Table V. Descriptive statistics,...

Table V.

Descriptive statistics, Mann–Whitney and t-test (continuous variables)

	All samples (N = 332)					Companies with IAF (N = 206)			Companies without IAF (N = 126)			Mann–Whitney p value* (2-tailed)	t-Test p-value** (2-tailed)
Variables***	Mean	Median	SD	Min	Max	Mean	Median	SD	Mean	Median	SD
SIZE (£000)	786374	323486	1218704	2417	6696900	1146096	546850	1418343	198256	99865	268017	0.000	0.000
SEGMENTS	2.92	3.00	1.51	1	9	3.13	3.00	1.56	2.57	2.00	1.37	0.001	0.001
RECINV%	29.49	27.40	20.17	0	93.80	29.99	28.22	19.68	28.67	25.60	21.01	0.423	0.568
OCF%	8.80	8.59	11.79	−66.01	83.54	10.45	9.48	8.97	6.09	7.39	14.97	0.002	0.004
LEV%	16.22	10.88	18.54	0	144.21	18.89	15.82	17.65	11.85	2.43	19.19	0.000	0.001
DSH%	8.05	1.32	14.21	0	80.63	6.24	0.68	12.47	11.02	3.14	16.29	0.000	0.005
MSH%	50.08	49.27	16.11	8.45	92.40	47.68	47.57	15.76	53.99	54.52	15.96	0.000	0.001
INDDS%	46	50	13	0	75	48	50	11	42	43	14	0.000	0.000
ACSIZE	3.06	3.00	0.833	0	6	3.29	3.00	0.73	2.67	3.00	0.86	0.000	0.000
ACIND %	93	100	19	0	100	96	100	12	88	100	26	0.000	0.000
ACEXP %	48	50	23	0	100	49	50	21	46	33	27	0.323	0.305
ACMEET	3.50	3.00	1.286	0	11	3.83	4.00	1.20	2.96	3.00	1.24	0.000	0.000
AUDITFEES %	0.24	0.17	0.34	0.01	5.25	0.18	0.14	0.14	0.34	0.22	0.52	0.000	0.001

	All samples (N = 332)					Companies with IAF (N = 206)			Companies without IAF (N = 126)			Mann–Whitney p value* (2-tailed)	t-Test p-value** (2-tailed)
Variables***	Mean	Median	SD	Min	Max	Mean	Median	SD	Mean	Median	SD
SIZE (£000)	786374	323486	1218704	2417	6696900	1146096	546850	1418343	198256	99865	268017	0.000	0.000
SEGMENTS	2.92	3.00	1.51	1	9	3.13	3.00	1.56	2.57	2.00	1.37	0.001	0.001
RECINV%	29.49	27.40	20.17	0	93.80	29.99	28.22	19.68	28.67	25.60	21.01	0.423	0.568
OCF%	8.80	8.59	11.79	−66.01	83.54	10.45	9.48	8.97	6.09	7.39	14.97	0.002	0.004
LEV%	16.22	10.88	18.54	0	144.21	18.89	15.82	17.65	11.85	2.43	19.19	0.000	0.001
DSH%	8.05	1.32	14.21	0	80.63	6.24	0.68	12.47	11.02	3.14	16.29	0.000	0.005
MSH%	50.08	49.27	16.11	8.45	92.40	47.68	47.57	15.76	53.99	54.52	15.96	0.000	0.001
INDDS%	46	50	13	0	75	48	50	11	42	43	14	0.000	0.000
ACSIZE	3.06	3.00	0.833	0	6	3.29	3.00	0.73	2.67	3.00	0.86	0.000	0.000
ACIND %	93	100	19	0	100	96	100	12	88	100	26	0.000	0.000
ACEXP %	48	50	23	0	100	49	50	21	46	33	27	0.323	0.305
ACMEET	3.50	3.00	1.286	0	11	3.83	4.00	1.20	2.96	3.00	1.24	0.000	0.000
AUDITFEES %	0.24	0.17	0.34	0.01	5.25	0.18	0.14	0.14	0.34	0.22	0.52	0.000	0.001

Notes:

* The univariate Mann–Whitney test of differences in medians is performed to compare the companies that have IAF with those that do not;

The parametric t-test for the difference in mean is also reported to support the non-parametric one, given that the sample consists of more than 100 companies;

***

Variables: SIZE = total assets; SEGMENTS = number of operating segments; RECINV = receivables and inventories divided by total assets; OCF = operating cash flows divided by total assets; LEV = long-term debts divided by total assets; DSH = percentage of outstanding shares owned by directors; MSH = percentage of outstanding shares owned by the major (Institutional) shareholders; INDDS = percentage of independent directors on the board; ACSIZE = number of audit committee members; ACIND = percentage of independent directors on the audit committee; ACEXP = percentage of directors with financial expertise on the audit committee; ACMEET = number of audit committee meetings during the year; AUDITFEES = total external audit fees divided by total assets

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