Descriptive statistics
| Panel A: descriptive statistics | ||||||
|---|---|---|---|---|---|---|
| Observations | Mean | Std. Dev. | Median | 1st quartile | 3rd quartile | |
| CEO_TURN | 15,726 | 0.218 | 0.413 | 0.000 | 0.000 | 0.000 |
| FF | 15,726 | 0.627 | 0.484 | 1.000 | 0.000 | 1.000 |
| TRANS | 15,726 | −0.225 | 1.933 | 0.418 | −0.012 | 0.569 |
| SIZE | 15,726 | 8.095 | 1.472 | 7.930 | 7.062 | 8.999 |
| LEV | 15,726 | 0.078 | 0.108 | 0.026 | 0.000 | 0.124 |
| ROA | 15,726 | 0.034 | 0.087 | 0.036 | 0.002 | 0.077 |
| BM | 15,726 | 0.513 | 0.254 | 0.468 | 0.336 | 0.639 |
| RET | 15,726 | 0.120 | 0.615 | −0.011 | −0.217 | 0.249 |
| SGROWTH | 15,726 | 0.055 | 0.338 | 0.019 | −0.098 | 0.139 |
| CFO | 15,726 | 0.051 | 0.304 | 0.077 | 0.011 | 0.155 |
| STD_CFO | 15,726 | 0.070 | 0.052 | 0.056 | 0.036 | 0.087 |
| FAGE | 15,726 | 3.258 | 0.479 | 3.296 | 2.944 | 3.611 |
| EMPTURN | 15,726 | 0.137 | 0.132 | 0.100 | 0.050 | 0.190 |
| BLOCK | 15,726 | 0.484 | 2.893 | 0.000 | 0.000 | 0.000 |
| BSIZE | 15,726 | 1.939 | 0.261 | 1.946 | 1.792 | 2.079 |
| BIND | 15,726 | 0.223 | 0.172 | 0.286 | 0.000 | 0.375 |
| CEO_DUAL | 15,726 | 0.340 | 0.474 | 0.000 | 0.000 | 1.000 |
| CEO_GENDER | 15,726 | 0.947 | 0.225 | 1.000 | 1.000 | 1.000 |
| CEO_OWN | 15,726 | 0.006 | 0.047 | 0.000 | 0.000 | 0.000 |
| Panel A: descriptive statistics | ||||||
|---|---|---|---|---|---|---|
| Observations | Mean | Std. Dev. | Median | 1st quartile | 3rd quartile | |
| 15,726 | 0.218 | 0.413 | 0.000 | 0.000 | 0.000 | |
| 15,726 | 0.627 | 0.484 | 1.000 | 0.000 | 1.000 | |
| 15,726 | −0.225 | 1.933 | 0.418 | −0.012 | 0.569 | |
| 15,726 | 8.095 | 1.472 | 7.930 | 7.062 | 8.999 | |
| 15,726 | 0.078 | 0.108 | 0.026 | 0.000 | 0.124 | |
| 15,726 | 0.034 | 0.087 | 0.036 | 0.002 | 0.077 | |
| 15,726 | 0.513 | 0.254 | 0.468 | 0.336 | 0.639 | |
| 15,726 | 0.120 | 0.615 | −0.011 | −0.217 | 0.249 | |
| 15,726 | 0.055 | 0.338 | 0.019 | −0.098 | 0.139 | |
| 15,726 | 0.051 | 0.304 | 0.077 | 0.011 | 0.155 | |
| 15,726 | 0.070 | 0.052 | 0.056 | 0.036 | 0.087 | |
| 15,726 | 3.258 | 0.479 | 3.296 | 2.944 | 3.611 | |
| 15,726 | 0.137 | 0.132 | 0.100 | 0.050 | 0.190 | |
| 15,726 | 0.484 | 2.893 | 0.000 | 0.000 | 0.000 | |
| 15,726 | 1.939 | 0.261 | 1.946 | 1.792 | 2.079 | |
| 15,726 | 0.223 | 0.172 | 0.286 | 0.000 | 0.375 | |
| 15,726 | 0.340 | 0.474 | 0.000 | 0.000 | 1.000 | |
| 15,726 | 0.947 | 0.225 | 1.000 | 1.000 | 1.000 | |
