TABLE 4.

Descriptive statistics of variables.

Variable	Mean	Median	Maximum	Minimum	SD	Number of observations
ROE iT + 1	0.3372	−0.0159	11.5162	−23.1938	4.3706	908
ZMQG	0.7524	0.7857	0.9500	0.0000	0.1285	908
JQG	0.9672	0.7559	0.9486	0.0000	0.1981	891
IC	16.1719	11.0086	62.6143	−6.9037	3.8377	877
EPS	0.2664	0.20000	4.15	−4.4800	0.5234	908
LNSIZE	21.7363	21.6154	28.4133	14.9416	0.5862	908
AGE	9.8369	7.0000	25.0000	0.0000	6.7883	926
MB	−17.7670	12.4678	45.4048	−10.0587	3.5227	908
YRET	6.5855	6.1556	64.4569	−16.0109	1.0638	908