Variable

Group

Adopters

Non-Adopters

Difference

|t|

Obs

Mean

Obs

Mean

Obs

Mean

Mean

Expense

520

12.19833

268

12.1767

252

12.1986

0.0219

0.8227

Profit growth

520

287.8194

268

251.7944

252

326.1317

74.33734

2.6922

ROA growth

520

4.2159

268

4.3078

252

4.1168

0.1910

1.4352

ROE growth

520

4.2125

268

4.2480

252

4.1748

-0.0733

0.5561

Growth

520

6.3632

268

6.3143

252

6.4152

0.1009

0.8972

Working capital

520

4.9055

268

4.9147

252

4.8958

-0.0190

0.1374

Age

520

12.0115

268

12.2537

252

11.7540

-0.4998

1.2855

Debt sustainability

520

0.2730

268

0.2703

252

0.2758

0.0055

1.4624

Leverage

520

0.4496

268

0.4502

252

0.4489

-0.0013

0.1750