In Table 2, we present the descriptive statistics of the variables. The mean
and median values for CASH1 are, respectively, 7.14 and 4.05 per cent. Those values reach 8.80 and 4.22 per cent for CASH2 . That indicates that the investment in cash is a significant component of total assets. Moreover, the average leverage
ratio of the firms is 49.04 per cent and the 29.19 per cent of the assets are financed with long-term debt. The bank debt represents, on average, 36.80 per cent of total debt.