Descriptive statistics
| Variable | N | Mean | P25 | P50 | P75 |
|---|---|---|---|---|---|
| ICW | 20,060 | 0.064 | 0.000 | 0.000 | 0.000 |
| Hedge fund intervention | 20,060 | 0.023 | 0.000 | 0.000 | 0.000 |
| Size | 20,060 | 6.408 | 5.092 | 6.396 | 7.705 |
| Prior loss | 20,060 | 0.316 | 0.000 | 0.000 | 1.000 |
| ROA | 20,060 | −0.002 | −0.029 | 0.053 | 0.110 |
| Leverage | 20,060 | 0.458 | 0.004 | 0.141 | 0.434 |
| Sales growth | 20,060 | 0.116 | −0.032 | 0.066 | 0.181 |
| PPE | 20,060 | 1.063 | 1.033 | 1.069 | 1.099 |
| Return | 20,060 | 0.141 | −0.238 | 0.038 | 0.331 |
| Big4 | 20,060 | 0.643 | 0.000 | 1.000 | 1.000 |
| Auditor change | 20,060 | 0.052 | 0.000 | 0.000 | 0.000 |
| Firm age | 20,060 | 22.106 | 11.000 | 17.000 | 29.000 |
| KZ index | 20,060 | −10.188 | −7.797 | −1.860 | 0.598 |
| Variable | Mean | P25 | P50 | P75 | |
|---|---|---|---|---|---|
| ICW | 20,060 | 0.064 | 0.000 | 0.000 | 0.000 |
| Hedge fund intervention | 20,060 | 0.023 | 0.000 | 0.000 | 0.000 |
| Size | 20,060 | 6.408 | 5.092 | 6.396 | 7.705 |
| Prior loss | 20,060 | 0.316 | 0.000 | 0.000 | 1.000 |
| ROA | 20,060 | −0.002 | −0.029 | 0.053 | 0.110 |
| Leverage | 20,060 | 0.458 | 0.004 | 0.141 | 0.434 |
| Sales growth | 20,060 | 0.116 | −0.032 | 0.066 | 0.181 |
| PPE | 20,060 | 1.063 | 1.033 | 1.069 | 1.099 |
| Return | 20,060 | 0.141 | −0.238 | 0.038 | 0.331 |
| Big4 | 20,060 | 0.643 | 0.000 | 1.000 | 1.000 |
| Auditor change | 20,060 | 0.052 | 0.000 | 0.000 | 0.000 |
| Firm age | 20,060 | 22.106 | 11.000 | 17.000 | 29.000 |
| KZ index | 20,060 | −10.188 | −7.797 | −1.860 | 0.598 |
Note(s): This table reports the descriptive statistics of our sample. Our sample consists of 20,060 firm-year observations in total. All variables are defined in Appendix 1. The sample period is from 2002 to 2014
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