Year

Average funds flow and financing as a fraction of total assets

2013

2014

2015

number of firms

1212

1212

1212

Dividend

0.0251

0.0248

0.0240

Capital expenditure

0.0425

0.0406

0.0344

∆Working capital

0.0204

0.0116

0.0360

Internal cash flow

0.0373

0.0439

0.0431

Financing deficit

0.0506

0.0331

0.0501

Net debt

0.0039

−0.0006

−0.0057

Net equity

0.0490

0.0538

0.0446

Net external financing

0.0529

0.0532

0.0389