Table 1 Panel A summary statistics N... | Emerald Publishing

Table 1

Panel A summary statistics

	N	Mean	SD	Min	Median	Max
A. Main variables
Cash	26,890	0.176	0.124	0.012	0.143	0.618
Heter	26,890	−0.765	0.184	−0.957	−0.837	−0.169
Apay	26,890	11.670	8.318	1.808	9.609	54.410
Eduinput	26,890	0.147	0.159	0.000	0.105	0.872
Laborinten	26,890	−14.470	1.010	−17.610	−14.340	−12.470
Perdis	26,890	0.750	0.433	0.000	1.000	1.000
Rail	26,890	0.693	0.462	0.000	1.000	1.000
B. Control variables
Ocf	26,890	0.045	0.074	−0.191	0.044	0.252
Sdsale	26,890	0.041	0.038	0.004	0.030	0.247
Lev	26,890	0.190	0.161	0.000	0.166	0.630
Size	26,890	22.110	1.290	19.430	21.950	26.020
Btm	26,890	0.443	0.312	0.031	0.363	1.640
Indcomp	26,890	−0.065	0.076	−0.403	−0.040	−0.015
Dual	26,890	0.232	0.422	0.000	0.000	1.000
Firstshr	26,890	0.345	0.149	0.086	0.323	0.742
Age	26,890	10.700	6.542	1.000	10.000	29.000
Soe	26,890	0.430	0.495	0.000	0.000	1.000

	N	Mean	SD	Min	Median	Max
A. Main variables
Cash	26,890	0.176	0.124	0.012	0.143	0.618
Heter	26,890	−0.765	0.184	−0.957	−0.837	−0.169
Apay	26,890	11.670	8.318	1.808	9.609	54.410
Eduinput	26,890	0.147	0.159	0.000	0.105	0.872
Laborinten	26,890	−14.470	1.010	−17.610	−14.340	−12.470
Perdis	26,890	0.750	0.433	0.000	1.000	1.000
Rail	26,890	0.693	0.462	0.000	1.000	1.000
B. Control variables
Ocf	26,890	0.045	0.074	−0.191	0.044	0.252
Sdsale	26,890	0.041	0.038	0.004	0.030	0.247
Lev	26,890	0.190	0.161	0.000	0.166	0.630
Size	26,890	22.110	1.290	19.430	21.950	26.020
Btm	26,890	0.443	0.312	0.031	0.363	1.640
Indcomp	26,890	−0.065	0.076	−0.403	−0.040	−0.015
Dual	26,890	0.232	0.422	0.000	0.000	1.000
Firstshr	26,890	0.345	0.149	0.086	0.323	0.742
Age	26,890	10.700	6.542	1.000	10.000	29.000
Soe	26,890	0.430	0.495	0.000	0.000	1.000

Panel B correlation
	Cash	Heter	Apay	Eduinput	Rdratio	Rail	Perdis
Heter	0.129***
Apay	0.069***	0.252***
Eduinput	−0.022***	0.123***	0.577***
Rdratio	0.151***	0.164***	0.305***	0.103***
Rail	0.100***	0.109***	0.199***	0.075***	0.156***
Perdis	0.064***	0.120***	0.153***	0.015**	0.114***	0.166***
IPOHeter	0.126***	0.470***	0.187***	0.113***	0.156***	0.125***	0.056***

Panel B correlation
	Cash	Heter	Apay	Eduinput	Rdratio	Rail	Perdis
Heter	0.129***
Apay	0.069***	0.252***
Eduinput	−0.022***	0.123***	0.577***
Rdratio	0.151***	0.164***	0.305***	0.103***
Rail	0.100***	0.109***	0.199***	0.075***	0.156***
Perdis	0.064***	0.120***	0.153***	0.015**	0.114***	0.166***
IPOHeter	0.126***	0.470***	0.187***	0.113***	0.156***	0.125***	0.056***

Note(s): *, ** and *** represent significance levels of 0.10, 0.05 and 0.01, respectively