Table 1 Descriptive statistics Variable...

Table 1

Descriptive statistics

Variable	N	Min	Q1	Mean	Median	Q3	Max
RATING	23,312	1	3	3	3	3	4
INFO	23,312	−2.557	−0.242	0	−0.03	0.282	1.878
EXCH	23,312	0	0	0.104	0	0	1
CSRC	23,312	0	0	0.071	0	0	1
ST	23,312	0	0	0.035	0	0	1
ANNLETT	23,312	0	0	0.11	0	0	1
OTHLETTS	23,312	0	0	0.262	0	0	15
MALETTS	23,312	0	0	0.07	0	0	5
QUALIFIED	23,312	0	0	0.027	0	0	1
AMEND	23,312	0	0	0.095	0	0	1
ICWEAK	23,312	0	0	0.015	0	0	1
LATE	23,312	0	0	0.006	0	0	1
SHORTFALL	23,312	0	0	0.05	0	0	1
ESGREPORT	23,312	0	0	0.261	0	1	1
DIVS	23,312	0	0	0.727	1	1	3
BRIEFINGS	23,312	0	0	0.923	1	1	9
AGE	23,312	4	56	141	118	232	390
SH	23,312	0	0	0.400	0	1	1
LN_AT	23,312	19.287	21.374	22.371	22.150	23.117	26.748
LEV	23,312	0.05	0.264	0.434	0.418	0.582	1.059
ROA	23,312	−0.387	0.012	0.030	0.036	0.067	0.206
LOSS	23,312	0	0	0.128	0	0	1
ACCRUALS	23,312	−0.416	−0.048	−0.017	−0.011	0.025	0.236
MB	23,312	0.287	2.088	4.867	3.386	5.640	37.725
RET	23,312	−0.763	−0.262	−0.012	−0.083	0.134	1.94
VOL	23,312	0.013	0.022	0.03	0.027	0.033	0.072
NUMSUSP	23,312	0	0	0.290	0	0	10
ISSUE	23,312	0	0	0.043	0	0	1
RESTRUCT	23,312	0	0	0.051	0	0	1
BIGAUD	23,312	0	0	0.434	0	1	1
DUALITY	23,312	0	0	0.303	0	1	1
BDSIZE	23,312	4	9	10	10	12	31
BDINDIE	23,312	0.188	0.333	0.383	0.375	0.429	0.889
SOE	23,312	0	0	0.320	0	1	1
CROSS	23,312	0	0	0.03	0	0	1
INST	23,312	0	0.196	0.412	0.423	0.613	1
ANA	23,312	0	0	6	2	8	75
CAR	21,465	−0.326	−0.023	−0.001	−0.005	0.015	0.595
ZERORET	23,312	0	0.012	0.030	0.021	0.041	0.42
ILLIQ	23,310	0.013	0.112	0.286	0.212	0.365	1.665
NCSKEW	23,294	−2.282	−0.908	−0.561	−0.544	−0.210	1.13
CONSERV	10,764	−246.578	−2.816	0.364	0.361	4.139	227.882
PERSIST	9,818	−0.616	0.062	0.345	0.348	0.61	1.671
DD	10,073	0.002	0.012	0.04	0.021	0.039	0.40
F_INST	19,135	0	0.118	0.364	0.374	0.571	1
F_ANA	19,135	0	0	5	1	6	75
F_FERRORS	13,007	0	0.002	0.021	0.007	0.019	0.283
F_DISPERSION	10,782	0	0.003	0.01	0.006	0.012	0.084
F_ENFORCE	21,782	0	0	0.178	0	0	1
F_ANNLETT	21,782	0	0	0.140	0	0	1

Variable	N	Min	Q1	Mean	Median	Q3	Max
RATING	23,312	1	3	3	3	3	4
INFO	23,312	−2.557	−0.242	0	−0.03	0.282	1.878
EXCH	23,312	0	0	0.104	0	0	1
CSRC	23,312	0	0	0.071	0	0	1
ST	23,312	0	0	0.035	0	0	1
ANNLETT	23,312	0	0	0.11	0	0	1
OTHLETTS	23,312	0	0	0.262	0	0	15
MALETTS	23,312	0	0	0.07	0	0	5
QUALIFIED	23,312	0	0	0.027	0	0	1
AMEND	23,312	0	0	0.095	0	0	1
ICWEAK	23,312	0	0	0.015	0	0	1
LATE	23,312	0	0	0.006	0	0	1
SHORTFALL	23,312	0	0	0.05	0	0	1
ESGREPORT	23,312	0	0	0.261	0	1	1
DIVS	23,312	0	0	0.727	1	1	3
BRIEFINGS	23,312	0	0	0.923	1	1	9
AGE	23,312	4	56	141	118	232	390
SH	23,312	0	0	0.400	0	1	1
LN_AT	23,312	19.287	21.374	22.371	22.150	23.117	26.748
LEV	23,312	0.05	0.264	0.434	0.418	0.582	1.059
ROA	23,312	−0.387	0.012	0.030	0.036	0.067	0.206
LOSS	23,312	0	0	0.128	0	0	1
ACCRUALS	23,312	−0.416	−0.048	−0.017	−0.011	0.025	0.236
MB	23,312	0.287	2.088	4.867	3.386	5.640	37.725
RET	23,312	−0.763	−0.262	−0.012	−0.083	0.134	1.94
VOL	23,312	0.013	0.022	0.03	0.027	0.033	0.072
NUMSUSP	23,312	0	0	0.290	0	0	10
ISSUE	23,312	0	0	0.043	0	0	1
RESTRUCT	23,312	0	0	0.051	0	0	1
BIGAUD	23,312	0	0	0.434	0	1	1
DUALITY	23,312	0	0	0.303	0	1	1
BDSIZE	23,312	4	9	10	10	12	31
BDINDIE	23,312	0.188	0.333	0.383	0.375	0.429	0.889
SOE	23,312	0	0	0.320	0	1	1
CROSS	23,312	0	0	0.03	0	0	1
INST	23,312	0	0.196	0.412	0.423	0.613	1
ANA	23,312	0	0	6	2	8	75
CAR	21,465	−0.326	−0.023	−0.001	−0.005	0.015	0.595
ZERORET	23,312	0	0.012	0.030	0.021	0.041	0.42
ILLIQ	23,310	0.013	0.112	0.286	0.212	0.365	1.665
NCSKEW	23,294	−2.282	−0.908	−0.561	−0.544	−0.210	1.13
CONSERV	10,764	−246.578	−2.816	0.364	0.361	4.139	227.882
PERSIST	9,818	−0.616	0.062	0.345	0.348	0.61	1.671
DD	10,073	0.002	0.012	0.04	0.021	0.039	0.40
F_INST	19,135	0	0.118	0.364	0.374	0.571	1
F_ANA	19,135	0	0	5	1	6	75
F_FERRORS	13,007	0	0.002	0.021	0.007	0.019	0.283
F_DISPERSION	10,782	0	0.003	0.01	0.006	0.012	0.084
F_ENFORCE	21,782	0	0	0.178	0	0	1
F_ANNLETT	21,782	0	0	0.140	0	0	1

Note(s): Table 1 reports descriptive statistics of the variables used in the regressions. Detailed variable definitions are in Appendix 2. Continuous variables are winsorized at the 1% and 99% tails

Source(s): Table created by authors

[ViewLarge]