Table 2 Summary of descriptive...

Table 2

Summary of descriptive statistics by sectors

Variable	Observation	Mean	Standard deviation	Min	Max	Observation	Mean	Standard deviation	Min	Max
Sector	Consumer product					Construction
Tobin's Q	1,187	1.4829	2.1254	0.0619	15.0664	1,187	2.0783	2.6686	0.2691	8.6161
DER	959	67.2184	337.5599	0.0003	5,509.8341	959	43.1963	77.8242	0.0944	265.3530
MO	1,111	9.9691	15.5680	0.0000	71.9000	1,111	2.8595	5.2736	0.0022	12.5600
ACCESS	1,200	0.6875	0.4642	0.0000	1.0000	1,200	0.9000	0.3051	0.0000	1.0000
RISK	1,176	0.3455	0.2119	0.0858	2.0503	1,176	0.2556	0.0961	0.1382	0.5019
SIZE	1,187	13.3311	1.8893	10.8206	20.4546	1,187	15.5071	1.3729	12.4216	16.8405
GROWTH	1,184	0.0484	0.05226	0.0007	0.3490	1,184	0.0523	0.0402	0.0012	0.1617
LEV	983	0.1708	0.19369	2.9475	0.8951	983	1.3240	1.8339	0.0023	6.2481
Sector	Industrial product					Plantation
Tobin's Q	1,187	0.9924	0.8116	0.1036	5.0655	1,187	1.3370	0.5779	0.4792	2.6746
DER	959	54.7601	99.1006	0.0009	678.6673	959	57.2915	140.9031	0.0690	975.9977
MO	1,111	8.0988	12.0805	0.0000	54.2800	1,111	4.4339	14.7525	0.0000	62.2800
ACCESS	1,200	0.7245	0.4472	0.0000	1.0000	1,200	0.8589	0.3503	0.0000	1.0000
RISK	1,176	0.3489	0.1626	0.0865	1.1069	1,176	0.2272	0.0952	0.0597	0.5057
SIZE	1,187	13.5213	1.4752	9.9016	17.5928	1,187	15.1712	1.3195	12.3934	16.9870
GROWTH	1,184	0.0859	0.39309	0.0002	6.4970	1,184	0.1613	0.31661	0.0108	2.1472
LEV	983	0.1906	0.2444	3.4210	1.0614	983	0.4715	0.6594	0.0078	2.6788
Sector	Properties					Technology
Tobin's Q	1,187	0.6411	0.2301	0.0420	1.3073	1,187	1.2976	1.0869	0.3393	6.1006
DER	959	34.1488	35.6225	0.1225	131.7600	959	87.3401	127.1806	0.6176	373.4924
MO	1,111	1.9665	3.5932	0.0000	13.3937	1,111	25.2927	23.7451	0.0000	65.5600
ACCESS	1,200	0.8148	0.3920	0.0000	1.0000	1,200	0.7500	0.4391	0.0000	1.0000
RISK	1,176	0.3131	0.1599	0.14740	0.9708	1,176	0.3621	0.1112	0.1862	0.6776
SIZE	1,187	14.7029	1.2817	12.1598	16.9870	1,187	13.0534	0.9503	11.3463	14.4047
GROWTH	1,184	0.1177	0.1512	0.0053	0.6840	1,184	0.08916	0.0846	0.0011	0.3170
LEV	983	0.2867	0.1907	0.0019	0.8318	983	0.0762	0.0675	0.0009	0.2096

