Determination and calculation of the variables erm

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determination and calculation of the variables, ERM literature and studies related to financial performance are taken as basis in general. And also statistical summary appear in Table 2. Table 2 Summary Statistics Obs. Mean Std. Dev. Min. Max. TBNQ 231 1.901624 1.071159 1.107716 8.862194 MB 231 1.907176 1.486606 0.4281031 8.587649 ERM 231 0.4935065 0.5010435 0 1 SIZE 231 2.61e+09 3.30e+09 2.16e+07 2.24e+10 LOGSIZE 231 21.07508 1.198366 16.88936 23.83085 ROA 231 0.0543444 0.071098 -0.2162277 0.3448591 LEV 231 0.5121941 0.1903641 0.0530751 0.9128917 PS 231 2.217832 10.03457 0.0532091 148.8215 GS 231 0.128686 0.1854141 -0.4795295 0.7737703 GD 231 0.2960342 0.2421374 0 1 Tobin's Q (TBNQ) is used to represent the firm value. The fact that this value is greater than 1 (TBNQ>1) indicates that the expectations about the firms are positive. It is possible to understand Tobin's Q (1.90) that the market values and expectations of the firms
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