1 Introduction
Information about a reporting entity’s cash flows during a period also helps users to assess the entity’s ability to generate future net cash inflows. It indicates how the reporting entity obtains and spends cash, including information about its borrowing and repayment of debt, cash dividends or other cash distributions to investors, and other factors that may affect the entity’s liquidity or solvency. Information about cash flows helps users understand a reporting entity’s operations, evaluate its financing and investing activities, assess its liquidity or solvency and interpret other information about financial performance.3
2 Motivation and research design
2.1 Determinants of OCF classification choices
2.2 Determinants of OCF-increasing reclassifications
2.3 Consequences: market pricing of the persistence of cash flows
2.4 Consequences: models of OCF prediction
3 Sample selection and classification choices
3.1 Sample selection
Country | Available Firmsa
| Number Selectedb
| Inaccessible Financial Statementsc
| Number of Sample Firms | Number of Sample Obs.d
|
---|---|---|---|---|---|
Austria | 52 | 52 | 21 | 31 | 235 |
Belgium | 67 | 67 | 20 | 47 | 373 |
Denmark | 67 | 67 | 31 | 36 | 276 |
Finland | 102 | 102 | 59 | 43 | 341 |
France | 406 | 122 | 16 | 105 | 811 |
Germany | 419 | 127 | 26 | 109 | 742 |
Italy | 206 | 100 | 55 | 45 | 352 |
Netherlands | 103 | 103 | 37 | 66 | 485 |
Norway | 103 | 103 | 60 | 43 | 328 |
Portugal | 38 | 38 | 18 | 20 | 160 |
Spain | 78 | 78 | 20 | 58 | 445 |
Sweden | 201 | 100 | 33 | 67 | 519 |
United Kingdom |
973
|
146
|
18
|
128
|
979
|
Total | 2,815 | 1,204 | 413 | 798 | 6,046 |
Country | Panel A: Total assets in U.S. dollars (millions)a
| Panel B: Net income divided by total assets a
| ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Sample Collected | Other Firms | Sample Collected | Other Firms | |||||||||
Number of firms | Mean | Median | Number of firms | Mean | Median | Number of firms | Mean | Median | Number of firms | Mean | Median | |
Austria | 31 | 3,044 | 559 | 21 | 1,139 | 341 | 31 | 0.0123 | 0.0243 | 21 | 0.0087 | 0.0232 |
Belgium | 47 | 5,558 | 674 | 20 | 1,175 | 198*** | 47 | 0.0306 | 0.0320 | 20 | 0.0247 | 0.0129* |
Denmark | 36 | 3,832 | 593 | 31 | 285* | 103*** | 36 | −0.0592 | 0.0485 | 31 | 0.0489 | 0.0063*** |
Finland | 43 | 3,979 | 1,609 | 59 | 794** | 108*** | 43 | 0.0432 | 0.0388 | 59 | 0.0168 | 0.0395 |
France | 105 | 16,620 | 5,186 | 301 | 2,476*** | 129*** | 105 | 0.0285 | 0.0389 | 301 | −0.0096** | 0.0247*** |
Germany | 109 | 21,981 | 2,535 | 310 | 999*** | 105*** | 109 | 0.0380 | 0.0368 | 310 | −0.0419*** | 0.0235* |
Italy | 45 | 14,020 | 5,756 | 161 | 2,237** | 362*** | 45 | 0.0315 | 0.0303 | 161 | −0.0302* | 0.0099*** |
Netherlands | 66 | 7,410 | 1,185 | 37 | 2,114** | 205*** | 66 | 0.0121 | 0.0377 | 37 | −0.0195 | 0.0382 |
Norway | 43 | 4,441 | 635 | 60 | 515*** | 102 | 43 | 0.0134 | 0.0308 | 60 | −0.1419* | −0.0205*** |
Portugal | 20 | 5,595 | 1,766 | 18 | 1,128* | 271 | 20 | −0.0145 | 0.0110 | 18 | −0.0592 | 0.0013 |
Spain | 58 | 13,813 | 2,555 | 20 | 4,419* | 943** | 58 | 0.0318 | 0.0335 | 20 | 0.0031 | 0.0146 |
Sweden | 67 | 4,187 | 913 | 134 | 278*** | 49*** | 67 | 0.0373 | 0.0461 | 134 | −0.0582*** | 0.0261** |
United Kingdom |
128
|
4,820
|
919
|
