Descriptive statistics
| All firms | Non-FF | FF | t-test | |
|---|---|---|---|---|
| ENVP | 56.90 (26.46) | 58.22 (26.92) | 54.57 (25.48) | 3.12 *** |
| IBD | 0.41 (0.19) | 0.44 (0.19) | 0.36 (0.18) | 12.24*** |
| NCD | 0.79 (0.41) | 0.83 (0.38) | 0.72 (0.45) | 8.02*** |
| BS | 11.89 (4.87) | 11.89 (5.09) | 11.89 (4.52) | 0.02 |
| WBD | 0.30 (0.15) | 0.30 (0.15) | 0.30 (0.15) | −0.61 |
| FBD | 0.09 (0.15) | 0.21 (0.16) | ||
| BT | 6.82 (3.29) | 5.97 (2.80) | 8.18 (3.54) | −19.69*** |
| CEOAGE | 57.67 (7.93) | 57.74 (8.06) | 57.55 (7.69) | 0.53 |
| CEOB | 0.55 (0.50) | 0.51 (0.50) | 0.61 (0.49) | −4.45*** |
| FCEO | 0.26 (0.44) | 0.47 (0.50) | ||
| FOWN | 0.21 (0.27) | 0.52 (0.16) | ||
| LEV | 2.10 (2.86) | 2.22 (3.22) | 1.91 (2.17) | 3.48*** |
| ROE | 0.13 (0.19) | 0.12 (0.20) | 0.14 (0.16) | −4.76*** |
| ID | 0.11 (0.32) | 0.02 (0.13) | 0.26 (0.44) | −20.46*** |
| SIZE | 14.57 (2.09) | 14.73 (2.25) | 14.33 (1.77) | 5.99*** |
| AGE | 61.05 (49.04) | 55.04 (47.76) | 70.56 (49.55) | −9.47*** |
| FIRMS | 434 | 263 | 171 |
| All firms | Non-FF | FF | ||
|---|---|---|---|---|
| ENVP | 56.90 (26.46) | 58.22 (26.92) | 54.57 (25.48) | 3.12 *** |
| IBD | 0.41 (0.19) | 0.44 (0.19) | 0.36 (0.18) | 12.24*** |
| NCD | 0.79 (0.41) | 0.83 (0.38) | 0.72 (0.45) | 8.02*** |
| BS | 11.89 (4.87) | 11.89 (5.09) | 11.89 (4.52) | 0.02 |
| WBD | 0.30 (0.15) | 0.30 (0.15) | 0.30 (0.15) | −0.61 |
| FBD | 0.09 (0.15) | 0.21 (0.16) | ||
| BT | 6.82 (3.29) | 5.97 (2.80) | 8.18 (3.54) | −19.69*** |
| CEOAGE | 57.67 (7.93) | 57.74 (8.06) | 57.55 (7.69) | 0.53 |
| CEOB | 0.55 (0.50) | 0.51 (0.50) | 0.61 (0.49) | −4.45*** |
| FCEO | 0.26 (0.44) | 0.47 (0.50) | ||
| FOWN | 0.21 (0.27) | 0.52 (0.16) | ||
| LEV | 2.10 (2.86) | 2.22 (3.22) | 1.91 (2.17) | 3.48*** |
| ROE | 0.13 (0.19) | 0.12 (0.20) | 0.14 (0.16) | −4.76*** |
| ID | 0.11 (0.32) | 0.02 (0.13) | 0.26 (0.44) | −20.46*** |
| SIZE | 14.57 (2.09) | 14.73 (2.25) | 14.33 (1.77) | 5.99*** |
| AGE | 61.05 (49.04) | 55.04 (47.76) | 70.56 (49.55) | −9.47*** |
| FIRMS | 434 | 263 | 171 |
Note(s): ***, **, *: 1, 5 and 10% significance levels, respectively
Source(s): Authors own creation