Table 4 Descriptive statistics of firm...

Table 4

Descriptive statistics of firm characteristics and other control variables

Variable	Count	Mean	Std. dev.	Median
Tobin’s Q	39,825	2.627	2.007	1.976
ROA	39,825	0.038	0.078	0.041
Cash/assets	39,679	0.193	0.143	0.153
R&D/assets	39,825	0.011	0.018	0.000
Sales growth	37,168	0.169	0.471	0.098
Log(employee/total assets)	39,249	−0.799	1.020	−0.662
Tangibility	39,821	0.198	0.157	0.164
Leverage	39,825	0.427	0.221	0.412
MTB	39,825	3.839	3.909	2.714
Log(assets)	39,825	22.170	1.435	21.949
Local SOE	39,825	0.304	0.460	0.000
Central SOE	39,825	0.019	0.136	0.000
Foreign capital	39,825	0.055	0.228	0.000
Industry competition	39,825	0.093	0.096	0.061
Provincial GDP per capita	39,825	83.865	38.210	77.644

Variable	Count	Mean	Std. dev.	Median
Tobin’s Q	39,825	2.627	2.007	1.976
ROA	39,825	0.038	0.078	0.041
Cash/assets	39,679	0.193	0.143	0.153
R&D/assets	39,825	0.011	0.018	0.000
Sales growth	37,168	0.169	0.471	0.098
Log(employee/total assets)	39,249	−0.799	1.020	−0.662
Tangibility	39,821	0.198	0.157	0.164
Leverage	39,825	0.427	0.221	0.412
MTB	39,825	3.839	3.909	2.714
Log(assets)	39,825	22.170	1.435	21.949
Local SOE	39,825	0.304	0.460	0.000
Central SOE	39,825	0.019	0.136	0.000
Foreign capital	39,825	0.055	0.228	0.000
Industry competition	39,825	0.093	0.096	0.061
Provincial GDP per capita	39,825	83.865	38.210	77.644

Note(s): This table presents the descriptive statistics for the sample firms over the 2009–2022 period. All variables are defined in Table A2. All continuous variables are winsorized at the 1 and 99% levels

Source(s): The authors

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