Table 2.

Descriptive statistics

Variable	Observations	Mean	Median	Standard deviation	Min	Max
ROA	1167	0.0150	− 0.0030	0.0553	− 0.5560	0.3790
EPI	1167	0.0438	0.0028	0.3067	0	7.8444
GTI	1167	2.7711	2.0700	1.6923	0	8.6500
SIZE	1167	22.4414	22.0227	1.5258	20.0254	24.4866
LEV	1167	0.4669	0.4649	0.2154	0.0156	1.3518
LIQ	1167	1.8494	1.2290	2.8719	0.1668	68.9655
EQU	1167	36.8848	34.8700	15.0456	8.4480	89.9900
SOE	1167	0.5338	1	0.4991	0	1
AGE	1167	7.6026	7.6019	0.0033	7.5969	7.6094