Note(s): Non-B. means non-bankrupt companies. Bankrupt means bankrupt companies. SIZE is the log(Total Assets/GDP price-level index) with base value 100 for 2016, TLTA is the Total Liabilities divided by Total Assets, WCTA is the Working Capital divided by Total Assets, CLCA is the Current Liabilities divided by Current Assets, OENEG is one if Total Liabilities exceed Total Assets (zero otherwise), NITA is the Net Income divided by Total Assets, FUTL is the Funds provided by operations (EBITDA) divided by Total Liabilities, INTWO is one if Net Income was negative for the last two years (zero otherwise), CHIN is (NI_t – NI_t−1)/(|NI_t| + |NI_t−1|), where NI_t is the Net Income for the most recent period. Standard errors in parentheses. ** represents statistical significance at the 1% level, indicating whether the means differ significantly from zero. The F-test is the p-value of the equality of variances test, used to determine which t-test should be used. The t-test is the p-value of the two-tailed equality test of the means with unequal variance, applied to test whether the Non-Bankrupt and Bankrupt samples have different means