Financial Innovation

Table 5 Descriptive statistics and mean differences test

From: The effects of managerial ability on firm performance and the mediating role of capital structure: evidence from Taiwan

Variable	Summary statistics		Mean differences test
Variable	Mean	SD	High MLR	Low MLR	Differences
TBQ	1.2357	0.9579	0.8467	1.5938	− 20.1985***
ROA	0.0532	0.1269	0.0064	0.0962	− 18.0552***
MA1	14.9817	1.5785	14.6526	15.2848	− 9.7486***
MA2	0.5000	0.5001	0.4401	0.5552	− 5.5259***
CEOSalary	30,895.7683	84,466.3089
MLR	0.2143	0.2151
BLR	0.1888	0.1728
TANG	0.2607	0.1692	0.3143	0.2114	15.2162***
FAGE	1.7935	0.5431	1.8481	1.7433	4.6228***
Vol	0.1247	0.0110	0.1260	0.1236	5.0697***
MedMLR	0.1617	0.0598
MedBLR	0.1604	0.0186
BIND	0.1876	0.1680	0.1745	0.1998	− 3.6033***
BShares	0.1895	0.1143	0.1826	0.1959	− 2.7790***
INSTOWN	0.1703	0.1593	0.1652	0.1750	− 1.4611

***1% significance level

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