Table 1.

Summary statistics for the sample.

Variable	Mean	Minimum	Maximum	S.D.	Observations
ROA	0.07	−1.43	0.43	0.12	708
ROE	0.12	−3.81	0.85	0.27	708
TC	0.12	0.00	0.91	0.09	708
TC2	0.02	0.00	0.82	0.05	708
FSIZE	15.35	11.21	20.45	1.36	708
LEV	0.55	0.00	29.13	1.90	708
LQD	−2.25	−14.15	0.00	3.35	708
SGR	0.10	−0.98	10.63	0.56	708
GDP	0.03	−0.06	0.31	0.04	708