Table 1. Descriptive statistics of variables.

Variables	N	Mean	Std. Dev.	Min	Max
CEI	27196	159.436	263.055	0	29275.31
Dig	27196	2.909	7.741	0	91
EC	27196	612.002	743.644	44.336	2893.145
GII	27196	1.922	6.614	0	64
Roa	27196	4.229	5.944	-36.514	25.441
state	27196	0.151	0.358	0	1
bsize	27196	8.663	1.698	5	15
dshare	27196	37.309	5.301	22.22	57.14
Bm	27196	0.626	0.242	0.095	1.236
dual	27196	0.273	0.445	0	1
Age	27196	10.364	7.308	1	29