Table 2 Descriptive statistics Variables...

Table 2

Descriptive statistics

Variables	Obs	Mean	Std. Dev	Median	Min	Max
Panel A: Pooled sample
AbnCFO	2,997	−0.053	0.094	−0.051	−0.485	0.495
AbnPROD	2,997	0.094	0.193	−0.090	−0.984	1.239
AbnDISX	2,997	0.128	0.251	0.095	−1.086	1.75
Rm_PROXY	2,997	0.087	0.163	0.060	−0.772	1.169
Poison Pill	2,997	0.307	0.461	0	0	1
Accruals	2,997	−0.075	0.101	−0.062	−1.998	0.399
Abs_DA	2,997	0.061	0.08	0.039	0	1.827
Offer_price	2,997	29.511	26.592	21.500	0.1	265
Firstday_ret	2,997	19.64	17.331	16.200	−0.188	279
BTM	2,997	0.511	0.369	0.421	0.054	2.392
Leverage	2,997	0.542	0.444	0.400	0.105	2.454
Log_age	2,997	2.611	0.986	2.564	0	7.643
ROA	2,997	0.039	0.116	0.054	−0.768	0.282
VC_Dummy	2,997	0.468	0.499	0	0	1
big4	2,997	0.654	0.476	1	0	1
Gross_margin	2,997	0.514	0.335	0.453	0.002	2.504
Nidummy	2,997	0.201	0.400	0	0	1
Panel B: IPO delisted for negative reasons
AbnCFO	748	−0.042	0.109	−0.042	−0.440	0.495
AbnPROD	748	0.112	0.188	0.119	−0.595	0.888
AbnDISX	748	0.180	0.260	0.145	−0.68	1.491
Rm_PROXY	748	0.109	0.178	0.078	−0.738	1.169
Poison Pill	748	0.398	0.490	0	0	1
Accruals	748	−0.080	0.119	−0.064	−1.998	0.325
Abs_DA	748	0.068	0.102	0.042	0	1.827
Offer_price	748	27.683	22.298	20	0.833	178.5
Firstday_ret	748	20.247	11.404	16.15	−0.063	68
BTM	748	0.560	0.406	0.459	0.054	2.392
Leverage	748	0.547	0.392	0.429	0.104	2.153
Log_age	748	2.626	1.015	2.397	0	7.643
ROA	748	0.013	0.146	0.042	−0.767	0.211
VC_Dummy	748	0.517	0.500	1	0	1
big4	748	0.650	0.477	1	0	1
Gross_margin	748	0.508	0.333	0.462	0.002	2.420
Nidummy	748	0.258	0.438	0	0	1
Panel C: IPO survivors
AbnCFO	2,249	−0.058	0.088	−0.054	−0.485	0.377
AbnPROD	2,249	0.089	0.194	0.082	−0.983	1.239
AbnDISX	2,249	0.111	0.245	0.075	−1.086	1.75
Rm_PROXY	2,249	0.080	0.158	0.053	−0.772	1.107
Poison Pill	2,249	0.276	0.447	0	0	1
Accruals	2,249	−0.073	0.094	−0.062	−0.975	0.399
Abs_DA	2,249	0.059	0.070	0.039	0	0.984
Offer_price	2,249	30.118	27.852	22	0.100	265
Firstday_ret	2,249	19.438	12.107	16.2	0.750	68
BTM	2,249	0.495	0.354	0.411	0.054	2.392
Leverage	2,249	0.540	0.459	0.390	0.104	2.453
Log_age	2,249	2.607	0.976	2.564	0	4.977
ROA	2,249	0.047	0.102	0.059	−0.432	0.282
VC_Dummy	2,249	0.452	0.498	0	0	1
big4	2,249	0.66	0.475	1	0	1
Gross_margin	2,249	0.517	0.339	0.451	0.002	2.504
Nidummy	2,249	0.181	0.385	0	0	1

