Groups of firms:

Active firms:

Bankrupt firms:

All firms:

Decrease in CFD

Increase in CFD

Decrease in CFD

Increase in CFD

Decrease in CFD

Increase in CFD

Median of growth rate:

1) Net sales (NS)

0.0206

0.0411

0.0099

−0.0471

0.0205

0.0410

2) Cash expenses (CE)

0.0277

0.0375

0.0273

−0.0644

0.0277

0.0374

3) Total debt (TD)

0.0525

−0.0015

0.1005

−0.0080

0.0529

−0.0015

Median of time series correlation:

NS − CE & TD

0.1616

0.2345

−0.2784

−0.3355

0.1571

0.2338

Frequencies (%):

1) g(NS) ≥ 0 & g(CE) ≥ 0 & g(TD) ≥ 0

55.67

43.56

53.42

37.50

55.64

43.55

2) g(NS) ≥ 0 & g(CE) ≥ 0 & g(TD) < 0

6.50

26.47

2.74

0.00

6.45

26.41

3) g(NS) ≥ 0 & g(CE) < 0 & g(TD) ≥ 0

0.40

1.17

0.00

0.00

0.39

1.17

4) g(NS) ≥ 0 & g(CE) < 0 & g(TD) < 0

0.00

1.40

0.00

0.00

0.00

1.40

5) g(NS) < 0 & g(CE) ≥ 0 & g(TD) ≥ 0

2.94

0.00

1.37

0.00

2.92

0.00

6) g(NS) < 0 & g(CE) ≥ 0 & g(TD) < 0

1.56

0.91

0.00

0.00

1.54

0.91

7) g(NS) < 0 & g(CE) < 0 & g(TD) ≥ 0

13.41

4.52

27.40

12.50

13.60

4.54

8) g(NS) < 0 & g(CE) < 0 & g(TD) < 0

19.53

21.97

15.07

50.00

19.47

22.03

Total

100.00

100.00

100.00

100.00

100.00

100.00

Frequencies (%):

1) g(NS) ≥ g(CE) ≥ g(TD)

0.08

45.40

0.00

25.00

0.07

45.36

2) g(NS) ≥ g(TD) ≥ g(CE)

0.17

4.29

12.33

0.00

0.17

4.28

3) g(CE) ≥ g(NS) ≥ g(TD)

31.30

27.45

10.96

0.00

31.02

27.40

4) g(TD) ≥ g(NS) ≥ g(CE)

11.81

22.42

0.00

75.00

11.65

22.52

5) g(CE) ≥ g(TD) ≥ g(NS)

5.67

0.00

4.11

0.00

5.65

0.00

6) g(TD) ≥ g(CE) ≥ g(NS)

51.15

0.44

84.93

0.00

51.61

0.44

Total

100.00

100.00

100.00

100.00

100.00

100.00

Number of firms

5310

3850

73

8

5383

3858

%

57.97

42.03

90.12

9.88

58.25

41,75