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***