Descriptive statistics
| Variables | Average | |
|---|---|---|
| Peru | Brazil | |
| Maturity of the debt | 0.540 (0.32) | 0.63 (0.28) |
| Short-term debt | 0.460 (0.32) | 0.374 (0.28) |
| Leverage | 0.668 (1.42) | 0.88 (2.38) |
| Company size | 11,828 (1.52) | 12.42 (3.28) |
| Growth opportunities | 3,810 (5.93) | 1.41 (0.90) |
| Profitability | 0.104 (0.083) | 0.09 (0.11) |
| Business risk | 0.569 (0.38) | 0.7289 (0.48) |
| Tangibility | 0.484 (0.22) | 0.09 (0.23) |
| Inflation volatility | 0.259 (0.05) | 0.002 (0.0005) |
| Ref. rate volatility | 0.461 (0.58) | 0.10 (0.02) |
| Regulated industry* | 0.686 | 0.49 |
| Variables | Average | |
|---|---|---|
| Peru | Brazil | |
| Maturity of the debt | 0.540 (0.32) | 0.63 (0.28) |
| Short-term debt | 0.460 (0.32) | 0.374 (0.28) |
| Leverage | 0.668 (1.42) | 0.88 (2.38) |
| Company size | 11,828 (1.52) | 12.42 (3.28) |
| Growth opportunities | 3,810 (5.93) | 1.41 (0.90) |
| Profitability | 0.104 (0.083) | 0.09 (0.11) |
| Business risk | 0.569 (0.38) | 0.7289 (0.48) |
| Tangibility | 0.484 (0.22) | 0.09 (0.23) |
| Inflation volatility | 0.259 (0.05) | 0.002 (0.0005) |
| Ref. rate volatility | 0.461 (0.58) | 0.10 (0.02) |
| Regulated industry | 0.686 | 0.49 |
Notes:
Dycotomic variable, 1 if regulated; 0 otherwise. Std. dev. between parentheses. In Peru and Brazil, there are 385 and 891 observations, respectively
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