Table 2. Descriptive statistics Panel A:...

Table 2.

Descriptive statistics


Panel A: Summary statistics
Variable	N	Mean	p25	p50	p75	SD	Minimum	Maximum
ln_con_1	34,046	1.788	1.386	1.946	2.398	0.721	0.000	2.944
ln_con_2	34,046	2.662	2.565	2.773	3.178	0.784	0.000	3.989
ln_con_3	34,046	3.233	3.219	3.401	3.611	0.783	0.000	4.543
SIZE	34,046	21.930	21.008	21.760	22.651	1.285	19.189	25.968
LEV	34,046	0.436	0.266	0.428	0.591	0.216	0.052	1.138
ROA	34,046	0.043	0.015	0.041	0.075	0.069	−0.322	0.234
ISSUE	34,046	0.473	0.000	0.000	1.000	0.499	0.000	1.000
ATURN	34,046	0.632	0.350	0.531	0.780	0.437	0.042	2.538
CURR	34,046	2.430	1.083	1.588	2.627	2.623	0.214	16.672
GROWTH	34,046	0.194	−0.014	0.118	0.284	0.486	−0.685	3.558
FOREIGN	34,046	0.063	0.000	0.000	0.000	0.244	0.000	1.000
SOE	34,046	0.414	0.000	0.000	1.000	0.493	0.000	1.000
GDP	34,046	10.224	9.686	10.330	10.937	0.916	7.421	11.615
RELIGION	34,046	6.425	5.366	6.921	7.596	1.594	2.944	8.306
CG	34,046	−0.001	−0.495	−0.245	0.396	0.607	−0.715	1.610
Moral	33,500	5.692	5.507	5.585	6.121	0.507	3.886	6.610
Trust	33,406	0.180	0.140	0.169	0.212	0 0.076	0.028	0.431
DS	22,913	1.994	2.000	2.000	2.000	0.627	1.000	4.000
Tunnel	34,046	0.021	0.003	0.008	0.020	0.037	0.000	0.241
Panel B: Correlations
	Big10	ln_con_1	ln_con_2	ln_con_3	Trust	Moral	DS	tunnel	SIZE	LEV	ROS	ISSUE	ATURN	CURR	GROWTH	FOREIGN	SOE	GDP	RELIGION	CG
Big10	1.000
ln_con_1	0.034*** (0.000)	1.000
ln_con_2	0.052*** (0.000)	0.794*** (0.000)	1.000
ln_con_3	0.032*** (0.000)	0.676*** (0.000)	0.921*** (0.000)	1.000
Trust	0.087*** (0.000)	0.207*** (0.000)	0.101*** (0.000)	0.100*** (0.000)	1.000
Moral	−0.146*** (0.000)	0.052*** (0.000)	0.108*** (0.000)	0.102*** (0.000)	0.045*** (0.000)	1.000
DS	−0.125*** (0.000)	−0.069*** (0.000)	−0.061*** (0.000)	−0.057*** (0.000)	−0.055*** (0.000)	0.040*** (0.000)	1.000
tunnelg	−0.011* (0.095)	−0.006 (0.403)	0.002(0.751)	0.001 (0.940)	0.002 (0.728)	0.015** (0.022)	0.018*** (0.006)	1.000
SIZE	0.144*** (0.000)	−0.018*** (0.006)	−0.023*** (0.001)	−0.004 (0.595)	0.118*** (0.000)	−0.230*** (0.000)	−0.213*** (0.000)	−0.019*** (0.005)	1.000
LEV	−0.055*** (0.000)	−0.058*** (0.000)	−0.045*** (0.000)	−0.027*** (0.000)	−0.013** (0.048)	0.009 (0.199)	0.166*** (0.000)	0.033*** (0.000)	0.405*** (0.000)	1.000
ROA	0.077*** (0.000)	0.038*** (0.000)	0.043*** (0.000)	0.034*** (0.000)	−0.021*** (0.002)	0.049*** (0.000)	−0.344*** (0.000)	−0.046*** (0.000)	0.004 (0.578)	−0.410*** (0.000)	1.000
