Panel A of Table 1 presents the descriptive
statistics while Panel B presents the correlation
analysis of all variables for our fi nal sample of
2,243 fi rm-year observations during 2000–2008.
Mean and median of sample fi rms’ one-year-ahead
earnings (EARNt + 1) as well as cash fl ows (CFOt)
are positive while mean and median of ACCt are
negative. These are consistent with Supattarakul
and Vivattanachang (2013) and Supattarakul (2013).
Morover, mean and median of NOAt are 0.7775
and 0.7904, respectively, and mean and median of CAR are –0.0761 and –0.1162, respectively.