Table 2 Event study results Period...

Table 2

Event study results

	Period	Normality	Skewness	N	AP mean	AP median	p-value (WSR)	p-value (Sign test)
Profitability
Single-year periods	t-3 to t-2	NO	S	126	−0.93%	0.10%	0.676	0.465
	t-2 to t-1	NO	S	128	1.87%	0.77%	0.006***	0.003***
	t-1 to t	NO	S	128	−1.04%	0.19%	0.317	0.213
	t to t+1	NO		128	1.23%	0.48%	0.130	0.092*
	t+1 to t+2	NO	S	118	0.31%	0.39%	0.236	0.048**
Multi-year periods	t-2 to t (adoption window)	NO		128	0.84%	0.87%	0.041**	0.013**
	t to t+2 (post-adoption window)	NO		118	1.23%	0.79%	0.032**	0.010**
	t-2 to t+1 (first-year post-adoption)	NO	S	128	2.07%	1.73%	0.000***	0.000***
	t-2 to t+2 (full event window)	NO	S	118	2.05%	1.99%	0.000***	0.000***
Labor productivity
Single-year periods	t-3 to t-2	NO	S	120	−2966.39	−885.41	0.544	0.842
	t-2 to t-1	NO	S	120	−16658.61	1809.97	0.065*	0.158
	t-1 to t	NO	S	120	30961.81	719.31	0.149	0.392
	t to t+1	NO	S	120	5766.89	4582.19	0.086*	0.027**
	t+1 to t+2	NO		110	9051.87	4477.23	0.210	0.147
Multi-year periods	t-2 to t (adoption window)	NO		120	14303.20	4730.75	0.021**	0.018**
	t to t+2 (post-adoption window)	NO	S	110	15504.19	9068.78	0.014**	0.003***
	t-2 to t+1 (first-year post-adoption)	NO		120	20070.09	9066.60	0.001***	0.004***
	t-2 to t+2 (full event window)	NO		110	29935.49	14656.81	0.000***	0.000***
Operating cycle
Single-year periods	t-3 to t-2	NO	S	107	−0.28	1.72	0.916	0.877
	t-2 to t-1	NO	S	111	1.52	−1.19	0.091*	0.171
	t-1 to t	NO	S	109	−6.51	−2.06	0.099*	0.027**
	t to t+1	NO	S	110	−3.67	1.30	0.727	0.805
	t+1 to t+2	NO	S	103	−5.86	1.30	0.532	0.916
Multi-year periods	t-2 to t (adoption window)	NO	S	110	−7.03	−3.84	0.004***	0.000***
	t to t+2 (post-adoption window)	NO	S	100	0.89	0.96	0.829	0.816
	t-2 to t+1 (first-year post-adoption)	NO		113	−4.64	−3.07	0.023**	0.045**
	t-2 to t+2 (full event window)	NO	S	103	−10.14	−3.21	0.040**	0.005***
Sales performance
Single-year periods	t-3 to t-2	NO		119	−1.50%	1.27%	0.245	0.136
	t-2 to t-1	NO	S	123	4.71%	−0.92%	0.424	0.765
	t-1 to t	NO		123	−0.86%	−1.30%	0.660	0.706
	t to t+1	NO		123	2.88%	0.04%	0.274	0.500
	t+1 to t+2	NO	S	114	−3.03%	1.53%	0.625	0.200
Multi-year periods	t-2 to t (adoption window)	NO	S	123	3.85%	−0.26%	0.409	0.572
	t to t+2 (post-adoption window)	NO		114	−0.94%	−1.39%	0.596	0.611
	t-2 to t+1 (first-year post-adoption)	NO	S	123	6.74%	0.10%	0.145	0.500
	t-2 to t+2 (full event window)	NO	S	114	3.38%	1.68%	0.257	0.200

	Period	Normality	Skewness	N	AP mean	AP median	p-value (WSR)	p-value (Sign test)
Profitability
Single-year periods	t-3 to t-2	NO	S	126	−0.93%	0.10%	0.676	0.465
	t-2 to t-1	NO	S	128	1.87%	0.77%	0.006***	0.003***
	t-1 to t	NO	S	128	−1.04%	0.19%	0.317	0.213
	t to t+1	NO		128	1.23%	0.48%	0.130	0.092*
	t+1 to t+2	NO	S	118	0.31%	0.39%	0.236	0.048**
Multi-year periods	t-2 to t (adoption window)	NO		128	0.84%	0.87%	0.041**	0.013**
	t to t+2 (post-adoption window)	NO		118	1.23%	0.79%	0.032**	0.010**
	t-2 to t+1 (first-year post-adoption)	NO	S	128	2.07%	1.73%	0.000***	0.000***
	t-2 to t+2 (full event window)	NO	S	118	2.05%	1.99%	0.000***	0.000***
Labor productivity
Single-year periods	t-3 to t-2	NO	S	120	−2966.39	−885.41	0.544	0.842
	t-2 to t-1	NO	S	120	−16658.61	1809.97	0.065*	0.158
	t-1 to t	NO	S	120	30961.81	719.31	0.149	0.392
	t to t+1	NO	S	120	5766.89	4582.19	0.086*	0.027**
	t+1 to t+2	NO		110	9051.87	4477.23	0.210	0.147
Multi-year periods	t-2 to t (adoption window)	NO		120	14303.20	4730.75	0.021**	0.018**
	t to t+2 (post-adoption window)	NO	S	110	15504.19	9068.78	0.014**	0.003***
	t-2 to t+1 (first-year post-adoption)	NO		120	20070.09	9066.60	0.001***	0.004***
	t-2 to t+2 (full event window)	NO		110	29935.49	14656.81	0.000***	0.000***
Operating cycle
Single-year periods	t-3 to t-2	NO	S	107	−0.28	1.72	0.916	0.877
	t-2 to t-1	NO	S	111	1.52	−1.19	0.091*	0.171
	t-1 to t	NO	S	109	−6.51	−2.06	0.099*	0.027**
	t to t+1	NO	S	110	−3.67	1.30	0.727	0.805
	t+1 to t+2	NO	S	103	−5.86	1.30	0.532	0.916
Multi-year periods	t-2 to t (adoption window)	NO	S	110	−7.03	−3.84	0.004***	0.000***
	t to t+2 (post-adoption window)	NO	S	100	0.89	0.96	0.829	0.816
	t-2 to t+1 (first-year post-adoption)	NO		113	−4.64	−3.07	0.023**	0.045**
	t-2 to t+2 (full event window)	NO	S	103	−10.14	−3.21	0.040**	0.005***
Sales performance
Single-year periods	t-3 to t-2	NO		119	−1.50%	1.27%	0.245	0.136
	t-2 to t-1	NO	S	123	4.71%	−0.92%	0.424	0.765
	t-1 to t	NO		123	−0.86%	−1.30%	0.660	0.706
	t to t+1	NO		123	2.88%	0.04%	0.274	0.500
	t+1 to t+2	NO	S	114	−3.03%	1.53%	0.625	0.200
Multi-year periods	t-2 to t (adoption window)	NO	S	123	3.85%	−0.26%	0.409	0.572
	t to t+2 (post-adoption window)	NO		114	−0.94%	−1.39%	0.596	0.611
	t-2 to t+1 (first-year post-adoption)	NO	S	123	6.74%	0.10%	0.145	0.500
	t-2 to t+2 (full event window)	NO	S	114	3.38%	1.68%	0.257	0.200

Note(s): *p < 0.1, **p < 0.05, ***p < 0.01

Source(s): Author’s own creation

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