4.3. Descriptive statistics
Tables 3 and 4 present the results of the descriptive statistics for the 2007 and 2008 observations, respectively.
The 2007 sample includes 602 observations, 149 of which (or 24.75% of the total) are included in
the SSE Corporate Governance Sector. The 2008 sample includes 678 observations, 184 of which (or
27.14% of the total) are included in this sector. Although the number of observations included in the SSE Corporate
Governance Sector in 2008 increased by 35 (or 23.5%) over 2007, the ratio of observations in the sector
relative to the total sample is almost the same for the 2 years. There are 35 A- and H-share companies (4.57%)
and 51 companies audited by the Big 4 (7.52%) in the 2008 sample, an increase of two and decrease of four,
respectively, relative to the 2007 sample. The number of companies suffering a loss in the most recent 3 years
reached 162 in 2008, an increase of 24 over 2007, although the proportion remained roughly the same in the
2 years. A minor increase in the mean of the natural logarithm of audit fees can be seen in 2008, although the
mean and median are close in that year. The mean of the natural logarithm of total assets is similar. The mean
and median of Tobin’s Q in 2008 are remarkably lower than those in 2007, most likely because of the 2008
international financial crisis. In both years, the Tobin’s Q mean is much higher than the median. Closer scrutiny
of the sample suggests that this result stems from a number of restructured companies with extraordinarily
high Tobin’s Q values, but that also have changes in total assets, inventory and branches after
restructuring, thus we do not eliminate these observations. Descriptive statistics also show that the average
number of industries in which a company was involved in 2007 was 2.46, with a maximum of 9 and a
minimum of 1, and the average number of consolidated subsidiaries in that year was 9.73, with a maximum
of 124 and a minimum of 0.7 The figures for 2008 are almost the same.
4.3. Descriptive statistics
Tables 3 and 4 present the results of the descriptive statistics for the 2007 and 2008 observations, respectively.
The 2007 sample includes 602 observations, 149 of which (or 24.75% of the total) are included in
the SSE Corporate Governance Sector. The 2008 sample includes 678 observations, 184 of which (or
27.14% of the total) are included in this sector. Although the number of observations included in the SSE Corporate
Governance Sector in 2008 increased by 35 (or 23.5%) over 2007, the ratio of observations in the sector
relative to the total sample is almost the same for the 2 years. There are 35 A- and H-share companies (4.57%)
and 51 companies audited by the Big 4 (7.52%) in the 2008 sample, an increase of two and decrease of four,
respectively, relative to the 2007 sample. The number of companies suffering a loss in the most recent 3 years
reached 162 in 2008, an increase of 24 over 2007, although the proportion remained roughly the same in the
2 years. A minor increase in the mean of the natural logarithm of audit fees can be seen in 2008, although the
mean and median are close in that year. The mean of the natural logarithm of total assets is similar. The mean
and median of Tobin’s Q in 2008 are remarkably lower than those in 2007, most likely because of the 2008
international financial crisis. In both years, the Tobin’s Q mean is much higher than the median. Closer scrutiny
of the sample suggests that this result stems from a number of restructured companies with extraordinarily
high Tobin’s Q values, but that also have changes in total assets, inventory and branches after
restructuring, thus we do not eliminate these observations. Descriptive statistics also show that the average
number of industries in which a company was involved in 2007 was 2.46, with a maximum of 9 and a
minimum of 1, and the average number of consolidated subsidiaries in that year was 9.73, with a maximum
of 124 and a minimum of 0.7 The figures for 2008 are almost the same.
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