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 |
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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 |