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 |
| Mean | SD | Min | Median | Max | ||
|---|---|---|---|---|---|---|
| 26,890 | 0.176 | 0.124 | 0.012 | 0.143 | 0.618 | |
| 26,890 | −0.765 | 0.184 | −0.957 | −0.837 | −0.169 | |
| 26,890 | 11.670 | 8.318 | 1.808 | 9.609 | 54.410 | |
| 26,890 | 0.147 | 0.159 | 0.000 | 0.105 | 0.872 | |
| 26,890 | −14.470 | 1.010 | −17.610 | −14.340 | −12.470 | |
| 26,890 | 0.750 | 0.433 | 0.000 | 1.000 | 1.000 | |
| 26,890 | 0.693 | 0.462 | 0.000 | 1.000 | 1.000 | |
| 26,890 | 0.045 | 0.074 | −0.191 | 0.044 | 0.252 | |
| 26,890 | 0.041 | 0.038 | 0.004 | 0.030 | 0.247 | |
| 26,890 | 0.190 | 0.161 | 0.000 | 0.166 | 0.630 | |
| 26,890 | 22.110 | 1.290 | 19.430 | 21.950 | 26.020 | |
| 26,890 | 0.443 | 0.312 | 0.031 | 0.363 | 1.640 | |
| 26,890 | −0.065 | 0.076 | −0.403 | −0.040 | −0.015 | |
| 26,890 | 0.232 | 0.422 | 0.000 | 0.000 | 1.000 | |
| 26,890 | 0.345 | 0.149 | 0.086 | 0.323 | 0.742 | |
| 26,890 | 10.700 | 6.542 | 1.000 | 10.000 | 29.000 | |
| 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 | |||||||
|---|---|---|---|---|---|---|---|
| 0.129*** | |||||||
| 0.069*** | 0.252*** | ||||||
| −0.022*** | 0.123*** | 0.577*** | |||||
| 0.151*** | 0.164*** | 0.305*** | 0.103*** | ||||
| 0.100*** | 0.109*** | 0.199*** | 0.075*** | 0.156*** | |||
| 0.064*** | 0.120*** | 0.153*** | 0.015** | 0.114*** | 0.166*** | ||
| 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
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