| Panel A: Descriptive Statistics of Key Variables | |||||
| Variables | Number of Observations | Mean | Standard Deviation | Min | Max |
| Sales | 157,325 | 2567.53 | 13113.82 | 0.01 | 511729.00 |
| OC | 157,325 | 2431.79 | 12437.76 | 0.02 | 505059.00 |
| Dec | 157,325 | 0.30 | 0.46 | 0.00 | 1.00 |
| Break | 157,325 | 0.17 | 0.37 | 0.00 | 1.00 |
| Employee Intensity | 157,325 | 0.01 | 0.01 | 0.00 | 0.19 |
| Asset Intensity | 157,325 | 1.60 | 3.38 | 0.19 | 81.45 |
| Successive Decrease | 157,325 | 0.28 | 0.45 | 0.00 | 1.00 |
| Stock Performance | 157,325 | 0.13 | 0.78 | −0.91 | 8.38 |
| Abnormal Return20 | 157,325 | 0.00 | 0.19 | −0.97 | 6.32 |
| EPS | 157,325 | 0.99 | 82.33 | −83.40 | 98.11 |
| Consecutive Revenue Growth Ratio | 157,325 | 0.22 | 0.20 | 0.00 | 0.89 |