Table 4 Abnormal performance of the...

Table 4

Abnormal performance of the certification event (Group 2)

Certification event study
Period	AP median	AP mean	Normality	Skewness	p-value (WSR)	p-value (sign test)
Labour productivity (operating income/number of employees)
t − 2 to t − 1	386.79	−1204.31	No	X	0.265	0.237
t − 1 to t	517.53	−1743.32	No	X	0.525	0.268
t − 1 to t + 1	766.40	−2663.08	No	X	0.956	0.434
t − 1 to t + 2	−546.54	−4519.96	No		0.326	0.434
t − 1 to t + 3	−1836.57	−5234.83	No		0.008**	0.002**
t − 1 to t + 4	−2488.96	−7640.71	No	X	0.000***	0.001**
t − 1 to t + 5	−3571.07	−9298.90	No	X	0.000***	0.001**
Sales performance (yearly percentage change in industrial sales)
t − 2 to t − 1	1.03%	−1.49%	No	X	0.922	0.396
t − 1 to t	5.23%	8.32%	No	X	0.001**	0.003**
t − 1 to t + 1	9.01%	18.38%	No		0.000***	0.000***
t − 1 to t + 2	6.21%	14.87%	No	X	0.001**	0.002**
t − 1 to t + 3	4.70%	7.81%	No	X	0.067	0.341
t − 1 to t + 4	1.54%	1.12%	No		0.482	0.864
t − 1 to t + 5	2.00%	3.90%	No		0.460	0.797
Profitability (return on assets)
t − 2 to t − 1	−0.58%	−0.88%	No	X	0.155	0.253
t − 1 to t	1.35%	0.97%	No	X	0.028*	0.039*
t − 1 to t + 1	1.07%	1.05%	No		0.096	0.253
t − 1 to t + 2	0.98%	0.75%	No	X	0.159	0.277
t − 1 to t + 3	0.51%	−0.76%	No	X	0.813	0.608
t − 1 to t + 4	−0.83%	−1.94%	No		0.207	0.514
t − 1 to t + 5	−1.51%	−2.46%	No		0.004**	0.017*

Certification event study
Period	AP median	AP mean	Normality	Skewness	p-value (WSR)	p-value (sign test)
Labour productivity (operating income/number of employees)
t − 2 to t − 1	386.79	−1204.31	No	X	0.265	0.237
t − 1 to t	517.53	−1743.32	No	X	0.525	0.268
t − 1 to t + 1	766.40	−2663.08	No	X	0.956	0.434
t − 1 to t + 2	−546.54	−4519.96	No		0.326	0.434
t − 1 to t + 3	−1836.57	−5234.83	No		0.008**	0.002**
t − 1 to t + 4	−2488.96	−7640.71	No	X	0.000***	0.001**
t − 1 to t + 5	−3571.07	−9298.90	No	X	0.000***	0.001**
Sales performance (yearly percentage change in industrial sales)
t − 2 to t − 1	1.03%	−1.49%	No	X	0.922	0.396
t − 1 to t	5.23%	8.32%	No	X	0.001**	0.003**
t − 1 to t + 1	9.01%	18.38%	No		0.000***	0.000***
t − 1 to t + 2	6.21%	14.87%	No	X	0.001**	0.002**
t − 1 to t + 3	4.70%	7.81%	No	X	0.067	0.341
t − 1 to t + 4	1.54%	1.12%	No		0.482	0.864
t − 1 to t + 5	2.00%	3.90%	No		0.460	0.797
Profitability (return on assets)
t − 2 to t − 1	−0.58%	−0.88%	No	X	0.155	0.253
t − 1 to t	1.35%	0.97%	No	X	0.028*	0.039*
t − 1 to t + 1	1.07%	1.05%	No		0.096	0.253
t − 1 to t + 2	0.98%	0.75%	No	X	0.159	0.277
t − 1 to t + 3	0.51%	−0.76%	No	X	0.813	0.608
t − 1 to t + 4	−0.83%	−1.94%	No		0.207	0.514
t − 1 to t + 5	−1.51%	−2.46%	No		0.004**	0.017*

Note(s): *, ** and *** significant at 5, 1 and 0.1% levels, respectively (Benjamini-Hochberg's (1995) false discovery rate correction)

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