Figure 1.
The figure presents yearly values for P R O F T, C A P T L, R G R W, S I Z E, and A G E from 2005 to 2024. The P R O F T line begins at its highest point in 2005, then declines gradually until 2010, rises slightly near 2015, and continues with small downward changes through 2024. The C A P T L line shows large early variation, declines until about 2011, then rises toward 2015 before showing alternating increases and decreases toward 2024. The R G R W line displays sharp fluctuations throughout the period, including several peaks and troughs. The S I Z E indicator increases steadily across all years. The A G E indicator also increases steadily, showing a similar direction to S I Z E.Trend lines of internal variables in relation to profitability
Source: Authors’ computation using Stata 16.1 2021