From: Multiple large shareholders and corporate fraud: evidence from China
Variable | N | Mean | Std. | Min. | Median | Max. | P25 | P75 |
---|---|---|---|---|---|---|---|---|
Panel A: Descriptive statistics of key variables | ||||||||
Fraud | 24,704 | 0.166 | 0.372 | 0.000 | 0.000 | 1.000 | 0.000 | 0.000 |
Fre | 24,704 | 0.249 | 0.691 | 0.000 | 0.000 | 11.000 | 0.000 | 0.000 |
Multi | 24,704 | 0.368 | 0.482 | 0.000 | 0.000 | 1.000 | 0.000 | 1.000 |
Size | 24,704 | 22.088 | 1.421 | 19.290 | 21.879 | 27.062 | 21.088 | 22.826 |
Lev | 24,704 | 0.436 | 0.224 | 0.047 | 0.423 | 0.965 | 0.255 | 0.602 |
Roa | 24,704 | 0.037 | 0.060 | −0.258 | 0.037 | 0.196 | 0.014 | 0.066 |
Lnboard | 24,704 | 2.142 | 0.205 | 1.609 | 2.197 | 2.708 | 1.946 | 2.197 |
Big10 | 24,704 | 0.566 | 0.496 | 0.000 | 1.000 | 1.000 | 0.000 | 1.000 |
Ana | 24,704 | 1.522 | 1.157 | 0.000 | 1.609 | 3.738 | 0.693 | 2.485 |
Dual | 24,704 | 0.264 | 0.441 | 0.000 | 0.000 | 1.000 | 0.000 | 1.000 |
Turnover | 24,704 | 1.671 | 1.275 | 0.124 | 1.323 | 6.293 | 0.727 | 2.263 |
Scfc | 24,704 | 0.135 | 0.206 | 0.000 | 0.000 | 0.790 | 0.000 | 0.245 |
Panel B: Distribution of large shareholders | ||||||||
Number of large shareholders | 1 | 2 | 3 | 4 | 5 | |||
Freq. | 15,233 | 7249 | 1609 | 213 | 27 | |||
Percent (%) | 61.66 | 29.34 | 6.51 | 0.86 | 0.11 |