Table A3 Descriptive statistics Panel A...

Table A3

Descriptive statistics

Panel A
	2007		2008		2009		Pair-wise t-tests for equality of means
	Mean	Standard deviation	Mean	Standard deviation	Mean	Standard deviation	2007 vs. 2008	2007 vs. 2009	2008 vs. 2009
1. European and Australian banking sector (IFRS)
Test variables
Accruals	0.0626	0.9070	−0.0065	0.0566	−0.0445	0.1472
CAR	0.0087	0.0484	−0.0318	0.1376	−0.0103	0.0281	**	***	*
Control variables
Size
SALESHA	9.4460	12.8377	8.6042	14.8736	10.1828	15.8281		*	*
LNMV	8.8493	3.3781	8.2710	3.3995	8.5300	3.4497	*		*
Profitability
PLOWB	1.1404	2.9759	1.9705	7.1520	20.736	3.7609		*
OPM	0.3594	1.6289	0.0143	2.0810	−0.0053	0.5873	*	**
NPM	0.3110	1.6245	0.0150	1.9452	−0.0047	0.5327	*
ROSC	0.1877	0.1751	0.0683	0.2294	0.0800	0.2421	***
EPS	1.6286	4.1021	0.4753	1.9504	0.7385	4.4497	**	*
ROCE	0.1476	0.2497	0.1114	0.2176	0.0836	0.2030			*
Leverage
DEBT	3.7011	5.4081	2.3358	7.9177	3.7385	6.9544	*		*
TLSFU	12.4919	11.4362	13.6810	13.1320	11.5572	10.3651			*
DSFU	2.9608	5.7496	2.8284	5.1374	2.5110	4.4178		*
2. Banking sector US (US GAAP)
Test variables
Accruals	0.0290	0.0160	−0.0333	0.0255	0.0548	0.0242
CAR	0.0110	0.0111	−0.0094	0.0322	0.0092	0.0239	***		***
Control variables
Size
SALETAS	0.0770	0.0403	0.0690	0.0434	0.0666	0.0444	**	***
RESTAS	0.0628	0.0755	0.0464	0.0518	0.0625	0.0645	***		***
RESSFU	0.3162	0.1460	0.2788	0.3562	0.3396	0.1579	***	*	***
LNMV	5.6346	1.9954	5.2289	2.1793	5.1102	2.2424	**	***
Profitability
PLOWB	5.0176	8.5125	4.9501	16.3546	3.3625	16.3536			*
OPM	0.1586	0.1206	0.0357	0.2925	0.0339	1.1710	***	*
NPM	0.1175	0.1519	0.0161	0.2496	0.0061	0.7693	***	**
ROSC	0.0866	0.0693	−0.0129	0.7339	−0.0080	0.1401	**	***
EPS	2.0720	9.5006	−1.2138	10.5334	−2.0086	10.0603	***	***	*
ROCE	0.0785	0.0579	0.1290	1.2829	0.0632	0.0745		***
Leverage
DEBT	4.3062	10.1947	3.8830	8.6429	5.5565	16.4834			*
TLSFU	6.6356	3.0753	7.0992	4.4357	6.4547	2.6911	*		**
CGEAR	4.5214	3.1173	5.0769	4.6387	4.5149	2.8354	*		*
INTCOV	0.9942	5.5750	0.4632	4.1263	0.2244	2.6517		**
IGEAR	2.8734	10.3516	2.6766	11.5962	1.0250	10.5676		**

