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Table 2 Descriptive statistics of main variables

From: Government control and the value of cash: evidence from listed firms in China

Variable N Mean p25 Median p75 SD
Panel A: Full sample
GOV 19,340 0.524 0.000 1.000 1.000 0.499
r − RB 19,340 − 0.010 − 0.284 − 0.081 0.150 0.563
ΔCASH 19,340 0.014 − 0.038 0.003 0.048 0.117
CASH 19,340 0.198 0.079 0.153 0.276 0.159
ΔEBIT 19,340 0.010 − 0.012 0.005 0.026 0.072
ΔNA 19,340 0.161 0.012 0.090 0.227 0.298
ΔINT 19,340 0.002 − 0.002 0.001 0.005 0.010
ΔDIV 19,340 0.001 − 0.001 0.000 0.003 0.013
MLEV 19,340 0.139 0.027 0.107 0.219 0.129
NF 19,340 0.050 − 0.014 0.010 0.092 0.168
Variable Government-controlled
(N = 10,134)
Privately controlled
(N = 9206)
t-value Wilcoxon
Z-value
Mean Median Mean Median
Panel B: Government-controlled and privately controlled firms
r − RB − 0.024 − 0.077 0.005 − 0.086 − 3.67*** − 0.78
ΔCASH 0.023 0.008 0.005 − 0.003 10.79*** 14.42***
CASH 0.194 0.150 0.202 0.158 − 3.32*** − 3.13***
ΔEBIT 0.012 0.006 0.009 0.005 2.75*** 3.27***
ΔNA 0.161 0.083 0.160 0.098 0.12 − 6.04***
ΔINT 0.003 0.001 0.002 0.001 7.36*** 5.60***
ΔDIV 0.001 0.000 0.001 0.000 2.11** 0.93
MLEV 0.164 0.139 0.110 0.077 29.84*** 29.31***
NF 0.054 0.012 0.044 0.009 4.17*** 1.61
Year GOV GOV_cont State ownership
Panel C: Mean values of government control and state ownership per year
2003 0.750 0.349 0.364
2004 0.713 0.330 0.354
2005 0.697 0.311 0.339
2006 0.665 0.261 0.288
2007 0.649 0.252 0.256
2008 0.625 0.246 0.218
2009 0.589 0.235 0.121
2010 0.560 0.224 0.089
2011 0.468 0.190 0.062
2012 0.408 0.170 0.048
2013 0.390 0.162 0.036
2014 0.393 0.163 0.032
2015 0.375 0.154 0.028
Average 0.524 0.218 0.139
  1. This table provides summary statistics of key variables for the full sample in Panel A and for the government-controlled and privately controlled firms in Panel B and mean values of government control and state ownership per year in Panel C. Δ indicates the change from the previous year. All variables except MLEV are deflated by the lagged market value of equity (MVE). The definitions of all variables are in Table 1. The t- and Wilcoxon-tests are employed to compare the mean and median difference of each variable between government-controlled firms and privately controlled firms in Panel B
  2. ***, ** and * denote significance at the 1%, 5%, and 10% levels, respectively