Table 4 Mean difference test Variables...

Table 4

Mean difference test

Variables	GAPU ≤ median	GAPU > median	Mean difference	t-statistics
TOBINQ	2.532	2.330	0.202	10.935***
LNTOBINQ	0.788	0.721	0.067	12.329***
MKTBK	3.120	3.119	0.001	2.512**
NAVPS	4.528	4.219	0.309	9.748***
MKTVAL	22.655	22.632	0.023	1.991**
BMEET	11.860	11.820	0.040	0.792*
LNBMEET	2.169	2.144	0.025	6.076***
GAPS	0.371	8.299	−7.928	−88.056***
GAPSQU	5.248	191.554	−186.306	−118.095***
DIFEDU	0.834	0.848	−0.014	−3.723***
DIFNAT	0.012	0.025	−0.013	−8.721***
DIFGEN	0.060	0.100	−0.040	−13.593***
JONTENU	3.374	2.577	0.797	26.771***
CHANGE1	0.010	0.016	−0.005	−4.323***
TENURE1	4.133	4.367	−0.234	−6.257***
CHANGE2	0.008	0.011	−0.003	−2.807***
TENURE2	3.851	3.171	0.680	20.423***
BODAGE	50.336	50.450	−0.115	−2.783***
BODSIZE	8.709	9.010	−0.301	−15.519***
CVBA	0.150	0.164	−0.014	−27.260***
LEVER	0.450	0.466	−0.016	−7.094***
CapEx/TA	0.046	0.048	−0.002	−2.988
FFIRM	0.612	0.559	0.053	10.246***
FIRMAGE	9.336	9.699	−0.362	−5.295***
R&D	0.012	0.008	0.004	12.626***
SALEGR	0.200	0.184	0.016	2.937***
FSIZE	21.925	21.964	−0.039	−2.856***
BETA	1.140	1.114	0.026	8.995***
STOCKVOL	0.449	0.467	−0.018	−3.055***
CVMBA	0.129	0.134	−0.006	−10.091***
MBSIZE	1.780	1.772	0.009	2.246**
MBTENU	3.253	3.199	0.054	3.231***
SBSIZE	1.253	1.290	−0.036	−12.343***

Variables	GAPU ≤ median	GAPU > median	Mean difference	t-statistics
TOBINQ	2.532	2.330	0.202	10.935***
LNTOBINQ	0.788	0.721	0.067	12.329***
MKTBK	3.120	3.119	0.001	2.512**
NAVPS	4.528	4.219	0.309	9.748***
MKTVAL	22.655	22.632	0.023	1.991**
BMEET	11.860	11.820	0.040	0.792*
LNBMEET	2.169	2.144	0.025	6.076***
GAPS	0.371	8.299	−7.928	−88.056***
GAPSQU	5.248	191.554	−186.306	−118.095***
DIFEDU	0.834	0.848	−0.014	−3.723***
DIFNAT	0.012	0.025	−0.013	−8.721***
DIFGEN	0.060	0.100	−0.040	−13.593***
JONTENU	3.374	2.577	0.797	26.771***
CHANGE1	0.010	0.016	−0.005	−4.323***
TENURE1	4.133	4.367	−0.234	−6.257***
CHANGE2	0.008	0.011	−0.003	−2.807***
TENURE2	3.851	3.171	0.680	20.423***
BODAGE	50.336	50.450	−0.115	−2.783***
BODSIZE	8.709	9.010	−0.301	−15.519***
CVBA	0.150	0.164	−0.014	−27.260***
LEVER	0.450	0.466	−0.016	−7.094***
CapEx/TA	0.046	0.048	−0.002	−2.988
FFIRM	0.612	0.559	0.053	10.246***
FIRMAGE	9.336	9.699	−0.362	−5.295***
R&D	0.012	0.008	0.004	12.626***
SALEGR	0.200	0.184	0.016	2.937***
FSIZE	21.925	21.964	−0.039	−2.856***
BETA	1.140	1.114	0.026	8.995***
STOCKVOL	0.449	0.467	−0.018	−3.055***
CVMBA	0.129	0.134	−0.006	−10.091***
MBSIZE	1.780	1.772	0.009	2.246**
MBTENU	3.253	3.199	0.054	3.231***
SBSIZE	1.253	1.290	−0.036	−12.343***

Note(s): t statistics in parentheses. ^*p < 0.10, ^**p < 0.05, ^***p < 0.01, NAVPS: N = 22,049 (GAPU ≤ median); N = 15,076 (GAPU > median). All the variables are defined in Appendix

Source(s): Authors’ own calculation

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