Table 3. Descriptive statistics Sample...

Table 3.

Descriptive statistics

Sample	Statistic	ROE	ROA	NWCR	SIZE	LEV	GROWTH	CASH	GDP
Overall-obs.	Mean	0.080298	0.035789	0.30174	2.508914	0.451264	0.017799	0.335115	0.030061
(938)	Std. dev.	0.248341	0.130878	0.46132	1.047824	0.273893	0.256944	0.680599	0.023329
	Min.	1.534063	−0.90019	−2.68993	0.016302	0.003998	−0.97671	0.000116	−0.04712
	Max.	2.02158	0.847223	4.176276	9.300226	1.826955	0.9998	4.86534	0.152125
Positive NWCR-obs.	Mean	0.065506	0.044904	0.383643	2.409263	0.432476	0.029789	0.268529	0.029359
(756)	Std. dev.	0.245848	0.108958	0.407437	1.028798	0.260387	0.234903	0.551989	0.020438
	Min.	−2.02158	−0.73953	0.000584	0.208431	0.020354	−0.7999	0.000116	−0.04712
	Max.	1.534063	0.847223	4.176276	7.813039	1.464309	0.9998	4.821313	0.152125
Negative NWCR-Obs.	Mean	0.175727	0.019666	−0.25682	3.186721	0.58651	−0.00003	0.403656	0.035891
(111)	Std. dev.	0.243728	0.218984	0.418908	0.891756	0.248272	0.327684	0.731173	0.029543
	Min.	−1.05078	−0.90019	−2.68993	1.646528	0.126193	−0.83668	0.005066	−0.02495
	Max.	0.7064	0.357554	−0.00011	9.300226	1.826955	0.967	4.286249	0.152125

Sample	Statistic	ROE	ROA	NWCR	SIZE	LEV	GROWTH	CASH	GDP
Overall-obs.	Mean	0.080298	0.035789	0.30174	2.508914	0.451264	0.017799	0.335115	0.030061
(938)	Std. dev.	0.248341	0.130878	0.46132	1.047824	0.273893	0.256944	0.680599	0.023329
	Min.	1.534063	−0.90019	−2.68993	0.016302	0.003998	−0.97671	0.000116	−0.04712
	Max.	2.02158	0.847223	4.176276	9.300226	1.826955	0.9998	4.86534	0.152125
Positive NWCR-obs.	Mean	0.065506	0.044904	0.383643	2.409263	0.432476	0.029789	0.268529	0.029359
(756)	Std. dev.	0.245848	0.108958	0.407437	1.028798	0.260387	0.234903	0.551989	0.020438
	Min.	−2.02158	−0.73953	0.000584	0.208431	0.020354	−0.7999	0.000116	−0.04712
	Max.	1.534063	0.847223	4.176276	7.813039	1.464309	0.9998	4.821313	0.152125
Negative NWCR-Obs.	Mean	0.175727	0.019666	−0.25682	3.186721	0.58651	−0.00003	0.403656	0.035891
(111)	Std. dev.	0.243728	0.218984	0.418908	0.891756	0.248272	0.327684	0.731173	0.029543
	Min.	−1.05078	−0.90019	−2.68993	1.646528	0.126193	−0.83668	0.005066	−0.02495
	Max.	0.7064	0.357554	−0.00011	9.300226	1.826955	0.967	4.286249	0.152125

Notes:

ROA = return on assets = EBIT/total assets; ROE = return on equity = net income/total equity; NWCR = (trade receivables + inventory – trade payables)/sales; size = logarithm of total assets; GROWTH = sales growth rate (Sales_n – Sales_n–1)/Sales_n–1; LEV = total liabilities/total assets; GDP = real GDP growth rate calculated as (GDP_n – GDP_n–1)/GDP_n–1; cash = (cash and cash equivalents)/sales; Obs. = number of observations

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