Table 3 Descriptive statistics of...

Table 3

Descriptive statistics of continuous and binary variables (4,230 firm-year observations)

	Mean		Median		Minimum		Maximum
	${MAO}_{i, t}^{j}$		${MAO}_{i, t}^{j}$		${MAO}_{i, t}^{j}$		${MAO}_{i, t}^{j}$
	0	1	0	1	0	1	0	1
Panel A – Descriptive statistics for continuous variables
OrC	0.374	9.278	0.000	0.002	−4.134	−0.023	29.926	34.718
A_ac	0.094	0.106	0.053	0.061	0.000	0.000	2.443	1.279
Roa	0.010	0.187	0.020	0.010	−3.000	−16.378	6.060	29.200
Size	12.759	11.791	12.640	12.110	0.000	0.000	19.270	19.040
Lev	0.116	0.302	0.060	0.080	−0.010	0.000	2.120	13.400
Invrec	0.240	0.200	0.210	0.160	−0.080	−0.210	1.000	0.960
Ls	0.318	0.420	0.000	0.000	0.000	0.000	1.000	1.000
Gdp	28,167	29,364	29,674	30,724	17,617	17,617	36,449	36,449
Panel B – Descriptive statistics of dummy and categorical variables
		${MAO}_{i, t}^{j}$
	${MAO}_{i, t}^{j}$		0	%	1		%
	3,966		93.75		264		6.25
	${ZSCORE}_{i, t}^{j}$	0	1,937		95.75	86		4.25
	1	927	95.27		46		4.73
	2	1,102	89.30		132		10.70
	$B 4_{i, t}^{j}$	0	1,938	93.31	139		6.69
	1	2,028	94.20		125		5.80

	Mean		Median		Minimum		Maximum
	${MAO}_{i, t}^{j}$		${MAO}_{i, t}^{j}$		${MAO}_{i, t}^{j}$		${MAO}_{i, t}^{j}$
	0	1	0	1	0	1	0	1
Panel A – Descriptive statistics for continuous variables
OrC	0.374	9.278	0.000	0.002	−4.134	−0.023	29.926	34.718
A_ac	0.094	0.106	0.053	0.061	0.000	0.000	2.443	1.279
Roa	0.010	0.187	0.020	0.010	−3.000	−16.378	6.060	29.200
Size	12.759	11.791	12.640	12.110	0.000	0.000	19.270	19.040
Lev	0.116	0.302	0.060	0.080	−0.010	0.000	2.120	13.400
Invrec	0.240	0.200	0.210	0.160	−0.080	−0.210	1.000	0.960
Ls	0.318	0.420	0.000	0.000	0.000	0.000	1.000	1.000
Gdp	28,167	29,364	29,674	30,724	17,617	17,617	36,449	36,449
Panel B – Descriptive statistics of dummy and categorical variables
		${MAO}_{i, t}^{j}$
	${MAO}_{i, t}^{j}$		0	%	1		%
	3,966		93.75		264		6.25
	${ZSCORE}_{i, t}^{j}$	0	1,937		95.75	86		4.25
	1	927	95.27		46		4.73
	2	1,102	89.30		132		10.70
	$B 4_{i, t}^{j}$	0	1,938	93.31	139		6.69
	1	2,028	94.20		125		5.80

Note:

This table reports the descriptive statistics for continuous variables (Panel A) and dummy and categorical variables (Panel B) in equation (3). In Panel B, the cumulative frequency is on the row

Source: Authors’ own creation

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