| Variable | Obs. | Mean | Std. Dev. | Min. | Max. |
| MarketLeverage | 5112 | 0.261 | 0.234 | 0.000 | 0.866 |
| BookLeverage | 5112 | 0.190 | 0.151 | 0.000 | 0.659 |
| HHI | 5112 | −0.300 | 0.218 | −0.98 | −0.063 |
| Top4 | 5112 | −0.772 | 0.166 | −0.97 | −0.390 |
| ESG | 5112 | 0.414 | 0.201 | 0.004 | 0.899 |
| Profitability | 5112 | 0.107 | 0.056 | −0.082 | 0.372 |
| FirmSize | 5112 | 13.535 | 1.039 | 10.284 | 15.451 |
| Tangibility | 5112 | 0.296 | 0.165 | 0.010 | 0.876 |
| Growth | 5112 | 1.414 | 1.028 | 0.289 | 11.361 |
| Capex | 5112 | 0.043 | 0.029 | 0.001 | 0.285 |
| EarningsVol | 5112 | 0.025 | 0.020 | 0.000 | 0.365 |