Table 6 Sensitivity analyses Panels...

Table 6

Sensitivity analyses

Panels	Period	Obs	Mean	Std. Dev	Min	Max
a)	2018–2019	28,808	2885.70	38790.71	−1,837,894	2,009,581
a)	2020–2021	28,808	1623.22	47819.31	−2,425,568	2,520,722
b)	2018–2019	28,808	−0.08	1.63	−111.08	178.60
b)	2020–2021	28,808	0.01	0.12	−2.46	3.50
c.1) $R_{1} = \frac{σ ({O E}_{i t})}{σ ({C F}_{i t})}$	2018–2019	28,808	58.71	1488.78	0.00	116723.00
c.1) $R_{1} = \frac{σ ({O E}_{i t})}{σ ({C F}_{i t})}$	2020–2021	28,808	62.84	2400.48	0.00	279421.00
c.2) $R_{2} = \frac{a b s ({T A}_{i t})}{a b s ({C F}_{i t})}$	2018–2019	28,808	125.91	1960.89	0.00	121896.00
	2020–2021	28,808	121.16	2172.63	0.00	220193.00

Panels	Period	Obs	Mean	Std. Dev	Min	Max
a)	2018–2019	28,808	2885.70	38790.71	−1,837,894	2,009,581
a)	2020–2021	28,808	1623.22	47819.31	−2,425,568	2,520,722
b)	2018–2019	28,808	−0.08	1.63	−111.08	178.60
b)	2020–2021	28,808	0.01	0.12	−2.46	3.50
c.1) $R_{1} = \frac{σ ({O E}_{i t})}{σ ({C F}_{i t})}$	2018–2019	28,808	58.71	1488.78	0.00	116723.00
c.1) $R_{1} = \frac{σ ({O E}_{i t})}{σ ({C F}_{i t})}$	2020–2021	28,808	62.84	2400.48	0.00	279421.00
c.2) $R_{2} = \frac{a b s ({T A}_{i t})}{a b s ({C F}_{i t})}$	2018–2019	28,808	125.91	1960.89	0.00	121896.00
	2020–2021	28,808	121.16	2172.63	0.00	220193.00

Note(s): This table summarizes the results of the sensitivity analyses that tested the validity of the results of the main analysis. Panel a) shows the results obtained using the Healy (1985) model. Panel b) shows the results from the application of the modified Jones (1991) model. Panel c.1) shows the results for Index R₁ and Panel c.2) shows the results for Index R₂

Source(s): Table by authors

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