TABLE 1.

Descriptive statistics of variables.

	N	Mean	Median	Std. Dev.	Min	Max
lnTfp	7014	15.013	14.899	0.895	12.237	18.957
GCL	7014	0.627	1.000	0.484	0	1
lnCdf	7014	–2.864	–2.945	0.918	–10.659	3.024
lnSubs	7014	16.224	16.252	1.933	6.908	24.642
lnAge	7014	2.904	2.996	0.329	2.303	3.401
lnCash	7014	–1.025	–1.088	1.171	–5.537	5.121
lnRoa	7014	–2.811	–2.787	0.699	–12.914	–.422
lnTang	7014	–0.079	–0.048	0.099	–1.148	0
lnLev	7014	–0.961	–0.828	0.57	–4.95	0.037
lnRoe	7014	–3.386	–3.179	1.103	–9.641	–0.583