Back to nature

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ผลลัพธ์ (ไทย) 1:

กลับสู่ธรรมชาติ

ผลลัพธ์ (ไทย) 2:

Summary statistics for the sample of 278 firms experiencing under performance over the period of 1994–2002.

Industry-adjusted operating ROA is the ratio of earnings before interest, taxes, depreciation and amortization of total assets minus the industry median for this ratio for firms in the same 3-digit SIC code.


Buy and hold abnormal stock returns are calculated as the compounded returns of the underperforming firm net of matched size portfolio returns during the fiscal year.

The size portfolio is constructed as the portfolio of NYSE/AMEX/Nasdaq firms from the same market capitalization decile. Firm age is the number of years that the firm has been public in the year prior to the underperformance year. Market to book ratio is the market value of outstanding equity in the fiscal year end divided by the book value of equity. The debt ratio is the sum of long term debt plus debt in current liabilities divided by total assets. Board size is the number of directors on the board. Percent inside directors shows the fraction of the board who are current and former managers of the firm or who are family members of managers, percent affiliated shows the fraction of the board who are grey directors, and percent independent shows the fraction of the board who have no affiliations with the firm. CEO tenure is the number of years that the executive has been in the position of CEO. CEO ownership represents the percent of total shares held by the CEO. Independent director ownership is the percent of shares held by independent directors. Unaffiliated blockholders own 5% or more of the firm's shares and do not have board representation.

Ownership is measured based on voting power when firms have dual class or voting preferred stock.

Base year is from year −1 if available or year 0 otherwise. ***, **, and * denote significance at the 1%, 5% and 10% levels (for a two-sided test) respectively.

ผลลัพธ์ (ไทย) 3:

回归自然