|
| Whole sample | Manufacturing | Services | Real estate | ||||
|
| Adjusted t-stat | P-value | Adjusted t-stat | P-value | Adjusted t-stat | P-value | Adjusted t-stat | P-value |
| ROA | −15.416 | 0.000*** | −11.306 | 0.000*** | −9.825 | 0.000*** | −10.699 | 0.000*** |
| ROE | −16.249 | 0.000*** | −7.285 | 0.000*** | −16.172 | 0.000*** | −4.158 | 0.000*** |
| EPS | −15.413 | 0.000*** | −5.863 | 0.000*** | −13.566 | 0.000*** | −52.149 | 0.000*** |
| REVGR | −16.483 | 0.000*** | −7.516 | 0.000*** | −10.504 | 0.000*** | −7.057 | 0.000*** |
| NPM | −52.847 | 0.000*** | −11.066 | 0.000*** | −13.444 | 0.000*** | −5.552 | 0.000*** |
| VAIC | −11.596 | 0.000*** | −9.410 | 0.000*** | −7.570 | 0.000*** | −1.451 | 0.073* |
| RC | −9.739 | 0.000*** | −6.364 | 0.000*** | −5.486 | 0.000*** | −5.805 | 0.000*** |
| SC | −11.690 | 0.000*** | −8.700 | 0.000*** | −10.360 | 0.000*** | 0.815 | 0.792 |
| HC | −13.355 | 0.000*** | −10.258 | 0.000*** | −8.565 | 0.000*** | −2.613 | 0.004*** |
| LEV | −11.728 | 0.000*** | −4.177 | 0.000*** | −11.023 | 0.000*** | −5.681 | 0.000*** |
| SIZE | −28.193 | 0.000*** | −9.831 | 0.000*** | −4.560 | 0.000*** | −36.652 | 0.000*** |