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The Financial Statement Comparability of Listed Foreign Firms in Taiwan: The Effect of Board Interlocks and
Financial Statement Fraud

表 4 敘述性統計（續）
Panel C 假說三、四之敘述性統計
百分位數
變數名稱 樣本數 平均數 標準差 最大值 最小值 25 50 75
CompAcct4 14,793 -0.013 0.023 -0.001 -0.159 -0.012 -0.006 -0.004
CompAcct3 14,793 -0.012 0.021 -0.001 -0.151 -0.011 -0.006 -0.003
KY 14,793 0.060 0.238 1 0 0 0 0
Post 14,793 0.459 0.498 1 0 0 0 1
KY×Post 14,793 0.028 0.165 1 0 0 0 0
InstHold 14,793 42.510 22.442 91.850 2.020 24.670 41.520 59.510
BHold 14,793 6.320 11.794 54.320 0 0.150 1.080 5.400
THold 14,793 23.969 12.911 65.740 4.420 14.470 21.510 30.970
CFO 14,793 0.014 0.042 0.149 -0.128 -0.007 0.013 0.035
Grth 14,793 14.494 62.558 436.460 -85.560 -11.810 4.350 24.870
RD 14,793 0.060 0.158 1.366 0 0.002 0.021 0.054
MB 14,793 2.103 1.755 11.650 0.470 1.070 1.580 2.450
Lev 14,793 43.094 18.327 87.260 5.700 29.470 43.470 56.080
Size 14,793 15.397 1.452 19.944 12.506 14.387 15.228 16.196
Age 14,793 16.054 9.993 54 0 8 17 21

Panel D 假說五之敘述性統計
百分位數
變數名稱 樣本數 平均數 標準差 最大值 最小值 25 50 75
CompAcct4 13,899 -0.013 0.022 -0.001 -0.161 -0.012 -0.006 -0.003
CompAcct3 13,899 -0.012 0.021 -0.001 -0.154 -0.011 -0.005 -0.003
BoardLink 13,899 0.161 0.367 1 0 0 0 0
Post 13,899 0.459 0.498 1 0 0 0 1
BoardLink 13,899 0.079 0.270 1 0 0 0 0
×Post
InstHold 13,899 41.605 22.118 91.850 2.120 24.080 40.380 58.210
BHold 13,899 6.474 11.886 54.280 0 0.160 1.140 5.630
THold 13,899 23.531 12.524 65.740 4.420 14.310 21.170 30.480
CFO 13,899 0.013 0.042 0.144 -0.130 -0.007 0.013 0.035
Grth 13,899 14.300 61.040 410.080 -85.380 -11.690 4.310 24.830
RD 13,899 0.060 0.153 1.296 0 0.002 0.021 0.055
MB 13,899 2.086 1.709 11.070 0.470 1.070 1.580 2.420
Lev 13,899 43.052 18.319 87.060 5.490 29.310 43.480 56.070
Size 13,899 15.403 1.458 19.946 12.515 14.385 15.232 16.214
Age 13,899 16.701 9.943 54 0 9 17 21
註：變數說明請見附錄 1。

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