ISSUE	0.032*** (0.000)	0.014** (0.034)	0.016** (0.014)	0.019*** (0.003)	0.015** (0.024)	−0.061*** (0.000)	−0.089*** (0.000)	−0.008 (0.210)	0.148*** (0.000)	0.011* (0.091)	0.074*** (0.000)	1.000
ATURN	0.002(0.759)	0.033*** (0.000)	0.051*** (0.000)	0.050*** (0.000)	0.006 (0.402)	0.100*** (0.000)	−0.053*** (0.000)	0.030*** (0.000)	0.048*** (0.000)	0.156*** (0.000)	0.098*** (0.000)	−0.032*** (0.000)	1.000
CURR	0.028*** (0.000)	0.061*** (0.000)	0.037*** (0.000)	0.027*** (0.000)	−0.031*** (0.000)	0.050*** (0.000)	−0.072*** (0.000)	−0.009 (0.158)	−0.320*** (0.000)	−0.644*** (0.000)	0.260*** (0.000)	−0.049*** (0.000)	−0.182*** (0.000)	1.000
GROWTH	−0.006 (0.392)	0.010 (0.123)	0.010(0.131)	0.009 (0.159)	−0.040*** (0.000)	0.036*** (0.000)	−0.043*** (0.000)	−0.014** (0.039)	0.031*** (0.000)	0.032*** (0.000)	0.229*** (0.000)	0.117*** (0.000)	0.086*** (0.000)	−0.045*** (0.000)	1.000
FOREGIN	0.065*** (0.000)	−0.063*** (0.000)	−0.041*** (0.000)	−0.033*** (0.000)	0.047*** (0.000)	0.078*** (0.000)	−0.063*** (0.000)	0.001(0.849)	0.218*** (0.000)	0.103*** (0.000)	0.005 (0.481)	−0.009 (0.178)	0.025*** (0.000)	−0.084*** (0.000)	−0.013* (0.051)	1.000
SOE	−0.074*** (0.000)	−0.080*** (0.000)	−0.067*** (0.000)	−0.035*** (0.000)	−0.041*** (0.000)	0.044*** (0.000)	−0.050*** (0.000)	−0.003(0.629)	0.271*** (0.000)	0.281*** (0.000)	−0.110*** (0.000)	−0.056*** (0.000)	0.072*** (0.000)	−0.212*** (0.000)	−0.046*** (0.000)	0.198*** (0.000)	1.000
GDP	0.182*** (0.000)	0.135*** (0.000)	0.206*** (0.000)	0.183*** (0.000)	0.322*** (0.000)	−0.027*** (0.000)	−0.129*** (0.000)	−0.017*** (0.009)	0.126*** (0.000)	−0.123*** (0.000)	0.075*** (0.000)	0.073*** (0.000)	0.027*** (0.000)	0.038*** (0.000)	−0.044*** (0.000)	0.008 (0.218)	−0.284*** (0.000)	1.000
RELIGION	0.046*** (0.000)	0.027*** (0.000)	0.189*** (0.000)	0.179*** (0.000)	−0.309*** (0.000)	0.159*** (0.000)	−0.001 (0.913)	0.005 (0.487)	−0.055*** (0.000)	0.014** (0.041)	0.022*** (0.001)	−0.022*** (0.001)	0.088*** (0.000)	−0.054*** (0.000)	−0.007 (0.261)	−0.027*** (0.000)	−0.096*** (0.000)	0.279*** (0.000)	1.000
CG	0.091*** (0.000)	0.107*** (0.000)	0.073*** (0.000)	0.050*** (0.000)	0.075*** (0.000)	−0.015** (0.025)	−0.014** (0.034)	−0.000(0.969)	−0.250*** (0.000)	−0.276*** (0.000)	0.115*** (0.000)	0.026*** (0.000)	−0.086*** (0.000)	0.245*** (0.000)	0.018*** (0.007)	0.038*** (0.000)	−0.473*** (0.000)	0.235*** (0.000)	0.021*** (0.002)	1.000


