Table VI

Abnormal performance in labour productivity, sales, and profitability

PeriodAP meanAP medianSkewnessp-value (t-test)p-value (WSR)p-value (sign test)
Labour productivity (operating income/number of employees)
t−3 to t−232.4970.534✕0.3140.2180.308
t−2 to t−1−1.408−0.606✕0.2960.0640.106
t−2 to t−3.350−0.542✕0.0820.1100.230
t−2 to t+11.1630.550 0.5810.2970.141
t−2 to t+22.0371.031 0.4460.3830.389
t−1 to t−1.8710.394 0.1910.7550.326
t−1 to t+12.9131.212 0,2310.005**0.003**
t−1 to t+24.0191.675 0.0860.012**0.036*
t to t+14.2271.420✕0.0630.001***0.009**
t to t+26.1722.588✕0.007*0.000***0.000***
t+1 to t+20.8430.463 0.7310.5500.712
Sales performance (yearly percentage change in industrial sales)
t−3 to t−2−35.6351−1.9359✕0.0620.0970.762
t−2 to t−158.03304.0796✕0.2350.002***0.020*
t−2 to t14.330410.7109✕0.004**0.000***0.001**
t−2 to t+115.176812.8258✕0.014*0.000***0.017*
t−2 to t+26.67516.8427 0.0360.014**0.048
t−1 to t−44.99533.7341✕0.3680.4670.185
t−1 to t+1−49.74190.6204✕0.3560.7370.828
t−1 to t+2−67.57170.1432✕0.3050.8231.000
t to t+1−2.1187−1.1003 0.7850.7210.828
t to t+2−11.4892−12.6731✕0.0860.022**0.008**
t+1 to t+2−9.9836−3.7464✕0.1420.2870.131
Profitability (return on assets)
t−3 to t−2−2.456−0.022✕0.3260.0310.012
t−2 to t−1−0.072−0.001✕0.2020.9620.480
t−2 to t−0.0540.007✕0.7500.4470.475
t−2 to t+10.0010.001✕0.9930.6270.743
t−2 to t+20.0850.001 0.5780.4871.00
t−1 to t0.0200.001✕0.9130.3030.759
t−1 to t+10.0690.011✕0.7040.1390.230
t−1 to t+20.1730.000✕0.3280.1681.00
t to t+10.0220.005 0.8220.2780.156
t to t+20.1320.019✕0.6390.1520.349
t+1 to t+20.0990.006 0.7300.2630.160

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

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