Variable	Observation	Mean	Standard deviation	Min	Max	Observation	Mean	Standard deviation	Min	Max
Sector	Consumer product					Construction
Tobin's Q	1,187	1.4829	2.1254	0.0619	15.0664	1,187	2.0783	2.6686	0.2691	8.6161
DER	959	67.2184	337.5599	0.0003	5,509.8341	959	43.1963	77.8242	0.0944	265.3530
MO	1,111	9.9691	15.5680	0.0000	71.9000	1,111	2.8595	5.2736	0.0022	12.5600
ACCESS	1,200	0.6875	0.4642	0.0000	1.0000	1,200	0.9000	0.3051	0.0000	1.0000
RISK	1,176	0.3455	0.2119	0.0858	2.0503	1,176	0.2556	0.0961	0.1382	0.5019
SIZE	1,187	13.3311	1.8893	10.8206	20.4546	1,187	15.5071	1.3729	12.4216	16.8405
GROWTH	1,184	0.0484	0.05226	0.0007	0.3490	1,184	0.0523	0.0402	0.0012	0.1617
LEV	983	0.1708	0.19369	2.9475	0.8951	983	1.3240	1.8339	0.0023	6.2481
Sector	Industrial product					Plantation
Tobin's Q	1,187	0.9924	0.8116	0.1036	5.0655	1,187	1.3370	0.5779	0.4792	2.6746
DER	959	54.7601	99.1006	0.0009	678.6673	959	57.2915	140.9031	0.0690	975.9977
MO	1,111	8.0988	12.0805	0.0000	54.2800	1,111	4.4339	14.7525	0.0000	62.2800
ACCESS	1,200	0.7245	0.4472	0.0000	1.0000	1,200	0.8589	0.3503	0.0000	1.0000
RISK	1,176	0.3489	0.1626	0.0865	1.1069	1,176	0.2272	0.0952	0.0597	0.5057
SIZE	1,187	13.5213	1.4752	9.9016	17.5928	1,187	15.1712	1.3195	12.3934	16.9870
GROWTH	1,184	0.0859	0.39309	0.0002	6.4970	1,184	0.1613	0.31661	0.0108	2.1472
LEV	983	0.1906	0.2444	3.4210	1.0614	983	0.4715	0.6594	0.0078	2.6788
Sector	Properties					Technology
Tobin's Q	1,187	0.6411	0.2301	0.0420	1.3073	1,187	1.2976	1.0869	0.3393	6.1006
DER	959	34.1488	35.6225	0.1225	131.7600	959	87.3401	127.1806	0.6176	373.4924
MO	1,111	1.9665	3.5932	0.0000	13.3937	1,111	25.2927	23.7451	0.0000	65.5600
ACCESS	1,200	0.8148	0.3920	0.0000	1.0000	1,200	0.7500	0.4391	0.0000	1.0000
RISK	1,176	0.3131	0.1599	0.14740	0.9708	1,176	0.3621	0.1112	0.1862	0.6776
SIZE	1,187	14.7029	1.2817	12.1598	16.9870	1,187	13.0534	0.9503	11.3463	14.4047
GROWTH	1,184	0.1177	0.1512	0.0053	0.6840	1,184	0.08916	0.0846	0.0011	0.3170
LEV	983	0.2867	0.1907	0.0019	0.8318	983	0.0762	0.0675	0.0009	0.2096

Variable	Trading and Services
Sector	Observation	Mean	Standard deviation	Min	Max
Tobin's Q	1,187	1.0421	0.6544	0.2650	3.6101
DER	959	26.9312	37.4548	0.0234	239.4422
MO	1,111	6.2926	14.4468	0.0000	71.0600
ACCESS	1,200	0.7307	0.4445	0.0000	1.0000
RISK	1,176	0.3059	0.1481	0.0848	1.1067
SIZE	1,187	14.6057	2.9097	0.0293	18.7867
GROWTH	1,184	0.2326	0.6578	0.0007	7.3267
LEV	983	0.8805	1.2147	1.1623	7.5927

Variable	Trading and Services
Sector	Observation	Mean	Standard deviation	Min	Max
Tobin's Q	1,187	1.0421	0.6544	0.2650	3.6101
DER	959	26.9312	37.4548	0.0234	239.4422
MO	1,111	6.2926	14.4468	0.0000	71.0600
ACCESS	1,200	0.7307	0.4445	0.0000	1.0000
RISK	1,176	0.3059	0.1481	0.0848	1.1067
SIZE	1,187	14.6057	2.9097	0.0293	18.7867
GROWTH	1,184	0.2326	0.6578	0.0007	7.3267
LEV	983	0.8805	1.2147	1.1623	7.5927

Note(s): Tobin's Q is a measurement for firm value; DER is total derivatives (notional value/total asset); MO is managerial ownership (total shareholding (direct) owned by managers over the total common shares outstanding), ACCESS is access to financial market (firm that pays dividend in the present year equals to “1” and “0” otherwise); RISK is firm risk (average standard deviation of daily stock returns on the previous year and then annualized to yearly return); SIZE is firm size (natural logarithm of total assets); GROWTH is investment growth (ratio of capital expenditure to sales) and LEV is leverage (long-term debt divided by total shareholder's equity)

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