Table 1 Descriptive statistics
Variables | Observation | Mean | Standard deviation | Min | Max |
|---|---|---|---|---|---|
Tobin’s Q | 5123 | 1.3492 | 1.2271 | 0.0000 | 7.6676 |
DPS | 5140 | 0.0404 | 0.0945 | 0.0000 | 0.5700 |
Board size | 5151 | 7.3871 | 1.9663 | 4.0000 | 13.0000 |
DPS*Board | 5129 | 0.4127 | 1.5526 | 0.0000 | 25.2900 |
Log (size) | 5167 | 12.8763 | 1.7199 | 2.3026 | 19.0206 |
TLTA | 5166 | 0.3651 | 0.2043 | 0.0177 | 0.9463 |
Blockholder | 5096 | 50.2000 | 17.6135 | 0.0000 | 85.0000 |
Cash holding | 5167 | 0.1686 | 0.1437 | 0.0028 | 0.6664 |