Panel A: Summary statistics
Variable	N	Mean	p25	p50	p75	SD	Minimum	Maximum
ln_con_1	34,046	1.788	1.386	1.946	2.398	0.721	0.000	2.944
ln_con_2	34,046	2.662	2.565	2.773	3.178	0.784	0.000	3.989
ln_con_3	34,046	3.233	3.219	3.401	3.611	0.783	0.000	4.543
SIZE	34,046	21.930	21.008	21.760	22.651	1.285	19.189	25.968
LEV	34,046	0.436	0.266	0.428	0.591	0.216	0.052	1.138
ROA	34,046	0.043	0.015	0.041	0.075	0.069	−0.322	0.234
ISSUE	34,046	0.473	0.000	0.000	1.000	0.499	0.000	1.000
ATURN	34,046	0.632	0.350	0.531	0.780	0.437	0.042	2.538
CURR	34,046	2.430	1.083	1.588	2.627	2.623	0.214	16.672
GROWTH	34,046	0.194	−0.014	0.118	0.284	0.486	−0.685	3.558
FOREIGN	34,046	0.063	0.000	0.000	0.000	0.244	0.000	1.000
SOE	34,046	0.414	0.000	0.000	1.000	0.493	0.000	1.000
GDP	34,046	10.224	9.686	10.330	10.937	0.916	7.421	11.615
RELIGION	34,046	6.425	5.366	6.921	7.596	1.594	2.944	8.306
CG	34,046	−0.001	−0.495	−0.245	0.396	0.607	−0.715	1.610
Moral	33,500	5.692	5.507	5.585	6.121	0.507	3.886	6.610
Trust	33,406	0.180	0.140	0.169	0.212	0 0.076	0.028	0.431
DS	22,913	1.994	2.000	2.000	2.000	0.627	1.000	4.000
Tunnel	34,046	0.021	0.003	0.008	0.020	0.037	0.000	0.241
Panel B: Correlations
	Big10	ln_con_1	ln_con_2	ln_con_3	Trust	Moral	DS	tunnel	SIZE	LEV	ROS	ISSUE	ATURN	CURR	GROWTH	FOREIGN	SOE	GDP	RELIGION	CG
Big10	1.000
ln_con_1	0.034*** (0.000)	1.000
ln_con_2	0.052*** (0.000)	0.794*** (0.000)	1.000
ln_con_3	0.032*** (0.000)	0.676*** (0.000)	0.921*** (0.000)	1.000
Trust	0.087*** (0.000)	0.207*** (0.000)	0.101*** (0.000)	0.100*** (0.000)	1.000
Moral	−0.146*** (0.000)	0.052*** (0.000)	0.108*** (0.000)	0.102*** (0.000)	0.045*** (0.000)	1.000
DS	−0.125*** (0.000)	−0.069*** (0.000)	−0.061*** (0.000)	−0.057*** (0.000)	−0.055*** (0.000)	0.040*** (0.000)	1.000
tunnelg	−0.011* (0.095)	−0.006 (0.403)	0.002(0.751)	0.001 (0.940)	0.002 (0.728)	0.015** (0.022)	0.018*** (0.006)	1.000
SIZE	0.144*** (0.000)	−0.018*** (0.006)	−0.023*** (0.001)	−0.004 (0.595)	0.118*** (0.000)	−0.230*** (0.000)	−0.213*** (0.000)	−0.019*** (0.005)	1.000
LEV	−0.055*** (0.000)	−0.058*** (0.000)	−0.045*** (0.000)	−0.027*** (0.000)	−0.013** (0.048)	0.009 (0.199)	0.166*** (0.000)	0.033*** (0.000)	0.405*** (0.000)	1.000
ROA	0.077*** (0.000)	0.038*** (0.000)	0.043*** (0.000)	0.034*** (0.000)	−0.021*** (0.002)	0.049*** (0.000)	−0.344*** (0.000)	−0.046*** (0.000)	0.004 (0.578)	−0.410*** (0.000)	1.000
ISSUE	0.032*** (0.000)	0.014** (0.034)	0.016** (0.014)	0.019*** (0.003)	0.015** (0.024)	−0.061*** (0.000)	−0.089*** (0.000)	−0.008 (0.210)	0.148*** (0.000)	0.011* (0.091)	0.074*** (0.000)	1.000
