Table 2 Summary statistics Variables Obs...

Table 2

Summary statistics

Variables	Obs	Mean	SD	Min	P1	P99	Max
Panel A descriptive statistics
ARL (DAYS)	12,523	56.548	11.459	18	27	86	179
ARL_Q4	12,523	0.240	0.424	0	0	1	1
LNARL	12,523	4.032	0.209	2.944	3.332	4.466	5.193
PEG	12,523	0.104	0.05	0.005	0.027	0.326	0.613
MPEG	12,523	0.111	0.047	0.001	0.036	0.277	0.876
OJN	12,523	0.109	0.035	0.007	0.05	0.229	0.6
BODSIZE	12,523	2.303	0.335	1.099	1.609	2.944	2.944
INDDIR	12,523	0.736	0.157	0	0.273	1	1
CEODUAL	12,523	0.237	0.425	0	0	1	1
BODMEET	12,523	2.09	0.432	0	0	3.045	3.219
BIGN	12,523	0.916	0.277	0	0	1	1
GCOPIN	12,523	0.091	0.032	0	0	0	1
OWNCON	12,523	0.269	0.265	0	0	0.977	0.999
ICWEAK	12,523	0.185	0.388	0	0	1	1
SALEGR	12,523	0.081	0.12	−0.199	−0.166	0.461	0.549
LNSIZE	12,523	8.063	1.626	2.706	4.962	12.293	14.745
LEV	12,523	0.249	0.171	0	0	0.748	1
BTM	12,523	0.65	0.248	0.1	0.172	1.209	2.204
ROA	12,523	0.055	0.053	−0.1	−0.075	0.218	0.267
LOSS	12,523	0.038	0.192	0	0	1	1
BETA	12,523	1.071	0.83	−9.124	−0.11	3.27	12.58

Variables	Obs	Mean	SD	Min	P1	P99	Max
Panel A descriptive statistics
ARL (DAYS)	12,523	56.548	11.459	18	27	86	179
ARL_Q4	12,523	0.240	0.424	0	0	1	1
LNARL	12,523	4.032	0.209	2.944	3.332	4.466	5.193
PEG	12,523	0.104	0.05	0.005	0.027	0.326	0.613
MPEG	12,523	0.111	0.047	0.001	0.036	0.277	0.876
OJN	12,523	0.109	0.035	0.007	0.05	0.229	0.6
BODSIZE	12,523	2.303	0.335	1.099	1.609	2.944	2.944
INDDIR	12,523	0.736	0.157	0	0.273	1	1
CEODUAL	12,523	0.237	0.425	0	0	1	1
BODMEET	12,523	2.09	0.432	0	0	3.045	3.219
BIGN	12,523	0.916	0.277	0	0	1	1
GCOPIN	12,523	0.091	0.032	0	0	0	1
OWNCON	12,523	0.269	0.265	0	0	0.977	0.999
ICWEAK	12,523	0.185	0.388	0	0	1	1
SALEGR	12,523	0.081	0.12	−0.199	−0.166	0.461	0.549
LNSIZE	12,523	8.063	1.626	2.706	4.962	12.293	14.745
LEV	12,523	0.249	0.171	0	0	0.748	1
BTM	12,523	0.65	0.248	0.1	0.172	1.209	2.204
ROA	12,523	0.055	0.053	−0.1	−0.075	0.218	0.267
LOSS	12,523	0.038	0.192	0	0	1	1
BETA	12,523	1.071	0.83	−9.124	−0.11	3.27	12.58

