Table 1 Comparative analysis pre- and... | Emerald Publishing

Table 1

Comparative analysis pre- and post-B certification

Variable	Before B Cert	After B Cert	Delta	t	Sign
Sales	48583.78	89590.27	41.00649	−4.163	***
EBIT	4539.17	9578.88	5.03971	−3.008	***
Net income	3588.67	8263.17	4.67450	−3.020	***
Intangible assets	3609.99	24393.96	20.78397	−4.066	***
Tangible assets	13812.48	10958.45	−2.85403	1.285
Long-term debt	6392.68	7494.47	1.10179	−0.615
Short-term debt	3655.14	16850.92	13.19578	−4.665	***
Financial expenses	758.46	1349.98	591.52	−2.415	**
Cash holdings	5526.76	7147.53	1.62077	1.763	*
Trade receivables	6845.92	16200.57	9.35465	−4.254	***
Trade payables	5853.79	7609.19	1.75540	−2.159	**
Stock	4105.36	8444.67	4.33931	−3.826	***
NWC	5155.05	17260.91	12.10586	−4.421	***
Employees	157.12	410.54	253.42	−3.762	***
Total assets	47019.66	101255.6	54.23594	−4.553	***
ROA	0.06	0.006	−0.05	3.667	***

Variable	Before B Cert	After B Cert	Delta	t	Sign
Sales	48583.78	89590.27	41.00649	−4.163	***
EBIT	4539.17	9578.88	5.03971	−3.008	***
Net income	3588.67	8263.17	4.67450	−3.020	***
Intangible assets	3609.99	24393.96	20.78397	−4.066	***
Tangible assets	13812.48	10958.45	−2.85403	1.285
Long-term debt	6392.68	7494.47	1.10179	−0.615
Short-term debt	3655.14	16850.92	13.19578	−4.665	***
Financial expenses	758.46	1349.98	591.52	−2.415	**
Cash holdings	5526.76	7147.53	1.62077	1.763	*
Trade receivables	6845.92	16200.57	9.35465	−4.254	***
Trade payables	5853.79	7609.19	1.75540	−2.159	**
Stock	4105.36	8444.67	4.33931	−3.826	***
NWC	5155.05	17260.91	12.10586	−4.421	***
Employees	157.12	410.54	253.42	−3.762	***
Total assets	47019.66	101255.6	54.23594	−4.553	***
ROA	0.06	0.006	−0.05	3.667	***

Note(s): *** denotes significance at the 1% level; ** denotes significance at the 5% level; * denotes significance at the 10% level