Table 2.

Descriptive statistics.

Variable	Obs	Mean	SD	Min	Max
IN (exploitative)	13,709	2.050	1.426	0	5.835
IN (exploratory)	13,709	2.263	1.271	0	4.571
DT	13,709	1.503	1.331	0	5.056
DDC	13,709	0.429	0.746	0	0.837
EU	13,709	0.035	0.039	0.017	0.081
Scale	13,709	22.020	1.283	19.680	26.030
Board	13,709	0.259	0.438	0	1
Vrd	13,709	35.120	14.960	8.814	74.820
Leverage	13,709	0.427	0.419	0.050	0.894
Free cashflow	13,709	0.084	0.078	− 0.798	0.709
Grow	13,709	0.166	0.101	− 0.618	2.785