Descriptive statistics
| Variable | Mean | S.D. | P25 | P50 | P75 | Skewness | Kurtosis |
|---|---|---|---|---|---|---|---|
| TOBINQ | 2.45 | 1.79 | 1.34 | 1.87 | 2.86 | 2.56 | 11.09 |
| MKTBK | 3.12 | 0.05 | 3.08 | 3.11 | 3.15 | 0.69 | 3.45 |
| NAVPS | 4.40 | 3.07 | 2.50 | 3.75 | 5.55 | 2.30 | 13.88 |
| MKTVAL | 22.65 | 1.08 | 21.89 | 22.50 | 23.24 | 0.82 | 3.99 |
| BMEET | 11.84 | 4.98 | 8.00 | 11.00 | 14.00 | 1.03 | 4.15 |
| LNBMEET | 2.16 | 0.39 | 1.95 | 2.20 | 2.40 | 0.02 | 2.93 |
| GAPS | 3.59 | 8.15 | 0.00 | 1.00 | 8.00 | 0.75 | 4.04 |
| GAPU | 5.94 | 6.75 | 0.00 | 4.00 | 9.00 | 1.38 | 4.43 |
| GAPSQU | 80.85 | 153.73 | 0.00 | 16.00 | 81.00 | 2.85 | 11.24 |
| GAP20 | 0.06 | 0.23 | 0.00 | 0.00 | 0.00 | 3.77 | 15.21 |
| GAP15 | 0.12 | 0.32 | 0.00 | 0.00 | 0.00 | 2.40 | 6.74 |
| GAP10 | 0.24 | 0.42 | 0.00 | 0.00 | 0.00 | 1.24 | 2.54 |
| GAP5 | 0.46 | 0.50 | 0.00 | 0.00 | 1.00 | 0.17 | 1.03 |
| DIFEDU | 0.84 | 0.37 | 1.00 | 1.00 | 1.00 | −1.85 | 4.42 |
| DIFGEN | 0.08 | 0.27 | 0.00 | 0.00 | 0.00 | 3.19 | 11.20 |
| DIFNAT | 0.02 | 0.13 | 0.00 | 0.00 | 0.00 | 7.38 | 55.43 |
| JONTENU | 3.05 | 2.94 | 0.92 | 2.08 | 4.17 | 1.44 | 4.51 |
| CHANGE1 | 0.01 | 0.11 | 0.00 | 0.00 | 0.00 | 8.80 | 78.36 |
| TENURE1 | 4.23 | 3.49 | 1.50 | 3.25 | 6.00 | 1.04 | 3.39 |
| CHANGE2 | 0.01 | 0.10 | 0.00 | 0.00 | 0.00 | 10.32 | 107.42 |
| TENURE2 | 3.57 | 3.23 | 1.17 | 2.58 | 4.92 | 1.27 | 3.89 |
| BODAGE | 50.38 | 3.91 | 47.78 | 50.44 | 53.00 | −0.08 | 2.79 |
| BODSIZE | 8.83 | 1.84 | 8.00 | 9.00 | 9.00 | 0.73 | 4.69 |
| CVBA | 0.16 | 0.05 | 0.12 | 0.15 | 0.19 | 0.27 | 2.61 |
| CVMBA | 0.13 | 0.05 | 0.09 | 0.13 | 0.16 | 0.54 | 3.11 |
| MBSIZE | 1.78 | 0.36 | 1.61 | 1.79 | 2.08 | −0.24 | 3.17 |
| MBTENU | 3.23 | 1.59 | 2.08 | 3.00 | 4.17 | 0.67 | 3.22 |
| SBSIZE | 1.27 | 0.28 | 1.10 | 1.10 | 1.61 | 1.04 | 3.18 |
| LEVER | 0.46 | 0.22 | 0.29 | 0.45 | 0.61 | 0.40 | 3.19 |
| CapEx/TA | 0.05 | 0.08 | 0.01 | 0.05 | 0.09 | −0.19 | 4.36 |
| FFIRM | 0.59 | 0.49 | 0.00 | 1.00 | 1.00 | −0.37 | 1.14 |
| FIRMAGE | 9.48 | 6.53 | 4.00 | 8.00 | 14.00 | 0.60 | 2.36 |
| R&D | 0.01 | 0.03 | 0.00 | 0.00 | 0.00 | 6.37 | 100.33 |
| SALEGR | 0.19 | 0.53 | −0.03 | 0.11 | 0.28 | 4.07 | 26.76 |
| FSIZE | 21.94 | 1.30 | 21.02 | 21.77 | 22.67 | 0.74 | 3.83 |
| BETA | 1.13 | 0.28 | 0.96 | 1.13 | 1.29 | 0.13 | 4.10 |
| STOCKVOL | 0.46 | 0.54 | 0.09 | 0.27 | 0.60 | 2.01 | 7.27 |
