Table 2 Descriptive statistics Variable...

Table 2

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	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

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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