| 15,726 | 0.006 | 0.047 | 0.000 | 0.000 | 0.000 | |
| Panel B: mean and median tests based on FF | ||||||
|---|---|---|---|---|---|---|
| FF (N = 9,864) | Non-FF (N = 5,862) | Mean test | Median test | |||
| Mean | Median | Mean | Median | |||
| CEO_TURN | 0.203 | 0.000 | 0.244 | 0.000 | 0.000 | 0.000 |
| TRANS | −0.139 | 0.439 | −0.369 | 0.378 | 0.000 | 0.000 |
| SIZE | 8.062 | 7.915 | 8.152 | 7.961 | 0.000 | 0.000 |
| LEV | 0.084 | 0.034 | 0.067 | 0.016 | 0.000 | 0.000 |
| ROA | 0.034 | 0.033 | 0.036 | 0.040 | 0.115 | 0.000 |
| BM | 0.518 | 0.478 | 0.504 | 0.454 | 0.000 | 0.000 |
| RET | 0.118 | −0.009 | 0.124 | −0.015 | 0.549 | 0.330 |
| SGROWTH | 0.054 | 0.017 | 0.056 | 0.022 | 0.769 | 0.220 |
| CFO | 0.045 | 0.077 | 0.060 | 0.078 | 0.003 | 0.097 |
| STD_CFO | 0.068 | 0.054 | 0.074 | 0.061 | 0.000 | 0.000 |
| FAGE | 3.346 | 3.401 | 3.109 | 3.135 | 0.000 | 0.000 |
| EMPTURN | 0.136 | 0.100 | 0.138 | 0.100 | 0.513 | 0.637 |
| BLOCK | 0.503 | 0.000 | 0.451 | 0.000 | 0.272 | 0.652 |
| BSIZE | 1.922 | 1.946 | 1.967 | 1.946 | 0.000 | 0.000 |
| BIND | 0.207 | 0.286 | 0.250 | 0.286 | 0.000 | 0.000 |
| CEO_DUAL | 0.339 | 0.000 | 0.340 | 0.000 | 0.876 | 0.876 |
| CEO_GENDER | 0.942 | 1.000 | 0.954 | 1.000 | 0.000 | 0.000 |
| CEO_OWN | 0.006 | 0.000 | 0.007 | 0.000 | 0.056 | 0.003 |
| Panel B: mean and median tests based on | ||||||
|---|---|---|---|---|---|---|
| Mean test | Median test | |||||
| Mean | Median | Mean | Median | |||
| 0.203 | 0.000 | 0.244 | 0.000 | 0.000 | 0.000 | |
| −0.139 | 0.439 | −0.369 | 0.378 | 0.000 | 0.000 | |
| 8.062 | 7.915 | 8.152 | 7.961 | 0.000 | 0.000 | |
| 0.084 | 0.034 | 0.067 | 0.016 | 0.000 | 0.000 | |
| 0.034 | 0.033 | 0.036 | 0.040 | 0.115 | 0.000 | |
| 0.518 | 0.478 | 0.504 | 0.454 | 0.000 | 0.000 | |
| 0.118 | −0.009 | 0.124 | −0.015 | 0.549 | 0.330 | |
| 0.054 | 0.017 | 0.056 | 0.022 | 0.769 | 0.220 | |
| 0.045 | 0.077 | 0.060 | 0.078 | 0.003 | 0.097 | |
| 0.068 | 0.054 | 0.074 | 0.061 | 0.000 | 0.000 | |
| 3.346 | 3.401 | 3.109 | 3.135 | 0.000 | 0.000 | |
| 0.136 | 0.100 | 0.138 | 0.100 | 0.513 | 0.637 | |
| 0.503 | 0.000 | 0.451 | 0.000 | 0.272 | 0.652 | |
| 1.922 | 1.946 | 1.967 | 1.946 | 0.000 | 0.000 | |
| 0.207 | 0.286 | 0.250 | 0.286 | 0.000 | 0.000 | |
| 0.339 | 0.000 | 0.340 | 0.000 | 0.876 | 0.876 | |
| 0.942 | 1.000 | 0.954 | 1.000 | 0.000 | 0.000 | |
| 0.006 | 0.000 | 0.007 | 0.000 | 0.056 | 0.003 | |
| Panel C: mean and median tests based on corporate transparency | ||||||
