Descriptive statistics-all firms
| Variable | Mean | Std. dev. | Min. | Max. | N |
|---|---|---|---|---|---|
| SIZE | 14.495 | 4.174 | 0.847 | 24.26 | 28887 |
| GROWTH | 0.078 | 0.42 | −2.883 | 2.417 | 28887 |
| YEARS | 13.591 | 4.668 | 1 | 25 | 28887 |
| LEVER | 0.284 | 0.242 | 0 | 2.258 | 28887 |
| PROF | 0.035 | 0.141 | −1.041 | 1.223 | 28887 |
| LIQUID | 0.475 | 0.215 | 0.011 | 0.98 | 28887 |
| COLL | 0.025 | 0.059 | −0.021 | 0.587 | 28887 |
| Variable | Mean | Std. dev. | Min. | Max. | N |
|---|---|---|---|---|---|
| SIZE | 14.495 | 4.174 | 0.847 | 24.26 | 28887 |
| GROWTH | 0.078 | 0.42 | −2.883 | 2.417 | 28887 |
| YEARS | 13.591 | 4.668 | 1 | 25 | 28887 |
| LEVER | 0.284 | 0.242 | 0 | 2.258 | 28887 |
| PROF | 0.035 | 0.141 | −1.041 | 1.223 | 28887 |
| LIQUID | 0.475 | 0.215 | 0.011 | 0.98 | 28887 |
| COLL | 0.025 | 0.059 | −0.021 | 0.587 | 28887 |
Notes : The table presents descriptive statistics for firm-specific indicators. SIZE : Logarithm of total assets. 
: Growth in sales. 
: Number of years a firm has been listed on the stock market. LEVER : Total debt to total assets. PROF : Earnings before interest and taxes relative to total assets. LIQUID : Current assets over total liabilities. COLL : Tangible assets relative to total assets. Currency units are US dollars.
Descriptive statistics-all firms
| Variable | Mean | Std. dev. | Min. | Max. | N |
|---|---|---|---|---|---|
| SIZE | 14.495 | 4.174 | 0.847 | 24.26 | 28887 |
| GROWTH | 0.078 | 0.42 | −2.883 | 2.417 | 28887 |
| YEARS | 13.591 | 4.668 | 1 | 25 | 28887 |
| LEVER | 0.284 | 0.242 | 0 | 2.258 | 28887 |
| PROF | 0.035 | 0.141 | −1.041 | 1.223 | 28887 |
| LIQUID | 0.475 | 0.215 | 0.011 | 0.98 | 28887 |
| COLL | 0.025 | 0.059 | −0.021 | 0.587 | 28887 |
| Variable | Mean | Std. dev. | Min. | Max. | N |
|---|---|---|---|---|---|
| SIZE | 14.495 | 4.174 | 0.847 | 24.26 | 28887 |
| GROWTH | 0.078 | 0.42 | −2.883 | 2.417 | 28887 |
| YEARS | 13.591 | 4.668 | 1 | 25 | 28887 |
| LEVER | 0.284 | 0.242 | 0 | 2.258 | 28887 |
| PROF | 0.035 | 0.141 | −1.041 | 1.223 | 28887 |
| LIQUID | 0.475 | 0.215 | 0.011 | 0.98 | 28887 |
| COLL | 0.025 | 0.059 | −0.021 | 0.587 | 28887 |
Notes : The table presents descriptive statistics for firm-specific indicators. SIZE : Logarithm of total assets. : Growth in sales. : Number of years a firm has been listed on the stock market. LEVER : Total debt to total assets. PROF : Earnings before interest and taxes relative to total assets. LIQUID : Current assets over total liabilities. COLL : Tangible assets relative to total assets. Currency units are US dollars.
