Variable Name | Year | Mean value and mean value test | Median and median test | ||||
payer | nonpayer | t-value | payer | nonpayer | Z-value | ||
MVP | 2008 | 0.6297 | 0.3654 | 17.8740*** | 0.6826 | 0.3364 | 15.8996*** |
2009 | 0.6155 | 0.3772 | 15.7206*** | 0.6607 | 0.3322 | 14.3264*** | |
2010 | 0.6084 | 0.3707 | 15.4951*** | 0.6486 | 0.3342 | 14.1395*** | |
2011 | 0.6038 | 0.3591 | 15.8534*** | 0.6259 | 0.3117 | 14.4048*** | |
2012 | 0.5723 | 0.3697 | 12.3170*** | 0.5975 | 0.3301 | 11.6062*** | |
2013 | 0.5728 | 0.3536 | 13.2327*** | 0.5947 | 0.2890 | 12.3646*** | |
2014 | 0.5721 | 0.3662 | 12.2839*** | 0.5967 | 0.3117 | 11.5579*** | |
M/B | 2008 | 1.6356 | 2.1621 | −4.3393*** | 1.3482 | 1.4286 | −20.6787*** |
2009 | 2.6355 | 4.4382 | −3.9015*** | 2.2651 | 2.5853 | −7.3575*** | |
2010 | 2.6502 | 3.8264 | −4.1636*** | 2.1149 | 2.6592 | −8.8177*** | |
2011 | 1.8126 | 2.8692 | −4.8118*** | 1.4723 | 1.7491 | −17.5967*** | |
2012 | 1.6829 | 3.0576 | −5.2479*** | 1.4144 | 1.7159 | −17.8255*** | |
2013 | 1.7960 | 3.2058 | −4.9824*** | 1.4586 | 1.7655 | −17.3589*** | |
2014 | 2.0925 | 3.5075 | −4.9992*** | 1.7610 | 2.0376 | −13.0626*** | |
dA/A | 2008 | 0.2031 | 0.0742 | 2.8368*** | 0.1074 | 0.0067 | 10.7935*** |
2009 | 0.2419 | 0.2074 | 0.4744 | 0.1509 | 0.0382 | 10.3930*** | |
2010 | 0.7668 | 0.2617 | 1.0600 | 0.1711 | 0.0687 | 9.4845*** | |
2011 | 0.4235 | 9.8063 | −1.1646 | 0.1437 | 0.0654 | 8.2069*** | |
2012 | 0.3115 | 0.6079 | −1.1737 | 0.1079 | 0.0321 | 7.5533*** | |
2013 | 0.5101 | 2.9009 | −1.9502* | 0.0966 | 0.0501 | 4.2960*** | |
2014 | 0.2143 | 1.2284 | −1.7522* | 0.0947 | 0.0409 | 5.1281*** | |
ROA | 2008 | 0.0633 | −0.0163 | 8.6237*** | 0.0476 | 0.0071 | 18.9628*** |
2009 | 0.0639 | −0.0005 | 13.2284*** | 0.0497 | 0.0140 | 16.1776*** | |
2010 | 0.0689 | 0.0237 | 7.3388*** | 0.0548 | 0.0210 | 15.2653*** | |
2011 | 0.0658 | 0.0586 | 0.1988 | 0.0505 | 0.0149 | 15.2219*** | |
2012 | 0.0503 | 0.0049 | 8.1814*** | 0.0377 | 0.0074 | 15.4552*** | |
2013 | 0.0500 | 0.0565 | −0.2940 | 0.0372 | 0.0092 | 13.9561*** | |
2014 | 0.0497 | 0.0059 | 13.6817*** | 0.0386 | 0.0082 | 15.5166*** |