Table 1.
Descriptive statistics of the main variables.
| Variables | N | Mean | SD | Min | Median | Max |
|---|---|---|---|---|---|---|
| Block_chain | 5,534 | 0.518 | 1.015 | 0.000 | 0.000 | 23.000 |
| Local_CEO | 5,534 | 0.597 | 0.491 | 0.000 | 1.000 | 1.000 |
| MB | 5,534 | 0.567 | 0.265 | 0.032 | 0.540 | 1.407 |
| ROA | 5,534 | 0.045 | 0.067 | −1.130 | 0.040 | 0.477 |
| Lev | 5,534 | 0.450 | 0.208 | 0.008 | 0.451 | 1.173 |
| Size | 5,534 | 23.245 | 1.438 | 19.827 | 23.042 | 29.509 |
| Board | 5,534 | 8.858 | 1.902 | 4.000 | 9.000 | 18.000 |
| Top1 | 5,534 | 36.380 | 15.324 | 2.197 | 34.410 | 86.350 |
| Indep | 5,534 | 37.550 | 5.905 | 14.290 | 35.500 | 80.000 |
| SOE | 5,534 | 0.451 | 0.498 | 0.000 | 0.000 | 1.000 |