Corporate Transparency As An Investor Protection Tool: Evidence From Russia

Table 1:

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 $(D s c o r e)$	Aggregate transparency score	8.55	21.03	0	37
Independent director $(I n d D i r)$	Number of independent board members	2.88	4.40	0	7
Leverage $(L e v)$	Debt to equity relation	1.35	1.18	0	8.89
Foreign shareholder $(F o r S)$	Presence of major foreign shareholder (1 – yes; 0 – no)	0.50	0.53	0	1
State ownership $(G o v)$	Equals 1 if the state is a shareholder; 0 – otherwise	0.50	0.47	0	1
Number of board members $(D i r)$	Total number of board members	2.55	8.95	0	16

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Corporate Transparency As An Investor Protection Tool: Evidence From Russia

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