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Table 2 Descriptive statistics

From: Employee stock ownership plan and stock price crash risk

Variable No. of obs. Mean P1 Median P99 Std
Panel A: Event group (firms adopting ESOPs) + paired group
NCSKEW 4832 −0.341 −1.745 − 0.435 1.337 0.764
DUVOL 4832 −0.256 −1.375 −0.312 0.946 0.575
ESOP 4832 0.500 0 1 1 0.500
Dturn 4832 −0.315 −9.295 −0.266 4.188 1.552
Hret 4832 −0.013 −0.336 −0.081 1.407 0.036
Sigma 4832 0.030 0.013 0.026 0.064 0.013
Size 4832 22.239 20.598 22.146 24.015 0.931
MB 4832 2.871 0.027 2.147 12.597 3.042
Lev 4832 0.412 0.146 0.402 0.720 0.181
ROA 4832 2.140 −0.788 1.870 5.728 1.807
DA 4832 − 0.017 −0.203 −0.026 0.182 0.109
Panel B: Sub-sample of companies adopting ESOPs
NCSKEW 2416 −0.353 −1.745 − 0.446 1.337 0.760
DUVOL 2416 −0.276 −1.254 −0.328 0.946 0.568
Stock_ESOP 2416 1.679 0.030 1.260 7.270 1.501
Size_ ESOP 2416 9.310 6.358 9.220 11.918 1.145
Price_ ESOP 2416 19.510 3.140 15.790 84.140 14.765
R_price_ESOP 2416 0.692 0 0.853 1.769 0.489
Dum_Lev_ ESOP 2416 0.449 0 0 1 0.498
Lev_ ESOP 2416 0.716 0 0 6.301 1.719
Dturn 2416 −0.296 −4.341 −0.250 3.910 1.466
Hret 2416 −0.006 − 0.336 − 0.078 1.540 0.318
Sigma 2416 0.030 0.013 0.026 0.064 0.014
Size 2416 22.235 20.737 22.157 24.015 0.881
MB 2416 2.819 0.201 2.235 11.080 2.389
Lev 2416 0.411 0.146 0.404 0.720 0.176
ROA 2416 2.180 −0.788 1.985 5.728 1.741
DA 2416 −0.023 − 0.203 −0.031 0.182 0.106
  1. Notes. This table presents descriptive statistics on stock price crash risk, executive compensation, and control variables. The sample contains firms adopting ESOPs from 2014 to 2017 and their paired firms. All variables are defined in section 3.2