Table 2 Descriptive statistics of the...

Table 2

Descriptive statistics of the key variables

Variables	Obs	Mean	SD	Min	Max	p1	p99	Skew.	Kurt.
ROA	1221	9.649	14.31	-39.145	63.079	–39.145	63.079	0.059	6.574
EVT	1221	1.595	1.694	−0.118	12.34	–0.118	12.34	3.743	21.594
GD 04	1220	19.254	12.627	0	50	0	50	0.226	2.44
GD 05	1221	80.751	12.623	50	100	50	100	–0.227	2.441
GD 07	1221	2.381	4.628	0	20	0	20	1.792	5.265
FI 02	1221	13.853	11.246	0	40	0	40	0.342	2.225
BZ 02	1221	10.212	2.752	5	17	5	17	0.234	2.54
GW	1221	8.894	24.42	–46.45	153.188	–46.45	153.188	2.815	17.701
CR	1221	2.413	4.45	0.099	36.915	0.099	36.915	6.626	49.651
DE	1221	1.152	1.29	0.001	7.39	0.001	7.39	2.514	10.606
AGE	1221	43.703	29.869	4	123	4	123	0.674	2.589
PB	1221	2.013	2.193	0	11.287	0	11.287	2.247	8.342
SIZE	1221	6.741	0.882	4.609	8.678	4.609	8.678	−0.427	2.98

Variables	Obs	Mean	SD	Min	Max	p1	p99	Skew.	Kurt.
ROA	1221	9.649	14.31	-39.145	63.079	–39.145	63.079	0.059	6.574
EVT	1221	1.595	1.694	−0.118	12.34	–0.118	12.34	3.743	21.594
GD 04	1220	19.254	12.627	0	50	0	50	0.226	2.44
GD 05	1221	80.751	12.623	50	100	50	100	–0.227	2.441
GD 07	1221	2.381	4.628	0	20	0	20	1.792	5.265
FI 02	1221	13.853	11.246	0	40	0	40	0.342	2.225
BZ 02	1221	10.212	2.752	5	17	5	17	0.234	2.54
GW	1221	8.894	24.42	–46.45	153.188	–46.45	153.188	2.815	17.701
CR	1221	2.413	4.45	0.099	36.915	0.099	36.915	6.626	49.651
DE	1221	1.152	1.29	0.001	7.39	0.001	7.39	2.514	10.606
AGE	1221	43.703	29.869	4	123	4	123	0.674	2.589
PB	1221	2.013	2.193	0	11.287	0	11.287	2.247	8.342
SIZE	1221	6.741	0.882	4.609	8.678	4.609	8.678	−0.427	2.98

Notes:

ROA = return on assets; EVT = enterprise value; GD_04 = proportion of female directors sitting on the board; GD_05 = proportion of male directors sitting on the board; GD_07 = proportion of female executive directors sitting on the board; FI_02 = percentage of independent non-executive women directors on board; CR = current ratio; GW = growth opportunities; PB = price to book ratio; SIZE = company size; AGE = number of years of the company since its incorporation

Source: Authors’ analyses

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