Table 2.
Descriptives
| Variable | Mean | Std. Dev | Min | Max |
|---|---|---|---|---|
| Liquidity | 0.118 | 0.124 | 0.000 | 0.646 |
| Profitability | 0.044 | 0.074 | − 0.250 | 0.317 |
| Sizea | 8,047,336 | 1.08e+07 | 320,213.9 | 6.97e+07 |
| Agea | 33.897 | 13.682 | 16 | 89 |
| Risk | 4.531 | 11.480 | 0.007 | 139.523 |
| Effective tax rate | 0.256 | 0.284 | − 0.766 | 2.006 |
| SEW F | 5.146 | 1.309 | 1 | 7 |
| SEW R | 5.460 | 1.437 | 1 | 7 |
| Family charter | 0.181 | 0.385 | 0 | 1 |
| Non-family CEO | 0.238 | 0.426 | 0 | 1 |
aFor these variables, we report the absolute value (whereas in the regression analyses, natural logarithm of these variables is included)