Financial Innovation

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

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

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