| Â | N | P1 | P25 | P50 | P75 | P99 | Mean | Sd |
|---|
DEBTFINANCING
| 314 | 0.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.81 | 0.39 |
DILUTION
| 314 | 0.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.90 | 0.29 |
ROE
| 314 | 0.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.84 | 0.37 |
DEVIATION
| 314 | −0.36 | −0.12 | −0.02 | 0.07 | 0.25 | −0.03 | 0.14 |
MB
| 314 | 0.83 | 2.05 | 2.93 | 4.52 | 11.60 | 3.59 | 2.35 |
RET
| 314 | −0.65 | −0.20 | 0.20 | 0.94 | 6.87 | 0.64 | 1.46 |
ROA
| 314 | −0.10 | 0.02 | 0.05 | 0.07 | 0.12 | 0.04 | 0.04 |
ISSUESIZE
| 314 | 0.01 | 0.07 | 0.11 | 0.16 | 0.38 | 0.12 | 0.07 |
POTSHR
| 314 | 0.10 | 0.23 | 0.33 | 0.47 | 0.74 | 0.35 | 0.16 |
FCF
| 314 | −0.42 | −0.07 | −0.01 | 0.04 | 0.23 | −0.02 | 0.11 |
SOE
| 314 | 0.00 | 0.00 | 0.00 | 0.00 | 1.00 | 0.15 | 0.36 |
NONTR
| 314 | 0.00 | 0.01 | 0.22 | 0.43 | 0.78 | 0.25 | 0.24 |
- This table presents descriptive statistics on firm characteristics DEBTFINANCING is an indicator variable that equals one when net debt is issued and zero when net equity is issued. DILUTION equals one if equity issue will dilute ROE and zero otherwise. ROE is an indicator variable that equals one when ROE is used as a performance measure, and zero otherwise. DEVIATION is defined as the difference between a firm’s observed leverage ratio and the median leverage of firms in the same industry and year. MB is market-to-book ratio, defined as (total assets − value of equity + market value of equity)/total assets; RET is defined as the dividend-adjusted raw return over the previous two years; ROA is defined as net income over total assets; ISSUESIZE is defined as new debt and equity issues, scaled by total assets; FCF is free cash flow, defined as (operating cash flows − capital expenditure)/total assets. SOE is a dummy variable that equals one when firms are SOEs, zero otherwise. NONTR is the percentage of non-tradable shares. p values are based on two-tailed tests
