Table 3 Descriptive statistics of inputs, intermediates, and outputs (n = 340)
| Â | Mean | Median | SD | Normality test |
|---|---|---|---|---|
Domestic capital | Â | Â | Â | Â |
Inputs | Â | Â | Â | (p-value) |
 Employees | 121 | 111 | 65 |  < 0.01 |
 Net fixed assets | 222,118 | 50,900 | 350,646 |  < 0.01 |
 Operating expenses | 484,107 | 340,448 | 441,490 |  < 0.01 |
Intermediates | Â | Â | Â | Â |
 Transaction costs | 423,093,259 | 230,237,707 | 513,557,355 |  < 0.01 |
 Management fee of equity fund | 379,278,032 | 162,800,644 | 439,182,008 |  < 0.01 |
 Management fee of bond fund | 163,732,391 | 110,517,318 | 178,496,288 |  < 0.01 |
 Other expenses | 64,613,412 | 49,577,523 | 63,730,930 |  < 0.01 |
Outputs | Â | Â | Â | Â |
 Change in equity fund | 32,037,712,379 | 9,710,464,158 | 54,128,905,799 |  < 0.01 |
 Change in bond fund | 53,087,172,554 | 37,105,351,993 | 55,570,832,573 |  < 0.01 |
Foreign capital | Â | Â | Â | Â |
Inputs | 98 | 75 | 63 |  < 0.01 |
 Employees | 147,610 | 58,735 | 219,603 |  < 0.01 |
 Net fixed assets | 893,198 | 702,719 | 731,507 |  < 0.01 |
 Operating expenses |  |  |  |  |
Intermediates | 310,740,146 | 113,036,783 | 473,357,382 |  < 0.01 |
 Transaction costs | 319,087,913 | 146,764,953 | 359,730,111 |  < 0.01 |
 Management fee of equity fund | 221,673,376 | 140,596,260 | 263,952,641 |  < 0.01 |
 Management fee of bond fund | 53,048,272 | 15,343,565 | 65,276,265 |  < 0.01 |
 Other expenses |  |  |  |  |
Outputs | 19,863,046,537 | 10,641,690,207 | 22,162,088,306 |  < 0.01 |
 Change in equity fund | 22,610,043,340 | 14,987,395,244 | 21,287,392,559 |  < 0.01 |
 Change in bond fund | 98 | 75 | 63 |  < 0.01 |