Tabla III. Significancia estadística de...

Tabla III.

Significancia estadística de la distribución del BNE y del ΔBNE

		Panel A: Beneficio Neto (E)		Panel B: Cambio en el Beneficio Neto (ΔE)
Año	Intervalo	Izquierda de 0	Derecha de 0	Izquierda de 0	Derecha de 0
2010 n = 54	Intervalo ITest-t	−0.01 ≤ E < 0 (0.00)	0 ≤ E < 0.01 (-2,60)***	−0.005 ≤ ΔE < 0 (0.93)	0 ≤ ΔE < 0.005 (-0.81)
	Intervalo IITest-t	−0.02 ≤ E < 0 (0.00)	0 ≤ E < 0.02 (-0.57)	−0.01 ≤ ΔE < 0 (-0.18)	0 ≤ ΔE < 0.001(-0.38)
	Intervalo IIITest-t	−0.03 ≤ E < 0 (-0.62)	0 ≤ E < 0.03 (0.30)	−0.015 ≤ ΔE < 0 (0.45)	0 ≤ ΔE < 0.015 (0.60)
2011 n = 194	Intervalo ITest-t	−0.01 ≤ E < 0 (-1,71)*	0 ≤ E < 0.01 (2,06)**	−0.005 ≤ ΔE < 0 (0.10)	0 ≤ ΔE < 0.005 (1,05)
	Intervalo IITest-t	−0.02 ≤ E < 0 (0.00)	0 ≤ E < 0.02 (0.54)	−0.01 ≤ ΔE < 0 (-0.42)	0 ≤ ΔE < 0.001(2,75)***
	Intervalo IIITest-t	−0.03 ≤ E < 0 (-1,61)	0 ≤ E < 0.03 (1,59)	−0.015 ≤ ΔE < 0 (0.15)	0 ≤ ΔE < 0.015 (3,85)***
2012 n = 213	Intervalo ITest-t	−0.01 ≤ E < 0 (0.13)	0 ≤ E < 0.01 (-0.11)	−0.005 ≤ ΔE < 0 (0.52)	0 ≤ ΔE < 0.005 (-0.40)
	Intervalo IITest-t	−0.02 ≤ E < 0(-0.60)	0 ≤ E < 0.02 (0.24)	−0.01 ≤ ΔE < 0 (0.25)	0 ≤ ΔE < 0.001(1,83)*
	Intervalo IIITest-t	−0.03 ≤ E < 0(-1,49)	0 ≤ E < 0.03 (2,05)**	−0.015 ≤ ΔE < 0 (1,02)	0 ≤ ΔE < 0.015 (2,99)***
2013 n = 216	Intervalo ITest-t	−0.01 ≤ E < 0 (-1,63)	0 ≤ E < 0.01 (-0.38)	−0.005 ≤ ΔE < 0 (1,26)	0 ≤ ΔE < 0.005 (0.57)
	Intervalo IITest-t	−0.02 ≤ E < 0 (-0.88)	0 ≤ E < 0.02 (-0.81)	−0.01 ≤ ΔE < 0 (2,34)**	0 ≤ ΔE < 0.001(-0.31)
	Intervalo IIITest-t	−0.03 ≤ E < 0 (-3,25)***	0 ≤ E < 0.03 (2,32)**	−0.015 ≤ ΔE < 0 (2,86)***	0 ≤ ΔE < 0.015 (1,31)
2014 n = 222	Intervalo ITest-t	−0.01 ≤ E < 0 (0.80)	0 ≤ E < 0.01 (-1,30)	−0.005 ≤ ΔE < 0 (-0.30)	0 ≤ ΔE < 0.005 (0.00)
	Intervalo IITest-t	−0.02 ≤ E < 0 (-2,36)**	0 ≤ E < 0.02 (1,85)*	−0.01 ≤ ΔE < 0 (0.08)	0 ≤ ΔE < 0.001(2,88)***
	Intervalo IIITest-t	−0.03 ≤ E < 0 (-4,04)***	0 ≤ E < 0.03 (4,91)***	−0.015 ≤ ΔE < 0 (0.42)	0 ≤ ΔE < 0.015 (4,01)***
2010-2014n = 899	Intervalo ITest-t	−0.01 ≤ E < 0 (-1,03)	0 ≤ E < 0.01 (-0.23)	−0.005 ≤ ΔE < 0 (1,02)	0 ≤ ΔE < 0.005 (0.47)
	Intervalo IITest-t	−0.02 ≤ E < 0 (-1,87)*	0 ≤ E < 0.02 (0.83)	−0.01 ≤ ΔE < 0 (1,12)	0 ≤ ΔE < 0.001 (3,47)***
	Intervalo IIITest-t	−0.03 ≤ E < 0 (-5,17)***	0 ≤ E < 0.03 (5,45)***	−0.015 ≤ ΔE < 0 (2,30)**	0 ≤ ΔE < 0.015 (6,04)***

