Table 3 Statistic descriptive Variable...

Table 3

Statistic descriptive

Variable	Obs	Mean	Std. dev.	CV	Min	Max
CAR3	166	0.065	0.045	0.698	0.009	0.258
CAR11	166	0.205	0.111	0.540	0.045	0.806
ES	166	0	0.088	443.829	−0.501	0.422
ABSEM	166	0.506	1.154	2.038	0	11.227
Dummy EM	166	0.464	0.5	1.082	0	1
ESG	166	0.505	0.19	0.375	0.136	0.877
Size	166	31.539	0.902	0.028	29.206	33.731
ROA	166	0.117	0.106	0.905	−0.133	0.633
WC	166	0.143	0.206	1.444	−0.498	0.569
Growth2	166	−0.938	0.953	1.016	−6.221	−0.007
sqrtCR	166	0.721	0.368	0.509	0.162	1.903

Variable	Obs	Mean	Std. dev.	CV	Min	Max
CAR3	166	0.065	0.045	0.698	0.009	0.258
CAR11	166	0.205	0.111	0.540	0.045	0.806
ES	166	0	0.088	443.829	−0.501	0.422
ABSEM	166	0.506	1.154	2.038	0	11.227
Dummy EM	166	0.464	0.5	1.082	0	1
ESG	166	0.505	0.19	0.375	0.136	0.877
Size	166	31.539	0.902	0.028	29.206	33.731
ROA	166	0.117	0.106	0.905	−0.133	0.633
WC	166	0.143	0.206	1.444	−0.498	0.569
Growth2	166	−0.938	0.953	1.016	−6.221	−0.007
sqrtCR	166	0.721	0.368	0.509	0.162	1.903

Note(s): CAR3 = three days cumulative abnormal return (t−1; t+0; t+1). CAR11 = eleven days cumulative abnormal return (t−5; t+0; t+5). CV = coefficient of variation (Std. Deviation devided by Mean). ABSEM = absolute value of earnings management

Source(s): Authors’ own work

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