Variables	Obs	Mean	Std. Dev	Median	Min	Max
Panel A: Pooled sample
AbnCFO	2,997	−0.053	0.094	−0.051	−0.485	0.495
AbnPROD	2,997	0.094	0.193	−0.090	−0.984	1.239
AbnDISX	2,997	0.128	0.251	0.095	−1.086	1.75
Rm_PROXY	2,997	0.087	0.163	0.060	−0.772	1.169
Poison Pill	2,997	0.307	0.461	0	0	1
Accruals	2,997	−0.075	0.101	−0.062	−1.998	0.399
Abs_DA	2,997	0.061	0.08	0.039	0	1.827
Offer_price	2,997	29.511	26.592	21.500	0.1	265
Firstday_ret	2,997	19.64	17.331	16.200	−0.188	279
BTM	2,997	0.511	0.369	0.421	0.054	2.392
Leverage	2,997	0.542	0.444	0.400	0.105	2.454
Log_age	2,997	2.611	0.986	2.564	0	7.643
ROA	2,997	0.039	0.116	0.054	−0.768	0.282
VC_Dummy	2,997	0.468	0.499	0	0	1
big4	2,997	0.654	0.476	1	0	1
Gross_margin	2,997	0.514	0.335	0.453	0.002	2.504
Nidummy	2,997	0.201	0.400	0	0	1
Panel B: IPO delisted for negative reasons
AbnCFO	748	−0.042	0.109	−0.042	−0.440	0.495
AbnPROD	748	0.112	0.188	0.119	−0.595	0.888
AbnDISX	748	0.180	0.260	0.145	−0.68	1.491
Rm_PROXY	748	0.109	0.178	0.078	−0.738	1.169
Poison Pill	748	0.398	0.490	0	0	1
Accruals	748	−0.080	0.119	−0.064	−1.998	0.325
Abs_DA	748	0.068	0.102	0.042	0	1.827
Offer_price	748	27.683	22.298	20	0.833	178.5
Firstday_ret	748	20.247	11.404	16.15	−0.063	68
BTM	748	0.560	0.406	0.459	0.054	2.392
Leverage	748	0.547	0.392	0.429	0.104	2.153
Log_age	748	2.626	1.015	2.397	0	7.643
ROA	748	0.013	0.146	0.042	−0.767	0.211
VC_Dummy	748	0.517	0.500	1	0	1
big4	748	0.650	0.477	1	0	1
Gross_margin	748	0.508	0.333	0.462	0.002	2.420
Nidummy	748	0.258	0.438	0	0	1
Panel C: IPO survivors
AbnCFO	2,249	−0.058	0.088	−0.054	−0.485	0.377
AbnPROD	2,249	0.089	0.194	0.082	−0.983	1.239
AbnDISX	2,249	0.111	0.245	0.075	−1.086	1.75
Rm_PROXY	2,249	0.080	0.158	0.053	−0.772	1.107
Poison Pill	2,249	0.276	0.447	0	0	1
Accruals	2,249	−0.073	0.094	−0.062	−0.975	0.399
Abs_DA	2,249	0.059	0.070	0.039	0	0.984
Offer_price	2,249	30.118	27.852	22	0.100	265
Firstday_ret	2,249	19.438	12.107	16.2	0.750	68
BTM	2,249	0.495	0.354	0.411	0.054	2.392
Leverage	2,249	0.540	0.459	0.390	0.104	2.453
Log_age	2,249	2.607	0.976	2.564	0	4.977
ROA	2,249	0.047	0.102	0.059	−0.432	0.282
VC_Dummy	2,249	0.452	0.498	0	0	1
big4	2,249	0.66	0.475	1	0	1
Gross_margin	2,249	0.517	0.339	0.451	0.002	2.504
Nidummy	2,249	0.181	0.385	0	0	1

Note(s): This table presents descriptive statistics for the pooled IPO sample, IPOs delisted for negative reasons and survivor IPO firms. All variables are defined in Appendix

Source(s): Table by authors

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