Table I.

Descriptive statistics of the variables

VariablesObservationMeanMedianSD
Panel A: Travel Companies in China
Firm-specific
 Asset growth rate4600.2320.8481.629
 BM ratio4381.5080.4244.269
 Leverage ratio2920.1650.1510.130
 Firm size43814.6014.651.59
Market power
 Adjusted-LI4700.1180.1260.139
Market competition
 HHI(4)150.2030.1960.024
Earnings management
 Discretionary accruals445−0.011−0.0060.077
Panel B: Travel Companies in Taiwan
Firm-specific
 Asset growth rate3030.1460.0360.492
 BM ratio2260.7410.6240.444
 Leverage ratio1750.1570.1360.112
 Firm size2367.9387.9051.16
Market power
 Adjusted-LI3120.0570.0880.400
Market competition
 HHI(4)150.0980.1010.031
Earnings management
 Discretionary accruals289−0.0060.0030.130

Notes:

This table shows the descriptive statistics of variables. Panels A and B list the Chinese and Taiwanese travel companies, respectively. The four firm-specific control variables are asset growth, book-to-market ratio, financial leverage ratio and firm size

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