Table 2 Descriptive statistics of study...

Table 2

Descriptive statistics of study variables (n = 1,097)

Variable	Mean	Std.Dev	Min	1%	25%	50%	75%	99%	Max
Dependents
IE5	−0.360	0.133	−0.736	−0.533	−0.447	−0.410	−0.324	−0.035	−0.035
IE10	−0.551	0.114	−0.933	−0.736	−0.627	−0.586	−0.504	−0.291	−0.124
Independents
Fog	21.665	3.021	13.731	14.521	19.850	22.066	23.705	26.599	26.599
FK	22.706	5.516	10.369	11.829	18.343	23.259	26.388	31.785	31.785
SMOG	18.135	2.131	12.883	13.361	16.691	18.379	19.593	21.665	21.665
Controls
B_SIZE	5.006	0.215	4	4	5	5	5	5.510	7
B_IND	0.694	0.196	0	0.200	0.600	0.600	0.800	1	1
InstOwn	0.596	0.311	0	0	0.400	0.689	0.852	0.981	0.995
AudType	0.789	0.408	0	0	1	1	1	1	1
LnFee	6.910	0.783	4.788	5.224	6.397	6.894	7.368	8.829	9.349
AudChange	0.243	0.429	0	0	0	0	0	1	1
AudTenure	2.695	1.782	1	1	1	2	4	8.51	9
AudOpin	0.429	0.495	0	0	0	0	1	1	1
ARL	75.155	26.934	20	28.490	50	74	101	122.510	151
Accruals	0.027	0.134	−0.615	−0.301	−0.051	0.018	0.092	0.528	0.528
Size	6.211	0.568	4.900	5.068	5.841	6.167	6.525	7.844	8.768
AssetGrowth	0.229	0.355	−0.428	−0.236	0.022	0.132	0.304	1.648	1.648
InvRec	0.515	0.192	0.101	0.103	0.380	0.509	0.661	0.926	0.928
∆Lev	0.006	0.151	−0.741	−0.407	−0.064	−0.001	0.059	0.540	0.540
ROA	0.115	0.152	−0.566	−0.264	0.031	0.103	0.180	0.629	0.631
Loss	0.126	0.332	0	0	0	0	0	1	1
Segment	0.400	0.672	0	0	0	0	0.693	2.197	3.663
ALTZ	1.742	1.194	−1.990	−1.657	1.058	1.692	2.449	4.928	4.982
LnAge	3.575	0.403	2.303	2.601	3.332	3.664	3.912	4.143	4.205
Aturn	0.939	0.575	0.102	0.217	0.587	0.811	1.116	3.420	3.816
FogFS	18.430	3.524	10.069	10.312	15.831	18.287	21.031	23.918	23.918
FC	3.169	0.361	2.303	2.303	2.890	3.136	3.401	4.094	4.466

Variable	Mean	Std.Dev	Min	1%	25%	50%	75%	99%	Max
Dependents
IE5	−0.360	0.133	−0.736	−0.533	−0.447	−0.410	−0.324	−0.035	−0.035
IE10	−0.551	0.114	−0.933	−0.736	−0.627	−0.586	−0.504	−0.291	−0.124
Independents
Fog	21.665	3.021	13.731	14.521	19.850	22.066	23.705	26.599	26.599
FK	22.706	5.516	10.369	11.829	18.343	23.259	26.388	31.785	31.785
SMOG	18.135	2.131	12.883	13.361	16.691	18.379	19.593	21.665	21.665
Controls
B_SIZE	5.006	0.215	4	4	5	5	5	5.510	7
B_IND	0.694	0.196	0	0.200	0.600	0.600	0.800	1	1
InstOwn	0.596	0.311	0	0	0.400	0.689	0.852	0.981	0.995
AudType	0.789	0.408	0	0	1	1	1	1	1
LnFee	6.910	0.783	4.788	5.224	6.397	6.894	7.368	8.829	9.349
AudChange	0.243	0.429	0	0	0	0	0	1	1
AudTenure	2.695	1.782	1	1	1	2	4	8.51	9
AudOpin	0.429	0.495	0	0	0	0	1	1	1
ARL	75.155	26.934	20	28.490	50	74	101	122.510	151
Accruals	0.027	0.134	−0.615	−0.301	−0.051	0.018	0.092	0.528	0.528
Size	6.211	0.568	4.900	5.068	5.841	6.167	6.525	7.844	8.768
AssetGrowth	0.229	0.355	−0.428	−0.236	0.022	0.132	0.304	1.648	1.648
InvRec	0.515	0.192	0.101	0.103	0.380	0.509	0.661	0.926	0.928
∆Lev	0.006	0.151	−0.741	−0.407	−0.064	−0.001	0.059	0.540	0.540
ROA	0.115	0.152	−0.566	−0.264	0.031	0.103	0.180	0.629	0.631
Loss	0.126	0.332	0	0	0	0	0	1	1
Segment	0.400	0.672	0	0	0	0	0.693	2.197	3.663
ALTZ	1.742	1.194	−1.990	−1.657	1.058	1.692	2.449	4.928	4.982
LnAge	3.575	0.403	2.303	2.601	3.332	3.664	3.912	4.143	4.205
Aturn	0.939	0.575	0.102	0.217	0.587	0.811	1.116	3.420	3.816
FogFS	18.430	3.524	10.069	10.312	15.831	18.287	21.031	23.918	23.918
FC	3.169	0.361	2.303	2.303	2.890	3.136	3.401	4.094	4.466

Note(s): This table presents descriptive statistics for all variables used in the study. Refer to the Appendix for variable definitions

Source(s): Authors’ own work

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