Table 8.

Descriptive statistics results.

Variables	(1)	(2)	(3)	(4)	(5)
	N	mean	sd	min	max
Size	37,994	22.1053	1.4101	10.8422	29.9477
Lev	37,994	0.4630	1.5862	− 0.1947	178.3455
ROA	37,994	0.0422	0.3782	− 64.8192	20.7876
REC	37,994	0.1156	0.1043	0.0000	0.9750
Top1	37,994	0.3479	0.1515	0.0029	0.8999
SOE	37,994	0.3779	0.4849	0.0000	1.0000
FirmAge	37,994	2.8367	0.3784	0.0000	4.1589
Mfee	37,994	0.3789	23.2718	− 0.7569	3,404.6113
ln_digi	37,994	0.7553	1.1787	0.0000	6.2596
overseainc	37,994	0.1258	0.2098	− 0.5142	1.3186
hhi_d	37,994	0.1071	0.1286	0.0142	1.0000
ln_digi2	37,994	1.1911	1.3617	0.0000	6.3008
ecycle	37,994	0.9394	0.2385	0.0000	1.0000
Number of code	4383	4383	4383	4383	4383