Table 2 Summary statistics N Mean SD 25%...

Table 2

Summary statistics

	N	Mean	SD	25%	Median	75%
$Δ l n X O P R_{n, i, t}$	20,392	0.092	0.180	−0.012	0.102	0.214
$Δ l n S A L E_{n, i, t}$	20,392	0.085	0.170	−0.018	0.098	0.207
$D_{n, i, t}$	20,392	0.280	0.449	0	0	1
$T U R N O V E R_{n, t}$	20,392	0.449	0.498	0	0	1
$G D P_{n, t}$	20,392	0.109	0.036	0.081	0.104	0.135
$U N E M P_{n, t}$	20,392	0.030	0.034	0.023	0.029	0.035
$l n A N I T_{n, i, t}$	20,392	0.619	0.672	0.205	0.597	1.005
$l n E M P I N T_{n, i, t}$	20,392	0.276	0.988	−0.261	0.356	0.897
$L A G D_{n, i, t}$	20,392	0.251	0.433	0	0	1

Note(s): This table reports summary statistics for the major variables used in the empirical analysis. The subscripts $n$ ⁠, $i$ and $t$ denote city, firm, and year indices, respectively. All variables are defined in the Table A1

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