Table 4. Descriptive overview of limited...

Table 4.

Descriptive overview of limited financial characteristics of delisted firms

Statistic	Market-to-book ratio	Debt ratio	Market cap	Audit fees (%)	Net profit margin (%)
Acquired
Average	1.78	0.56	R 2,922,603,817	0.38	28.11
Min	−4.4	0	R -	0.00	−208.49
Max	204.51	2.46	R 237,632,262,000	3.91	2757.02
STD dev	17.11	0.36	R 23,676,806,912	0.58	267.79
Median	0.09	0.59	R 49,871,710,000	0.18	4.01
Liquidated
Average	0.18	0.85	R 18,616,832	0.95	−39.73
Min	−0.34	0	R -	0.00	−550.65
Max	3.65	2.94	R 183,708,970	6.65	30.72
STD dev	0.63	0.71	R 42,492,562	1.39	102.51
Median	0.03	0.68	R 4,073,190	0.35	−19.64
Merged
Average	0.5	0.44	R 3,751,806,020	0.80	−30.94
Min	0	0.01	R -	0.03	−541.14
Max	4.72	0.9	R 87,691,117,368	8.05	153.32
STD dev	1.08	0.27	R 17,501,049,775	2.10	157.94
Median	0.08	0.50	R 8,881,650	0.30	8.00
Listing requirements
Average	0.42	0.68	R 21,120,509	0.66	−50.94
Min	−0.33	0.10	R -	0.00	−1701.66
Max	5.37	2.91	R 260,639,505	4.66	87.60
STD dev	1.02	0.56	R 45,245,439	1.08	273.43
Median	0.053	0.53	R 4,291,886	0.26	2.24
Moved to AltX
Average	−0.85	3.02	R 7,773,784	29.09	−292.87
Min	−4.07	0.08	R -	0.00	−1147.20
Max	0.47	9.51	R 35,586,440	115.20	0.00
STD dev	1.83	3.72	R 15,578,388	57.41	569.67
Median	−0.19	2.03	R 892,512	0.60	−12.14

Statistic	Market-to-book ratio	Debt ratio	Market cap	Audit fees (%)	Net profit margin (%)
Acquired
Average	1.78	0.56	R 2,922,603,817	0.38	28.11
Min	−4.4	0	R -	0.00	−208.49
Max	204.51	2.46	R 237,632,262,000	3.91	2757.02
STD dev	17.11	0.36	R 23,676,806,912	0.58	267.79
Median	0.09	0.59	R 49,871,710,000	0.18	4.01
Liquidated
Average	0.18	0.85	R 18,616,832	0.95	−39.73
Min	−0.34	0	R -	0.00	−550.65
Max	3.65	2.94	R 183,708,970	6.65	30.72
STD dev	0.63	0.71	R 42,492,562	1.39	102.51
Median	0.03	0.68	R 4,073,190	0.35	−19.64
Merged
Average	0.5	0.44	R 3,751,806,020	0.80	−30.94
Min	0	0.01	R -	0.03	−541.14
Max	4.72	0.9	R 87,691,117,368	8.05	153.32
STD dev	1.08	0.27	R 17,501,049,775	2.10	157.94
Median	0.08	0.50	R 8,881,650	0.30	8.00
Listing requirements
Average	0.42	0.68	R 21,120,509	0.66	−50.94
Min	−0.33	0.10	R -	0.00	−1701.66
Max	5.37	2.91	R 260,639,505	4.66	87.60
STD dev	1.02	0.56	R 45,245,439	1.08	273.43
Median	0.053	0.53	R 4,291,886	0.26	2.24
Moved to AltX
Average	−0.85	3.02	R 7,773,784	29.09	−292.87
Min	−4.07	0.08	R -	0.00	−1147.20
Max	0.47	9.51	R 35,586,440	115.20	0.00
STD dev	1.83	3.72	R 15,578,388	57.41	569.67
Median	−0.19	2.03	R 892,512	0.60	−12.14

Source(s): Author’s own compilation

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