Table 10

Differences in operating revenue and SG&A expenses between normal capitalization and expense-all firms

Sales revenueSG&A expenses
Revenuei,tRevenuei,t+1SG&Ai,tSG&Ai,t+1
NMCi,t−0.027**−0.020*0.006***0.006***
(−2.44)(−1.66)(3.13)(3.45)
Sizei,t0.016**0.008−0.004***−0.004***
(2.26)(1.15)(−3.37)(−3.39)
Levi,t0.244***0.269***−0.008−0.009
(7.01)(7.37)(−1.39)(−1.54)
MBi,t0.066***0.045***0.015***0.011***
(6.15)(4.06)(7.54)(5.75)
Growthi,t−0.085***−0.009−0.020***−0.010***
(−4.55)(−0.45)(−6.62)(−3.35)
HHIi,t−0.013−0.017−0.006−0.005
(−0.19)(−0.24)(−0.60)(−0.52)
Agei,t0.003***0.003***0.001***0.001***
(3.38)(3.49)(3.34)(3.69)
GDP_growthi,t0.870***0.928***0.0310.076
(2.76)(2.87)(0.65)(1.51)
Constant0.2140.330**0.199***0.204***
(1.40)(2.02)(7.06)(7.25)
Fixed Effects
IndustryYESYESYESYES
YearYESYESYESYES
# of Obs.8,9459,0158,9028,892
Adj. R20.2340.2310.3430.341

Note(s): All variables are defined in Appendix. The robust t statistics shown in parentheses are based on the firm-clustered standard errors. *, ** and *** represent the statistical significance level of 10%, 5% and 1%, respectively

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