Table 2.

Descriptive statistics of the full sample and two subsamples (CCFs and CBCs).

		Panel A full sample			Panel B CCFs			Panel C CBCs			T-tests (mean)
		N	Mean	S.D	N	Mean	S.D	N	Mean	S.D	Diff. (p-value)
1	Sales growth	244	1.73	2.43	122	1.57	2.19	122	1.90	2.64	0.30
2	Employment costsa	212	6.12	2.28	106	6.00	2.17	106	6.24	2.38	0.45
3	Leverage	272	0.16	0.21	136	0.15	0.20	136	0.18	0.22	0.17
4	CBC	272	0.50	0.50	136	0.00	0.00	136	1.00	0.00	–
5	Tangibility	272	0.14	0.20	136	0.15	0.21	136	0.12	0.18	0.26
6	Sizea	272	7.31	2.28	136	7.30	2.26	136	7.32	2.30	0.93
7	Intagibility	272	0.08	0.16	136	0.06	0.14	136	0.10	0.17	0.03
8	Agea	272	2.20	0.86	136	2.19	0.86	136	2.20	0.87	0.94

Due to missing data, the number of observations for the variables sales growth and employment costs are 122 and 106, respectively, in both subsamples

^aLog-transformed variable. This table illustrates differences between matched CCFs and CBCs using t-tests (mean). P-values are reported