| Variables | Mean | S.D. | Correlation matrix | ||||
| FOWN | BETA | SIZE | ER | BM | |||
| Panel A: 2013 | |||||||
| FOWN | 8.072 | 9.700 | 1.000 | ||||
| BETA | 1.077 | 0.347 | −0.090 | 1.000 | |||
| SIZE | 8.656 | 2.068 | 0.492 | −0.222 | 1.000 | ||
| ER | 20.552 | 29.435 | 0.084 | −0.048 | −0.021 | 1.000 | |
| BM | 2.045 | 3.821 | −0.126 | 0.226 | −0.421 | −0.005 | 1.000 |
| Panel B: 2014 | |||||||
| FOWN | 8.489 | 10.035 | 1.000 | ||||
| BETA | 1.158 | 0.429 | −0.129 | 1.000 | |||
| SIZE | 8.861 | 2.084 | 0.483 | −0.257 | 1.000 | ||
| ER | 19.807 | 27.289 | 0.045 | −0.077 | −0.001 | 1.000 | |
| BM | 1.805 | 3.464 | −0.119 | 0.233 | −0.436 | −0.010 | 1.000 |
| Panel C: 2015 | |||||||
| FOWN | 8.284 | 9.570 | 1.000 | ||||
| BETA | 1.178 | 0.477 | −0.141 | 1.000 | |||
| SIZE | 9.305 | 2.079 | 0.497 | −0.206 | 1.000 | ||
| ER | 19.030 | 26.730 | 0.031 | −0.107 | 0.020 | 1.000 | |
| BM | 1.248 | 2.636 | −0.097 | 0.187 | −0.414 | −0.038 | 1.000 |