Good Governance Firms | Poor Governanace Firms | ||||||||
All Firms | (Governance Index: 1 - 5) | (Governance Index: 14 - 18) | |||||||
Variable | Mean | Median | SD | Mean | Median | SD | Mean | Median | SD |
G-Index | 8.9408 | 9 | 2.7193 | 4.4244 | 5 | 0.7936 | 14.5848 | 14 | 0.7810 |
LEV† | 0.2569 | 0.1677 | 0.2692 | 0.2341 | 0.1475 | 0.2546 | 0.2637 | 0.2225 | 0.1981 |
PRFT† | 0.084 | 0.0394 | 0.4648 | 0.0251 | 0.0346 | 0.2365 | 0.047 | 0.0409 | 0.1967 |
COL† | 0.2581 | 0.1181 | 0.3541 | 0.2062 | 0.1176 | 0.2491 | 0.2521 | 0.1819 | 0.2659 |
SIZE† | 2.0908 | 2.1103 | 1.1766 | 3.0416 | 2.9713 | 0.8002 | 3.4326 | 3.4472 | 0.5745 |
LTS† | 1.9235 | 1.9471 | 1.1649 | 2.8612 | 2.8148 | 0.7344 | 3.3191 | 3.3014 | 0.5190 |
MTB† | 2.7953 | 1.0915 | 8.8995 | 1.7299 | 1.2120 | 1.9943 | 2.9702 | 1.0748 | 9.9491 |
CAPEX† | 0.0628 | 0.0336 | 0.0893 | 0.0508 | 0.0330 | 0.0600 | 0.0644 | 0.0331 | 0.0929 |
INTANG† | 0.0911 | 0.0102 | 0.1782 | 0.1083 | 0.0353 | 0.1724 | 0.1786 | 0.0055 | 0.1786 |
CF† | −0.1479 | 0.0693 | 1.1863 | 0.1114 | 0.1144 | 0.1549 | 0.1238 | 0.1276 | 0.1693 |
RISK† | 45.838 | 4.0302 | 184.541 | 99.985 | 19.334 | 289.715 | 34.588 | 2.982 | 161.074 |
MED† | 0.2116 | 0.1647 | 0.1966 | 0.2161 | 0.1733 | 0.1937 | 0.2338 | 0.2009 | 0.1671 |
NWC† | −0.0443 | 0.1918 | 2.078 | 0.2679 | 0.2568 | 0.2291 | 0.1786 | 0.1729 | 0.1785 |
N | 23,527 | 2528 | 1091 |