Table 1 Sample statistics Panel A....

Table 1

Sample statistics

Panel A. Descriptive statistics
Variable	Total (n = 129)			Renewable firms (n = 77)			Conventional firms (n = 52)
Variable	Mean	Median	#-Obs.	Mean	Median	#-Obs.	Mean	Median	#-Obs.
ROA (%)	−0.69	3.03	853	1.17	3.30	496	−3.28	2.13	357
Tobin´s Q	0.62	0.43	875	0.51	0.36	514	0.79	0.53	361
Ln TA	14.45	14.69	875	14.62	14.79	514	14.21	14.21	361
LEV (%)	42.26	43.30	874	47.40	51.38	514	34.92	34.06	360
FS/TS (%)	35.92	26.02	818	27.12	2.28	478	48.28	50.37	340
CAPEX/TS (%)	49.12	10.52	846	49.25	11.29	505	53.37	9.52	341
EBIT/TS (%)	−0.74	0.08	859	−0.24	0.10	514	−1.49	0.04	345

Panel A. Descriptive statistics
Variable	Total (n = 129)			Renewable firms (n = 77)			Conventional firms (n = 52)
Variable	Mean	Median	#-Obs.	Mean	Median	#-Obs.	Mean	Median	#-Obs.
ROA (%)	−0.69	3.03	853	1.17	3.30	496	−3.28	2.13	357
Tobin´s Q	0.62	0.43	875	0.51	0.36	514	0.79	0.53	361
Ln TA	14.45	14.69	875	14.62	14.79	514	14.21	14.21	361
LEV (%)	42.26	43.30	874	47.40	51.38	514	34.92	34.06	360
FS/TS (%)	35.92	26.02	818	27.12	2.28	478	48.28	50.37	340
CAPEX/TS (%)	49.12	10.52	846	49.25	11.29	505	53.37	9.52	341
EBIT/TS (%)	−0.74	0.08	859	−0.24	0.10	514	−1.49	0.04	345

Panel B. Univariate analysis
Variable	Renewable firms (R)		Conventional firms (C)		Difference (R-C)
Variable	Mean	Median	Mean	Median	Mean	Median
ROA (%)	1.17	3.30	−3.28	2.13	4.45**	1.17*
Tobin´s Q	0.51	0.36	0.79	0.53	−0.28**	−0.17*
Ln TA	14.62	14.79	14.21	14.21	0.41	0.58
LEV (%)	47.40	51.38	34.92	34.06	12.48**	17.32**
FS/TS (%)	27.12	2.28	48.28	50.37	−21.16***	−48.09***
CAPEX/TS (%)	49.25	11.29	53.37	9.52	−4.12*	1.77*
EBIT/TS (%)	−0.24	0.10	−1.49	0.04	1.25	0.06

Panel B. Univariate analysis
Variable	Renewable firms (R)		Conventional firms (C)		Difference (R-C)
Variable	Mean	Median	Mean	Median	Mean	Median
ROA (%)	1.17	3.30	−3.28	2.13	4.45**	1.17*
Tobin´s Q	0.51	0.36	0.79	0.53	−0.28**	−0.17*
Ln TA	14.62	14.79	14.21	14.21	0.41	0.58
LEV (%)	47.40	51.38	34.92	34.06	12.48**	17.32**
FS/TS (%)	27.12	2.28	48.28	50.37	−21.16***	−48.09***
CAPEX/TS (%)	49.25	11.29	53.37	9.52	−4.12*	1.77*
EBIT/TS (%)	−0.24	0.10	−1.49	0.04	1.25	0.06

Note(s): This table provides basic statistics for our sample. The final data set contains 129 energy firms representing 77 renewable firms and 52 conventional firms. Return on assets (ROA) is the ratio of the net profit divided by assets, and Tobin's Q is market value of assets divided by book value of assets. The natural logarithm of total assets (TA) is a proxy for the firm size, and leverage (LEV) is the ratio between market value of debt divided by market value of equity. FS/TS is foreign sales divided by total sales. CAPEX/TS is the ratio between capital expenditures divided by total sales. Finally, EBIT/TS is the ratio between earnings before interest and taxes divided by total sales. All data are recorded at the end of each calendar year between 2009 and 2015. ^***, ^** and ^* denote significance at the 1%, 5 and 10% levels, respectively

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