Table IV Definitions and descriptive... | Emerald Publishing

Table IV

Definitions and descriptive statistics of non-CSR variables

Variable	Definition	Mean	SD	Min.	Max.
ln (Tobin’s q)	Natural logarithm of ((BV debt+MV of common stock)/BV of assets)	0.030	0.722	−3.926	4.523
Size	Natural logarithm of total assets	12.425	3.735	2.392	21.926
Leverage	Total debt/Total assets	0.218	0.167	0.000	0.998
Sales growth	Sales growth rate (3 or 2-year growth rate (if 3 year missing))	0.063	0.264	−0.942	1.967
EBIT/Sale	EBIT/Sales	0.643	2.321	−1.697	39.213
Capex/PPE	Capital Expenditures/(gross) fixed assets	0.153	0.130	0	1
Share turnover	Annual average shares traded (daily) over outstanding	1.558	0.987	0.000	5.294
PPE/Sales	PPE/Sales	2.730	7.309	−0.036	49.995
Stock volatility	SD of monthly stock returns in year t (annualized)	0.300	0.142	0.010	1.500
Free float	Fraction of shares excluding locked-in shares such as those held by insiders, or governments	0.725	0.236	0	1
Cross-listing dummy	Dummy, 1 if firm has a US cross-listing, 0 otherwise	0.342	0.474	0	1
R&D dummy	Dummy, 1 if firm reports R&D expenditures, 0 otherwise	0.455	0.498	0	1
Negative equity dummy	Dummy, 1 if firm reports negative equity, 0 otherwise	0.037	0.189	0	1

Variable	Definition	Mean	SD	Min.	Max.
ln (Tobin’s q)	Natural logarithm of ((BV debt+MV of common stock)/BV of assets)	0.030	0.722	−3.926	4.523
Size	Natural logarithm of total assets	12.425	3.735	2.392	21.926
Leverage	Total debt/Total assets	0.218	0.167	0.000	0.998
Sales growth	Sales growth rate (3 or 2-year growth rate (if 3 year missing))	0.063	0.264	−0.942	1.967
EBIT/Sale	EBIT/Sales	0.643	2.321	−1.697	39.213
Capex/PPE	Capital Expenditures/(gross) fixed assets	0.153	0.130	0	1
Share turnover	Annual average shares traded (daily) over outstanding	1.558	0.987	0.000	5.294
PPE/Sales	PPE/Sales	2.730	7.309	−0.036	49.995
Stock volatility	SD of monthly stock returns in year t (annualized)	0.300	0.142	0.010	1.500
Free float	Fraction of shares excluding locked-in shares such as those held by insiders, or governments	0.725	0.236	0	1
Cross-listing dummy	Dummy, 1 if firm has a US cross-listing, 0 otherwise	0.342	0.474	0	1
R&D dummy	Dummy, 1 if firm reports R&D expenditures, 0 otherwise	0.455	0.498	0	1
Negative equity dummy	Dummy, 1 if firm reports negative equity, 0 otherwise	0.037	0.189	0	1

Note: This table provides definitions of the covariates and descriptive statistics for the samples used in Tables V and VI