(−5, +5) Year Analysis

Overall

Group

Non-Group

Related

Unrelated

BIFR

Non-BIFR

ROA

Diff.

−0.0003

0.0061

−0.0113

−0.0043

0.0110

0.0323^*

−0.0066

N

62

39

23

46

16

10

52

P-value

0.4804

0.2326

0.1701

0.2901

0.2300

0.0786

0.1680

ROE

Diff.

0.0406

0.1931

−0.2322^*

0.0008

0.1415

0.2997^*

−0.0196

N

53

34

19

38

15

10

43

P-value

0.3692

0.1179

0.0837

0.4981

0.1109

0.0784

0.4448

CFFO/TA

Diff.

−0.0007

0.0062

−0.0123

−0.0011

0.0005

0.0015

−0.0011

N

59

37

22

44

15

10

49

P-value

0.4555

0.1839

0.1459

0.4386

0.4853

0.4682

0.4309

Mat/Sales

Diff.

−0.0068

−0.0120

0.0023

−0.0062

−0.0089

0.0299

−0.0145

N

58

37

21

44

14

10

48

P-value

0.2673

0.1898

0.4502

0.3185

0.3292

0.1574

0.1077

Lab/Sales

Diff.

0.0095^***

0.0082^*

0.0117^***

0.0102^***

0.0072

−0.0035

0.0122^***

N

58

37

21

44

14

10

48

P-value

0.0068

0.0689

0.0032

0.0043

0.2452

0.3293

0.0023

Oh/Sales

Diff.

0.0238^**

0.0201

0.0303^*

0.0218^*

0.0301

−0.0390^**

0.0369^***

N

58

37

21

44

14

10

48

P-value

0.0340

0.1144

0.0752

0.0758

0.1221

0.0461

0.0062

Tax/Sales

Diff.

−0.0046^**

−0.0021

−0.0093^**

−0.0053^*

−0.0024

0.0001

−0.0056^**

N

57

37

20

43

14

10

47

P-value

0.0321

0.2356

0.0227

0.0458

0.2120

0.4921

0.0226

Int./Sales

Diff.

−0.0039

−0.0115^*

0.0094^**

0.0021

−0.0209^*

−0.0161^***

−0.0016

N

61

39

22

45

16

10

51

P-value

0.2253

0.0630

0.0399

0.3321

0.0765

0.0098

0.3983

Sales/TA

Diff.

0.0183

0.0638

−0.0562

0.0038

0.0685

0.1837

−0.0162

N

58

36

22

45

13

10

48

P-value

0.3657

0.1718

0.2594

0.4730

0.3116

0.1293

0.3842