Table 2.

Descriptive statistics of variables.

Variable name	Observations	Mean	Standard deviation	Minimum value	Maximum value
Tobin's Q	10172	2.1246	2.0444	0.1377	11.9248
KZ	10172	0.5047	2.2123	-6.1759	5.4558
SIZE	10172	22.415	1.441	19.768	27.318
AGE	10172	19.053	5.884	4	52.67
LEV	10172	0.4323	0.2029	0.0643	0.9088
BPS	10172	5.4270	3.7565	0.3785	23.3642