Table III Summary statistics:...

Table III

Summary statistics: derivatives users vs non-users

	General derivatives use
	All firms			Users	Non-users	Difference in means
Variables	Obs	Mean	SD	Mean	Mean	Non-users – Users	p-value
Panel A: domestic firm
β country risks	3,959	0.1761	1.2305	0.1484	0.2004	0.0521	0.161
β FX risks	3,959	0.2772	2.0604	0.2012	0.3442	0.1429	0.022**
β IR risks	3,959	0.7445	4.1844	0.5604	0.9068	0.3463	0.007***
DER	4,034	0.8231	10.3247	1.8855	0	−1.8855	0.000***
FCD	4,268	0.3664	5.2647	0.8856	0	−0.8856	0.000***
IRD	4,085	0.3449	5.4118	1.9681	0	−1.9681	0.000***
Firm size	4,218	5.4300	2.2217	5.7169	5.1739	−0.5430	0.000***
Leverage	4,237	25.016	75.1544	23.823	26.072	2.2484	0.309
FORSALES	2,952	41.836	39.1131	42.566	41.147	−1.4191	0.323
Diversification indicator	4,158	0.3942	0.48873	0.4035	0.3857	−0.0177	0.241
GDP per capita	4,279	13.7885	1.2030	13.8673	13.7181	−0.1482	0.000***
DEPOSITSTOGDP	4,279	137.0977	74.6620	129.4406	143.8553	14.4147	0.000***
Rule of law	4,279	0.8110	0.8254	0.7897	0.8297	0.0400	0.112
Panel B: domestic MNCs
β country risks	4,390	0.1405	0.5739	0.1324	0.1495	0.0169	0.311
β FX risks	4,390	0.1867	1.7363	0.1681	0.2074	0.0393	0.431
β IR risks	4,390	0.5358	3.0716	0.4310	0.6528	0.2217	0.017**
DER	4,425	0.2508	3.9113	0.5084	0	−0.5084	0.000***
FCD	4,668	0.0674	0.9581	0.1517	0	−0.1517	0.000***
IRD	4,289	0.0697	1.0786	0.2890	0	−0.2890	0.000***
Firm size	4,603	6.3791	2.4129	7.0131	5.6861	−1.326	0.000***
Leverage	4,620	23.7549	40.4103	22.890	24.697	1.8069	0.137
FORSALES	3,219	31.9955	32.7232	32.842	30.830	−2.0124	0.091*
Diversification indicator	4,565	0.5301	0.5878	0.5454	0.5131	−0.0322	0.068*
GDP per capita	4,695	13.4650	1.1758	13.4433	13.4888	0.0454	0.1921
DEPOSITSTOGDP	4,697	141.5091	80.9590	158.9537	122.4072	−36.5465	0.000***
Rule of law	4,697	0.7035	0.8572	0.9074	0.4804	−0.4269	0.000***
Panel C: foreign affiliates
β country risks	679	0.1323	0.2194	0.1137	0.1462	0.0325	0.043**
β FX risks	679	0.2499	0.7324	0.2513	0.2488	−0.0024	0.967
β IR risks	679	0.934	4.0564	0.8793	0.9749	0.0956	0.766
DER	701	0.8400	7.5685	2.1259	0	−2.1259	0.003***
FCD	712	0.5170	5.3418	0.1516	0	−0.1516	0.000***
IRD	693	0.2680	2.4170	1.5479	0	−1.5479	0.003***
Firm size	704	5.4215	2.2246	5.6719	5.2502	−0.4216	0.015**
Leverage	702	29.9375	182.9618	24.466	33.699	9.2331	0.431
FORSALES	507	34.418	35.6521	36.440	32.752	−3.688	0.245
Diversification indicator	704	0.4218	0.4942	0.3298	0.4866	0.1567	0.000***
GDP per capita	715	13.9812	1.1311	14.2523	13.7952	−0.45719	0.000***
DEPOSITSTOGDP	715	154.8604	89.6138	147.5522	159.8762	12.3240	0.065*
Rule of law	715	0.6948	0.7912	0.6349	0.7360	0.1011	0.093*

