variables | complete sample | exploratory phase | development phase | ||
deficient cash flow | favorable cash flow | deficient cash flow | favorable cash flow | ||
R&Dt | 0.0303 | 0.0213 | 0.0267 | 0.0379 | 0.0420 |
CFt | 0.0371 | −0.0417 | 0.0689 | −0.0430 | 0.0594 |
CF_Gt | 0.0295 | −0.0485 | 0.0617 | −0.0505 | 0.0509 |
Govt | 0.0075 | 0.0068 | 0.0072 | 0.0074 | 0.0085 |
Debtt | 0.0303 | 0.0489 | 0.0227 | 0.0583 | 0.0217 |
Equt | 0.0071 | 0.0077 | 0.0057 | 0.0075 | 0.0087 |
Cashcht | −0.0551 | −0.0734 | −0.0520 | −0.0688 | −0.0448 |
Qt−1 | 1.7422 | 1.6173 | 1.6900 | 1.7591 | 1.8873 |
St | 0.2416 | 0.2450 | 0.2306 | 0.1949 | 0.2750 |
Levt | 0.2284 | 0.2476 | 0.2310 | 0.2812 | 0.1938 |
Sample amount | 729 | 113 | 331 | 78 | 207 |