Panel A
	2007		2008		2009		Pair-wise t-tests for equality of means
	Mean	Standard deviation	Mean	Standard deviation	Mean	Standard deviation	2007 vs. 2008	2007 vs. 2009	2008 vs. 2009
1. European and Australian banking sector (IFRS)
Test variables
Accruals	0.0626	0.9070	−0.0065	0.0566	−0.0445	0.1472
CAR	0.0087	0.0484	−0.0318	0.1376	−0.0103	0.0281	**	***	*
Control variables
Size
SALESHA	9.4460	12.8377	8.6042	14.8736	10.1828	15.8281		*	*
LNMV	8.8493	3.3781	8.2710	3.3995	8.5300	3.4497	*		*
Profitability
PLOWB	1.1404	2.9759	1.9705	7.1520	20.736	3.7609		*
OPM	0.3594	1.6289	0.0143	2.0810	−0.0053	0.5873	*	**
NPM	0.3110	1.6245	0.0150	1.9452	−0.0047	0.5327	*
ROSC	0.1877	0.1751	0.0683	0.2294	0.0800	0.2421	***
EPS	1.6286	4.1021	0.4753	1.9504	0.7385	4.4497	**	*
ROCE	0.1476	0.2497	0.1114	0.2176	0.0836	0.2030			*
Leverage
DEBT	3.7011	5.4081	2.3358	7.9177	3.7385	6.9544	*		*
TLSFU	12.4919	11.4362	13.6810	13.1320	11.5572	10.3651			*
DSFU	2.9608	5.7496	2.8284	5.1374	2.5110	4.4178		*
2. Banking sector US (US GAAP)
Test variables
Accruals	0.0290	0.0160	−0.0333	0.0255	0.0548	0.0242
CAR	0.0110	0.0111	−0.0094	0.0322	0.0092	0.0239	***		***
Control variables
Size
SALETAS	0.0770	0.0403	0.0690	0.0434	0.0666	0.0444	**	***
RESTAS	0.0628	0.0755	0.0464	0.0518	0.0625	0.0645	***		***
RESSFU	0.3162	0.1460	0.2788	0.3562	0.3396	0.1579	***	*	***
LNMV	5.6346	1.9954	5.2289	2.1793	5.1102	2.2424	**	***
Profitability
PLOWB	5.0176	8.5125	4.9501	16.3546	3.3625	16.3536			*
OPM	0.1586	0.1206	0.0357	0.2925	0.0339	1.1710	***	*
NPM	0.1175	0.1519	0.0161	0.2496	0.0061	0.7693	***	**
ROSC	0.0866	0.0693	−0.0129	0.7339	−0.0080	0.1401	**	***
EPS	2.0720	9.5006	−1.2138	10.5334	−2.0086	10.0603	***	***	*
ROCE	0.0785	0.0579	0.1290	1.2829	0.0632	0.0745		***
Leverage
DEBT	4.3062	10.1947	3.8830	8.6429	5.5565	16.4834			*
TLSFU	6.6356	3.0753	7.0992	4.4357	6.4547	2.6911	*		**
CGEAR	4.5214	3.1173	5.0769	4.6387	4.5149	2.8354	*		*
INTCOV	0.9942	5.5750	0.4632	4.1263	0.2244	2.6517		**
IGEAR	2.8734	10.3516	2.6766	11.5962	1.0250	10.5676		**

