Research Article

Corporate Governance, Agency Costs, and Corporate Sustainable Development: A Mediating Effect Analysis

Table 2

Descriptive statistics on key variables.

VariablesAll samplesPrivate enterprisesState-owned enterprisesT test
(1)(2)(3)(4)(5)(6)(7)(8)(9)(10)(8)–(10)
NMeanMedianS.D.minMaxNMeanNMeanDiff

BS55758.839.001.780.0017.0021258.7734508.86−0.09
LNSALARY557515.5015.480.7312.8118.95212515.45345015.53−0.08
IND55753.263.000.640.008.0021253.2234503.28−006
TOP557558.0758.0815.6513.28101.20212559.02345057.481.54
DAR557548.4048.9120.520.84180.00212545.82345049.98−4.16
DIVR557528.9026.3053.88−386.101445.00212528.24345029.31−1.07
DIV55750.130.050.410.0017.0221250.1634500.120.04
Zscore55755.492.7812.88−4.98419.8021256.6934504.751.93
EPS55750.380.240.94−6.4032.8021250.4434500.340.11
TAT55750.660.530.570.009.8121250.6334500.67−0.04
MER55759.937.2816.560.13482.0021259.4234508.241.18
FCF5575355.7061.626063.00−79052.00154217.002125275.503450405.20−129.67
REVGROWTH557519.207.05182.50−98.178748.00212518.18345019.84−1.66
NIGROWTH5575-65.8210.192130.00−97990.0050580.002125−55.753450−72.0216.27
AGE557522.1522.005.355.0061.00212521.61345022.49−0.87
LNREV557522.1122.041.6115.5028.72212521.91345022.23−0.32

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.