Table D.2a.
Summary statistics of subsample.
| Variable | Obs | Mean | Std Dev | Min | Max |
|---|---|---|---|---|---|
| Investment rate | 48112 | 0.16143 | 0.21296 | −1.2317 | 1.57499 |
| Cash flow | 48112 | 0.00461 | 0.07533 | −0.9502 | 0.84784 |
| EBIT/Assets | 48112 | 0.0896 | 0.09843 | −1.5665 | 0.72005 |
| Debt Burden | 48112 | 0.29473 | 0.62017 | 0 | 2.77083 |
| Debt/Assets | 48112 | 0.5416 | 0.26745 | 0 | 4.57777 |
| Sales growth | 48112 | 0.06046 | 0.30622 | −1 | 9.22419 |
| Large | 48112 | 0.35887 | 0.47967 | 0 | 1 |
| Medium | 48112 | 0.29386 | 0.45553 | 0 | 1 |
| Small | 48112 | 0.34727 | 0.47611 | 0 | 1 |
| Advisors:0 | 48112 | 0.02929 | 0.16861 | 0 | 1 |
| Advisors: >0 and ≤ 5 | 48112 | 0.53563 | 0.49873 | 0 | 1 |
| Advisors: >5 | 48112 | 0.43509 | 0.49577 | 0 | 1 |
Note: Table D.2a presents the basic summary statistics of the firm-level variables. The sample comes from the Integrated Central Balance Sheet Data Office Survey (CBI) of the Bank of Spain merged with the Amadeus-Orbis database. The sample covers the period 2002–2016.