIRM	26,876	0.57	0.50	0.00	0.00	1.00	1.00	1.00
FFIRM	26,876	0.67	0.47	0.00	0.00	1.00	1.00	1.00
SOE	26,876	0.29	0.45	0.00	0.00	0.00	1.00	1.00
ChairNCN	26,876	0.98	0.15	0.00	1.00	1.00	1.00	1.00
CEONCN	26,876	0.97	0.16	0.00	1.00	1.00	1.00	1.00
CRG	26,876	0.29	0.45	0.00	0.00	0.00	1.00	1.00
GAPD	26,876	0.67	0.47	0.00	0.00	1.00	1.00	1.00
MEETING	26,876	1.10	0.53	0.00	0.69	1.10	1.39	2.20
JONTENU	26,876	3.47	0.92	0.00	2.89	3.53	4.14	5.10
FCF	26,876	0.02	0.09	−0.35	−0.01	0.03	0.06	0.23
MJONES	26,876	0.01	0.09	−0.31	−0.04	0.01	0.05	0.32
ES	5,584	−0.02	0.94	−16.83	−0.18	0.06	0.31	7.57
CAR [-1:1]	8,724	−0.01	0.05	−0.31	−0.03	−0.00	0.02	0.37
CAR[2:60]	19,162	0.00	0.01	0.00	0.00	0.00	0.00	0.01

Note(s): This table presents the descriptive statistics of the main variables for the sample of Chinese firms listed on the Shanghai and Shenzhen Stock Exchange in the sample. Variables are defined in Appendix A

Source(s): Authors' calculations

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