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TABLE 1

Summary Statistics

Table 1 presents summary statistics and pairwise correlations for the main variables used in the tests. The variable descriptions are in the Appendix. The observations consist of surviving and nonsurviving
firms that appear in Center for Research in Security Prices (CRSP)/Compustat at any time from 1991 to 2012. We exclude financial firms (Standard Industrial Classification (SIC) codes 6000–6999), utility
firms (SIC codes 4900–4999), and public administration entities (SIC codes 9100–9999). The full sample includes 10,714 unique firms with 88,527 firm-year observations.
Panel A. Summary Statistics by Asset-Size Quartiles

Asset Size Q1 Asset Size Q2 Asset Size Q3 Asset Size Q4

Mean Std. Dev. Mean Std. Dev. Mean Std. Dev. Mean Std. Dev.
Q 2.21 2.42 1.62 1.55 1.54 1.33 1.44 1.17
CFV 0.07 0.07 0.05 0.05 0.04 0.04 0.03 0.04
ASSETS 26.38 21.92 135 95 561 421 7,892 11,426
AGE 13.49 8.95 14.48 10.06 17.24 12.27 25.72 16.69
LEVERAGE 0.49 0.44 0.45 0.30 0.53 0.28 0.61 0.22
TANGIBILITY 0.21 0.21 0.25 0.22 0.30 0.23 0.36 0.24
ROA −0.24 0.43 −0.04 0.22 0.02 0.15 0.04 0.10
CASH/ASSETS 0.27 0.26 0.22 0.23 0.15 0.18 0.10 0.12
SALES_GROWTH 0.12 0.31 0.16 0.27 0.15 0.23 0.14 0.19
RD_CAPITAL 2.47 8.09 1.04 4.98 0.32 2.28 0.09 0.59
CAPEX 0.17 0.56 0.14 0.44 0.12 0.35 0.12 0.27
DIVIDEND 0.07 0.25 0.16 0.37 0.32 0.47 0.62 0.49
Panel B. Summary Statistics by Firm-Age Quartiles

Firm Age Q1 Firm Age Q2 Firm Age Q3 Firm Age Q4


Mean Std. Dev. Mean Std. Dev. Mean Std. Dev. Mean Std. Dev.

Q 2.05 2.06 1.76 1.77 1.66 1.66 1.27 1.00


CFV 0.06 0.06 0.05 0.06 0.05 0.05 0.03 0.04
ASSETS 1,068 4,347 1,129 4,140 1,846 6,110 4,739 9,800
AGE 6.61 2.30 10.72 2.79 17.52 4.07 37.91 10.00

Chi and Su
LEVERAGE 0.50 0.35 0.52 0.34 0.51 0.33 0.56 0.26
TANGIBILITY 0.26 0.24 0.26 0.23 0.28 0.23 0.31 0.22
ROA −0.13 0.36 −0.07 0.29 −0.03 0.24 0.03 0.14
CASH/ASSETS 0.25 0.25 0.20 0.22 0.17 0.20 0.11 0.13
SALES_GROWTH 0.27 0.35 0.17 0.28 0.12 0.22 0.07 0.14
RD_CAPITAL 1.71 6.55 1.37 6.00 0.76 4.29 0.11 1.04
CAPEX 0.21 0.57 0.15 0.44 0.11 0.33 0.08 0.21
DIVIDEND 0.13 0.34 0.17 0.38 0.28 0.45 0.61 0.49

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https://doi.org/10.1017/S0022109016000788
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124
Journal of Financial and Quantitative Analysis
TABLE 1 (continued)
Summary Statistics

Panel C. Pairwise Correlations of the Main Variables


Q ln(Q) ln(CFV) ln(ASSETS) ln(AGE) LEVERAGE TANGIBILITY ROA CASH SALES_GROWTH RD_CAPITAL CAPEX

ln(Q) 0.8617
ln(CFV) 0.2234 0.1410
ln(ASSETS) −0.1778 −0.0897 −0.5229
ln(AGE) −0.1750 −0.1494 −0.2671 0.3741
LEVERAGE −0.1042 −0.1696 −0.0012 0.1328 0.0688
TANGIBILITY −0.1599 −0.1367 −0.2816 0.2174 0.0661 0.1455
ROA −0.2031 −0.0820 −0.3043 0.3756 0.2219 −0.2542 0.0993
CASH 0.3891 0.3829 0.2689 −0.2657 −0.2051 −0.3156 −0.4059 −0.2509
SALES_GROWTH 0.1877 0.2029 0.0955 0.0008 −0.2914 −0.0457 −0.0029 0.0008 0.0719
RD_CAPITAL 0.2806 0.2251 0.2033 −0.1654 −0.1102 −0.0145 −0.1270 −0.4059 0.3990 0.0529
CAPEX 0.1240 0.1177 0.0367 −0.0452 −0.1245 0.0129 0.2584 −0.1932 0.1076 0.0247 0.3474
DIVIDEND −0.0941 0.0265 −0.2980 0.4683 0.4127 0.0130 0.1844 0.2564 −0.2260 −0.1472 −0.1223 −0.0785

https://doi.org/10.1017/S0022109016000788
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