Table 1 Descriptive statistics Panel A.... | Emerald Publishing

Table 1

Descriptive statistics

Panel A. The table reports descriptive statistics of the main and explanatory variables. The variables are described in Appendix B
Variable	Obs	Mean	SD	Min	Max	p25	p75
TOBIN	1,275	0.4633	0.4235	0.0019	1.4562	0.1603	0.6093
CSR	1,539	17.8142	14.5084	0	62	5	28
AEM	1,327	0.0794	0.0932	0.0009	0.4654	0.0115	0.1923
REM	1,539	−0.2126	1.1303	−9.1080	1.0779	−0.0407	0
SOE_share	1,552	0.0306	0.1294	0	0.9167	0	0.2137
SIZE	1,326	17.0332	2.4095	7.4254	23.7587	15.3998	18.6296
AGE	1,555	15.5331	6.7729	0	28	10	22
ROA	1,412	0.1032	2.0722	−0.6438	1.3855	−0.0053	0.1079
LEV	1,321	0.2905	0.2290	0	0.9787	0.0882	0.4329
BOARD	1,561	8.4433	2.3046	4	15	7	10
WOMEN	1,554	0.1218	0.1351	0	0.7777	0	0.2
INDEP	1,561	0.2373	0.1744	0	0.8	0.1111	0.3636

Panel A. The table reports descriptive statistics of the main and explanatory variables. The variables are described in Appendix B
Variable	Obs	Mean	SD	Min	Max	p25	p75
TOBIN	1,275	0.4633	0.4235	0.0019	1.4562	0.1603	0.6093
CSR	1,539	17.8142	14.5084	0	62	5	28
AEM	1,327	0.0794	0.0932	0.0009	0.4654	0.0115	0.1923
REM	1,539	−0.2126	1.1303	−9.1080	1.0779	−0.0407	0
SOE_share	1,552	0.0306	0.1294	0	0.9167	0	0.2137
SIZE	1,326	17.0332	2.4095	7.4254	23.7587	15.3998	18.6296
AGE	1,555	15.5331	6.7729	0	28	10	22
ROA	1,412	0.1032	2.0722	−0.6438	1.3855	−0.0053	0.1079
LEV	1,321	0.2905	0.2290	0	0.9787	0.0882	0.4329
BOARD	1,561	8.4433	2.3046	4	15	7	10
WOMEN	1,554	0.1218	0.1351	0	0.7777	0	0.2
INDEP	1,561	0.2373	0.1744	0	0.8	0.1111	0.3636

Panel B. Differences in earnings management and CSR disclosure score between companies with and without state ownership
	Mean for non-SOE companies	Mean for SOE companies	p-value
AEM	0.0459	0.0923	0.000***
REM	−0.3464	−0.3864	0.052***
CSR	14.326	28.709	0.000***
Observations	904	423

Panel B. Differences in earnings management and CSR disclosure score between companies with and without state ownership
	Mean for non-SOE companies	Mean for SOE companies	p-value
AEM	0.0459	0.0923	0.000***
REM	−0.3464	−0.3864	0.052***
CSR	14.326	28.709	0.000***
Observations	904	423

Note(s): Variable definitions are provided in Appendix B. *, ** and *** denote statistical significance at the 10%, 5% and 1% levels, respectively

Source(s): Author's own creation/work