Table 2.
Descriptive statistics.
| VARIABLE | MEAN | STD | MIN | Q1 | MEDIAN | Q3 | MAX |
|---|---|---|---|---|---|---|---|
| DIVPAYER | 0.569 | 0.495 | 0.000 | 0.000 | 1.000 | 1.000 | 1.000 |
| DIV | 0.445 | 0.652 | 0.000 | 0.000 | 0.170 | 0.668 | 5.000 |
| AMBIGUITY | 0.073 | 0.239 | 0.000 | 0.009 | 0.019 | 0.046 | 3.333 |
| LOSS | 0.289 | 0.453 | 0.000 | 0.000 | 0.000 | 1.000 | 1.000 |
| RISK | 25.170 | 14.519 | 5.852 | 15.421 | 21.794 | 30.937 | 166.858 |
| STRATEGY | 18.714 | 2.851 | 8.000 | 17.000 | 19.000 | 21.000 | 28.000 |
| SIZE | 7.709 | 1.503 | 4.743 | 6.593 | 7.546 | 8.663 | 12.224 |
| LEVERAGE | 0.197 | 0.156 | 0.000 | 0.049 | 0.191 | 0.305 | 0.684 |
| BM | 0.477 | 0.347 | 0.000 | 0.258 | 0.401 | 0.602 | 7.337 |
| INDPEND | 0.753 | 0.138 | 0.000 | 0.667 | 0.778 | 0.875 | 1.000 |
| INST | 0.765 | 0.152 | 0.051 | 0.669 | 0.780 | 0.879 | 1.000 |
| FCF | 0.085 | 0.186 | −0.710 | −0.023 | 0.079 | 0.195 | 0.632 |
This table presents the mean, standard deviation (STD), minimum (Min), maximum (Max), 25 percentiles (Q1) and 75 percentiles (Q3) for all the variables used in the main tests.