Table 2.

Descriptive statistics.

Variable	Observations	Mean	Std. Dev.	VIF
CSP	10,048	2.970	0.758
DT	10,048	0.275	0.371	1.07
Board independence	10,048	0.385	0.075	1.06
Institutional ownership	10,048	0.443	0.247	1.94
Firm size	10,048	22.283	1.301	1.81
Firm age	10,048	2.840	0.340	1.15
ROA	10,048	0.036	0.016	1.07
SOE	10,048	0.361	0.480	1.46
Leverage	10,048	0.425	0.201	1.55
Board size	10,048	10.265	2.628	1.14
CEO duality	10,048	0.263	0.440	1.13
Shareholder concentration	10,048	0.165	0.115	1.51