Table 5 Full-sample descriptive statistics
From: Board of directors and earnings manipulation: evidence from regulatory change
Variables | N | Mean | Median | SD | Min | Max |
|---|---|---|---|---|---|---|
Predictor variables | ||||||
MCDA | 1476 | 0.05 | −.001 | .113 | −.759 | .992 |
REALEM | 1492 | .099 | .063 | .286 | −2.39 | .967 |
DIS ERM | 1533 | .151 | .086 | .52 | −3.00 | 9.102 |
RCFO | 1518 | −.008 | −.006 | .128 | −.78 | .867 |
PROD RM | 1498 | .005 | .004 | .163 | −.256 | .285 |
Board of directors variables | ||||||
BIND | 1544 | .181 | .143 | .081 | .091 | .333 |
BEXP | 1114 | .335 | .286 | .151 | .143 | .571 |
BDIV | 1546 | .107 | 0 | .144 | 0 | 1 |
FD | 1517 | .287 | .286 | .23 | 0 | .625 |
BMEET | 1520 | 5.346 | 5 | 1.96 | 2 | 24 |
BSIZE | 1551 | 7.792 | 7 | 1.06 | 7 | 10 |
CEOD | 1548 | .034 | 0 | .282 | 0 | 1 |
Control variables | ||||||
ACIND | 1540 | .303 | .333 | .129 | 0 | .5 |
ACEXP | 1116 | .343 | .333 | .25 | 0 | .75 |
BIG4 | 1595 | .483 | 0 | .5 | 0 | 1 |
ROA | 1546 | 4.95 | 4.08 | 8.71 | −8.80 | 19.89 |
LEVE | 1546 | .545 | .543 | .22 | .213 | .92 |
FAGE | 1607 | 37.65 | 35 | 15.34 | 15 | 63 |
TANG | 1544 | .452 | .456 | .224 | .101 | .797 |
FSIZE | 1545 | 8.59 | 8.55 | 1.38 | 6.373 | 10.7 |
LOSS(D) | 1591 | .275 | 0 | .447 | 0 | 1 |
CFO | 1517 | −.204 | .028 | 9.64 | −375.50 | 1.55 |
SALES | 1545 | .905 | .843 | 1.07 | −31.29 | 5.74 |
INV | 1544 | .144 | .136 | .171 | −4.37 | .651 |