Table 3.

Descriptive statistics of operational variables

Variable	Obs	Mean	S.D	Min	Max
TLF	805	15.636	1.51	12.039	18.93
CEX	805	4.880	3.261	3.63	24.112
HEX	805	2.047	0.419	0.095	2.866
LXP	805	4.362	0.046	4.17	4.435
MRB	805	4.153	0.269	2.884	4.552
MRT	805	1.806	0.83	0.642	4.675
MG	805	11.21	8.33	7.73	15.77
MIF	805	5.660	0.956	0.606	4.438
PHE	805	2.370	1.319	0.01	3.775
TIF	805	1.00	0.81	1.035	2.549
TRF	805	8.780	0.816	0.215	6.849
GDP	805	26.555	1.66	19.773	30.696
GOV	805	7.980	0.99	-3.036	1.384

Source: author’s calculations

all variables are transformed into logarithm except mif, tif, trf and gov, because they are constructed by factor analysis