(−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