ATURN	0.002(0.759)	0.033*** (0.000)	0.051*** (0.000)	0.050*** (0.000)	0.006 (0.402)	0.100*** (0.000)	−0.053*** (0.000)	0.030*** (0.000)	0.048*** (0.000)	0.156*** (0.000)	0.098*** (0.000)	−0.032*** (0.000)	1.000
CURR	0.028*** (0.000)	0.061*** (0.000)	0.037*** (0.000)	0.027*** (0.000)	−0.031*** (0.000)	0.050*** (0.000)	−0.072*** (0.000)	−0.009 (0.158)	−0.320*** (0.000)	−0.644*** (0.000)	0.260*** (0.000)	−0.049*** (0.000)	−0.182*** (0.000)	1.000
GROWTH	−0.006 (0.392)	0.010 (0.123)	0.010(0.131)	0.009 (0.159)	−0.040*** (0.000)	0.036*** (0.000)	−0.043*** (0.000)	−0.014** (0.039)	0.031*** (0.000)	0.032*** (0.000)	0.229*** (0.000)	0.117*** (0.000)	0.086*** (0.000)	−0.045*** (0.000)	1.000
FOREGIN	0.065*** (0.000)	−0.063*** (0.000)	−0.041*** (0.000)	−0.033*** (0.000)	0.047*** (0.000)	0.078*** (0.000)	−0.063*** (0.000)	0.001(0.849)	0.218*** (0.000)	0.103*** (0.000)	0.005 (0.481)	−0.009 (0.178)	0.025*** (0.000)	−0.084*** (0.000)	−0.013* (0.051)	1.000
SOE	−0.074*** (0.000)	−0.080*** (0.000)	−0.067*** (0.000)	−0.035*** (0.000)	−0.041*** (0.000)	0.044*** (0.000)	−0.050*** (0.000)	−0.003(0.629)	0.271*** (0.000)	0.281*** (0.000)	−0.110*** (0.000)	−0.056*** (0.000)	0.072*** (0.000)	−0.212*** (0.000)	−0.046*** (0.000)	0.198*** (0.000)	1.000
GDP	0.182*** (0.000)	0.135*** (0.000)	0.206*** (0.000)	0.183*** (0.000)	0.322*** (0.000)	−0.027*** (0.000)	−0.129*** (0.000)	−0.017*** (0.009)	0.126*** (0.000)	−0.123*** (0.000)	0.075*** (0.000)	0.073*** (0.000)	0.027*** (0.000)	0.038*** (0.000)	−0.044*** (0.000)	0.008 (0.218)	−0.284*** (0.000)	1.000
RELIGION	0.046*** (0.000)	0.027*** (0.000)	0.189*** (0.000)	0.179*** (0.000)	−0.309*** (0.000)	0.159*** (0.000)	−0.001 (0.913)	0.005 (0.487)	−0.055*** (0.000)	0.014** (0.041)	0.022*** (0.001)	−0.022*** (0.001)	0.088*** (0.000)	−0.054*** (0.000)	−0.007 (0.261)	−0.027*** (0.000)	−0.096*** (0.000)	0.279*** (0.000)	1.000
CG	0.091*** (0.000)	0.107*** (0.000)	0.073*** (0.000)	0.050*** (0.000)	0.075*** (0.000)	−0.015** (0.025)	−0.014** (0.034)	−0.000(0.969)	−0.250*** (0.000)	−0.276*** (0.000)	0.115*** (0.000)	0.026*** (0.000)	−0.086*** (0.000)	0.245*** (0.000)	0.018*** (0.007)	0.038*** (0.000)	−0.473*** (0.000)	0.235*** (0.000)	0.021*** (0.002)	1.000

Note(s): Panel A summarizes the descriptive statistics. Panel B reports Pearson correlations. All continuous variables are winsorized at the top and bottom 1%. All variables are defined in Appendix

Source(s): Authors’ own work

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