Table III Descriptive statistics...

Table III

Descriptive statistics

Variable	n	Min.	Max.	Mean	Median	SD
Panel A: descriptive statistics of 858 firm-year observations over 2009–2014
NI	858	−3.306	1.827	0.097	0.165	0.412
ST	858	0.156	1.000	0.858	0.915	0.154
RET	858	−0.784	6.992	0.077	0.014	0.687
MB	858	−277.242	87.069	1.104	1.463	12.919
LEV	858	−0.758	6.596	0.670	0.685	0.507
SIZE	858	9.254	18.629	12.985	12.994	1.501
CON	858	−5.148	8.509	−0.699	−0.613	0.965
ACINST	858	0.000	0.990	0.573	0.680	0.311
INACINST	858	0.000	0.820	0.126	0.065	0.161
Panel B: descriptive statistics of financially distressed observations (FD=1)
NI	616	−3.310	1.830	0.936	0.170	0.432
ST	616	0.160	1.000	0.857	0.920	0.160
RET	616	−0.780	4.520	0.077	0.000	0.465
MB	616	−277.240	87.070	0.668	1.435	15.011
LEV	616	0.140	3.060	0.678	0.665	0.243
SIZE	616	9.250	18.630	13.295	13.240	1.461
CON	616	0.000	0.710	−0.699	−0.610	0.968
Panel C: descriptive statistics of non-financially distressed observations (FD=0)
NI	242	−2.070	1.650	0.104	0.150	0.357
ST	242	0.230	1.000	0.757	0.890	0.135
RET	242	0.780	6.600	0.075	0.000	0.598
MB	242	−7.112	43.400	2.219	1.500	3.915
LEV	242	0.150	2.770	0.651	0.640	0.283
SIZE	242	9.450	15.970	12.208	12.085	1.297
CON	242	−3.770	5.370	−0.689	−0.605	0.946

Variable	n	Min.	Max.	Mean	Median	SD
Panel A: descriptive statistics of 858 firm-year observations over 2009–2014
NI	858	−3.306	1.827	0.097	0.165	0.412
ST	858	0.156	1.000	0.858	0.915	0.154
RET	858	−0.784	6.992	0.077	0.014	0.687
MB	858	−277.242	87.069	1.104	1.463	12.919
LEV	858	−0.758	6.596	0.670	0.685	0.507
SIZE	858	9.254	18.629	12.985	12.994	1.501
CON	858	−5.148	8.509	−0.699	−0.613	0.965
ACINST	858	0.000	0.990	0.573	0.680	0.311
INACINST	858	0.000	0.820	0.126	0.065	0.161
Panel B: descriptive statistics of financially distressed observations (FD=1)
NI	616	−3.310	1.830	0.936	0.170	0.432
ST	616	0.160	1.000	0.857	0.920	0.160
RET	616	−0.780	4.520	0.077	0.000	0.465
MB	616	−277.240	87.070	0.668	1.435	15.011
LEV	616	0.140	3.060	0.678	0.665	0.243
SIZE	616	9.250	18.630	13.295	13.240	1.461
CON	616	0.000	0.710	−0.699	−0.610	0.968
Panel C: descriptive statistics of non-financially distressed observations (FD=0)
NI	242	−2.070	1.650	0.104	0.150	0.357
ST	242	0.230	1.000	0.757	0.890	0.135
RET	242	0.780	6.600	0.075	0.000	0.598
MB	242	−7.112	43.400	2.219	1.500	3.915
LEV	242	0.150	2.770	0.651	0.640	0.283
SIZE	242	9.450	15.970	12.208	12.085	1.297
CON	242	−3.770	5.370	−0.689	−0.605	0.946