Variables	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)	(12)	(13)	(14)	(15)	(16)	(17)	(18)	(19)	(20)
Panel B pairwise correlations
(1) ARL_Q4	1.00
(2) LNARL	0.62	1.00
(3) PEG	0.07	0.05	1.00
(4) MPEG	0.16	0.12	0.42	1.00
(5) OJN	0.15	0.12	0.50	0.90	1.00
(6) BODSIZE	−0.25	−0.23	−0.08	−0.16	−0.19	1.00
(7) INDDIR	−0.13	−0.11	−0.03	−0.07	−0.08	0.22	1.00
(8) CEODUAL	−0.04	−0.04	0.01	0.01	0.02	0.05	0.06	1.00
(9) BODMEET	0.07	0.09	0.02	0.02	0.01	0.08	0.11	0.07	1.00
(10) BIGN	−0.19	−0.17	−0.03	−0.06	−0.06	0.15	0.09	0.04	−0.03	1.00
(11) GCOPIN	0.03	0.03	0.02	0.01	0.01	−0.01	−0.01	0.01	0.01	0.00	1.00
(12) OWNCON	−0.01	0.01	−0.08	−0.07	−0.10	0.12	0.10	0.05	0.04	0.01	0.00	1.00
(13) ICWEAK	0.01	0.02	−0.01	−0.01	−0.02	0.04	0.05	0.02	0.04	0.04	−0.01	0.04	1.00
(14) SALEGR	0.04	0.03	−0.07	0.01	0.02	−0.13	−0.07	−0.02	−0.04	−0.03	−0.04	0.00	−0.02	1.00
(15) LNSIZE	−0.35	−0.33	0.02	−0.11	−0.11	0.52	0.21	0.08	0.14	0.24	0.00	−0.09	0.04	−0.12	1.00
(16) LEV	−0.06	−0.04	0.01	0.02	0.00	0.13	0.05	0.07	0.05	0.10	0.03	0.09	0.02	−0.05	0.20	1.00
(17) BTM	0.15	0.15	0.28	0.25	0.26	0.01	−0.01	0.00	0.12	−0.09	0.03	−0.11	−0.01	−0.23	0.14	0.07	1.00
(18) ROA	−0.15	−0.14	−0.13	−0.17	−0.10	−0.01	0.01	−0.03	−0.11	0.08	−0.03	0.02	0.02	0.16	−0.05	−0.13	−0.58	1.00
(19) LOSS	0.10	0.09	0.02	0.10	0.04	−0.07	−0.02	0.00	0.02	−0.06	0.07	0.01	0.00	−0.04	−0.14	−0.07	0.07	−0.33	1.00
(20) BETA	0.04	0.04	0.10	0.18	0.18	−0.09	−0.01	0.02	0.03	−0.03	−0.01	0.04	0.01	0.02	−0.10	−0.03	0.05	−0.08	0.10	1.00

Variables	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)	(12)	(13)	(14)	(15)	(16)	(17)	(18)	(19)	(20)
Panel B pairwise correlations
(1) ARL_Q4	1.00
(2) LNARL	0.62	1.00
(3) PEG	0.07	0.05	1.00
(4) MPEG	0.16	0.12	0.42	1.00
(5) OJN	0.15	0.12	0.50	0.90	1.00
(6) BODSIZE	−0.25	−0.23	−0.08	−0.16	−0.19	1.00
(7) INDDIR	−0.13	−0.11	−0.03	−0.07	−0.08	0.22	1.00
(8) CEODUAL	−0.04	−0.04	0.01	0.01	0.02	0.05	0.06	1.00
(9) BODMEET	0.07	0.09	0.02	0.02	0.01	0.08	0.11	0.07	1.00
(10) BIGN	−0.19	−0.17	−0.03	−0.06	−0.06	0.15	0.09	0.04	−0.03	1.00
(11) GCOPIN	0.03	0.03	0.02	0.01	0.01	−0.01	−0.01	0.01	0.01	0.00	1.00
(12) OWNCON	−0.01	0.01	−0.08	−0.07	−0.10	0.12	0.10	0.05	0.04	0.01	0.00	1.00
(13) ICWEAK	0.01	0.02	−0.01	−0.01	−0.02	0.04	0.05	0.02	0.04	0.04	−0.01	0.04	1.00
(14) SALEGR	0.04	0.03	−0.07	0.01	0.02	−0.13	−0.07	−0.02	−0.04	−0.03	−0.04	0.00	−0.02	1.00
(15) LNSIZE	−0.35	−0.33	0.02	−0.11	−0.11	0.52	0.21	0.08	0.14	0.24	0.00	−0.09	0.04	−0.12	1.00
(16) LEV	−0.06	−0.04	0.01	0.02	0.00	0.13	0.05	0.07	0.05	0.10	0.03	0.09	0.02	−0.05	0.20	1.00
(17) BTM	0.15	0.15	0.28	0.25	0.26	0.01	−0.01	0.00	0.12	−0.09	0.03	−0.11	−0.01	−0.23	0.14	0.07	1.00
(18) ROA	−0.15	−0.14	−0.13	−0.17	−0.10	−0.01	0.01	−0.03	−0.11	0.08	−0.03	0.02	0.02	0.16	−0.05	−0.13	−0.58	1.00
(19) LOSS	0.10	0.09	0.02	0.10	0.04	−0.07	−0.02	0.00	0.02	−0.06	0.07	0.01	0.00	−0.04	−0.14	−0.07	0.07	−0.33	1.00
(20) BETA	0.04	0.04	0.10	0.18	0.18	−0.09	−0.01	0.02	0.03	−0.03	−0.01	0.04	0.01	0.02	−0.10	−0.03	0.05	−0.08	0.10	1.00

Note(s): Italic (underline) values are statistically significant at a 0.01 (0.05) level

Source(s): Created by authors

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