Table 2.
Summary statistics of study variables (panel data).
| Summary statistics | ROA | ROE | SR | Tobin's Q | IMS | DIRS | MAS | SIZE | ΔSALES |
|---|---|---|---|---|---|---|---|---|---|
| Mean | 0.946 | 1.087 | −0.458 | 0.271 | 30.103 | 29.536 | 0.568 | 14.932 | 0.015 |
| Median | 0.770 | 0.955 | −1.570 | 0.270 | 31.475 | 31.420 | 0.010 | 15.180 | −0.772 |
| Maximum | 7.550 | 9.890 | 130.692 | 0.552 | 67.690 | 60.700 | 7.330 | 16.268 | 67.194 |
| Minimum | −10.790 | −16.920 | −157.592 | 0.062 | 12.200 | 12.200 | 0.000 | 13.507 | −78.667 |
| Standard deviation | 1.964 | 2.702 | 24.732 | 0.113 | 12.511 | 12.075 | 1.263 | 0.935 | 16.242 |
Note: ROA: return on assets; ROE: return on equity; SR: quarterly stock returns; IMS: insider managerial shareholding; DIRS: directors’ shareholding; MAS: managers’ shareholding; SIZE: the natural logarithm of the average total assets; ΔSALES: growth rate of sales.