(−3, +3) year analysis | |||||||||||
Overall | Group | Non-Group | Related | Unrelated | BIFR | Non-BIFR | |||||
ROA | Diff. | 0.0008 | 0.0019 | −0.0009 | −0.0007 | 0.0053 | 0.0394** | −0.0066 | |||
N | 62 | 39 | 23 | 46 | 16 | 10 | 52 | ||||
P-value | 0.4487 | 0.4107 | 0.4646 | 0.4625 | 0.3609 | 0.0325 | 0.1582 | ||||
ROE | Diff. | 0.1457 | 0.2636* | −0.0508* | 0.1863 | 0.0348 | 0.2097 | 0.1318 | |||
N | 56 | 35 | 21 | 41 | 15 | 10 | 46 | ||||
P-value | 0.1041 | 0.0750 | 0.0840 | 0.1174 | 0.2741 | 0.1362 | 0.1648 | ||||
CFFO/TA | Diff. | 0.0033 | 0.0086 | −0.0056 | 0.0071 | −0.0079 | 0.0122 | 0.0015 | |||
N | 59 | 37 | 22 | 44 | 15 | 10 | 49 | ||||
P-value | 0.3332 | 0.1676 | 0.3441 | 0.1868 | 0.3393 | 0.2953 | 0.4273 | ||||
Mat/Sales | Diff. | −0.0104 | −0.0120 | −0.0077 | −0.0173* | 0.0110 | 0.0280 | −0.0185* | |||
N | 58 | 37 | 21 | 44 | 14 | 10 | 48 | ||||
P-value | 0.1696 | 0.1890 | 0.3388 | 0.0866 | 0.3031 | 0.1853 | 0.0534 | ||||
Lab/Sales | Diff. | 0.0115*** | 0.0109** | 0.0126*** | 0.0129*** | 0.0070 | −0.0028 | 0.0145*** | |||
N | 58 | 37 | 21 | 44 | 14 | 10 | 48 | ||||
P-value | 0.0015 | 0.0226 | 0.0054 | 0.0016 | 0.2032 | 0.3147 | 0.0006 | ||||
Oh/Sales | Diff. | 0.0251** | 0.0232* | 0.0286* | 0.0262** | 0.0218 | −0.0369* | 0.0380*** | |||
N | 58 | 37 | 21 | 44 | 14 | 10 | 48 | ||||
P-value | 0.0230 | 0.0825 | 0.0650 | 0.0336 | 0.2096 | 0.0771 | 0.0032 | ||||
Tax/Sales | Diff. | −0.0045** | −0.0031 | −0.0071** | −0.0044** | −0.0047* | 0.0003 | −0.0055** | |||
N | 57 | 37 | 20 | 43 | 14 | 10 | 47 | ||||
P-value | 0.0176 | 0.1218 | 0.0243 | 0.0481 | 0.0642 | 0.4659 | 0.0135 | ||||
Int./Sales | Diff. | −0.0023 | −0.0077 | 0.0072** | 0.0045 | −0.0216* | −0.0108* | −0.0007 | |||
N | 61 | 39 | 22 | 45 | 16 | 10 | 51 | ||||
P-value | 0.3376 | 0.1786 | 0.0256 | 0.1952 | 0.0701 | 0.0625 | 0.4597 | ||||
Sales/TA | Diff. | −0.0038 | 0.0559 | −0.1042 | −0.0161 | 0.0357 | 0.1447 | −0.0342 | |||
N | 59 | 37 | 22 | 45 | 14 | 10 | 49 | ||||
P-value | 0.4715 | 0.1996 | 0.1239 | 0.3778 | 0.4092 | 0.2061 | 0.2630 |