Table IV Descriptive statistics for...

Table IV

Descriptive statistics for performance measures

	ROA (%)	ROE (%)	ROS (%)	Tobin’s Q	Sales/Employee
Total (mean)	3.72	6.81	15.03	0.55	8.18
SD	9.60	31.56	12.77	0.61	8.34
Private ownership	4.19	7.65	16.05	0.71	9.24
	10.55	38.28	12.99	0.71	9.98
State control	3.02	5.57	13.54	0.32	6.62
	7.98	17.62	12.33	0.29	4.63
Majority	2.93	6.43	12.64	0.28	6.85
	5.39	10.04	10.60	0.27	4.90
Minority	3.61	0.21	19.24	0.52	5.13
	17.16	40.88	19.52	0.30	1.80
Federal ownership	2.40	4.94	12.33	0.28	6.51
	7.90	18.47	12.30	0.27	4.51
Regional ownership	8.54	10.87	16.41	0.53	4.59
	9.35	14.78	6.85	0.23	2.69
Mixed ownership	2.75	5.63	20.86	0.39	9.55
	4.92	11.96	14.37	0.42	5.96
Direct ownership	4.97	6.98	20.06	0.46	6.90
	7.17	21.21	11.99	0.30	4.73
Indirect ownership	1.02	4.13	6.84	0.16	6.33
	8.32	12.95	8.54	0.17	4.55
Golden share	10.82	7.16	27.75	1.25	6.55
	9.36	36.91	13.26	1.28	1.74

	ROA (%)	ROE (%)	ROS (%)	Tobin’s Q	Sales/Employee
Total (mean)	3.72	6.81	15.03	0.55	8.18
SD	9.60	31.56	12.77	0.61	8.34
Private ownership	4.19	7.65	16.05	0.71	9.24
	10.55	38.28	12.99	0.71	9.98
State control	3.02	5.57	13.54	0.32	6.62
	7.98	17.62	12.33	0.29	4.63
Majority	2.93	6.43	12.64	0.28	6.85
	5.39	10.04	10.60	0.27	4.90
Minority	3.61	0.21	19.24	0.52	5.13
	17.16	40.88	19.52	0.30	1.80
Federal ownership	2.40	4.94	12.33	0.28	6.51
	7.90	18.47	12.30	0.27	4.51
Regional ownership	8.54	10.87	16.41	0.53	4.59
	9.35	14.78	6.85	0.23	2.69
Mixed ownership	2.75	5.63	20.86	0.39	9.55
	4.92	11.96	14.37	0.42	5.96
Direct ownership	4.97	6.98	20.06	0.46	6.90
	7.17	21.21	11.99	0.30	4.73
Indirect ownership	1.02	4.13	6.84	0.16	6.33
	8.32	12.95	8.54	0.17	4.55
Golden share	10.82	7.16	27.75	1.25	6.55
	9.36	36.91	13.26	1.28	1.74

Notes: The table reports descriptive statistics (averages and standard deviations) for the following performance measures: return on assets (ROA), return-on-equity (ROE), return over total sales (ROS), Tobin’s Q and total sales divided by the number of employees (Sales/Employee). We report these descriptive statistics both for all firm-years (Total), as well as for different state ownership categories. For ownership category definitions, see Table II

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