Panel B
	2010		2011		2012		2013		Pair-wise t-tests for equality of means
Variables	Mean	Standard deviation	Mean	Standard deviation	Mean	Standard deviation	Mean	Standard deviation	2010 vs. 2011	2012 vs. 2013
1. Europe and Australia
Test variables
Tobin's q	0.9761	2.1608	−0.0770	0.4893	0.1566	0.4767	0.2834	0.8232	***	*
Accruals	0.0325	0.8651	−0.0022	0.3418	0.0140	0.2509	−0.0182	0.2064
OCF	−0.3276	3.5184	0.4007	2.4265	−0.2061	7.9176	−1.1311	7.1782	**
Control variables
Size
SALESHA	2.4995	6.8140	1.7553	3.2208	1.5935	3.3716	2.1995	5.5660	*	*
NAVSH	3.2858	4.6439	3.3188	4.8343	2.6308	3.4083	3.6753	6.2373		**
RESSFU	0.1631	0.3641	0.2414	0.6585	0.2390	1.0429	0.3922	2.4008	*
Investment
DIVSH	0.1565	0.3908	0.1997	0.4655	0.1560	0.3656	0.2398	0.7625		*
DIVYI	0.0434	0.2284	0.1313	0.8562	0.0615	0.3146	0.3131	3.0782	*
DIVCOV	2.6583	4.6197	0.7022	8.5390	1.4454	3.6099	3.3562	5.1494	*	***
Growth
MVBV	2.5026	3.9412	2.3390	6.1450	1.9688	3.3373	3.4750	9.0268		**
Profitability
OPM	0.2703	1.4899	0.3530	3.0212	−0.6920	4.8534	−1.5424	7.6635		*
NPM	0.2232	1.4688	0.3195	2.9938	−0.7384	4.4794	−1.5563	7.6013		*
ROSC	0.0706	1.0639	0.1026	0.7535	0.0245	0.5187	−0.1673	1.5831		*
EPS	0.2681	1.2223	0.0941	0.9998	0.0430	2.0113	0.3334	1.6086	*	*
ROCE	0.0366	0.2326	0.0813	0.4434	0.0206	0.4875	−0.0899	0.6486		*
Liquidity
CUR	3.6911	5.7514	5.3105	13.4922	5.7880	9.2804	8.6917	19.5506	*	*
CFSH	0.4127	1.3762	0.2059	1.0990	0.3034	1.0906	0.4614	1.7480	*
CFM	0.5978	6.3433	0.2795	3.0208	−0.0665	5.9241	−2.4482	13.1110		**
Leverage
ETL	3.5995	10.8018	3.7849	7.3954	4.8511	6.7386	7.1994	13.4620		**
IGEAR	0.4061	2.7655	0.0478	2.0834	0.1917	0.8442	0.0967	1.1067	*
DEBTE	0.8661	3.2858	0.8829	3.0187	0.7605	2.4032	1.3020	4.7912		*
2. US
Test variables
Tobin's q	0.3806	0.9293	0.1009	0.3881	0.2672	0.5202	0.4195	0.9144	***	**
Accruals	−0.0252	0.1206	0.0208	0.6571	0.0299	0.5773	−0.0147	0.1469
OCF	0.0777	0.1961	0.0635	0.2628	0.0647	0.1547	0.1371	0.7936		*
Control variables
Size
SALESHA	9.9029	10.8065	8.1300	7.8484	8.3826	8.5415	9.5764	10.9833	*	*
NAVSH	14.9496	15.7529	14.3562	11.1738	13.8841	10.6841	15.6440	13.6162		*
LNMV	6.9994	1.9321	6.8808	1.8973	7.0810	1.8693	7.3570	1.7819		*
Investment
DIVSH	1.5147	3.4131	1.1565	1.6606	1.1095	1.0856	1.3395	2.4611	*	*
DIVYI	0.0625	0.1525	0.0686	0.1868	0.0801	0.2418	0.0524	0.1306		*
DIVCOV	0.3272	8.0780	0.7682	3.1023	0.6072	1.8374	1.2453	2.3262		***
PE	11.2206	28.0425	10.0009	21.9310	10.8266	28.5366	19.1688	25.9597		***
Growth
MVBV	2.2187	4.3864	1.6618	2.5499	1.8736	3.0659	2.5167	5.0445	*	*
Profitability
OPM	0.3738	1.8029	0.1435	0.4902	0.1380	0.5178	0.2816	1.9560	*
NPM	0.1642	0.6524	0.0919	0.3355	0.1163	0.2834	0.1241	1.4846	*
EPS	1.0345	6.1476	1.2666	4.7187	1.1949	2.5525	1.5937	2.6941		*
ROCE	0.0637	0.3519	0.1360	0.9100	0.0410	0.1409	0.0865	0.4534		*
Liquidity
CUR	2.1270	3.0401	1.7802	2.2448	1.7503	2.3482	2.0818	3.0610	*	*
CFSH	2.2626	4.3376	1.8860	4.1456	2.3649	3.3595	2.8581	3.6546		*
Leverage
CGEAR	1.1359	2.5038	0.8716	1.2608	0.8240	2.5143	0.7815	1.0279	*
INTCOV	6.1354	23.6873	2.6423	16.8249	4.6584	18.3497	4.7883	9.9091	*
IGEAR	0.2503	3.5386	0.0891	4.5429	0.0984	4.5515	0.5727	2.5750		*
DSFU	0.4864	0.9899	0.7369	1.4637	0.6824	1.9402	0.6506	2.0856	**

