Table 1 Descriptive statistics (All: 70,587 firm-year).

From: Earnings management and financial distress or soundness determining CEOs’ future over- and under-investment decisions

Variable

Mean

Median

Std. Dev.

Min

Max

ABIi,t

−0.0004

−0.0006

0.3009

−7.1547

61.1378

DAi,t

0.0012

0.0007

0.2098

−10.2301

10.4395

FCi,t

0.0041

−0.0025

0.3894

−13.4210

10.6828

INVi,t

0.0001

−0.0005

0.2987

−7.1547

61.1378

Sizei,t

12.6219

12.5759

2.0173

3.4897

19.6720

Levi,t

0.5186

0.4876

0.5421

−0.1331

38.9933

PGi,t

−0.2578

−0.0536

6.0294

−99.5744

99.7872

AGi,t

0.0733

0.0291

0.4630

−0.9962

29.2109

PMi,t

−0.0586

0.0353

1.5570

−98.6903

27.0224

MTBi,t

1.9075

1.22900

4.3446

−96.1470

99.3500

CFOi,t

0.0499

0.0593

0.2410

−44.2897

3.5479

  1. DA discretionary accrual, FC firms’ financial condition, ABI abnormal investment, Size firms’ size. Lev leverage, PG profit growth, AG asset growth, PM profit margins, MTB market to book value, CFO cash flow from operation.
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