Table I

Descriptive statistic for main variables

OutputInputs
Descriptive statisticsAssetsL_DebtS_DebtG_ADeprecInt_ExpEmployees
2017
Mean23,94022,46722,99919,19920,19118,97583,943
SD25,70923,63525,37820,03021,77320,21198,193
Max.17,61717,33215,89191,18213,50810,10821,972
Min.28,24225,93427,96722,06724,19322,66012,083
2016
Mean23,45122,26621,40719,11219,66719,02983,943
SD24,74523,24122,93619,87421,09620,19898,193
Max.17,47615,52914,69091,18213,43711,85023,978
Min.26,97725,55025,20222,06723,47822,66012,083
2015
Mean23,32522,15821,11719,00419,52118,84283,942
SD24,67723,06022,59419,49921,00619,60898,193
Max.17,65715,52914,39686,48212,47610,15013,862
Min.26,96325,30424,86521,38123,49721,89112,083

Note: All variables are converted to natural logarithms with base of e

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