Variable | Large Size | Small Size | Introductory Firm | Growth Firm |
Constant | −1.5*** | 2.4*** | −1.95*** | −0.9*** |
Acquisition | 1.3 × 10−4* | 9.9 × 10−4 | 1.2 × 10−4 |
1.8 × 10−4* |
Long Term Debt to Assets | 7.6 × 10−2 | −5 × 10−2 | −3.0 × 10−2 | 6.7 × 10−2 |
Depreciation | 6.4 × 10−5* | 1.0 × 10−4 | −3.4 × 10−4* | 9.4 × 10−6 |
Dividends | 8.9 × 10−5* | 1.8 × 10−3 | 3. 2 × 10−4 | 5.7 × 10−5 |
Earnings Before Interest, Taxes, Depreciation and Amortization | −1.7 × 10−5 | −8.8 × 10−4 | 6.1 × 10−5 | −9.3 × 10−6 |
Retained Earnings | 4.2 × 10−5*** | −1.3 × 10−5 | 5.9 × 10−5*** | 2.7 × 10−5*** |
Revenue | 2.0 × 10−6 | 1.1 × 10−4** | 7.7 × 10−6 | 3.4 × 10−6 |
Research and Development | 2.2 × 10−3** | 1.3 × 10−3 | 6.6 × 10−4*** | 1.3 × 10−4 |
Cash Flow | 8.2 × 10−5*** | 9.7 × 10−4 | −1.7 × 10−4*** | −4.6 × 10−5 |
Debt to Assets Ratio | 2.8 × 10−2 | −1.9 × 10−4 | −2.8 × 10−2 | 1.6 × 10−3 |
Research and Development of Acquisitions | −1.8 × 10−4** | 1.1 × 10−4 | −5.1 × 10−4*** | −1.7 × 10−4* |
Beta | 3.0 × 10−3 | 3.0 × 10−5 | 4.0 × 10−3 | 7.3 × 10−3* |
Negative Surprise | 2.2 × 10−1*** | 1.2 × 10−1** | 2.9 × 10−1*** | 2.5 × 10−1*** |
Product or Service | 7.5 × 10−2* | 1.8 × 10−1*** | 0.1* | −4.6 × 10−1*** |
N | 10,773 | 9773 | 5118 | 4596 |
Log Likelihood | 0.59 | 0.72 | 0.64 | 0.56 |