| Panel A. Full Sample | ||||||||
| Obs | Mean | Median | Std. Dev. | Min | Max | |||
| Leverage | 12132 | 0.499 | 0.503 | 0.190 | 0.083 | 1.03 | ||
| Tangibility | 12132 | 0.290 | 0.261 | 0.183 | −0.206 | 0.971 | ||
| Non-Debt Tax Shields (NOT) | 12132 | 0.024 | 0.021 | 0.019 | −0.034 | 0.817 | ||
| Profitability | 12132 | 0.032 | 0.036 | 0.194 | −18.918 | 0.715 | ||
| Growth opportunity | 12132 | 0.511 | 0.504 | 0.388 | 0.010 | 27.928 | ||
| Firm Size | 12132 | 21.818 | 21.700 | 1.097 | 16.683 | 27.917 | ||
| Ownership | 12132 | 0.282 | 0.281 | 0.249 | 0.000 | 0.906 | ||
| DEF | 11844 | −0.004 | −0.009 | 0.252 | −19.268 | 2.979 | ||
| Panel B: Subsamples | ||||||||
| Year 2000-2006 | Year 2007-2011 | |||||||
| Obs | Mean | Median | Obs | Mean | Median | |||
| Leverage | 7030 | 0.474 | 0.478 | 5102 | 0.533 | 0.539 | ||
| Tangibility | 7030 | 0.305 | 0.280 | 5102 | 0.269 | 0.234 | ||
| Non-Debt Tax Shields (NOT) | 7030 | 0.024 | 0.021 | 5102 | 0.025 | 0.021 | ||
| Profitability | 7030 | 0.036 | 0.038 | 5102 | 0.027 | 0.033 | ||
| Growth opportunity | 7030 | 0.478 | 0.480 | 5102 | 0.556 | 0.540 | ||
| Firm Size | 7030 | 21.602 | 21.504 | 5102 | 22.115 | 21.999 | ||
| Ownership | 7030 | 0.358 | 0.394 | 5102 | 0.178 | 0.037 | ||
| DEF | 6742 | −0.010 | −0.013 | 5102 | 0.004 | −0.003 | ||