Table 3.

Descriptive analysis of variables.

Variable	Obs	Mean	Std.Dev.	Min	Max
Innov	12879	0.024	0.019	0	0.097
Dige	12879	0.047	0.043	0.006	0.422
SA	12879	−3.265	1.31	−4.831	0
Size	12879	22.109	2.112	0	26.301
Lev	12879	45.654	18.982	0	88.764
Roa	12879	7.585	12.72	−51.579	46.176
Share	12879	32.013	17.183	0	76.44
Tat	12879	0.706	0.415	0	2.387
Ppe	12879	0.21	0.145	0	.644
Mfee	12879	0.085	0.053	0	.282