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