gender differential paper IJCRB

ijcrb.webs.com
INTERDISCIPLINARY JOURNAL OF CONTEMPORARY RESEARCH IN BUSINESS
Table 1. Means and correlations of analysis variables (4,382 firm-years)
Panel A: Means
All
firm-years
(n = 4382)
Earnings change
below zero in year t – 1
(n = 1429)
JUNE 2011
VOL 3, NO 2
Earnings change
above zero in year t – 1
(n = 2953)
∆EPS t−1 /P t−1 0.0038 −0.0471 0.0285
EPS t−1 /P t−1 0.0642 0.0405 0.0757
∆EVA t−1 /P t−1 0.0069 −0.0389 0.0290
EVA t−1 /P t−1 0.1028 0.0902 0.1089
∆CF t−1 /P t−1 0.0120 0.0165 0.0098
CF t−1 /P t−1 0.1206 0.1425 0.1100
∆AC t−1 /P t−1 −0.0082 −0.0636 0.0186
AC t−1 /P t−1 −0.0564 −0.1020 −0.0343
∆EVAA t−1 /P t−1 0.0031 0.0082 0.0006
EVAA t−1 /P t−1 0.0386 0.0497 0.0332
SAR t−1 0.0636 −0.0317 0.1097
Total 998 908 90
Panel B: Pearson correlations—all firms
EPS t−1 /P t−1 ∆EVA t−1 /P t−1 EVA t−1 /P t−1 ∆CF t−1 /P t−1 CF t−1 /P t−1
∆EPS t−1 /Pt −1 0.5344 0.7188 0.2805 −0.1170 −0.1312
EPS t−1 /P t−1 0.3726 0.6914 −0.1045 0.0310
∆EVA t−1 /P t−1 0.4387 −0.0781 −0.1093
EVA t−1 /P t−1 −0.0306 0.2586
∆CF t−1 /P t−1 0.5313
Correlations for firm-years with earnings change below zero in year t – 1
CF t−1 /P t−1 ∆AC t−1 /P t−1 AC t−1 /P t−1 ∆EVAA t−1 /P t−1 EVAA t−1 /P t−1
∆CF t−1 /Pt −1 0.5675 −0.8887 −0.5608 0.0149 0.1226
CF t−1 /P t−1 −0.6131 −0.8445 0.0075 0.3303
∆AC t−1 /P t−1 0.7576 −0.0994 −0.2780
AC t−1 /P t−1 −0.1086 −0.3792
∆EVAA t−1 /P t−1 0.5161
Correlations for firm-years with earnings change above zero in year t − 1
CF t−1 /P t−1 ∆AC t−1 /P t−1 AC t−1 /P t−1 ∆EVAA t−1 /P t−1 EVAA t−1 /P t−1
∆CF t−1 /P t−1 0.5039 −0.8734 −0.4960 0.0411 0.0148
CF t−1 /P t−1 −0.3455 −0.8894 −0.0151 0.2976
∆AC t−1 /P t−1 0.3681 −0.1233 0.0357
AC t−1 /P t−1 0.0132 −0.2460
∆EVAA t−1 /P t−1 0.5026
∆EPS t−1 = (EPS t−1 − EPS t−2 ) where EPS t−1 is the reported accounting earnings per share before extraordinary items
and discontinued operations for the year ended December 31, t − 1.
∆EVA t−1 = (EVA t−1 − EVA t−2 ) where EVA t−1 is reported EVA prior to the cost of capital deduction for year ended
December 31, t − 1.
∆CF t−1 = (CF t−1 −CF t−2 ) where CF t−1 is the cash flow from operations component of earnings for the year ended
December 31, t − 1.
∆AC t−1 = (AC t−1 − AC t−2 ) where AC t−1 is the accrual component of earnings for the year ended December 31, t − 1.
∆EVAA t−1 = (EVAA t−1 −EVAA t−2 ) where EVAA t−1 is the difference between reported EVA (prior to the cost of capital
deduction) and EPS for year ended December 31, t − 1.
P t−1 is the common stock price on March 31 of year t − 1.
COPY RIGHT © 2011 Institute of Interdisciplinary Business Research 1912