Variable

Obs

Mean

Std. Dev.

Min

Max

Total investment

1863

0.126

0.148

0

0.731

Payout reduction

1863

−0.001

0.015

−0.077

0.062

Growth opportunities

1863

0.109

0.588

−0.987

5.655

Leverage

1863

0.447

0.243

0

0.939

Cash Flow

1863

0.077

0.116

−1.038

0.488

Capital expenditures

1863

0.113

0.138

0

0.612