TABLE 2.

Descriptive statistical analysis results of each variable.

Abbreviation	Mean	Standard deviation	Minimum	Maximum
CAR	3.4016	2.8371	0.1334	18.2362
MR	0.0021	0.0025	−0.0079	0.0010
LOTTERY	0.0050	0.0039	0.0002	0.0288
OVERSUB 1	912.35	1,056.13	33.2447	5,934.26
OVERSUB 2	1,302.41	1,630.23	25.7321	6,955.33
ΔPE	26.7821	22. 2013	−13.72	187.45
SIZE	8.8821	0.3992	7.5326	12.0015
EPS	0.7955	0.4420	0.0698	3.01
BOARD	1.9385	0.9148	1	3