Variables Obs Mean SD Min Max
Dependent variables RDI 3250 3.012 2.169 0.040 9.830
RDE 3250 22.347 1.448 18.733 25.690
Independent variables lnSize 3250 22.281 1.345 19.311 26.071
lnAge 3250 2.766 0.349 1.609 3.526
Human 3250 0.392 0.180 0.051 0.896
Tobin’s Q 3250 1.910 0.904 0.979 4.316
Leverage 3250 0.433 0.206 0.054 1.033
ROA 3250 0.038 0.050 -0.149 0.184
Fixs 3250 0.283 0.164 0.025 0.786
SOE 3250 0.409 0.492 0.000 1.000
Large 3250 36.637 15.018 8.980 79.380
lnTFP 3250 0.003 0.272 -0.969 2.129
Manage 3250 0.083 0.053 0.008 0.391
Other variables Loan 3160 0.226 0.192 0.000 0.861
KZ 3250 -0.472 4.516 -13.384 6.324
TC 3084 0.132 0.086 0.007 0.426
POL 2751 0.569 0.495 0.000 1.000