Descriptive statistics
| Variable | N | Mean | Std. dev | Min | p25 | p50 | p75 | Max |
|---|---|---|---|---|---|---|---|---|
| Tfp | 16,665 | 7.177 | 1.406 | 3.345 | 6.341 | 7.210 | 8.058 | 10.667 |
| Interact | 16,665 | 2.338 | 1.782 | 0.000 | 0.000 | 2.565 | 3.807 | 5.881 |
| Size | 16,665 | 22.176 | 1.284 | 19.520 | 21.247 | 22.006 | 22.899 | 26.048 |
| Lev | 16,665 | 0.424 | 0.204 | 0.049 | 0.262 | 0.417 | 0.578 | 0.934 |
| Roa | 16,665 | 0.049 | 0.049 | −0.246 | 0.022 | 0.044 | 0.073 | 0.200 |
| Cfo | 16,665 | 0.048 | 0.069 | −0.180 | 0.010 | 0.048 | 0.089 | 0.247 |
| PB | 16,665 | 3.603 | 2.916 | 0.517 | 1.794 | 2.754 | 4.406 | 20.803 |
| Exfin | 16,665 | 2.011 | 8.812 | 0.000 | 0.065 | 0.231 | 0.632 | 76.930 |
| Top1 | 16,665 | 0.347 | 0.147 | 0.088 | 0.231 | 0.328 | 0.447 | 0.750 |
| Indep | 16,665 | 0.374 | 0.054 | 0.308 | 0.333 | 0.333 | 0.429 | 0.571 |
| Board | 16,665 | 2.137 | 0.198 | 1.609 | 1.946 | 2.197 | 2.197 | 2.708 |
| Exeshare | 16,665 | 0.077 | 0.143 | 0.000 | 0.000 | 0.002 | 0.077 | 0.616 |
| Exepay | 16,665 | 14.372 | 0.702 | 12.401 | 13.916 | 14.351 | 14.787 | 16.241 |
| Audit | 16,665 | 0.982 | 0.133 | 0.000 | 1.000 | 1.000 | 1.000 | 1.000 |
| Variable | Mean | Std. dev | Min | p25 | p50 | p75 | Max | |
|---|---|---|---|---|---|---|---|---|
| 16,665 | 7.177 | 1.406 | 3.345 | 6.341 | 7.210 | 8.058 | 10.667 | |
| 16,665 | 2.338 | 1.782 | 0.000 | 0.000 | 2.565 | 3.807 | 5.881 | |
| 16,665 | 22.176 | 1.284 | 19.520 | 21.247 | 22.006 | 22.899 | 26.048 | |
| 16,665 | 0.424 | 0.204 | 0.049 | 0.262 | 0.417 | 0.578 | 0.934 | |
| 16,665 | 0.049 | 0.049 | −0.246 | 0.022 | 0.044 | 0.073 | 0.200 | |
| 16,665 | 0.048 | 0.069 | −0.180 | 0.010 | 0.048 | 0.089 | 0.247 | |
| 16,665 | 3.603 | 2.916 | 0.517 | 1.794 | 2.754 | 4.406 | 20.803 | |
| 16,665 | 2.011 | 8.812 | 0.000 | 0.065 | 0.231 | 0.632 | 76.930 | |
| 16,665 | 0.347 | 0.147 | 0.088 | 0.231 | 0.328 | 0.447 | 0.750 | |
| 16,665 | 0.374 | 0.054 | 0.308 | 0.333 | 0.333 | 0.429 | 0.571 | |
| 16,665 | 2.137 | 0.198 | 1.609 | 1.946 | 2.197 | 2.197 | 2.708 | |
| 16,665 | 0.077 | 0.143 | 0.000 | 0.000 | 0.002 | 0.077 | 0.616 | |
| 16,665 | 14.372 | 0.702 | 12.401 | 13.916 | 14.351 | 14.787 | 16.241 | |
| 16,665 | 0.982 | 0.133 | 0.000 | 1.000 | 1.000 | 1.000 | 1.000 |
Note(s): This table contains descriptive statistics for our sample of 16,665 firm-year observations. To control the interference of outliers, we winsorized continuous variables at the 1 and 99 percentiles. See Table 1 for detailed definitions of all variables
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