| VARIABLES | N | Mean | Sd | Min | Max |
| lnInvPat | 20,475 | 0.532 | 0.893 | 0 | 3.829 |
| lnUtyPat | 20,475 | 0.558 | 0.879 | 0 | 3.555 |
| KZ | 20,475 | 1.322 | 2.688 | −5.748 | 9.122 |
| Lev | 20,475 | 0.421 | 0.195 | 0.0597 | 0.860 |
| TobinQ | 20,475 | 2.004 | 1.212 | 0.878 | 7.764 |
| ATO | 20,475 | 0.677 | 0.398 | 0.117 | 2.295 |
| Growth | 20,475 | 0.159 | 0.318 | −0.463 | 1.645 |
| Cashflow | 20,475 | 0.0534 | 0.0651 | −0.121 | 0.230 |
| Mfee | 20,475 | 0.0843 | 0.0559 | 0.0112 | 0.313 |
| Indep | 20,475 | 0.371 | 0.0506 | 0.333 | 0.556 |
| Top1 | 20,475 | 0.350 | 0.147 | 0.0923 | 0.728 |
| Balance | 20,475 | 0.694 | 0.589 | 0.0239 | 2.661 |
| Mhold | 20,475 | 0.125 | 0.195 | 0 | 0.687 |
| Dual | 20,475 | 0.259 | 0.438 | 0 | 1 |
| SOE | 20,475 | 0.379 | 0.485 | 0 | 1 |
| Age | 20,475 | 2.773 | 0.373 | 1.609 | 3.434 |