Table 5 Firm characteristics by pension...

Table 5

Firm characteristics by pension funding ratio portfolios

Var.	UF								OF
	PF0		PF1		PF2		PF3		PF4
	N	Mean	N	Mean	N	Mean	N	Mean	N	Mean
PFR	3,912	−0.15	3,912	−0.03	3,912	−0.01	3,912	−0.002	91	0.001
SIZE	3,912	19.59	3,912	19.22	3,912	19.31	3,912	19.49	91	18.78
LEV	3,912	0.57	3,912	0.46	3,912	0.41	3,912	0.35	91	0.36
ROA	3,910	0	3,911	0.01	3,912	0.01	3,912	0.02	91	0
MTB	3,911	0.45	3,912	0.76	3,912	1.06	3,912	1.4	91	1.04
Beta	3,908	0.88	3,909	0.9	3,908	0.92	3,909	0.96	91	0.92
VOL	3,908	0.46	3,909	0.46	3,908	0.45	3,909	0.46	91	0.47
Foreign	3,721	0.67	3,755	0.72	3,793	1.02	3,810	1.29	89	0.54
Blockholder	3,910	41.95	3,910	39.96	3,911	39.26	3,912	38.89	91	40.37
DA	3,383	0	3,350	0	3,313	0	3,349	0	79	0.01
Big4	3,912	0.5	3,912	0.45	3,912	0.48	3,912	0.48	91	0.18
Market	3,912	0.44	3,912	0.6	3,912	0.61	3,912	0.63	91	0.66

Var.	UF								OF
	PF0		PF1		PF2		PF3		PF4
	N	Mean	N	Mean	N	Mean	N	Mean	N	Mean
PFR	3,912	−0.15	3,912	−0.03	3,912	−0.01	3,912	−0.002	91	0.001
SIZE	3,912	19.59	3,912	19.22	3,912	19.31	3,912	19.49	91	18.78
LEV	3,912	0.57	3,912	0.46	3,912	0.41	3,912	0.35	91	0.36
ROA	3,910	0	3,911	0.01	3,912	0.01	3,912	0.02	91	0
MTB	3,911	0.45	3,912	0.76	3,912	1.06	3,912	1.4	91	1.04
Beta	3,908	0.88	3,909	0.9	3,908	0.92	3,909	0.96	91	0.92
VOL	3,908	0.46	3,909	0.46	3,908	0.45	3,909	0.46	91	0.47
Foreign	3,721	0.67	3,755	0.72	3,793	1.02	3,810	1.29	89	0.54
Blockholder	3,910	41.95	3,910	39.96	3,911	39.26	3,912	38.89	91	40.37
DA	3,383	0	3,350	0	3,313	0	3,349	0	79	0.01
Big4	3,912	0.5	3,912	0.45	3,912	0.48	3,912	0.48	91	0.18
Market	3,912	0.44	3,912	0.6	3,912	0.61	3,912	0.63	91	0.66

Note(s): UF refers to the underfunded group, where plan assets are less than projected benefit obligations. OF refers to the overfunded (fully funded) group, where plan assets exceed projected benefit obligations. Pension funding ratio increases from PF0 to PF4. For variable definitions, refer to Table 2

Source(s): The authors

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