Table I. Statistic descriptive Country...

Table I.

Statistic descriptive

Country	Variables	N	Min	Max	Mean	SD
	BL	240	0	0.9752	0.1998	0.2173
	ML	240	0	0.8115	0.1604	0.2080
	MTB_tim	216	−16.530	70.135	1.6369	6.9574
	MTB	216	−1.5328	26.988	2.650	3.4280
Tunisia	BLOC3	240	0	0.9	0.2111	0.2293
	MSO	240	0	0.685	0.052	0.1244
	II	240	0	0.9166	0.4433	0.2570
	RETA	240	−0.3812	0.2384	0.033	0.095
	RETE	240	−3.5656	0.4125	−0.029	0.4577
	AGE	240	0.6931	4.4886	3.5563	0.4891
	SIZE	240	16.5594	21.4281	18.0733	0.9294
	PROF	240	−0.1575	0.3751	0.1038	0.092
	TANG	240	0.0001	0.6834	0.2594	0.1723

Country	Variables	N	Min	Max	Mean	SD
	BL	240	0	0.9752	0.1998	0.2173
	ML	240	0	0.8115	0.1604	0.2080
	MTB_tim	216	−16.530	70.135	1.6369	6.9574
	MTB	216	−1.5328	26.988	2.650	3.4280
Tunisia	BLOC3	240	0	0.9	0.2111	0.2293
	MSO	240	0	0.685	0.052	0.1244
	II	240	0	0.9166	0.4433	0.2570
	RETA	240	−0.3812	0.2384	0.033	0.095
	RETE	240	−3.5656	0.4125	−0.029	0.4577
	AGE	240	0.6931	4.4886	3.5563	0.4891
	SIZE	240	16.5594	21.4281	18.0733	0.9294
	PROF	240	−0.1575	0.3751	0.1038	0.092
	TANG	240	0.0001	0.6834	0.2594	0.1723

Variables	Modality	Frequency	(%)
B-CYCLE G	1: Growth phase	88	36.67
B-CYCLE G	0 : otherwise	152	63.33
B-CYCLE M	1 : Maturity phase 0 : Otherwise	64 176	26.67 73.33
B-CYCLE D	1 : Decline phase 0 : Otherwise	88 152	36.67 63.33

Country

Variables

Min

Max

Mean

1,000

−0.1946

1.2855

0.3250

0.2124

1,000

0.93009

0.2613

0.2071

MTB_tim

900

−39.77453

39.99953

1.24347

3.680351

France

MTB

900

−1.86936

26.12175

2.04316

1.839478

BLOC3

1,000

0.005

0.996

0.44359

0.24005

MSO

1,000

0.83

0.44359

0.24005

1,000

0.91

0.33236

0.29076

RETA

1,000

−0.88743

2.07388

0.19511

0.22089

RETE

1,000

−7.033673

21.17315

0.50107

1.17492

AGE

1,000

5.303305

3.60007

1.09176

SIZE

1,000

15.8169

26.3043

22.4568

1.73611

PROF

1,000

−0.128236

0.954424

0.10256

0.06260

TANG

1,000

0.000558

0.971913

0.220578

0.20340

Variables	Modality	Frequency	(%)
B-CYCLE G	1: Growth phase	88	36.67
B-CYCLE G	0 : Otherwise	152	63.33
B-CYCLE M	1 : Maturity phase 0 : Otherwise	64 176	26.67 73.33
B-CYCLE D	1 : Decline phase 0 : Otherwise	88 152	36.67 63.33

Notes:

BL: Book leverage; ML: market leverage; ${MTB}_{tim.t-1} = \frac{\sum_{s = 0}^{t - 1} (e_{s} + d_{s}) M B s}{\sum_{r = 0}^{t - 1} (e_{r} + d_{r})} .$ MTB: market value of equity/book value of equity; BLOC 3: the sum of the capital held by three main shareholders; MSO: managerial ownership by percentage of shares held by executive officers; II: institutional investors; RETA: retained earnings/total assets; RETE: retained earnings/total equity; Age: the logarithm of the difference between the year t and the year in which the firm was founded; Size: in total asset; Prof: the profitability; Tang: property, gross planet and equipment/total asset; B-cycle is classiﬁed into three phases: growth, maturity and decline. It takes a value of 1 and otherwise 0

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