Variable |
Description |
Std. dev. |
Mean |
Min |
Max |

Market-to-book ratio |
Market capitalization/equity |
1.18 |
1.40 |
0.11 |
5.77 |

Age |
Number of years since the company’s official registration |
5.77 |
15.96 |
1 |
24 |

Disclosure score
$\left(\mathrm{D}\mathrm{s}\mathrm{c}\mathrm{o}\mathrm{r}\mathrm{e}\right)$ |
Aggregate transparency score |
8.55 |
21.03 |
0 |
37 |

Independent director
$\left(\mathrm{I}\mathrm{n}\mathrm{d}\mathrm{D}\mathrm{i}\mathrm{r}\right)$ |
Number of independent board members |
2.88 |
4.40 |
0 |
7 |

Leverage
$\left(\mathrm{L}\mathrm{e}\mathrm{v}\right)$ |
Debt to equity relation |
1.35 |
1.18 |
0 |
8.89 |

Foreign shareholder
$\mathrm{}\left(\mathrm{F}\mathrm{o}\mathrm{r}\mathrm{S}\right)$ |
Presence of major foreign shareholder (1 – yes; 0 – no) |
0.50 |
0.53 |
0 |
1 |

State ownership
$\left(\mathrm{G}\mathrm{o}\mathrm{v}\right)$ |
Equals 1 if the state is a shareholder; 0 – otherwise |
0.50 |
0.47 |
0 |
1 |

Number of board members
$\left(\mathrm{D}\mathrm{i}\mathrm{r}\right)$ |
Total number of board members |
2.55 |
8.95 |
0 |
16 |