Table 11.

Descriptive statistics of variables in multivariate analysis (cont.): Germany sample

MeanSD25th PercentileMedian75th Percentile
LAF5.4071.2104.5535.2426.054
SIZE5.4852.1673.9855.1736.797
CATA0.5330.2020.3910.5390.674
QUICK1.5671.7220.7841.1231.762
LEV0.1260.1450.0040.0820.193
ROA0.0400.1400.0130.0560.099
LOSS0.2450.4300.0000.0000.000
σ (CFO)0.2930.6900.0530.0950.218
SALES GROWTH0.1190.918−0.0360.0550.154
TENURE4.7783.1842.0004.0007.000
ACCR_1−3.0651.188−3.679−2.920−2.318
BIGN0.7110.4540.0001.0001.000
UNCLEAN OPINION0.0950.2930.0000.0000.000
LABOR COST51.2414.76749.42151.38854.219
National Leader0.1860.3890.0000.0000.000
Area Leader0.2130.4100.0000.0000.000
City Leader0.2870.4530.0000.0001.000

Note:

See  Appendix for variable definitions

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