Table 1

Descriptive Statistics: Annual and Quarterly Data

VariableAnnual DataQuarterly Data
MeanSt. Dev.Min.Max.MeanSt. Dev.Min.Max.
Return on sales0.0570.083−0.3090.3140.0610.128−1.5460.727
Sales growth0.0380.127−0.3820.7620.0460.146−0.5121.054
Capital intensity0.0690.0380.0060.2480.0770.0680.0011.500
Asset age0.5340.1220.2860.9830.5380.1230.2780.999
Firm size22.0341.46417.60624.53821.9051.34817.60624.590
Firm market share0.1190.1680.0010.9210.1400.1960.0010.934
Industry concentration0.6540.1910.3231.0000.6760.1890.3591.000
Discharge limit1.3822.1970.04714.6361.5972.5210.04714.636
Number of observations337926
Number of firms7359