| Variable | Obs | Average | Standard deviation | Min | Max |
| Control variables & independent | |||||
| FAMILY | 896 | 0.42 | 0.32 | 0.00 | 1.00 |
| FOREIGN | 896 | 0.09 | 0.15 | 0.00 | 1.00 |
| GOVERNMENT | 896 | 0.06 | 0.13 | 0.00 | 1.00 |
| SIZE | 896 | 3.14 | 0.82 | 0.43 | 5.53 |
| YIELD | 852 | 0.07 | 0.07 | −0.10 | 0.38 |
| GROW | 869 | 0.37 | 0.48 | 0.00 | 3.83 |
| RISK | 896 | 0.06 | 0.06 | 0.01 | 0.35 |
| TANG | 874 | 0.38 | 0.22 | 0.00 | 0.92 |
| Indebtedness variables—dependent | |||||
| LTD | 867 | 1.53 | 2.82 | 0.00 | 15.98 |
| ACD | 847 | 0.34 | 0.18 | 0.00 | 0.97 |
| MKD | 562 | 1.00 | 0.80 | 0.00 | 2.99 |
| BVD | 773 | 0.75 | 0.96 | 0.00 | 6.83 |
| MKED | 769 | 0.28 | 0.17 | 0.02 | 0.92 |
| NDE | 609 | 2.64 | 1.67 | 0.00 | 6.93 |
| NDBV | 692 | 0.87 | 0.92 | 0.00 | 5.20 |
| NDMKE | 772 | 0.33 | 0.19 | 0.00 | 0.91 |