Table 3 Mean difference test GAPU >... | Emerald Publishing

Table 3

Mean difference test

	GAPU > median	GAPU<=median
Variables	Mean	Mean	Mean	t-statistics
	N = 12,820	N = 14,056	Difference
TONE	3.38	3.43	−0.05	−5.55***
TONE_P	0.04	0.08	−0.04	−4.20***
TONE_S	0.06	0.11	−0.05	−4.25***
TONEF	5.30	5.34	−0.04	−3.25***
TONEF_P	0.08	0.11	−0.03	−2.30**
TONEF_S	0.08	0.11	−0.03	−2.30**
CHANGE1	0.21	0.17	0.04	8.80***
CHANGE2	0.32	0.22	0.10	18.70***
TENURE1	5.69	5.56	0.13	2.70**
TENURE2	3.86	4.85	−1.00	−24.85***
BODSIZE	8.57	8.21	0.37	18.55***
LEVER	0.44	0.41	0.03	9.85***
FIRMAGE	2.28	2.05	0.22	23.05***
FSIZE	22.18	21.98	0.20	13.35***
STDRET	0.13	0.13	0.00	−5.35***
SALEGR	0.15	0.18	−0.02	−3.90***
INDDIR%	0.37	0.38	−0.01	−17.50***
ROA	0.03	0.03	0.00	−3.80***
LOSS	0.15	0.15	0.01	1.90**
O-Score	−8.33	−8.47	0.14	6.00***
SALARY	14.92	14.92	0.00	0.00

	GAPU > median	GAPU<=median
Variables	Mean	Mean	Mean	t-statistics
	N = 12,820	N = 14,056	Difference
TONE	3.38	3.43	−0.05	−5.55***
TONE_P	0.04	0.08	−0.04	−4.20***
TONE_S	0.06	0.11	−0.05	−4.25***
TONEF	5.30	5.34	−0.04	−3.25***
TONEF_P	0.08	0.11	−0.03	−2.30**
TONEF_S	0.08	0.11	−0.03	−2.30**
CHANGE1	0.21	0.17	0.04	8.80***
CHANGE2	0.32	0.22	0.10	18.70***
TENURE1	5.69	5.56	0.13	2.70**
TENURE2	3.86	4.85	−1.00	−24.85***
BODSIZE	8.57	8.21	0.37	18.55***
LEVER	0.44	0.41	0.03	9.85***
FIRMAGE	2.28	2.05	0.22	23.05***
FSIZE	22.18	21.98	0.20	13.35***
STDRET	0.13	0.13	0.00	−5.35***
SALEGR	0.15	0.18	−0.02	−3.90***
INDDIR%	0.37	0.38	−0.01	−17.50***
ROA	0.03	0.03	0.00	−3.80***
LOSS	0.15	0.15	0.01	1.90**
O-Score	−8.33	−8.47	0.14	6.00***
SALARY	14.92	14.92	0.00	0.00

Note(s): t-statistics in parentheses. *p < 0.10, **p < 0.05, ***p < 0.01. Variables are defined in Appendix A

Source(s): Authors' calculations