Groups of firms:

Active firms:

Bankrupt firms:

All firms:

Decrease in CTR

Increase in CTR

Decrease in CTR

Increase in CTR

Decrease in CTR

Increase in CTR

Median of growth rate:

1) Net sales (NS)

0.0168

0.0488

−0.0278

0.0285

0.0166

0.0486

2) Total assets (TA)

0.0626

0.0120

0.0357

0.0038

0.0625

0.0119

Median of time series correlation:

NS & TA

0.7055

0.7073

0.6448

0.6675

0.7051

0.7067

Frequencies (%):

1) g(NS) ≥ 0 & g(TA) ≥ 0

59.77

56.40

47.27

53.85

59.64

56.39

2) g(NS) ≥ 0 & g(TA) < 0

0.00

20.68

0.00

15.38

0.00

20.64

3) g(NS) < 0 & g(TA) ≥ 0

21.41

0.00

14.55

0.00

21.34

0.00

4) g(NS) < 0 & g(TA) < 0

18.82

22.92

38.18

30.77

19.02

22.97

Total

100.00

100.00

100.00

100.00

100.00

100.00

Frequencies (%):

1) g(NS) ≥ g(TA)

0.00

100.00

0.00

100.00

0.00

100.00

2) g(TA) ≥ g(NS)

100.00

0.00

100.00

0.00

100.00

0.00

Total

100.00

100.00

100.00

100.00

100.00

100.00

Number of firms

5451

3709

55

26

5506

3735

%

59.51

40.49

67.90

32.10

59.58

40.42