Corporate Governance, Agency Costs, and Corporate Sustainable Development: A Mediating Effect Analysis
Table 2
Descriptive statistics on key variables.
Variables
All samples
Private enterprises
State-owned enterprises
T test
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
(8)–(10)
N
Mean
Median
S.D.
min
Max
N
Mean
N
Mean
Diff
BS
5575
8.83
9.00
1.78
0.00
17.00
2125
8.77
3450
8.86
−0.09
LNSALARY
5575
15.50
15.48
0.73
12.81
18.95
2125
15.45
3450
15.53
−0.08
IND
5575
3.26
3.00
0.64
0.00
8.00
2125
3.22
3450
3.28
−006
TOP
5575
58.07
58.08
15.65
13.28
101.20
2125
59.02
3450
57.48
1.54
DAR
5575
48.40
48.91
20.52
0.84
180.00
2125
45.82
3450
49.98
−4.16
DIVR
5575
28.90
26.30
53.88
−386.10
1445.00
2125
28.24
3450
29.31
−1.07
DIV
5575
0.13
0.05
0.41
0.00
17.02
2125
0.16
3450
0.12
0.04
Zscore
5575
5.49
2.78
12.88
−4.98
419.80
2125
6.69
3450
4.75
1.93
EPS
5575
0.38
0.24
0.94
−6.40
32.80
2125
0.44
3450
0.34
0.11
TAT
5575
0.66
0.53
0.57
0.00
9.81
2125
0.63
3450
0.67
−0.04
MER
5575
9.93
7.28
16.56
0.13
482.00
2125
9.42
3450
8.24
1.18
FCF
5575
355.70
61.62
6063.00
−79052.00
154217.00
2125
275.50
3450
405.20
−129.67
REVGROWTH
5575
19.20
7.05
182.50
−98.17
8748.00
2125
18.18
3450
19.84
−1.66
NIGROWTH
5575
-65.82
10.19
2130.00
−97990.00
50580.00
2125
−55.75
3450
−72.02
16.27
AGE
5575
22.15
22.00
5.35
5.00
61.00
2125
21.61
3450
22.49
−0.87
LNREV
5575
22.11
22.04
1.61
15.50
28.72
2125
21.91
3450
22.23
−0.32
This table reports summary statistics for key variables for the sample of 5575 firm-year observations over 2015–2019. Please see Table 1 for the variable description. ,, and represent statistical significance at the 10%, 5%, and 1% levels, respectively.