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Table 2 Descriptive Statistics of non-dummy variables representing public US firms over the sample period 2000 until 2018

From: Raising capital amid economic policy uncertainty: an empirical investigation

 

All-firms

Panel A: issuers

Panel B: non-issuers

Panel C: difference

Variable

Obs

Mean

SD

Obs

Mean

Obs

Mean

EPU

45,635

154.456

63.245

     

Institutional Investor

39,780

82.922

21.737

29,060

83.982

10,720

80.051

3.931***

Long-term investor

39,780

8.463

14.251

29,060

8.382

10,720

8.682

0.300*

Individual

39,780

5.696

16.506

29,060

5.018

10,720

7.536

− 2.518***

Government

39,780

0.014

0.885

29,060

0.005

10,720

0.038

− 0.033***

Concentration

39,780

87.020

12.658

29,060

87.061

10,720

86.911

− 0.150

Insider optimism

45,635

0.152

0.358

32,228

0.181

13,407

0.083

0.098***

Market optimism

38,748

3.188

6.404

29,687

3.295

9061

2.837

0.458***

Board size

30,386

8.789

3.242

24,125

8.704

6261

9.117

− 0.413***

Firm size

45,617

6.397

2.428

32,223

6.601

13,394

5.904

0.697***

Analyst coverage

31,686

9.310

7.892

25,231

10.057

6455

6.388

3.669***

Analyst variance

31,686

0.704

0.378

25,231

0.727

6455

0.617

− 0.109***

Leverage

45,452

0.189

0.210

32,111

0.206

13,341

0.147

0.059***

Cash

45,149

0.163

0.199

31,875

0.153

13,274

0.185

− 0.032***

Profitability

45,354

− 0.076

0.398

32,140

− 0.069

13,214

− 0.092

0.023***

GDP growth

45,635

1.961

1.429

     

Interest rate

45,635

1.619

1.943

     
  1. Panel A shows the summary statistics of variables for firms that have raised capital during the sample period. Panel B shows the statistics of variables for firms that did not raise any capital during the sample period. Panel C shows the mean differences of issuer and non-issuer characteristic variables with significance levels ***p < 0.01, **p < 0.05, *p < 0.1. Mean difference analysis for macroeconomic variables does not apply to individual firms and, consequently, are not presented. Probability of coefficient estimates from the model greater than standard statistics are provided in parentheses. Parentheses contain robust standard error estimates. Asterisks correspond to the outcome of the z-test from the model