Panel B (−5, +5 yrs)

Parameters

Intercept

Pre

Adjusted R²

N

ROA

0.0042

0.7380^*

0.0363

62

(0.2448)

(1.8158)

ROE

0.0951

−0.0656

−0.0119

62

(0.1832)

(0.5976)

CFO/TA

0.0044

0.3481^***

0.0905

62

(0.7076)

(2.6588)

Mat/Sales

−0.0294^***

0.2937^***

0.2586

62

(−2.6533)

(4.7195)

Lab/Sales

0.0064

0.9096^***

0.7411

62

(1.5550)

(13.2529)

Oh/Sales

0.0233^**

0.1488^*

0.0377

62

(2.1572)

(1.8413)

Tax/Sales

−0.0046^**

0.6916^***

0.2162

62

(−2.0670)

(4.2226)

Int./Sales

−0.0038

0.1413

0.0065

62

(−0.9939)

(1.1816)

Sales/TA

0.0992^**

0.2139^**

0.0633^**

62

(2.3411)

(2.2640)