Centralization and Firm Performance: New Evidence on the Role of Firm Size

Table 2

Descriptive statistics for the variables.

Variable		min	p25	Mean	p50	p75	max	sd
ROA2	18,490	-185.9	1.663	5.079	4.186	7.816	92.85	7.116
ROA1	18,490	-184.0	3.187	6.939	5.824	9.683	123.3	7.823
ROE	18,490	-1277	3.464	8.699	8.013	13.73	448.5	19.43
Cen	18,490	-0.927	-0.165	-0.0320	-0.0180	0.112	0.937	0.208
Age	18,490	-10	4	9.602	9	15	28	7.122
Growth	18,490	-0.986	0.00300	1.146	0.126	0.299	14883	107.9
Lev	18,490	0	23.60	44.26	47.26	65.21	101.9	26.00
Cash	18,490	-0.0230	0.0770	0.177	0.132	0.227	0.954	0.145
CRa	18,490	0.0380	0.723	0.818	0.880	0.967	1.217	0.185
Pnpf	18,490	-265000	90.42	81.07	99.08	100.0	12518	1937
FirstShr	18,490	0	23.15	35.40	33.50	45.80	99	15.39