| Mean | T statistics | ||||
| Growth | Mature | Decline | Growth-Mature | Mature-Decline | Growth-Decline |
DA | 0.047 | 0.057 | 0.076 | −4.7982*** | −7.5947*** | −10.4450*** |
ACFO | 0.042 | 0.058 | 0.085 | −8.1978*** | −12.5864*** | −19.6362*** |
ADISEXP | 0.052 | 0.056 | 0.050 | −1.8343 | 3.0809*** | 1.024 |
APROD | 0.081 | 0.090 | 0.103 | −2.0704** | −3.1004*** | −4.6373*** |
SREM | 0.175 | 0.204 | 0.238 | −4.2329*** | −5.0814*** | −8.9254*** |
ICQ | 6.504 | 6.505 | 6.451 | −0.241 | 8.7521*** | 7.8361*** |
Growth | 0.199 | 0.134 | 0.169 | 4.4005*** | −2.1466** | 1.573 |
ROE | 0.076 | 0.085 | 0.045 | −2.7359** | 10.6098*** | 7.7612*** |
Lev | 0.4814 | 0.3981 | 0.4797 | −10.5118*** | 9.6834*** | −0.1972 |
Size | 22.265 | 21.928 | 21.768 | 6.8821*** | 3.3629*** | 9.5948*** |
State | 0.474 | 0.445 | 0.434 | 1.548 | 0.556 | 1.9953 |