RETRACTED: Violation Punishment and Total Factor Productivity, Based on the Spillover Effect between Director-Interlocked Firms

Table 2

Descriptive statistics.

Variable	N	Mean	Sd	Min	Median	Max
Before deleting the violation punishment sample of the director interlocked firms themselves
A	94717	0.079	0.269	0	0	1
	94717	0.392	0.488	0	0	1
Age	94717	2.828	0.327	1.792	2.833	3.526
Lev	94717	0.470	0.198	0.070	0.477	0.905
Size	94717	22.486	1.323	19.790	22.307	26.262
State	94717	0.510	0.500	0	1	1
Grow	94717	0.204	0.565	−0.540	0.110	4.666
ROE	94717	0.072	0.101	−0.455	0.073	0.339
Independ	94717	0.371	0.052	0.333	0.333	0.571
Dual	94717	0.198	0.398	0	0	1
After deleting the violation punishment sample of the director interlocked firms themselves
TFP_OPt+1	7202	7.590	0.874	5.573	7.515	9.862
	8813	0.288	0.453	0	0	1
Age	8813	2.782	0.348	1.609	2.833	3.497
Lev	8813	0.437	0.197	0.0620	0.431	0.863
Size	8813	22.411	1.386	20.028	22.186	26.647
State	8813	0.503	0.500	0	1	1
Grow	8813	0.172	0.364	−0.492	0.115	2.445
ROE	8813	0.084	0.081	−0.238	0.081	0.310
Independ	8813	0.372	0.0530	0.333	0.333	0.571
Dual	8813	0.207	0.405	0	0	1