| Variable | Mean | S.D. | P25 | P50 | P75 | Skewness | Kurtosis |
|---|---|---|---|---|---|---|---|
| TOBINQ | 2.45 | 1.79 | 1.34 | 1.87 | 2.86 | 2.56 | 11.09 |
| MKTBK | 3.12 | 0.05 | 3.08 | 3.11 | 3.15 | 0.69 | 3.45 |
| NAVPS | 4.40 | 3.07 | 2.50 | 3.75 | 5.55 | 2.30 | 13.88 |
| MKTVAL | 22.65 | 1.08 | 21.89 | 22.50 | 23.24 | 0.82 | 3.99 |
| BMEET | 11.84 | 4.98 | 8.00 | 11.00 | 14.00 | 1.03 | 4.15 |
| LNBMEET | 2.16 | 0.39 | 1.95 | 2.20 | 2.40 | 0.02 | 2.93 |
| GAPS | 3.59 | 8.15 | 0.00 | 1.00 | 8.00 | 0.75 | 4.04 |
| GAPU | 5.94 | 6.75 | 0.00 | 4.00 | 9.00 | 1.38 | 4.43 |
| GAPSQU | 80.85 | 153.73 | 0.00 | 16.00 | 81.00 | 2.85 | 11.24 |
| GAP20 | 0.06 | 0.23 | 0.00 | 0.00 | 0.00 | 3.77 | 15.21 |
| GAP15 | 0.12 | 0.32 | 0.00 | 0.00 | 0.00 | 2.40 | 6.74 |
| GAP10 | 0.24 | 0.42 | 0.00 | 0.00 | 0.00 | 1.24 | 2.54 |
| GAP5 | 0.46 | 0.50 | 0.00 | 0.00 | 1.00 | 0.17 | 1.03 |
| DIFEDU | 0.84 | 0.37 | 1.00 | 1.00 | 1.00 | −1.85 | 4.42 |
| DIFGEN | 0.08 | 0.27 | 0.00 | 0.00 | 0.00 | 3.19 | 11.20 |
| DIFNAT | 0.02 | 0.13 | 0.00 | 0.00 | 0.00 | 7.38 | 55.43 |
| JONTENU | 3.05 | 2.94 | 0.92 | 2.08 | 4.17 | 1.44 | 4.51 |
| CHANGE1 | 0.01 | 0.11 | 0.00 | 0.00 | 0.00 | 8.80 | 78.36 |
| TENURE1 | 4.23 | 3.49 | 1.50 | 3.25 | 6.00 | 1.04 | 3.39 |
| CHANGE2 | 0.01 | 0.10 | 0.00 | 0.00 | 0.00 | 10.32 | 107.42 |
| TENURE2 | 3.57 | 3.23 | 1.17 | 2.58 | 4.92 | 1.27 | 3.89 |
| BODAGE | 50.38 | 3.91 | 47.78 | 50.44 | 53.00 | −0.08 | 2.79 |
| BODSIZE | 8.83 | 1.84 | 8.00 | 9.00 | 9.00 | 0.73 | 4.69 |
| CVBA | 0.16 | 0.05 | 0.12 | 0.15 | 0.19 | 0.27 | 2.61 |
| CVMBA | 0.13 | 0.05 | 0.09 | 0.13 | 0.16 | 0.54 | 3.11 |
| MBSIZE | 1.78 | 0.36 | 1.61 | 1.79 | 2.08 | −0.24 | 3.17 |
| MBTENU | 3.23 | 1.59 | 2.08 | 3.00 | 4.17 | 0.67 | 3.22 |
| SBSIZE | 1.27 | 0.28 | 1.10 | 1.10 | 1.61 | 1.04 | 3.18 |
| LEVER | 0.46 | 0.22 | 0.29 | 0.45 | 0.61 | 0.40 | 3.19 |
| CapEx/TA | 0.05 | 0.08 | 0.01 | 0.05 | 0.09 | −0.19 | 4.36 |
| FFIRM | 0.59 | 0.49 | 0.00 | 1.00 | 1.00 | −0.37 | 1.14 |
| FIRMAGE | 9.48 | 6.53 | 4.00 | 8.00 | 14.00 | 0.60 | 2.36 |
| R&D | 0.01 | 0.03 | 0.00 | 0.00 | 0.00 | 6.37 | 100.33 |
| SALEGR | 0.19 | 0.53 | −0.03 | 0.11 | 0.28 | 4.07 | 26.76 |
| FSIZE | 21.94 | 1.30 | 21.02 | 21.77 | 22.67 | 0.74 | 3.83 |
| BETA | 1.13 | 0.28 | 0.96 | 1.13 | 1.29 | 0.13 | 4.10 |
| STOCKVOL | 0.46 | 0.54 | 0.09 | 0.27 | 0.60 | 2.01 | 7.27 |
Note(s): All the variables are defined in Appendix
Source(s): Authors’ own calculation