Table 1 Summary statistics Variables...

Table 1

Summary statistics

Variables	Full sample (N = 9,898)		MBE firms (MBE = 1) (N = 3,930)		Non-MBE firms (MBE = 0) (N = 5,968)		Mean difference
Variables	Mean	Median	Mean	Median	Mean	Median	Mean	p-value
MBE	0.397	0.000	1.000	1.000	0.000	0.000	1.000	0.000
BHAR[−1, 1]	−0.001	−0.003	0.003	0.000	−0.003	−0.005	0.006	0.000
BHAR[−2, 2]	0.000	−0.003	0.005	0.001	−0.002	−0.006	0.007	0.000
BHAR[−3, 3]	0.001	−0.004	0.006	0.000	−0.002	−0.006	0.008	0.000
BHAR[−5, 5]	0.003	−0.004	0.008	0.001	0.000	−0.007	0.008	0.000
BHAR[−10, 10]	0.006	−0.006	0.011	−0.001	0.002	−0.009	0.009	0.000
AAcruals	0.014	0.010	0.015	0.009	0.014	0.011	0.001	0.694
AProduction	−0.031	−0.008	−0.034	−0.013	−0.029	−0.005	−0.006	0.278
AExpenditures	0.019	−0.007	0.022	−0.004	0.017	−0.008	0.006	0.007
ACFO	0.009	0.011	0.014	0.015	0.005	0.007	0.009	0.053
ARPS	0.000	−0.015	0.002	−0.015	−0.001	−0.015	0.003	0.080
ARPP	0.000	−0.012	0.003	−0.013	−0.001	−0.012	0.005	0.017
Surprise	−0.004	−0.001	0.005	0.002	−0.010	−0.004	0.015	0.000
Analyst	11.931	9.000	12.278	9.000	11.702	9.000	0.575	0.007
GVT	0.569	1.000	0.586	1.000	0.558	1.000	0.028	0.006
ROA	0.052	0.044	0.057	0.048	0.048	0.042	0.009	0.000
ETP	0.037	0.031	0.045	0.037	0.032	0.028	0.013	0.000
Size	22.725	22.529	22.791	22.601	22.681	22.477	0.109	0.000
MTB	3.082	2.136	2.740	2.094	3.307	2.166	−0.567	0.093
Leverage	0.497	0.497	0.485	0.487	0.505	0.504	−0.020	0.093
CFO	0.065	0.061	0.074	0.067	0.059	0.057	0.015	0.000
Prior stock return	0.024	−0.001	0.041	0.011	0.012	−0.008	0.029	0.000
Posi∆Profit	0.816	1.000	0.867	1.000	0.782	1.000	0.085	0.000
Profitable	0.956	1.000	0.972	1.000	0.945	1.000	0.028	0.000
Sales growth	0.157	0.133	0.179	0.144	0.142	0.126	0.037	0.000
SEO	0.178	0.000	0.188	0.000	0.172	0.000	0.016	0.040
Delisting risk	0.010	0.000	0.010	0.000	0.010	0.000	0.000	0.952

Variables	Full sample (N = 9,898)		MBE firms (MBE = 1) (N = 3,930)		Non-MBE firms (MBE = 0) (N = 5,968)		Mean difference
Variables	Mean	Median	Mean	Median	Mean	Median	Mean	p-value
MBE	0.397	0.000	1.000	1.000	0.000	0.000	1.000	0.000
BHAR[−1, 1]	−0.001	−0.003	0.003	0.000	−0.003	−0.005	0.006	0.000
BHAR[−2, 2]	0.000	−0.003	0.005	0.001	−0.002	−0.006	0.007	0.000
BHAR[−3, 3]	0.001	−0.004	0.006	0.000	−0.002	−0.006	0.008	0.000
BHAR[−5, 5]	0.003	−0.004	0.008	0.001	0.000	−0.007	0.008	0.000
BHAR[−10, 10]	0.006	−0.006	0.011	−0.001	0.002	−0.009	0.009	0.000
AAcruals	0.014	0.010	0.015	0.009	0.014	0.011	0.001	0.694
AProduction	−0.031	−0.008	−0.034	−0.013	−0.029	−0.005	−0.006	0.278
AExpenditures	0.019	−0.007	0.022	−0.004	0.017	−0.008	0.006	0.007
ACFO	0.009	0.011	0.014	0.015	0.005	0.007	0.009	0.053
ARPS	0.000	−0.015	0.002	−0.015	−0.001	−0.015	0.003	0.080
ARPP	0.000	−0.012	0.003	−0.013	−0.001	−0.012	0.005	0.017
Surprise	−0.004	−0.001	0.005	0.002	−0.010	−0.004	0.015	0.000
Analyst	11.931	9.000	12.278	9.000	11.702	9.000	0.575	0.007
GVT	0.569	1.000	0.586	1.000	0.558	1.000	0.028	0.006
ROA	0.052	0.044	0.057	0.048	0.048	0.042	0.009	0.000
ETP	0.037	0.031	0.045	0.037	0.032	0.028	0.013	0.000
Size	22.725	22.529	22.791	22.601	22.681	22.477	0.109	0.000
MTB	3.082	2.136	2.740	2.094	3.307	2.166	−0.567	0.093
Leverage	0.497	0.497	0.485	0.487	0.505	0.504	−0.020	0.093
CFO	0.065	0.061	0.074	0.067	0.059	0.057	0.015	0.000
Prior stock return	0.024	−0.001	0.041	0.011	0.012	−0.008	0.029	0.000
Posi∆Profit	0.816	1.000	0.867	1.000	0.782	1.000	0.085	0.000
Profitable	0.956	1.000	0.972	1.000	0.945	1.000	0.028	0.000
Sales growth	0.157	0.133	0.179	0.144	0.142	0.126	0.037	0.000
SEO	0.178	0.000	0.188	0.000	0.172	0.000	0.016	0.040
Delisting risk	0.010	0.000	0.010	0.000	0.010	0.000	0.000	0.952

Note(s): This table presents summary statistics for the full sample, the MBE firms and the non-MBE firms. The full sample comprises 9,898 observations from 1,821 unique firms. All variables are defined in Appendix 1

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