All Firms

Low Leverage Firms

High Leverage Firms

Mean (stdev)

Median

Mean (stdev)

Median

Mean (stdev)

Median

Book Leverage_TOT

40.08 (35.48)

43.21

6.36 (10.92)

1.67

73.01 (13.23)

75.67

Book Leverage_EXT

37.98 (36.15)

31.24

2.95 (4.63)

0.51

72.18 (13.84)

75.42

Persistence

94.48 (11.45)

100

95.31 (8.89)

100

93.67 (13.45)

100

Log (Sales)

11.57 (0.82)

11.39

11.74 (0.90)

11.51

11.40 (0.71)

11.27

Profitability

5.80 (7.98)

4.04

8.77 (9.84)

7.28

2.89 (3.78)

3.01

Depreciation

3.60 (3.42)

2.68

4.47 (4.07)

3.50

2.76 (2.36)

2.17

Tangibility

13.76 (14.68)

9.05

14.21 (15.11)

9.72

13.32 (14.25)

8.15

Intangibility

4.96 (9.87)

1.29

5.21 (10.02)

1.29

4.71 (9.73)

1.29

Total Assets

156.64 (400.07)

64.95

187.76 (462.14)

81.27

125.86 (326.03)

53.93

Trade Debt_EXT

29.15 (18.47)

25.98

27.26 (19.97)

22.39

31.03 (16.66)

28.85

Trade Credit_EXT

42.92 (22.81)

41.74

38.30 (21.87)

35.68

47.53 (22.82)

46.75

Trade Debt_INT

8.57 (14.66)

2.13

13.44 (17.38)

6.94

3.71 (9.00)

0.91

Trade Credit_INT

8.21 (12.98)

2.93

12.06 (15.69)

5.92

4.37 (7.88)

1.25

Gross Work Capital

74.66 (20.06)

79.34

74.01 (20.26)

77.37

75.30 (19.86)

81.87

Inventory

18.29 (16.50)

14.64

15.10 (14.24)

11.69

21.41 (17.91)

18.39

Liquidity

6.45 (8.38)

3.27

9.12 (10.38)

5.48

3.85 (4.47)

2.43

Management Owner

32.70 (41.06)

0

23.39 (40.13)

0

41.85 (39.93)

36.76

Family Ownership

57.62 (45.65)

83.72

45.46 (48.22)

0

69.58 (39.53)

93.76

Treasury Stock

0.32 (1.74)

0

0.39 (1.93)

0

0.25 (1.53)

0

Board Size

4.29 (2.38)

4

4.49 (2.47)

4

4.09 (2.27)

4

Non-Exec Board #

2.54 (2.23)

2

2.42 (2.17)

2

2.65 (2.28)

2

Mgmt Age

55.44 (10.52)

54

55.17 (9.98)

53

55.50 (11.04)

55

Asset Turnover

1.67 (0.98)

1.43

1.61 (0.96)

1.36

1.72 (1.00)

1.53

Market Share

1.95 (2.77)

0.89

2.55 (3.10)

2.06

1.36 (2.26)

0.55

Obs

7567

3864

3703

Firms

831

409

422