Table VI. General descriptive statistics...

Table VI.

General descriptive statistics of the sample

Variable	Mean	SD	Minimum	Maximum	Variable	Mean	SD	Minimum	Maximum
Return	0.254	0.927	−0.999	11.426	Market ratio	0.067	0.386	−1.115	0.987
Price–to–book	2.061	2.626	0	33.58	EarnSmoot	0.007	0.026	−0.103	0.082
Accruals (t−1)	0.002	0.136	−1.575	1.6	AvLosses	0.572	0.208	−1	1
Capital investment	0.032	0.12	−0.831	1.549	EarnAgress	0.509	0.404	−0.942	1
Size	5.066	2.16	−5.98	14.955	Factor 1	1.024	1.879	−0.727	5.935
Gross prof	0.195	0.171	−1.032	2.203	Factor 2	−0.145	1.115	−2.177	2.84
Sales growth	0.189	0.549	−6.399	7.288	Factor 3	0.34	1.08	−3.146	2.355
Sales growth					Factor 4	−0.449	1.038	−2.467	3.277

Variable	Mean	SD	Minimum	Maximum	Variable	Mean	SD	Minimum	Maximum
Return	0.254	0.927	−0.999	11.426	Market ratio	0.067	0.386	−1.115	0.987
Price–to–book	2.061	2.626	0	33.58	EarnSmoot	0.007	0.026	−0.103	0.082
Accruals (t−1)	0.002	0.136	−1.575	1.6	AvLosses	0.572	0.208	−1	1
Capital investment	0.032	0.12	−0.831	1.549	EarnAgress	0.509	0.404	−0.942	1
Size	5.066	2.16	−5.98	14.955	Factor 1	1.024	1.879	−0.727	5.935
Gross prof	0.195	0.171	−1.032	2.203	Factor 2	−0.145	1.115	−2.177	2.84
Sales growth	0.189	0.549	−6.399	7.288	Factor 3	0.34	1.08	−3.146	2.355
Sales growth					Factor 4	−0.449	1.038	−2.467	3.277

Notes:

Where: R = Return, Price–to–Book = relation between market value and book value, Accruals = Adjustments resulting from competence regime, Inv = Capital investment, Siz = Size, Gross Prof = Gross Profitability, SaleGrow_(t−1)= Sales Growth (t−1), Market Ratio = Mean performance indicator of stock quotes traded in the countries’ respective exchanges, EarnSmoot = Earnings smoothing, EarnAgress = Earnings aggressiveness, AvLosses = Aversion to losses and Factors 1 to 4 represent the extracted factors based on the principal component factor analysis

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