| Variables | Mean | Median | STD | Minimum | Maximum |
| Panel A: Independent (Corporate governance) variables based on all firms year observations | |||||
| IVDI | 16.33 | 0 | 31.55 | 0 | 100 |
| BRDS | 9.12 | 9 | 2.68 | 5 | 22 |
| BDIV | 8.65 | 0 | 13.22 | 0 | 64.45 |
| NED | 84.01 | 86.78 | 14.03 | 36 | 100 |
| GOWN | 15.73 | 3.32 | 22.61 | 0 | 98.78 |
| DOWN | 46.23 | 48.92 | 28.13 | 0 | 98.73 |
| BOWN | 58.76 | 60.13 | 24.42 | 3.20 | 98.98 |
| Panel B: Dependent Variables | |||||
| MCGI | 57.68 | 59.91 | 12.48 | 25.26 | 89.42 |
| OS | 64.42 | 67.12 | 12.12 | 20.68 | 100.00 |
| FT | 74.69 | 76.23 | 13.89 | 35.42 | 100.00 |
| AD | 54.89 | 56.67 | 23.35 | 0 | 100.00 |
| CR | 27.82 | 15.31 | 22.69 | 0 | 86.83 |
| BS | 59.87 | 62.02 | 16.65 | 21.08 | 89.21 |
| Panel C: Control Variables | |||||
| LNFS ($m) | 3128.54 | 214.58 | 6124.43 | 3.45 | 35222.66 |
| SGR | 10.34 | 6.98 | 46.98 | -92.59 | 654.47 |
| LVG % | 21.42 | 17.23 | 18.91 | 0 | 74.23 |
| GDP% | 4.22 | 3.60 | 2.68 | -5.20 | 10.00 |
| INF | 193.64 | 162.51 | 61.72 | 108.41 | 333.12 |