Summary statistics
| Panel A: number and percentage of observations per industry | |||||
| Industry | No. of observations | Percentage of observations | |||
| Technology | 125 | 5 | |||
| Industrials | 1,331 | 49 | |||
| Consumer services | 285 | 10 | |||
| Health care | 106 | 4 | |||
| Consumer goods | 471 | 17 | |||
| Basic materials | 409 | 15 | |||
| Total | 2,727 | 100 | |||
| Panel B: descriptive statistics of variables | |||||
| Variable | Mean | Median | SD | Min. | Max. |
| EQDD | 0.072 | 0.052 | 0.072 | 0.000 | 0.666 |
| DIV | 0.701 | 1.000 | 0.458 | 0.000 | 1.000 |
| ROA | 0.091 | 0.078 | 0.085 | −0.150 | 0.416 |
| LNME | 11.754 | 11.639 | 1.458 | 8.811 | 15.871 |
| SALESG | 0.134 | 0.088 | 0.383 | −0.645 | 1.946 |
| BEME | 1.691 | 1.449 | 1.026 | 0.335 | 5.936 |
| AGE | 5.582 | 5.000 | 2.615 | 2.000 | 16.000 |
| LTDA | 0.087 | 0.027 | 0.129 | 0.000 | 0.578 |
| No. of observations | 2,727 | ||||
| Industry | No. of observations | Percentage of observations | |||
| Technology | 125 | 5 | |||
| Industrials | 1,331 | 49 | |||
| Consumer services | 285 | 10 | |||
| Health care | 106 | 4 | |||
| Consumer goods | 471 | 17 | |||
| Basic materials | 409 | 15 | |||
| Total | 2,727 | 100 | |||
| Variable | Mean | Median | SD | Min. | Max. |
| EQDD | 0.072 | 0.052 | 0.072 | 0.000 | 0.666 |
| DIV | 0.701 | 1.000 | 0.458 | 0.000 | 1.000 |
| ROA | 0.091 | 0.078 | 0.085 | −0.150 | 0.416 |
| LNME | 11.754 | 11.639 | 1.458 | 8.811 | 15.871 |
| SALESG | 0.134 | 0.088 | 0.383 | −0.645 | 1.946 |
| BEME | 1.691 | 1.449 | 1.026 | 0.335 | 5.936 |
| AGE | 5.582 | 5.000 | 2.615 | 2.000 | 16.000 |
| LTDA | 0.087 | 0.027 | 0.129 | 0.000 | 0.578 |
| No. of observations | 2,727 | ||||
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