Table IV

Descriptive statistics

VariablesaNMinimumMaximumMean
REMi,tb2100.0000.7500.166
BSIZEi,t2105.00012.0008.260
INDBDi,tb2102.0006.0003.340
CEOCHAIRi,t2100.0001.0000.720
BMEETi,tb2102.00020.0007.260
BFAEXPi,tb2101.0006.0003.240
AUDCSIZEi,tb2102.0004.0003.100
NINDACi,tb2102.0004.0002.720
ACMEETi,tb2102.0008.0004.360
ACFAEXPi,tb2101.0003.0001.460
LEVi,t2100.0000.9000.290
BIG4i,tb2100.0001.0000.930
FSIZEi,tb21017.35024.20020.980
GROWTHi,tb210−0.5900.4400.040

Notes:aDefinitions of these variables are indicated under Table III; bThese variables were winsorized at 5 per cent due to the presence of outliers

Source: Author constructed

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