Descriptive statistics
| Variable | N | Mean | Std. Error | Std. Dev | Max | Min |
|---|---|---|---|---|---|---|
| Turnover | 1,386 | −9.606 | 0.080 | 2.255 | 6.27 | −15.37 |
| CG_Index | 1,386 | 0.588 | 0.005 | 0.100 | 0.84 | 0.30 |
| VD_Index | 1,386 | 0.6015 | 0.0071 | 0.2180 | 1.00 | 0.00 |
| I_Str | 1,386 | 0.5523 | 0.0070 | 0.2387 | 1.00 | 0.00 |
| I_Risk | 1,386 | 0.7456 | 0.0084 | 0.2857 | 1.00 | 0.00 |
| I_Proj | 1,386 | 0.6008 | 0.0071 | 0.2825 | 1.00 | 0.00 |
| I_Perf | 1,386 | 0.6258 | 0.0060 | 0.2015 | 1.00 | 0.00 |
| I_En | 1,386 | 0.4666 | 0.0122 | 0.4026 | 1.00 | 0.00 |
| I_IC | 1,386 | 0.6053 | 0.0096 | 0.3185 | 1.00 | 0.00 |
| AC_Size | 1,386 | 0.428 | 0.004 | 0.095 | 1.00 | 0.00 |
| AC_Ind | 1,386 | 0.788 | 0.007 | 0.218 | 1.33 | 0.00 |
| AC_Act | 1,386 | 4.180 | 0.019 | 0.600 | 8.00 | 1.00 |
| B_Size | 1,386 | 2.888 | 0.005 | 0.185 | 3.04 | 1.10 |
| B_Ind | 1,386 | 0.694 | 0.004 | 0.168 | 1.00 | 0.00 |
| B_Act | 1,386 | 5.968 | 0.071 | 2.865 | 35.00 | 3.00 |
| Insid_OS | 1,386 | 0.208 | 0.006 | 0.235 | 0.93 | 0.00 |
| Ass_OS | 1,386 | 0.322 | 0.008 | 0.412 | 0.98 | 0.00 |
| For_OS | 1,386 | 0.047 | 0.006 | 0.158 | 0.89 | 0.00 |
| Size | 1,386 | 15.80 | 0.048 | 1.635 | 20.13 | 11.08 |
| ROE | 1,386 | 0.065 | 0.018 | 0.624 | 5.80 | −11.64 |
| Tob_Q | 1,386 | 1.209 | 0.068 | 2.038 | 21.51 | 0.00 |
| Beta | 1,386 | 0.677 | 0.021 | 0.655 | 4.82 | −3.22 |
| Lev | 1,386 | 0.288 | 0.006 | 0.241 | 1.66 | 0.00 |
| Dichotomous variables | N | Frequency case = 1 | % Age | Std. Dev | Max | Min |
| AC_ChInd | 1,386 | 91 | 6.56 | 0.360 | 1.00 | 0.00 |
| AQ_Ext | 1,386 | 750 | 54.11 | 0.478 | 1.00 | 0.00 |
| CEO_D | 1,386 | 300 | 21.64 | 0.436 | 1.00 | 0.00 |
| B_Div | 1,386 | 350 | 25.25 | 0.448 | 1.00 | 0.00 |
| Fam_OS | 1,386 | 680 | 49.06 | 0.5008 | 1.00 | 0.00 |
| Inst_OS | 1,386 | 710 | 51.22 | 0.5011 | 1.00 | 0.00 |
| Variable | Mean | Std. Error | Std. Dev | Max | Min | |
|---|---|---|---|---|---|---|
| Turnover | 1,386 | −9.606 | 0.080 | 2.255 | 6.27 | −15.37 |
| CG_Index | 1,386 | 0.588 | 0.005 | 0.100 | 0.84 | 0.30 |
| VD_Index | 1,386 | 0.6015 | 0.0071 | 0.2180 | 1.00 | 0.00 |
| I_Str | 1,386 | 0.5523 | 0.0070 | 0.2387 | 1.00 | 0.00 |
| I_Risk | 1,386 | 0.7456 | 0.0084 | 0.2857 | 1.00 | 0.00 |
| I_Proj | 1,386 | 0.6008 | 0.0071 | 0.2825 | 1.00 | 0.00 |
| I_Perf | 1,386 | 0.6258 | 0.0060 | 0.2015 | 1.00 | 0.00 |
| I_En | 1,386 | 0.4666 | 0.0122 | 0.4026 | 1.00 | 0.00 |
| I_IC | 1,386 | 0.6053 | 0.0096 | 0.3185 | 1.00 | 0.00 |
| AC_Size | 1,386 | 0.428 | 0.004 | 0.095 | 1.00 | 0.00 |
| AC_Ind | 1,386 | 0.788 | 0.007 | 0.218 | 1.33 | 0.00 |
| AC_Act | 1,386 | 4.180 | 0.019 | 0.600 | 8.00 | 1.00 |
| B_Size | 1,386 | 2.888 | 0.005 | 0.185 | 3.04 | 1.10 |
| B_Ind | 1,386 | 0.694 | 0.004 | 0.168 | 1.00 | 0.00 |
| B_Act | 1,386 | 5.968 | 0.071 | 2.865 | 35.00 | 3.00 |
| Insid_OS | 1,386 | 0.208 | 0.006 | 0.235 | 0.93 | 0.00 |
| Ass_OS | 1,386 | 0.322 | 0.008 | 0.412 | 0.98 | 0.00 |
| For_OS | 1,386 | 0.047 | 0.006 | 0.158 | 0.89 | 0.00 |
| Size | 1,386 | 15.80 | 0.048 | 1.635 | 20.13 | 11.08 |
| ROE | 1,386 | 0.065 | 0.018 | 0.624 | 5.80 | −11.64 |
| Tob_Q | 1,386 | 1.209 | 0.068 | 2.038 | 21.51 | 0.00 |
| Beta | 1,386 | 0.677 | 0.021 | 0.655 | 4.82 | −3.22 |
| Lev | 1,386 | 0.288 | 0.006 | 0.241 | 1.66 | 0.00 |
| Dichotomous variables | Frequency case = 1 | % Age | Std. Dev | Max | Min | |
| AC_ChInd | 1,386 | 91 | 6.56 | 0.360 | 1.00 | 0.00 |
| AQ_Ext | 1,386 | 750 | 54.11 | 0.478 | 1.00 | 0.00 |
| CEO_D | 1,386 | 300 | 21.64 | 0.436 | 1.00 | 0.00 |
| B_Div | 1,386 | 350 | 25.25 | 0.448 | 1.00 | 0.00 |
| Fam_OS | 1,386 | 680 | 49.06 | 0.5008 | 1.00 | 0.00 |
| Inst_OS | 1,386 | 710 | 51.22 | 0.5011 | 1.00 | 0.00 |
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