Table 2 Description statistics Obs Mean...

Table 2

Description statistics

	Obs	Mean	Std. Dev	5th percentile	25th percentile	50th percentile	75th percentile	95th percentile
RISK1	1,405	0.031	0.009	0.018	0.025	0.030	0.036	0.047
RISK2	1,405	0.029	0.009	0.017	0.023	0.028	0.034	0.046
NON_EX	1,510	0.631	0.178	0.333	0.571	0.600	0.800	0.857
FSIZE	1,510	13.215	1.340	11.111	12.292	13.153	14.006	15.651
PB	1,370	1.294	1.251	0.280	0.590	0.940	1.540	3.380
STDEBT	1,510	0.829	0.222	0.313	0.730	0.935	0.992	1.000
CAPEX	1,510	0.070	0.174	−0.055	0.005	0.030	0.093	0.304
CASH	1,510	0.105	0.113	0.007	0.029	0.066	0.147	0.332
DIV	1,510	0.033	0.044	0.000	0.001	0.021	0.044	0.116

	Obs	Mean	Std. Dev	5th percentile	25th percentile	50th percentile	75th percentile	95th percentile
RISK1	1,405	0.031	0.009	0.018	0.025	0.030	0.036	0.047
RISK2	1,405	0.029	0.009	0.017	0.023	0.028	0.034	0.046
NON_EX	1,510	0.631	0.178	0.333	0.571	0.600	0.800	0.857
FSIZE	1,510	13.215	1.340	11.111	12.292	13.153	14.006	15.651
PB	1,370	1.294	1.251	0.280	0.590	0.940	1.540	3.380
STDEBT	1,510	0.829	0.222	0.313	0.730	0.935	0.992	1.000
CAPEX	1,510	0.070	0.174	−0.055	0.005	0.030	0.093	0.304
CASH	1,510	0.105	0.113	0.007	0.029	0.066	0.147	0.332
DIV	1,510	0.033	0.044	0.000	0.001	0.021	0.044	0.116

Note(s): The table presents descriptive statistics among the variables of this study, where RISK1 is total risk, RISK2 is unsystematic risk, NON_EX is the percentage of nonexecutive on the supervisory board, FSIZE is natural logarithm of total assets, PB is the market value to book value of equity, STDEBT is the ratio of short-term debt to total debt, CAPEX is the change in fixed assets plus depreciation scaled by total assets at the beginning of the fiscal year, CASH is calculated as cash and equivalent cash divided by total assets and DIV is the ratio of dividend payout to total assets

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