Parameter	Median of parameter value:			Z-test^§	p-value
Parameter	Active firms	Bankrupt firms	All firms	Z-test^§	p-value
1) Net sales (NS)
Initial value	2307.57	2087.47	2304.18	−0.692	0.4890
t-value	69.53	42.88	69.30	−5.540	0.0000
Growth rate	0.030	0.008	0.029	−2.961	0.0030
t-value	1.69	0.30	1.67	−4.348	0.0000
R-squared	0.52	0.53	0.52	−1.280	0.2000
2) Total expense (TE)
Initial value	2093.39	1849.79	2090.98	−0.763	0.4450
t-value	72.49	47.40	72.18	−5.373	0.0000
Growth rate	0.033	0.020	0.033	−1.795	0.0730
t-value	2.02	0.64	2.01	−3.512	0.0000
R-squared	0.54	0.48	0.54	−1.467	0.1420
3) Cash expense(CE)
Initial value	2062.67	1819.94	2060.12	−0.730	0.4660
t-value	68.17	45.16	67.93	−5.082	0.0000
Growth rate	0.032	0.023	0.032	−1.695	0.0900
t-value	1.82	0.64	1.81	−3.231	0.0010
R-squared	0.51	0.42	0.51	−1.081	0.2800
4) Short-term (current) assets (SA)
Initial value	814.03	670.05	810.45	−2.402	0.0160
t-value	47.33	24.92	47.03	−6.330	0.0000
Growth rate	0.047	0.025	0.047	−1.922	0.0550
t-value	2.02	0.66	2.01	−3.884	0.0000
R-squared	0.52	0.33	0.51	−3.025	0.0020
5) Total assets (TA)
Initial value	1382.88	1084.98	1379.79	−2.512	0.0120
t-value	72.56	37.42	72.22	−7.405	0.0000
Growth rate	0.043	0.016	0.042	−1.943	0.0520
t-value	2.61	0.71	2.58	−4.127	0.0000
R-squared	0.64	0.46	0.64	−3.347	0.0010
6) Short-term (current) debt (SD)
Initial value	421.45	376.84	420.96	−1.085	0.2780
t-value	32.79	28.66	32.78	−2.184	0.0290
Growth rate	0.037	0.093	0.037	−3.297	0.0010
t-value	1.23	1.92	1.24	−2.234	0.0250
R-squared	0.38	0.49	0.38	−1.502	0.1330
7) Total debt (TD)
Initial value	699.46	584.43	697.71	−1.307	0.1910
t-value	36.35	35.51	36.35	−0.314	0.7540
Growth rate	0.030	0.088	0.031	−4.431	0.0000
t-value	1.05	2.86	1.07	−4.394	0.0000
R-squared	0.41	0.54	0.41	−2.954	0.0030