Table 1.

Descriptive statistics.

		Manufacturing	Utilities	Mining, Construction, and Chemicals	Wholesale and Retail	Agriculture, Forestry, and Fishing	Services
WC/TA	Mean	0.152	0.105	0.181	0.250	0.141	0.098
	SD	0.025	0.014	0.024	0.040	0.019	0.016
	Skewness	0.373	0.454	0.454	0.373	0.454	0.373
	Kurtosis	0.043	0.199	0.091	0.080	0.038	0.043
	JB Stats	48.091	74.443	71.746	48.485	71.151	48.090
RE/TA	Mean	0.124	0.154	0.210	0.302	0.151	0.126
	SD	0.015	0.035	0.048	0.036	0.020	0.015
	Skewness	0.509	0.263	0.263	0.509	0.454	0.509
	Kurtosis	0.096	0.085	0.024	0.023	0.080	0.012
	JB Stats	89.996	24.429	23.861	89.252	71.579	89.221
EBIT/TA	Mean	0.094	0.059	0.065	0.041	0.075	0.215
	SD	0.025	0.042	0.017	0.005	0.053	0.025
	Skewness	0.228	0.085	0.228	0.509	0.085	0.509
	Kurtosis	0.059	0.004	0.057	0.003	0.009	0.095
	JB Stats	18.173	2.486	18.155	89.209	2.491	89.983
MVE/BD	Mean	2.158	4.202	5.120	6.093	3.105	5.078
	SD	0.146	0.305	0.372	0.412	0.817	0.520
	Skewness	0.443	0.413	0.413	0.443	0.114	0.293
	Kurtosis	0.007	0.000	0.002	0.002	0.006	0.000
	JB Stats	67.678	58.779	58.779	67.675	4.471	29.575
NI/TA	Mean	0.051	0.031	0.035	0.022	0.031	0.160
	SD	0.010	0.005	0.006	0.005	0.002	0.026
	Skewness	0.318	0.367	0.367	0.263	0.827	0.367
	Kurtosis	0.001	0.008	0.010	0.000	0.000	0.010
	JB Stats	34.733	46.375	46.379	23.812	235.114	46.379
TL/TA	Mean	0.540	0.420	0.610	0.518	0.541	0.402
	SD	0.018	0.027	0.041	0.038	0.018	0.029
	Skewness	0.890	0.467	0.443	0.413	0.890	0.413
	Kurtosis	0.003	0.035	0.054	0.060	0.003	0.002
	JB Stats	272.617	75.040	67.927	59.085	272.616	58.779
FFO/Debt	Mean	0.317	0.403	0.320	0.484	0.201	0.320
	SD	0.035	0.081	0.035	0.110	0.038	0.073
	Skewness	0.551	0.298	0.551	0.263	0.318	0.263
	Kurtosis	0.008	0.009	0.002	0.006	0.000	0.005
	JB Stats	104.585	30.623	104.580	23.815	34.733	23.814
FOCF to Debt	Mean	0.252	0.301	0.240	0.410	0.150	0.280
	SD	0.039	0.011	0.009	0.063	0.025	0.046
	Skewness	0.390	1.596	1.596	0.390	0.367	0.367
	Kurtosis	0.000	0.001	0.002	0.010	0.010	0.007
	JB Stats	52.412	875.988	875.988	52.420	46.379	46.375
FFO/Cash Interest	Mean	3.954	4.102	2.701	5.051	2.101	4.501
	SD	1.292	2.120	0.883	1.781	0.479	2.327
	Skewness	0.184	0.116	0.184	0.170	0.263	0.116
	Kurtosis	0.002	0.002	0.031	0.004	0.006	0.002
	JB Stats	11.602	4.636	11.685	9.968	23.816	4.636
EBITDA/Interest	Mean	5.026	6.805	3.121	7.016	3.901	6.003
	SD	1.362	2.058	0.944	1.411	0.890	1.816
	Skewness	0.221	0.198	0.198	0.298	0.263	0.198
	Kurtosis	0.003	0.006	0.003	0.003	0.001	0.002
	JB Stats	16.867	13.543	13.540	30.618	23.812	13.540

Standard deviation is represented by SD, excess kurtosis is represented by kurtosis, and JB represents Jarque–Bera Stats. Authors’ calculation.