Table 3.

Summary statistics displays descriptive statistics for the dependent and independent variables introduced in Table 2.

Variable	Obs.	Mean	Median	Std. Dev.	Min	Max
OB-SOI	165	0.1994	0.1967	0.0641	0.0488	0.4382
OS-SOI	165	0.2136	0.2146	0.0655	0.0447	0.3831
OB-RSI	165	0.127	0.1215	0.0582	0.0162	0.3992
OS-RSI	165	0.1182	0.1155	0.0572	0.008	0.2621
Directors' shareholding	165	0.2455	0.2194	0.1302	0.0532	0.5425
Top ten shareholding	165	0.2802	0.2433	0.1505	0	0.6434
Managers' shareholding	165	0.0121	0.0009	0.0231	0	0.1452
Directors' pledge	165	0.1441	0.024	0.2048	0	0.9997
CEO duality	165	0.2667	0	0.4436	0	1
Board size	165	7.2727	7	2.4504	5	15
Leverage	165	0.4434	0.4608	0.2206	0.1216	0.9762
Net profit	165	0.1554	0.0589	0.3046	−1.106	1.2631
Asset turnover	165	0.6998	0.5	0.6644	0.04	4.35
Firm size	165	15.9126	15.78	1.1913	13.47	19.35