Summary statistics by ultimate ownership
| Non-SOEs | SOEs | |||||||
|---|---|---|---|---|---|---|---|---|
| Mean | SD | Min | Max | Mean | SD | Min | Max | |
| Operating loss | 0.09 | 0.28 | 0.00 | 1.00 | 0.15 | 0.35 | 0.00 | 1.00 |
| Leverage | 38.66 | 19.01 | 0.71 | 96.40 | 50.86 | 17.41 | 1.56 | 98.24 |
| Current liability ratio | 87.33 | 14.75 | 0.00 | 100.00 | 83.62 | 16.12 | 12.58 | 100.00 |
| Year since acquisitions | 1.74 | 1.04 | 1.00 | 5.00 | 1.87 | 1.13 | 1.00 | 5.00 |
| Event types | 1.04 | 0.25 | 1.00 | 3.00 | 1.04 | 0.25 | 1.00 | 3.00 |
| Targets | 1.83 | 0.60 | 1.00 | 3.00 | 1.82 | 0.64 | 1.00 | 3.00 |
| Cash payment | 0.92 | 0.28 | 0.00 | 1.00 | 0.86 | 0.34 | 0.00 | 1.00 |
| No. of acquisitions | 2.19 | 1.48 | 1.00 | 11.00 | 2.38 | 1.54 | 1.00 | 11.00 |
| Firm size | 7.49 | 1.07 | 2.56 | 11.50 | 8.13 | 1.18 | 2.83 | 11.93 |
| Tangible asset ratio | 93.77 | 6.16 | 33.24 | 100.00 | 95.55 | 4.66 | 53.34 | 100.00 |
| Firm age | 12.15 | 5.06 | 1.50 | 33.00 | 13.00 | 4.66 | 2.00 | 36.50 |
| Board independence | 36.40 | 5.76 | 0.33 | 66.67 | 35.46 | 6.35 | 0.13 | 66.67 |
| Number of directors | 8.63 | 1.51 | 3.00 | 15.00 | 9.56 | 1.97 | 5.00 | 19.00 |
| Industry median ROA | 3.87 | 1.77 | −19.31 | 12.36 | 3.67 | 1.91 | −7.90 | 10.24 |
| Incentive schemes | 0.18 | 0.39 | 0.00 | 1.00 | 0.03 | 0.16 | 0.00 | 1.00 |
| Year | 2010.84 | 2.85 | 2003.00 | 2014.00 | 2009.00 | 3.22 | 2003.00 | 2014.00 |
| Region | 1.41 | 0.70 | 1.00 | 3.00 | 1.70 | 0.81 | 1.00 | 3.00 |
| Operating loss five-year prior | 0.07 | 0.25 | 0.00 | 1.00 | 0.11 | 0.32 | 0.00 | 1.00 |
| Non-SOEs | SOEs | |||||||
|---|---|---|---|---|---|---|---|---|
| Mean | SD | Min | Max | Mean | SD | Min | Max | |
| Operating loss | 0.09 | 0.28 | 0.00 | 1.00 | 0.15 | 0.35 | 0.00 | 1.00 |
| Leverage | 38.66 | 19.01 | 0.71 | 96.40 | 50.86 | 17.41 | 1.56 | 98.24 |
| Current liability ratio | 87.33 | 14.75 | 0.00 | 100.00 | 83.62 | 16.12 | 12.58 | 100.00 |
| Year since acquisitions | 1.74 | 1.04 | 1.00 | 5.00 | 1.87 | 1.13 | 1.00 | 5.00 |
| Event types | 1.04 | 0.25 | 1.00 | 3.00 | 1.04 | 0.25 | 1.00 | 3.00 |
| Targets | 1.83 | 0.60 | 1.00 | 3.00 | 1.82 | 0.64 | 1.00 | 3.00 |
| Cash payment | 0.92 | 0.28 | 0.00 | 1.00 | 0.86 | 0.34 | 0.00 | 1.00 |
| No. of acquisitions | 2.19 | 1.48 | 1.00 | 11.00 | 2.38 | 1.54 | 1.00 | 11.00 |
| Firm size | 7.49 | 1.07 | 2.56 | 11.50 | 8.13 | 1.18 | 2.83 | 11.93 |
| Tangible asset ratio | 93.77 | 6.16 | 33.24 | 100.00 | 95.55 | 4.66 | 53.34 | 100.00 |
| Firm age | 12.15 | 5.06 | 1.50 | 33.00 | 13.00 | 4.66 | 2.00 | 36.50 |
| Board independence | 36.40 | 5.76 | 0.33 | 66.67 | 35.46 | 6.35 | 0.13 | 66.67 |
| Number of directors | 8.63 | 1.51 | 3.00 | 15.00 | 9.56 | 1.97 | 5.00 | 19.00 |
| Industry median ROA | 3.87 | 1.77 | −19.31 | 12.36 | 3.67 | 1.91 | −7.90 | 10.24 |
| Incentive schemes | 0.18 | 0.39 | 0.00 | 1.00 | 0.03 | 0.16 | 0.00 | 1.00 |
| Year | 2010.84 | 2.85 | 2003.00 | 2014.00 | 2009.00 | 3.22 | 2003.00 | 2014.00 |
| Region | 1.41 | 0.70 | 1.00 | 3.00 | 1.70 | 0.81 | 1.00 | 3.00 |
| Operating loss five-year prior | 0.07 | 0.25 | 0.00 | 1.00 | 0.11 | 0.32 | 0.00 | 1.00 |
Sharing content requires targeting cookies to be enabled. Please update your cookie preferences to use this feature.