Panel B
	2010		2011		2012		2013		Pair-wise t-tests for equality of means
Variables	Mean	Standard deviation	Mean	Standard deviation	Mean	Standard deviation	Mean	Standard deviation	2010 vs. 2011	2012 vs. 2013
1. Europe and Australia
Test variables
Tobin's q	0.9761	2.1608	−0.0770	0.4893	0.1566	0.4767	0.2834	0.8232	***	*
Accruals	0.0325	0.8651	−0.0022	0.3418	0.0140	0.2509	−0.0182	0.2064
OCF	−0.3276	3.5184	0.4007	2.4265	−0.2061	7.9176	−1.1311	7.1782	**
Control variables
Size
SALESHA	2.4995	6.8140	1.7553	3.2208	1.5935	3.3716	2.1995	5.5660	*	*
NAVSH	3.2858	4.6439	3.3188	4.8343	2.6308	3.4083	3.6753	6.2373		**
RESSFU	0.1631	0.3641	0.2414	0.6585	0.2390	1.0429	0.3922	2.4008	*
Investment
DIVSH	0.1565	0.3908	0.1997	0.4655	0.1560	0.3656	0.2398	0.7625		*
DIVYI	0.0434	0.2284	0.1313	0.8562	0.0615	0.3146	0.3131	3.0782	*
DIVCOV	2.6583	4.6197	0.7022	8.5390	1.4454	3.6099	3.3562	5.1494	*	***
Growth
MVBV	2.5026	3.9412	2.3390	6.1450	1.9688	3.3373	3.4750	9.0268		**
Profitability
OPM	0.2703	1.4899	0.3530	3.0212	−0.6920	4.8534	−1.5424	7.6635		*
NPM	0.2232	1.4688	0.3195	2.9938	−0.7384	4.4794	−1.5563	7.6013		*
ROSC	0.0706	1.0639	0.1026	0.7535	0.0245	0.5187	−0.1673	1.5831		*
EPS	0.2681	1.2223	0.0941	0.9998	0.0430	2.0113	0.3334	1.6086	*	*
ROCE	0.0366	0.2326	0.0813	0.4434	0.0206	0.4875	−0.0899	0.6486		*
Liquidity
CUR	3.6911	5.7514	5.3105	13.4922	5.7880	9.2804	8.6917	19.5506	*	*
CFSH	0.4127	1.3762	0.2059	1.0990	0.3034	1.0906	0.4614	1.7480	*
CFM	0.5978	6.3433	0.2795	3.0208	−0.0665	5.9241	−2.4482	13.1110		**
Leverage
ETL	3.5995	10.8018	3.7849	7.3954	4.8511	6.7386	7.1994	13.4620		**
IGEAR	0.4061	2.7655	0.0478	2.0834	0.1917	0.8442	0.0967	1.1067	*
DEBTE	0.8661	3.2858	0.8829	3.0187	0.7605	2.4032	1.3020	4.7912		*
2. US
Test variables
Tobin's q	0.3806	0.9293	0.1009	0.3881	0.2672	0.5202	0.4195	0.9144	***	**
Accruals	−0.0252	0.1206	0.0208	0.6571	0.0299	0.5773	−0.0147	0.1469
OCF	0.0777	0.1961	0.0635	0.2628	0.0647	0.1547	0.1371	0.7936		*
Control variables
Size
SALESHA	9.9029	10.8065	8.1300	7.8484	8.3826	8.5415	9.5764	10.9833	*	*
NAVSH	14.9496	15.7529	14.3562	11.1738	13.8841	10.6841	15.6440	13.6162		*
LNMV	6.9994	1.9321	6.8808	1.8973	7.0810	1.8693	7.3570	1.7819		*
Investment
DIVSH	1.5147	3.4131	1.1565	1.6606	1.1095	1.0856	1.3395	2.4611	*	*
DIVYI	0.0625	0.1525	0.0686	0.1868	0.0801	0.2418	0.0524	0.1306		*
DIVCOV	0.3272	8.0780	0.7682	3.1023	0.6072	1.8374	1.2453	2.3262		***
PE	11.2206	28.0425	10.0009	21.9310	10.8266	28.5366	19.1688	25.9597		***
Growth
MVBV	2.2187	4.3864	1.6618	2.5499	1.8736	3.0659	2.5167	5.0445	*	*
Profitability
OPM	0.3738	1.8029	0.1435	0.4902	0.1380	0.5178	0.2816	1.9560	*
NPM	0.1642	0.6524	0.0919	0.3355	0.1163	0.2834	0.1241	1.4846	*
EPS	1.0345	6.1476	1.2666	4.7187	1.1949	2.5525	1.5937	2.6941		*
ROCE	0.0637	0.3519	0.1360	0.9100	0.0410	0.1409	0.0865	0.4534		*
Liquidity
CUR	2.1270	3.0401	1.7802	2.2448	1.7503	2.3482	2.0818	3.0610	*	*
CFSH	2.2626	4.3376	1.8860	4.1456	2.3649	3.3595	2.8581	3.6546		*
Leverage
CGEAR	1.1359	2.5038	0.8716	1.2608	0.8240	2.5143	0.7815	1.0279	*
INTCOV	6.1354	23.6873	2.6423	16.8249	4.6584	18.3497	4.7883	9.9091	*
IGEAR	0.2503	3.5386	0.0891	4.5429	0.0984	4.5515	0.5727	2.5750		*
DSFU	0.4864	0.9899	0.7369	1.4637	0.6824	1.9402	0.6506	2.0856	**

Note(s): *, ** and *** indicate statistically significant factors at 10, 5 and 1% (two-tailed) level, respectively

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