Variables | Payers | Non-Payers |
| Whole Sample | |||||||||||
Mean | SD | Min | Max | Mean | SD | Min | Max | t-statistics | Mean | SD | Min | Max | Skewness | Kurtosis | |
FCF | 9.1651 | 37.4649 | −93.4876 | 195.8599 | −1.3645 | 12.6239 | −93.4876 | 98.2362 | −5.9509*** | 5.9288 | 32.1637 | −93.4876 | 195.8599 | 3.3766 | 21.2848 |
MB ratio | 1.4463 | 0.9413 | 0.4276 | 6.0120 | 1.2819 | 0.8405 | 0.4276 | 6.0120 | −5.9509*** | 1.3979 | 0.9215 | 0.4276 | 6.0120 | 2.5865 | 11.1702 |
Lev | 0.3607 | 0.2093 | 0.0159 | 1.4430 | 0.3757 | 0.2994 | 0.0159 | 1.4430 | 1.2837 | 0.37125 | 0.25173 | 0.0159 | 1.4430 | 1.3169 | 5.9275 |
Liq | 2.5978 | 4.3054 | 0.2154 | 39.7841 | 3.6025 | 7.2296 | 0.2154 | 39.7841 | 3.8572*** | 2.8693 | 5.3454 | 0.21548 | 39.7841 | 5.2788 | 33.1252 |
Prof | 0.1029 | 0.0942 | −0.2582 | 0.3627 | −0.0023 | 0.1056 | −0.3381 | 0.3089 | −22.0854*** | 0.0697 | 0.1089 | −0.33812 | 0.36272 | −0.2562 | 5.2642 |
FS | 2.0121 | 0.6720 | 0.5040 | 3.6552 | 1.61 | 0.7524 | 0.5040 | 3.6552 | −11.9496*** | 1.8893 | 0.7144 | 0.5040 | 3.6552 | 0.2636 | 2.5770 |
Inst_Own | 0.1157 | 0.2306 | 0 | 0.9465 | 0.1109 | 0.2043 | 0 | 0.9465 | −0.4450 | 0.1188 | 0.2337 | 0 | 0.9465 | 2.3630 | 7.4679 |
Man_Own | 0.0299 | 0.1081623 | 0 | 0.67 | 0.0142 | 0.0446 | 0 | 0.67 | −3.1027*** | 0.0228 | 0.0874 | 0 | 0.67 | 6.7429 | 48.5113 |
Free_Float | 0.4018 | 0.2367 | 0.0205 | 0.9398 | 0.4445 | 0.2481 | 0.0205 | 0.9398 | 3.4639*** | 0.4029 | 0.2390 | 0.05058 | 0.9398 | 0.3900 | 2.2826 |
Div_Ratio |
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|
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| 0.4333 | 0.9166 | −2.0453 | 6.290986 | 3.281546 | 21.49474 |
DIVDECISION |
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| 0.7037938 | 0.4566941 | 0 | 1 | −.8926909 | 1.796897 |
No of Observati ons | 1715 | 735 |
| 2450 |