Table 1 Summary statistics Panel A....

Table 1

Summary statistics

Panel A. Descriptive statistics
Variables	N	Mean	Std. Dev	Min	Max	p25	Median	p75
BLEV	20,090	0.1793	0.1725	0.0000	0.7615	0.0211	0.1472	0.2805
MLEV	20,090	0.1981	0.2085	0.0000	0.8648	0.0138	0.1405	0.3099
Amihud	18,132	23.1187	58.7806	0.0010	407.2400	0.3287	3.3604	16.1732
PropZero	18,780	0.3495	0.3594	0.0040	2.5000	0.0711	0.3320	0.4941
Turnover	18,102	0.2820	0.2799	0.0115	1.7022	0.1094	0.1998	0.3490
Spread	19,957	0.0531	0.0565	0.0006	0.3036	0.0157	0.0361	0.0698
LevDev (BLEV)	16,545	0.1102	0.0894	0.0000	0.7024	0.0489	0.0947	0.1444
LevDev (MLEV)	16,545	0.1349	0.1151	0.0000	0.8283	0.0550	0.1075	0.1765
ΔTarget (BLEV)	13,825	0.0031	0.0288	−0.2119	0.3128	−0.0109	0.0029	0.0165
ΔTarget (MLEV)	13,825	0.0085	0.0513	−0.3079	0.3178	−0.0220	0.0068	0.0355
SIZE	20,090	11.4956	1.8997	8.7321	17.0757	10.0095	11.1488	12.6488
TANG	20,023	0.2735	0.2558	0.0004	0.9385	0.0566	0.1981	0.4227
MTB	19,967	2.5282	2.3529	0.3000	9.5700	0.9600	1.7100	3.1300
PROF	19,849	0.0655	0.1904	−0.8162	0.4525	0.0209	0.0995	0.1638
DEP	20,015	0.0457	0.0435	0.0001	0.3004	0.0202	0.0367	0.0572
RD	20,090	0.0222	0.0786	−0.0084	2.9404	0.0000	0.0000	0.0059
RDDum	20,090	0.3142	0.4642	0.0000	1.0000	0.0000	0.0000	1.0000
INDMED (BLEV)	20,090	0.1529	0.1381	0.0000	0.7308	0.0441	0.1260	0.2251
INDMED (MLEV)	20,090	0.1570	0.1540	0.0000	0.6875	0.0266	0.1167	0.2395

Panel A. Descriptive statistics
Variables	N	Mean	Std. Dev	Min	Max	p25	Median	p75
BLEV	20,090	0.1793	0.1725	0.0000	0.7615	0.0211	0.1472	0.2805
MLEV	20,090	0.1981	0.2085	0.0000	0.8648	0.0138	0.1405	0.3099
Amihud	18,132	23.1187	58.7806	0.0010	407.2400	0.3287	3.3604	16.1732
PropZero	18,780	0.3495	0.3594	0.0040	2.5000	0.0711	0.3320	0.4941
Turnover	18,102	0.2820	0.2799	0.0115	1.7022	0.1094	0.1998	0.3490
Spread	19,957	0.0531	0.0565	0.0006	0.3036	0.0157	0.0361	0.0698
LevDev (BLEV)	16,545	0.1102	0.0894	0.0000	0.7024	0.0489	0.0947	0.1444
LevDev (MLEV)	16,545	0.1349	0.1151	0.0000	0.8283	0.0550	0.1075	0.1765
ΔTarget (BLEV)	13,825	0.0031	0.0288	−0.2119	0.3128	−0.0109	0.0029	0.0165
ΔTarget (MLEV)	13,825	0.0085	0.0513	−0.3079	0.3178	−0.0220	0.0068	0.0355
SIZE	20,090	11.4956	1.8997	8.7321	17.0757	10.0095	11.1488	12.6488
TANG	20,023	0.2735	0.2558	0.0004	0.9385	0.0566	0.1981	0.4227
MTB	19,967	2.5282	2.3529	0.3000	9.5700	0.9600	1.7100	3.1300
PROF	19,849	0.0655	0.1904	−0.8162	0.4525	0.0209	0.0995	0.1638
DEP	20,015	0.0457	0.0435	0.0001	0.3004	0.0202	0.0367	0.0572
RD	20,090	0.0222	0.0786	−0.0084	2.9404	0.0000	0.0000	0.0059
RDDum	20,090	0.3142	0.4642	0.0000	1.0000	0.0000	0.0000	1.0000
INDMED (BLEV)	20,090	0.1529	0.1381	0.0000	0.7308	0.0441	0.1260	0.2251
INDMED (MLEV)	20,090	0.1570	0.1540	0.0000	0.6875	0.0266	0.1167	0.2395

Panel B. Correlation coefficients of determinants of target leverage
	SIZE	TANG	MTB	PROF	DEP	RD	RDDum	INDMED (BLEV)	INDMED (MLEV)
SIZE	1
TANG	0.1598*	1
MTB	0.0138	−0.0889*	1
PROF	0.2488*	0.1555*	0.0996*	1
DEP	−0.0787*	0.2097*	0.1685*	0.0725*	1
RD	−0.1411*	−0.1340*	0.1800*	−0.2602*	0.1121*	1
RDDum	0.0470*	−0.1879*	0.1049*	−0.0563*	0.0603*	0.4170*	1
INDMED (BLEV)	0.1866*	0.3139*	0.0702*	0.1568*	0.2296*	−0.1077*	−0.1175*	1
INDMED (MLEV)	0.2143*	0.2617*	−0.2073*	0.0572*	−0.0013	−0.1850*	−0.1450*	0.7143*	1

Panel B. Correlation coefficients of determinants of target leverage
	SIZE	TANG	MTB	PROF	DEP	RD	RDDum	INDMED (BLEV)	INDMED (MLEV)
SIZE	1
TANG	0.1598*	1
MTB	0.0138	−0.0889*	1
PROF	0.2488*	0.1555*	0.0996*	1
DEP	−0.0787*	0.2097*	0.1685*	0.0725*	1
RD	−0.1411*	−0.1340*	0.1800*	−0.2602*	0.1121*	1
RDDum	0.0470*	−0.1879*	0.1049*	−0.0563*	0.0603*	0.4170*	1
INDMED (BLEV)	0.1866*	0.3139*	0.0702*	0.1568*	0.2296*	−0.1077*	−0.1175*	1
INDMED (MLEV)	0.2143*	0.2617*	−0.2073*	0.0572*	−0.0013	−0.1850*	−0.1450*	0.7143*	1

Note(s): This table reports the descriptive statistics including the mean, standard deviation, minimum, maximum, first quantile, median, and third quantile of firm-level and industry-level variables for the entire sample in Panel A, and correlation coefficients in Panel B. The study period is from 1996 to 2016. The variable definitions are in Appendix

Source(s): The table is created by authors

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