Table 4. Mean difference test Variables...

Table 4.

Mean difference test

Variables	Mean		Mean difference	t-Statistics
Variables	GAPD = 1	GAPD = 0	Mean difference	t-Statistics
IE	−0.098	−0.096	−0.002	−2.120**
IED	0.520	0.520	−0.001	−0.095
DIFEDU	49.464	55.827	−6.363	−72.978***
DIFNAT	0.010	0.018	−0.007	−4.615***
DIFGEN	4.454	5.030	−0.576	−12.152***
JONTENU	51.356	45.628	5.728	72.235***
CHAIRAGE	0.008	0.010	−0.003	−2.174**
CHANGE1	4.322	3.420	0.902	20.776***
TENURE1	8.576	8.944	−0.368	−15.676***
CEOAGE	0.274	0.287	−0.013	−6.697***
CHANGE2	0.443	0.454	−0.011	−3.923***
TENURE2	0.030	0.035	−0.005	−0.862
BODSIZE	21.979	22.128	−0.148	−8.925***
BKTMK	0.140	0.139	0.000	0.184
LEVER	0.221	0.213	0.008	1.206
FCF	0.072	0.099	−0.027	−11.628***
FSIZE	0.145	0.128	0.018	3.858***
SDSALE	4.715	4.323	0.392	5.564***
SALEGR	0.918	0.930	−0.011	−9.256***
SOE%	0.138	0.160	−0.022	−4.646***
LOSS	2.697	2.685	0.011	2.091**
Z-Score	0.100	0.099	0.001	1.263
TANGI	−0.100	−0.099	−0.001	−1.263
K-Structure	0.007	0.001	0.006	3.278***
MFE	0.100	0.089	0.011	9.456***
FIRMAGE	0.520	0.520	−0.001	−0.095

Variables	Mean		Mean difference	t-Statistics
Variables	GAPD = 1	GAPD = 0	Mean difference	t-Statistics
IE	−0.098	−0.096	−0.002	−2.120**
IED	0.520	0.520	−0.001	−0.095
DIFEDU	49.464	55.827	−6.363	−72.978***
DIFNAT	0.010	0.018	−0.007	−4.615***
DIFGEN	4.454	5.030	−0.576	−12.152***
JONTENU	51.356	45.628	5.728	72.235***
CHAIRAGE	0.008	0.010	−0.003	−2.174**
CHANGE1	4.322	3.420	0.902	20.776***
TENURE1	8.576	8.944	−0.368	−15.676***
CEOAGE	0.274	0.287	−0.013	−6.697***
CHANGE2	0.443	0.454	−0.011	−3.923***
TENURE2	0.030	0.035	−0.005	−0.862
BODSIZE	21.979	22.128	−0.148	−8.925***
BKTMK	0.140	0.139	0.000	0.184
LEVER	0.221	0.213	0.008	1.206
FCF	0.072	0.099	−0.027	−11.628***
FSIZE	0.145	0.128	0.018	3.858***
SDSALE	4.715	4.323	0.392	5.564***
SALEGR	0.918	0.930	−0.011	−9.256***
SOE%	0.138	0.160	−0.022	−4.646***
LOSS	2.697	2.685	0.011	2.091**
Z-Score	0.100	0.099	0.001	1.263
TANGI	−0.100	−0.099	−0.001	−1.263
K-Structure	0.007	0.001	0.006	3.278***
MFE	0.100	0.089	0.011	9.456***
FIRMAGE	0.520	0.520	−0.001	−0.095

Note(s):

*p < 0.10, **p < 0.05, ***p < 0.01. Variables are defined in Appendix

Source(s): Authors’ calculations

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