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

0.4333

0.9166

−2.0453

6.290986

3.281546

21.49474

DIVDECISION

0.7037938

0.4566941

0

1

−.8926909

1.796897

No of Observati ons

1715

735

2450