Panel B: Mean of Key Variables and t-tests Results

Variables

(1)

(2)

(1) vs (2)

(3)

(4)

(3) vs (4)

String firms

Non-string firms

Difference in means

t-stat for difference in means

String years of string firms

Non-string years of string firms

Difference in means

t-stat for difference in means

Sales

4518.19

1379.26

3138.90

46.36

***

3541.75

5098.00

−1556.20

−10.86

***

OC

4240.20

1330.16

2910.00

45.30

***

3254.21

4825.67

−1571.50

−11.67

***

Dec

0.23

0.34

−0.12

−50.97

***

0.08

0.31

−0.23

−77.08

***

Break

0.18

0.16

0.03

13.78

***

0.13

0.21

−0.08

−26.74

***

Employee Intensity

0.0107

0.0105

0.0002

3.21

***

0.0125

0.0096

0.0029

29.83

***

Asset Intensity

1.09

1.91

−0.82

−59.05

***

0.99

1.15

−0.16

−21.50

***

Successive Decrease

0.22

0.32

−0.10

−44.35

***

0.07

0.31

−0.24

−82.12

***

Stock Performance

0.11

0.15

−0.03

−9.08

***

0.15

0.09

0.06

12.81

***

Abnormal Return

0.04

0.01

0.03

10.03

***

0.10

0.01

0.09

27.19

***

EPS

1.71

0.55

1.16

3.47

***

2.34

1.34

1.00

27.63

***

Consecutive Revenue Growth Ratio

0.34

0.14

0.21

221.25

***

0.39

0.31

0.08

48.51

***

N

59,557

97,768

22,189

37,368

Number of firms

2760

11,934

2760

2760