Director Networks and Cost of Equity Capital: Based on “Busy Director Hypothesis” Analysis

Table 2

Variables in the subsample classified by property right nature.

Variables	State-owned listed companies (N = 1984)			Non-state-owned listed companies (N = 3916)			Test between groups
	The mean	The standard deviation	The median	The mean	The standard deviation	The median	Mean difference	Median difference
RE	0.1007	0.0749	0.0820	0.0873	0.0626	0.0752	0.0133	0.0068
Degree	0.0327	0.0223	0.0288	0.0257	0.0191	0.0213	0.0070	0.0075
Betweenness	0.1277	0.1574	0.0774	0.0905	0.1315	0.0477	0.0373	0.0297
Top1	39.9802	14.7777	39.3433	33.0899	13.6906	31.3074	6.8971	8.0359
It	15.7378	194.5542	4.1460	119.0146	214.2790	3.5830	−103.2768	0.5630
Roe	0.0877	0.2073	0.0694	0.0898	0.0688	0.0755	−0.0021	−0.0061
Grow	0.2112	1.7613	0.1011	0.4238	5.2085	0.1680	−0.2126	−0.0669
Tat	0.7347	0.5195	0.6179	0.6722	0.5088	0.5769	0.0625	0.0410
Lev	1.6954	2.3449	1.1398	1.3362	2.7105	1.0521	0.3592	0.0877
Inpe	3.7960	1.1418	3.6033	3.9714	1.0166	3.7970	−0.1754	−0.1937
R&D	3.1113	3.5823	2.5800	4.9740	5.2222	3.7400	−1.8627	−1.1600
Dual	0.0947	0.2929	0.0000	0.3695	0.4827	0.0000	−0.2748	0.0001

Note: , , and .