Table 2.

Descriptive statistics.

Variable	Obs	Mean	SD	Med	Min	Max
R&D	19,156	0.0470	0.0520	0.0361	0.0000	1.3745
Taxp	19,156	0.0374	0.2043	0.0701	−0.5102	0.4125
Taxenforce	19,156	1.0007	0.2587	0.9490	0.5825	1.7457
Roa	19,156	0.0429	0.0820	0.0409	−1.2759	4.4890
Lev	19,156	0.4012	0.2041	0.3887	0.0075	4.9952
Growth	19,156	0.1341	0.2389	0.1045	−0.2541	0.7144
G5	19,156	0.1563	0.1114	0.1288	0.0013	0.7942
Cashflow	19,156	−0.0149	0.1068	−0.0064	−3.3034	1.5137
Capital	19,156	0.2114	0.1459	0.1840	0.0000	0.8758
Size	19,156	22.1276	1.2912	21.9451	17.8061	28.6365