	General derivatives use
	All firms			Users	Non-users	Difference in means
Variables	Obs	Mean	SD	Mean	Mean	Non-users – Users	p-value
Panel A: domestic firm
β country risks	3,959	0.1761	1.2305	0.1484	0.2004	0.0521	0.161
β FX risks	3,959	0.2772	2.0604	0.2012	0.3442	0.1429	0.022**
β IR risks	3,959	0.7445	4.1844	0.5604	0.9068	0.3463	0.007***
DER	4,034	0.8231	10.3247	1.8855	0	−1.8855	0.000***
FCD	4,268	0.3664	5.2647	0.8856	0	−0.8856	0.000***
IRD	4,085	0.3449	5.4118	1.9681	0	−1.9681	0.000***
Firm size	4,218	5.4300	2.2217	5.7169	5.1739	−0.5430	0.000***
Leverage	4,237	25.016	75.1544	23.823	26.072	2.2484	0.309
FORSALES	2,952	41.836	39.1131	42.566	41.147	−1.4191	0.323
Diversification indicator	4,158	0.3942	0.48873	0.4035	0.3857	−0.0177	0.241
GDP per capita	4,279	13.7885	1.2030	13.8673	13.7181	−0.1482	0.000***
DEPOSITSTOGDP	4,279	137.0977	74.6620	129.4406	143.8553	14.4147	0.000***
Rule of law	4,279	0.8110	0.8254	0.7897	0.8297	0.0400	0.112
Panel B: domestic MNCs
β country risks	4,390	0.1405	0.5739	0.1324	0.1495	0.0169	0.311
β FX risks	4,390	0.1867	1.7363	0.1681	0.2074	0.0393	0.431
β IR risks	4,390	0.5358	3.0716	0.4310	0.6528	0.2217	0.017**
DER	4,425	0.2508	3.9113	0.5084	0	−0.5084	0.000***
FCD	4,668	0.0674	0.9581	0.1517	0	−0.1517	0.000***
IRD	4,289	0.0697	1.0786	0.2890	0	−0.2890	0.000***
Firm size	4,603	6.3791	2.4129	7.0131	5.6861	−1.326	0.000***
Leverage	4,620	23.7549	40.4103	22.890	24.697	1.8069	0.137
FORSALES	3,219	31.9955	32.7232	32.842	30.830	−2.0124	0.091*
Diversification indicator	4,565	0.5301	0.5878	0.5454	0.5131	−0.0322	0.068*
GDP per capita	4,695	13.4650	1.1758	13.4433	13.4888	0.0454	0.1921
DEPOSITSTOGDP	4,697	141.5091	80.9590	158.9537	122.4072	−36.5465	0.000***
Rule of law	4,697	0.7035	0.8572	0.9074	0.4804	−0.4269	0.000***
Panel C: foreign affiliates
β country risks	679	0.1323	0.2194	0.1137	0.1462	0.0325	0.043**
β FX risks	679	0.2499	0.7324	0.2513	0.2488	−0.0024	0.967
β IR risks	679	0.934	4.0564	0.8793	0.9749	0.0956	0.766
DER	701	0.8400	7.5685	2.1259	0	−2.1259	0.003***
FCD	712	0.5170	5.3418	0.1516	0	−0.1516	0.000***
IRD	693	0.2680	2.4170	1.5479	0	−1.5479	0.003***
Firm size	704	5.4215	2.2246	5.6719	5.2502	−0.4216	0.015**
Leverage	702	29.9375	182.9618	24.466	33.699	9.2331	0.431
FORSALES	507	34.418	35.6521	36.440	32.752	−3.688	0.245
Diversification indicator	704	0.4218	0.4942	0.3298	0.4866	0.1567	0.000***
GDP per capita	715	13.9812	1.1311	14.2523	13.7952	−0.45719	0.000***
DEPOSITSTOGDP	715	154.8604	89.6138	147.5522	159.8762	12.3240	0.065*
Rule of law	715	0.6948	0.7912	0.6349	0.7360	0.1011	0.093*

Notes: This table presents a summary statistics of characteristics between firms use derivatives and those firms do not. Panel A reports summary statistics for the variables for the domestic firms that use derivatives (derivative users) and firms that do not (derivatives non-users). Panel B displays the mean, standard deviation for variables of domestic MNCs only separately for derivatives users and non-users. Panel C presents these values for foreign affiliates only. P-values for testing the difference in mean are also reported. *,**,***Significant 10, 5 and 1 percent levels, respectively

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