Weak Financing Constraints Group

(N = 1631)

Strong Financing Constraints Group

(N = 799)

Mean

T test

Mean

Median

Std. Dev.

Mean

Median

Std. Dev.

T value

RD

0.0556

0.0417

0.0514

0.0336

0.0286

0.0253

11.435***

SIZE

21.043

21.058

0.5274

22.898

22.621

1.0136

−59.318***

LEV

0.2816

0.2509

0.1782

0.4795

0.4887

0.1816

−25.557***

TBQ

0.0629

0.0592

0.0526

0.0621

0.0511

0.0599

0.4069

ROA

2.9792

2.3744

0.0599

1.7137

1.3054

1.4944

14.067***

SHARE

0.3279

0.3092

0.1287

0.3707

0.355

0.1569

−7.143***

DUA

0.4101

0

0.4921

0.2152

0

0.4112

9.6648***