Table 6 Univariate comparisons among the...

Table 6

Univariate comparisons among the opportunistic capitalization, normal capitalization and expense-all samples

Variable	(1) Opportunistic capitalization sample		(2) Normal capitalization sample		(3) Expense-all sample		(2)-(1) Mean	(3)-(2) Mean	(3)-(1) Mean
Variable	N	Mean	N	Mean	N	Mean	(2)-(1) Mean	(3)-(2) Mean	(3)-(1) Mean
ROA_i,t	735	0.054	2,636	0.059	7,739	0.067	0.005^**	0.008^***	0.012^***
ROA_i,t+1	735	0.049	2,636	0.056	7,739	0.064	0.007^***	0.008^***	0.015^***
ROA_i,t+2	625	0.046	1,941	0.054	5,658	0.061	0.007^***	0.008^**	0.015^***
ROA_i,t+3	511	0.042	1,403	0.054	3,985	0.058	0.011^***	0.005^***	0.016^***
ROE_i,t	735	0.090	2,636	0.104	7,739	0.110	0.014^***	0.007^***	0.021^***
ROE_i,t+1	735	0.082	2,636	0.100	7,739	0.107	0.018^***	0.008^***	0.025^***
ROE_i,t+2	624	0.079	1,929	0.098	5,641	0.106	0.019^***	0.008^***	0.027^***
ROE_i,t+3	511	0.071	1,396	0.099	3,961	0.104	0.028^***	0.005	0.033^***
Size_i,t	735	22.28	2,636	22.53	7,739	22.08	0.257^***	−0.456^***	−0.198^***
Lev_i,t	735	0.396	2,636	0.432	7,739	0.394	0.036^***	−0.038^***	−0.002
MB_i,t	735	1.160	2,636	0.981	7,739	1.017	−0.179^***	0.036^**	−0.143^***
Growth_i,t	735	0.168	2,636	0.129	7,739	0.122	−0.039^***	−0.007^*	−0.046^***
RDint_i,t	735	0.026	2,636	0.026	7,739	0.020	−0.001	−0.006^***	−0.006^***

Variable	(1)Opportunistic capitalization sample		(2)Normal capitalization sample		(3)Expense-all sample		(2)-(1)Mean	(3)-(2)Mean	(3)-(1)Mean
Variable	N	Mean	N	Mean	N	Mean	(2)-(1)Mean	(3)-(2)Mean	(3)-(1)Mean
ROA_i,t	735	0.054	2,636	0.059	7,739	0.067	0.005^**	0.008^***	0.012^***
ROA_i,t+1	735	0.049	2,636	0.056	7,739	0.064	0.007^***	0.008^***	0.015^***
ROA_i,t+2	625	0.046	1,941	0.054	5,658	0.061	0.007^***	0.008^**	0.015^***
ROA_i,t+3	511	0.042	1,403	0.054	3,985	0.058	0.011^***	0.005^***	0.016^***
ROE_i,t	735	0.090	2,636	0.104	7,739	0.110	0.014^***	0.007^***	0.021^***
ROE_i,t+1	735	0.082	2,636	0.100	7,739	0.107	0.018^***	0.008^***	0.025^***
ROE_i,t+2	624	0.079	1,929	0.098	5,641	0.106	0.019^***	0.008^***	0.027^***
ROE_i,t+3	511	0.071	1,396	0.099	3,961	0.104	0.028^***	0.005	0.033^***
Size_i,t	735	22.28	2,636	22.53	7,739	22.08	0.257^***	−0.456^***	−0.198^***
Lev_i,t	735	0.396	2,636	0.432	7,739	0.394	0.036^***	−0.038^***	−0.002
MB_i,t	735	1.160	2,636	0.981	7,739	1.017	−0.179^***	0.036^**	−0.143^***
Growth_i,t	735	0.168	2,636	0.129	7,739	0.122	−0.039^***	−0.007^*	−0.046^***
RDint_i,t	735	0.026	2,636	0.026	7,739	0.020	−0.001	−0.006^***	−0.006^***

Note(s): This table presents univariate comparison among the opportunistic capitalization, normal capitalization and expense-all samples. All variables are defined in Appendix

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