Table 3.

Descriptive analysis.

VARIABLES	Observations	Mean	Sd	Min	Max
EID	10,402	7.394	11.030	0	71.25
EP	10,402	1.176	1.292	0	8
FP	10,402	0.103	0.103	−0.304	0.419
State	10,402	0.519	0.500	0	1
Leverage	10,402	0.483	0.204	0.0703	0.929
Size	10,402	4.769	1.322	2.152	9.126
Growth	10,402	0.201	0.415	−0.497	2.673
Holder1	10,402	37.25	16.55	8.180	77.35
GI	10,402	1.160	1.360	0	7.074