		Panel A: Beneficio Neto (E)		Panel B: Cambio en el Beneficio Neto (ΔE)
Año	Intervalo	Izquierda de 0	Derecha de 0	Izquierda de 0	Derecha de 0
2010 n = 54	Intervalo ITest-t	−0.01 ≤ E < 0 (0.00)	0 ≤ E < 0.01 (-2,60)***	−0.005 ≤ ΔE < 0 (0.93)	0 ≤ ΔE < 0.005 (-0.81)
	Intervalo IITest-t	−0.02 ≤ E < 0 (0.00)	0 ≤ E < 0.02 (-0.57)	−0.01 ≤ ΔE < 0 (-0.18)	0 ≤ ΔE < 0.001(-0.38)
	Intervalo IIITest-t	−0.03 ≤ E < 0 (-0.62)	0 ≤ E < 0.03 (0.30)	−0.015 ≤ ΔE < 0 (0.45)	0 ≤ ΔE < 0.015 (0.60)
2011 n = 194	Intervalo ITest-t	−0.01 ≤ E < 0 (-1,71)*	0 ≤ E < 0.01 (2,06)**	−0.005 ≤ ΔE < 0 (0.10)	0 ≤ ΔE < 0.005 (1,05)
	Intervalo IITest-t	−0.02 ≤ E < 0 (0.00)	0 ≤ E < 0.02 (0.54)	−0.01 ≤ ΔE < 0 (-0.42)	0 ≤ ΔE < 0.001(2,75)***
	Intervalo IIITest-t	−0.03 ≤ E < 0 (-1,61)	0 ≤ E < 0.03 (1,59)	−0.015 ≤ ΔE < 0 (0.15)	0 ≤ ΔE < 0.015 (3,85)***
2012 n = 213	Intervalo ITest-t	−0.01 ≤ E < 0 (0.13)	0 ≤ E < 0.01 (-0.11)	−0.005 ≤ ΔE < 0 (0.52)	0 ≤ ΔE < 0.005 (-0.40)
	Intervalo IITest-t	−0.02 ≤ E < 0(-0.60)	0 ≤ E < 0.02 (0.24)	−0.01 ≤ ΔE < 0 (0.25)	0 ≤ ΔE < 0.001(1,83)*
	Intervalo IIITest-t	−0.03 ≤ E < 0(-1,49)	0 ≤ E < 0.03 (2,05)**	−0.015 ≤ ΔE < 0 (1,02)	0 ≤ ΔE < 0.015 (2,99)***
2013 n = 216	Intervalo ITest-t	−0.01 ≤ E < 0 (-1,63)	0 ≤ E < 0.01 (-0.38)	−0.005 ≤ ΔE < 0 (1,26)	0 ≤ ΔE < 0.005 (0.57)
	Intervalo IITest-t	−0.02 ≤ E < 0 (-0.88)	0 ≤ E < 0.02 (-0.81)	−0.01 ≤ ΔE < 0 (2,34)**	0 ≤ ΔE < 0.001(-0.31)
	Intervalo IIITest-t	−0.03 ≤ E < 0 (-3,25)***	0 ≤ E < 0.03 (2,32)**	−0.015 ≤ ΔE < 0 (2,86)***	0 ≤ ΔE < 0.015 (1,31)
2014 n = 222	Intervalo ITest-t	−0.01 ≤ E < 0 (0.80)	0 ≤ E < 0.01 (-1,30)	−0.005 ≤ ΔE < 0 (-0.30)	0 ≤ ΔE < 0.005 (0.00)
	Intervalo IITest-t	−0.02 ≤ E < 0 (-2,36)**	0 ≤ E < 0.02 (1,85)*	−0.01 ≤ ΔE < 0 (0.08)	0 ≤ ΔE < 0.001(2,88)***
	Intervalo IIITest-t	−0.03 ≤ E < 0 (-4,04)***	0 ≤ E < 0.03 (4,91)***	−0.015 ≤ ΔE < 0 (0.42)	0 ≤ ΔE < 0.015 (4,01)***
2010-2014n = 899	Intervalo ITest-t	−0.01 ≤ E < 0 (-1,03)	0 ≤ E < 0.01 (-0.23)	−0.005 ≤ ΔE < 0 (1,02)	0 ≤ ΔE < 0.005 (0.47)
	Intervalo IITest-t	−0.02 ≤ E < 0 (-1,87)*	0 ≤ E < 0.02 (0.83)	−0.01 ≤ ΔE < 0 (1,12)	0 ≤ ΔE < 0.001 (3,47)***
	Intervalo IIITest-t	−0.03 ≤ E < 0 (-5,17)***	0 ≤ E < 0.03 (5,45)***	−0.015 ≤ ΔE < 0 (2,30)**	0 ≤ ΔE < 0.015 (6,04)***

Notas: El Panel A muestra el test-t, entre paréntesis y debajo de cada intervalo, para el beneficio neto escalado, representado por “E”. Para “E”, los tres intervalos a la izquierda y a la derecha de cero son (0 ± 0.01), (0 ± 0.02) y (0 ± 0.03). El Panel B muestra el test-t, entre paréntesis, para el cambio en el beneficio neto escalado, representado por “ΔE”. Para “ΔE” los tres intervalos a la izquierda y a la derecha de cero son (0 ± 0.005), (0 ± 0.01) y (0 ± 0.015). Se muestran los resultados por año y para el período 2010-2014. n es el número de firmas en cada año.

: significativo al 90%;

: significativo al 95%; y

***

: significativo al 99%

Fuente: Elaboración propia

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