Table 6.
Quartiles of discretionary accruals abnormal operating cash-flows and abnormal expenses.
| Discretionary | Quartile | German | France | Italy | Spain |
|---|---|---|---|---|---|
| Accruals | Max. | 0.1219 | 0.1179 | 0.1107 | 0.0443 |
| Upper quartile | 0.0067 | 0.0074 | 0.0081 | 0.0039 | |
| Median | 0.0006 | 0.0007 | 0.0003 | 0.0002 | |
| Lower quartile | −0.0043 | −0.0048 | −0.0061 | −0.0031 | |
| Min. | −0.1575 | −0.1750 | −0.1422 | −0.1128 | |
| Operating Cash-Flows | Max. | 0.6003 | 0.5577 | 0.3287 | 0.4917 |
| Upper quartile | 0.0220 | 0.0235 | 0.0191 | 0.0208 | |
| Median | 0.0000 | 0.0011 | 0.0000 | 0.0000 | |
| Lower quartile | −0.0217 | −0.0201 | −0.0204 | −0.0182 | |
| Min. | −0.7400 | −0.8133 | −0.3587 | −0.2803 | |
| Operating Expenses | Max. | 2.8504 | 2.4044 | 2.2378 | 1.5964 |
| Upper quartile | 0.0584 | 0.0561 | 0.0567 | 0.0363 | |
| Median | −0.0019 | −0.0057 | −0.0053 | 0.0000 | |
| Lower quartile | −0.0651 | −0.0628 | −0.0629 | −0.0351 | |
| Min. | −1.8989 | −1.5073 | −1.1166 | −1.0016 |
Note: This table shows an analysis by quartiles of discretionary accruals, operating cash-flows and expenses for each country.