Table 1.

Variable description. This table presents the firm-year Leverage descriptive statistics for our regression. All variable definitions are presented in Appendix A.

	Obs	Mean	SD	Min	Median	Max
Digital	22,635	0.068	0.723	0	0	7.813
Wwater	22,635	0.184	1.433	0	0	12.617
Wgas	22,635	0.161	0.352	0	0	1.609
Size	22,635	22.095	1.311	19.983	21.874	27.285
ROA	22,635	0.047	0.049	−0.164	0.043	0.192
Lev	22,635	0.399	0.198	0.007	0.392	0.989
Growth	22,635	0.633	0.416	0.084	0.536	2.426
PPE	22,601	0.045	0.047	0	0.033	0.304
Nership	21,956	36.672	16.501	5.042	35.44	75.46
Wedge	21,952	4.614	7.431	0	0	27.928
Duality	22,363	0.276	0.447	0	0	1
Restriction	22,635	0.736	0.621	0.027	0.563	2.884
Indepboard	22,633	37.391	5.292	33.33	33.33	57.14
Compensation	22,602	0.472	0.131	0.233	0.456	0.866
Share	22,005	15.597	21.038	0	1.403	69.337