Table 1.

Descriptive statistics.

Variables	Mean	SD	25%	Median	75%	No. of firms
M&A	0.0374	0.9822	0.0000	0.0000	0.0065	3679
Investment	0.0002	0.0689	−0.0041	−0.0012	0.0006	3678
Short-debt leverage	0.3528	0.4658	0.1990	0.3210	0.4507	3679
Long-debt leverage	0.0922	0.1816	0.0132	0.0494	0.1306	3679
Dividend	0.0062	0.0115	0.0009	0.0027	0.0063	3511
Cash	0.2311	0.3486	0.0852	0.1480	0.2572	3679
ROA	0.0132	0.0204	0.0033	0.0115	0.0222	3679
ROE	0.0247	0.0466	0.0064	0.0221	0.0410	3679
Managerial ability	0.5105	0.1318	0.4182	0.4811	0.5756	3679
Duality	0.3099	0.4625	0.0000	0.0000	1.0000	3679
Board	8.3512	1.6378	7.0000	9.0000	9.0000	3679
Independence	3.1158	0.5258	3.0000	3.0000	3.0000	3679
Institutional	0.4168	0.2503	0.1976	0.4224	0.6185	3679
State	0.2968	0.4569	0.0000	0.0000	1.0000	3679
Size	22.2606	1.3237	21.3162	22.0863	23.0025	3679
Profitability	0.0350	0.1213	0.0255	0.0501	0.0825	3679
Growth	0.0959	0.3481	−0.0395	0.0516	0.1842	3679
Leverage	0.4280	0.2125	0.2611	0.4143	0.5741	3679
Cash flow	0.0575	0.0670	0.0190	0.0576	0.0963	3679
MTB	1.8534	1.2085	1.1546	1.4849	2.0498	3679

Notes. This table reports descriptive statistics for main variables. Variables definitions are located in Appendix A.