This table presents descriptive statistics by country (Panel A) and for the full sample (Panel B). The reported values in Panel A are means of the respective
variables for each country, except for Creditor Rights, Shareholder Rights and Cinfo, which are time-invariant. All variables are defined in Appendix A. The sample
consists of 151,855 firm-year observations representing 17,452 unique firms from 48 countries over the period 1991–2010.