VariableName

FullSample

Dummyvariable”Foreign_experience”

Obs

Mean

Std.Dev.

Min

Max

obs (0)

mean (0)

obs (1)

mean (1)

mean-diff

t

Foreign_

experience

3,3512

0.081

0.273

0

1

Risk

30,805

1.431

58.687

0

5030.412

28,452

1.360

2353

2.292

−0.932

−0.740

Gender

33,512

0.064

0.245

0

1

30,790

0.063

2722

0.080

−0.018***

−3.666

Age

33,508

49.356

6.621

24

81

30,788

49.398

2720

48.890

0.508***

3.834

Degree

26,488

3.65

1.268

1

7

24,010

3.603

2478

4.105

−0.501***

−18.868

Firm_age

33,512

10.181

44.449

0

2022

30,790

10.378

2722

7.952

2.426***

2.730

Size

33,249

22.027

1.371

0

28.543

30,571

22.030

2678

21.987

0.043

1.562

Managerholding

31,349

0.056

0.121

0

0.899

28,799

0.054

2550

0.082

−0.028***

−11.369

Seperation

31,852

0.048

0.077

−0.076

0.708

29,278

0.048

2574

0.042

0.006***

3.841

Top1

33,084

0.352

0.153

0.003

1

30,422

0.353

2662

0.334

0.019***

6.142

Tobin’Q

31,947

2.701

83.714

0.684

14,810.306

29,369

2.736

2578

2.308

0.428

0.249

MB

31,947

0.624

0.246

0

1.463

29,369

0.627

2578

0.586

0.041***

8.036

Cash_Flow

33,192

−18.786

154.027

−10500

5630

30,521

−19.489

2671

−10.746

−8.743***

−2.813

Growth

32,729

0.035

3.321

−0.295

594.115

30,092

0.037

2637

0.008

0.029

0.431

Tangibility

33,250

0.928

0.092

0.076

1

30,572

0.929

2678

0.919

0.011***

5.777

Female director Ratio

33,145

0.142

0.123

0

0.833

30,481

0.140

2664

0.157

−0.017***

−6.746

RD Expense

9322

2.368

10.270

0

293.918

8708

2.327

614

2.947

−0.620

−1.447

Duality

33,512

0.275

0.446

0

1

30,790

0.265

2722

0.379

−0.113***

−12.723

SOE

33,512

0.373

0.484

0

1

30,790

0.391

2722

0.176

0.215***

22.409