3.4. Descriptive statistics and correlations
Table 3 reports the descriptive statistics for the main variables. The mean and median of Ret are 0.29 and
0.02 respectively, indicating a skewed distribution. The mean and median of accounting performance are 0.04
and 0.06 respectively. The average years listed (Age) is 7 years. Leverage (Lev) is around 50%. In about 10% of
companies, the CEO and Chairman of the Board is the same person (Dual).