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Table 2 Descriptive statistics

From: Debt choice, growth opportunities and corporate investment: evidence from China

Variable Obs Mean Std.Dev. Min Max
INVST 12,049 0.187 0.505 − 0.431 2.702
INVST2 12,049 0.02 0.056 − 0.088 0.228
LEV 12,049 0.517 0.187 0.123 0.902
GTH 12,049 1.76 1.535 0.265 9.735
ROA 12,049 0.042 0.044 −0.111 0.152
TG 12,049 0.258 0.182 0 0.971
CFLOW 12,049 0.04 0.069 −0.143 0.202
CASH 12,049 0.15 0.097 0.017 0.471
BSIZE 12,049 9.02 1.834 3 18
CEODUA 12,049 0.195 0.396 0 1
INDBOARD 12,049 0.37 0.055 0.091 0.8
SDEBTRATIO 12,049 0.69 0.32 0 1
  1. Note. This table reports descriptive statistics of investment equation, and to remove outliers we winsorise the observations at 1st and 98th following previous studies (Aivazian et al. 2005b; Dang 2011). Definitions of variables are given in Table 1