2. Descriptive Statistics of Variables of Interest This section provides descriptive statistics of variables used in the examination of this study,which include the proportion of fixed manufacturing costs to total manufacturing costs, inventory to sales, directions of net income differentials, net incomes differentials, and net income differentials
as a percentage of sales.
2.1 The Proportion of Fixed Manufacturing Costs to Total Manufacturing Costs From Table 2, the average proportion of fixed manufacturing costs to total manufacturing costs of the total sample decreases consistently from 5.38% in the year 2003 to 4.38% in the year 2011.Average proportion of fixed manufacturing costs to total manufacturing costs of Agro & Foods Industry and Industrials also exhibit similar trends. However,average proportion of fixed manufacturing costs to
total manufacturing costs of Consumer Products increases slightly over time.