Table VI Abnormal performance in labour...

Table VI

Abnormal performance in labour productivity, sales, and profitability

Period	AP mean	AP median	Skewness	p-value (t-test)	p-value (WSR)	p-value (sign test)
Labour productivity (operating income/number of employees)
t−3 to t−2	32.497	0.534	✕	0.314	0.218	0.308
t−2 to t−1	−1.408	−0.606	✕	0.296	0.064	0.106
t−2 to t	−3.350	−0.542	✕	0.082	0.110	0.230
t−2 to t+1	1.163	0.550		0.581	0.297	0.141
t−2 to t+2	2.037	1.031		0.446	0.383	0.389
t−1 to t	−1.871	0.394		0.191	0.755	0.326
t−1 to t+1	2.913	1.212		0,231	0.005**	0.003**
t−1 to t+2	4.019	1.675		0.086	0.012**	0.036*
t to t+1	4.227	1.420	✕	0.063	0.001***	0.009**
t to t+2	6.172	2.588	✕	0.007*	0.000***	0.000***
t+1 to t+2	0.843	0.463		0.731	0.550	0.712
Sales performance (yearly percentage change in industrial sales)
t−3 to t−2	−35.6351	−1.9359	✕	0.062	0.097	0.762
t−2 to t−1	58.0330	4.0796	✕	0.235	0.002***	0.020*
t−2 to t	14.3304	10.7109	✕	0.004**	0.000***	0.001**
t−2 to t+1	15.1768	12.8258	✕	0.014*	0.000***	0.017*
t−2 to t+2	6.6751	6.8427		0.036	0.014**	0.048
t−1 to t	−44.9953	3.7341	✕	0.368	0.467	0.185
t−1 to t+1	−49.7419	0.6204	✕	0.356	0.737	0.828
t−1 to t+2	−67.5717	0.1432	✕	0.305	0.823	1.000
t to t+1	−2.1187	−1.1003		0.785	0.721	0.828
t to t+2	−11.4892	−12.6731	✕	0.086	0.022**	0.008**
t+1 to t+2	−9.9836	−3.7464	✕	0.142	0.287	0.131
Profitability (return on assets)
t−3 to t−2	−2.456	−0.022	✕	0.326	0.031	0.012
t−2 to t−1	−0.072	−0.001	✕	0.202	0.962	0.480
t−2 to t	−0.054	0.007	✕	0.750	0.447	0.475
t−2 to t+1	0.001	0.001	✕	0.993	0.627	0.743
t−2 to t+2	0.085	0.001		0.578	0.487	1.00
t−1 to t	0.020	0.001	✕	0.913	0.303	0.759
t−1 to t+1	0.069	0.011	✕	0.704	0.139	0.230
t−1 to t+2	0.173	0.000	✕	0.328	0.168	1.00
t to t+1	0.022	0.005		0.822	0.278	0.156
t to t+2	0.132	0.019	✕	0.639	0.152	0.349
t+1 to t+2	0.099	0.006		0.730	0.263	0.160

Period	AP mean	AP median	Skewness	p-value (t-test)	p-value (WSR)	p-value (sign test)
Labour productivity (operating income/number of employees)
t−3 to t−2	32.497	0.534	✕	0.314	0.218	0.308
t−2 to t−1	−1.408	−0.606	✕	0.296	0.064	0.106
t−2 to t	−3.350	−0.542	✕	0.082	0.110	0.230
t−2 to t+1	1.163	0.550		0.581	0.297	0.141
t−2 to t+2	2.037	1.031		0.446	0.383	0.389
t−1 to t	−1.871	0.394		0.191	0.755	0.326
t−1 to t+1	2.913	1.212		0,231	0.005**	0.003**
t−1 to t+2	4.019	1.675		0.086	0.012**	0.036*
t to t+1	4.227	1.420	✕	0.063	0.001***	0.009**
t to t+2	6.172	2.588	✕	0.007*	0.000***	0.000***
t+1 to t+2	0.843	0.463		0.731	0.550	0.712
Sales performance (yearly percentage change in industrial sales)
t−3 to t−2	−35.6351	−1.9359	✕	0.062	0.097	0.762
t−2 to t−1	58.0330	4.0796	✕	0.235	0.002***	0.020*
t−2 to t	14.3304	10.7109	✕	0.004**	0.000***	0.001**
t−2 to t+1	15.1768	12.8258	✕	0.014*	0.000***	0.017*
t−2 to t+2	6.6751	6.8427		0.036	0.014**	0.048
t−1 to t	−44.9953	3.7341	✕	0.368	0.467	0.185
t−1 to t+1	−49.7419	0.6204	✕	0.356	0.737	0.828
t−1 to t+2	−67.5717	0.1432	✕	0.305	0.823	1.000
t to t+1	−2.1187	−1.1003		0.785	0.721	0.828
t to t+2	−11.4892	−12.6731	✕	0.086	0.022**	0.008**
t+1 to t+2	−9.9836	−3.7464	✕	0.142	0.287	0.131
Profitability (return on assets)
t−3 to t−2	−2.456	−0.022	✕	0.326	0.031	0.012
t−2 to t−1	−0.072	−0.001	✕	0.202	0.962	0.480
t−2 to t	−0.054	0.007	✕	0.750	0.447	0.475
t−2 to t+1	0.001	0.001	✕	0.993	0.627	0.743
t−2 to t+2	0.085	0.001		0.578	0.487	1.00
t−1 to t	0.020	0.001	✕	0.913	0.303	0.759
t−1 to t+1	0.069	0.011	✕	0.704	0.139	0.230
t−1 to t+2	0.173	0.000	✕	0.328	0.168	1.00
t to t+1	0.022	0.005		0.822	0.278	0.156
t to t+2	0.132	0.019	✕	0.639	0.152	0.349
t+1 to t+2	0.099	0.006		0.730	0.263	0.160

Notes: *,**,***Significant at the 10, 5, and 1 per cent levels, respectively (Benjamini-Hochberg, 1995 false discovery rate correction)

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