|---|---|---|---|---|---|---|
| HIGH_TRANS (N = 7,609) | LOW_TRANS (N = 8,117) | Mean test | Median test | |||
| Mean | Median | Mean | Median | |||
| CEO_TURN | 0.244 | 0.000 | 0.194 | 0.000 | 0.000 | 0.000 |
| FF | 0.640 | 1.000 | 0.615 | 1.000 | 0.000 | 0.000 |
| SIZE | 7.601 | 7.524 | 8.559 | 8.443 | 0.000 | 0.000 |
| LEV | 0.080 | 0.028 | 0.076 | 0.025 | 0.009 | 0.012 |
| ROA | 0.014 | 0.020 | 0.053 | 0.049 | 0.000 | 0.000 |
| BM | 0.507 | 0.465 | 0.519 | 0.470 | 0.006 | 0.009 |
| RET | 0.186 | 0.006 | 0.058 | −0.022 | 0.000 | 0.000 |
| SGROWTH | 0.060 | 0.014 | 0.050 | 0.023 | 0.058 | 0.009 |
| CFO | 0.008 | 0.057 | 0.091 | 0.093 | 0.000 | 0.000 |
| STD_CFO | 0.077 | 0.061 | 0.064 | 0.052 | 0.000 | 0.000 |
| FAGE | 3.211 | 3.258 | 3.301 | 3.332 | 0.000 | 0.000 |
| EMPTURN | 0.153 | 0.120 | 0.122 | 0.090 | 0.000 | 0.000 |
| BLOCK | 0.612 | 0.000 | 0.363 | 0.000 | 0.000 | 0.000 |
| BSIZE | 1.903 | 1.946 | 1.973 | 1.946 | 0.000 | 0.000 |
| BIND | 0.229 | 0.286 | 0.218 | 0.286 | 0.000 | 0.000 |
| CEO_DUAL | 0.373 | 0.000 | 0.308 | 0.000 | 0.000 | 0.000 |
| CEO_GENDER | 0.945 | 1.000 | 0.948 | 1.000 | 0.373 | 0.373 |
| CEO_OWN | 0.007 | 0.000 | 0.006 | 0.000 | 0.608 | 0.754 |
| Panel C: mean and median tests based on corporate transparency | ||||||
|---|---|---|---|---|---|---|
| Mean test | Median test | |||||
| Mean | Median | Mean | Median | |||
| 0.244 | 0.000 | 0.194 | 0.000 | 0.000 | 0.000 | |
| 0.640 | 1.000 | 0.615 | 1.000 | 0.000 | 0.000 | |
| 7.601 | 7.524 | 8.559 | 8.443 | 0.000 | 0.000 | |
| 0.080 | 0.028 | 0.076 | 0.025 | 0.009 | 0.012 | |
| 0.014 | 0.020 | 0.053 | 0.049 | 0.000 | 0.000 | |
| 0.507 | 0.465 | 0.519 | 0.470 | 0.006 | 0.009 | |
| 0.186 | 0.006 | 0.058 | −0.022 | 0.000 | 0.000 | |
| 0.060 | 0.014 | 0.050 | 0.023 | 0.058 | 0.009 | |
| 0.008 | 0.057 | 0.091 | 0.093 | 0.000 | 0.000 | |
| 0.077 | 0.061 | 0.064 | 0.052 | 0.000 | 0.000 | |
| 3.211 | 3.258 | 3.301 | 3.332 | 0.000 | 0.000 | |
| 0.153 | 0.120 | 0.122 | 0.090 | 0.000 | 0.000 | |
| 0.612 | 0.000 | 0.363 | 0.000 | 0.000 | 0.000 | |
| 1.903 | 1.946 | 1.973 | 1.946 | 0.000 | 0.000 | |
| 0.229 | 0.286 | 0.218 | 0.286 | 0.000 | 0.000 | |
| 0.373 | 0.000 | 0.308 | 0.000 | 0.000 | 0.000 | |
| 0.945 | 1.000 | 0.948 | 1.000 | 0.373 | 0.373 | |
| 0.007 | 0.000 | 0.006 | 0.000 | 0.608 | 0.754 | |
Source(s): Authors' own work
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