Table II Descriptive statistics of...

Table II

Descriptive statistics of variables used in the analyses

	Listed companies		Large private companies		Medium-sized companies		Small companies		Micro companies
Variable	Mean	SD	Mean	SD	Mean	SD	Mean	SD	Mean	SD
Total assets (in millions)	1,866	12.8	317	6.9052	8.65	0.0444	0.49	0.0646	0.06	0.0003
Total sales (in millions)	1,469	10.9	144	0.7807	14.72	0.0352	0.66	0.0109	0.11	0.0008
ΔNI	0.0008	0.1478	0.0046	0.0543	0.0042	0.0626	−0.0056	0.3895	−0.0108	0.4869
ΔCF	0.0044	0.2883	0.0063	0.2855	0.0176	0.2912	0.0216	0.8142	0.006	1.0488
Size	10.8693	2.4617	10.5425	0.983	8.6921	0.4241	4.4342	1.7745	3.4331	1.3113
Growth	0.0821	0.2727	0.0671	0.1738	0.0524	0.1761	−0.0078	0.3694	−0.0094	0.3768
Lev	0.5387	0.3291	0.6655	0.2848	0.7041	0.3148	1.2663	0.9213	1.4863	1.2122
Dissue	0.2268	0.7082	0.1173	0.3409	0.0911	0.3738	0.1194	0.5141	0.125	0.5427
Turn	0.9621	0.7589	1.6667	1.1204	2.118	1.1367	2.3073	2.1662	2.7019	2.4085
CF	−0.0141	0.3072	0.0645	0.2112	0.0776	0.2142	0.4008	0.8647	0.553	1.0434
No. of firm-years observations	6,318		13,067		20,630		256,562		217,647

	Listed companies		Large private companies		Medium-sized companies		Small companies		Micro companies
Variable	Mean	SD	Mean	SD	Mean	SD	Mean	SD	Mean	SD
Total assets (in millions)	1,866	12.8	317	6.9052	8.65	0.0444	0.49	0.0646	0.06	0.0003
Total sales (in millions)	1,469	10.9	144	0.7807	14.72	0.0352	0.66	0.0109	0.11	0.0008
ΔNI	0.0008	0.1478	0.0046	0.0543	0.0042	0.0626	−0.0056	0.3895	−0.0108	0.4869
ΔCF	0.0044	0.2883	0.0063	0.2855	0.0176	0.2912	0.0216	0.8142	0.006	1.0488
Size	10.8693	2.4617	10.5425	0.983	8.6921	0.4241	4.4342	1.7745	3.4331	1.3113
Growth	0.0821	0.2727	0.0671	0.1738	0.0524	0.1761	−0.0078	0.3694	−0.0094	0.3768
Lev	0.5387	0.3291	0.6655	0.2848	0.7041	0.3148	1.2663	0.9213	1.4863	1.2122
Dissue	0.2268	0.7082	0.1173	0.3409	0.0911	0.3738	0.1194	0.5141	0.125	0.5427
Turn	0.9621	0.7589	1.6667	1.1204	2.118	1.1367	2.3073	2.1662	2.7019	2.4085
CF	−0.0141	0.3072	0.0645	0.2112	0.0776	0.2142	0.4008	0.8647	0.553	1.0434
No. of firm-years observations	6,318		13,067		20,630		256,562		217,647

Notes: ΔNI is the change in earnings, where earnings is scaled by end-of-year total assets; ΔCF is the change in cash flow from operating activities, where cash flow from operating activities is scaled by end-of-year total assets; cash flow from operating activities is defined as net income after interest, tax and extraordinary items in the observation year + Depreciation – Working Capital Accruals (WCA), where WCA is defined as the change in non-cash current assets minus the change in current liabilities other than short-term debt and taxes payable; Size is the natural logarithm of the end-of-year total assets; Growth is the percentage change in sales; Lev is end-of-year total liabilities divided by end-of-year book value of equity; Dissue is the percentage change in total liabilities; Turn is sales divided by end-of-year total assets; CF is the cash flow from operating activities, scaled by end-of-year total assets. All variables are measured during the sample period, 2006-2013

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