845
|
2,279*
|
59***
|
128
|
0.0175
|
0.0376
|
845
|
−0.1989***
|
0.0049***
|
Total | 798 | 9,748 | 1,665 | 2,017 | 1,810*** | 96*** | 798 | 0.0220 | 0.0368 | 2,017 | −0.1032*** | 0.0149*** |
3.2 Description of classification choices
Interest Paid Classification | Interest Received Classification | Dividends Received Classification | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Total | Operating | Investing | Financing | Total | Operating | Investing | Financing | Total | Operating | Investing | Financing | |
Panel A: Classification in the statement of cash flows by country
a
| ||||||||||||
Country | ||||||||||||
Austria | 235 | 87% | 0% | 13% | 187 | 80% | 20% | 0% | 89 | 91% | 9% | 0% |
Belgium | 373 | 66% | 0% | 34% | 272 | 49% | 24% | 27% | 137 | 50% | 43% | 7% |
Denmark | 276 | 99% | 0% | 1% | 187 | 98% | 0% | 2% | 80 | 33% | 66% | 1% |
Finland | 341 | 100% | 0% | 0% | 288 | 97% | 3% | 0% | 259 | 70% | 30% | 0% |
France | 811 | 67% | 0% | 33% | 198 | 77% | 14% | 9% | 319 | 55% | 40% | 5% |
Germany | 742 | 68% | 0% | 32% | 641 | 67% | 21% | 12% | 361 | 67% | 28% | 5% |
Italy | 352 | 85% | 0% | 15% | 175 | 72% | 22% | 6% | 191 | 56% | 40% | 4% |
Netherlands | 485 | 93% | 1% | 6% | 282 | 61% | 30% | 9% | 168 | 43% | 57% | 0% |
Norway | 328 | 76% | 0% | 24% | 175 | 55% | 29% | 16% | 103 | 62% | 30% | 8% |
Portugal | 160 | 19% | 0% | 81% | 138 | 4% | 91% | 5% | 123 | 23% | 77% | 0% |
Spain | 445 | 67% | 0% | 33% | 266 | 39% | 52% | 9% | 188 | 58% | 42% | 0% |
Sweden | 519 | 96% | 0% | 4% | 300 | 93% | 1% | 5% | 95 | 92% | 4% | 4% |
United Kingdom |
979
|
65%
|
2%
|
33%
|
841
|
33%
|
61%
|
6%
|
214
|
46%
|
54%
|
0%
|
Total | 6,046 | 76% | 0.5% | 23.5% | 3,950 | 60% | 31% | 9% | 2,327 | 57% | 40% | 3% |
Panel B: Interest paid classification in the statement of cash flows by industry
a
| ||||||||||||
Industry | ||||||||||||
Mining and construction | 373 | 76% | 1% | 23% | 270 | 56% | 39% | 5% | 184 | 58% | 42% | 0% |
Food | 328 | 80% | 1% | 19% | 192 | 63% | 31% | 6% | 147 | 68% | 32% | 0% |
Textiles, printing, and publishing | 494 | 81% | 0% | 19% | 341 | 70% | 24% | 6% | 211 | 55% | 42% | 3% |
Chemicals | 214 | 67% | 0% | 33% | 151 | 36% | 39% | 25% | 112 | 65% | 30% | 5% |
Pharmaceuticals | 221 | 84% | 0% | 16% | 141 | 63% | 19% | 18% | 43 | 44% | 56% | 0% |
Extractive industries | 279 | 70% | 1% | 29% | 194 | 63% | 28% | 9% | 92 | 81% | 12% | 7% |
Durable manufacturers | 724 | 87% | 0% | 13% | 445 | 71% | 21% | 8% | 214 | 70% | 25% | 5% |
Computers | 591 | 72% | 0% | 28% | 329 | 56% | 43% | 1% | 118 | 51% | 38% | 11% |
Transportation | 637 | 73% | 0% | 27% | 440 | 63% | 33% | 4% | 349 | 48% | 48% | 4% |
Utilities | 204 | 71% | 0% | 29% | 120 | 62% | 36% | 2% | 110 | 38% | 62% | 0% |
Retail | 510 | 76% | 0% | 24% | 326 | 54% | 36% | 10% | 171 | 64% | 36% | 0% |
Services | 529 | 66% | 1% | 33% | 370 | 48% | 42% | 10% | 154 | 44% | 52% | 4% |
Other |
942
|
76%
|
0%
|
34%
|
631
|
64%
|
24%
|
12%
|
422
|
60%
|
39%
|
1%
|
Total | 6,046 | 76% | 0.5% | 23.5% | 3,950 | 60% | 31% | 9% | 2,327 | 57% | 40% | 3% |
Panel A: Classification for all items by section combinations
a
| |||||
Interest Paid
|
Interest Received
|
Dividends Received
|
Obs.
|
Percent
| |
Operating | Operating | Operating | 804 | 42% | |
Financing | Investing | Investing | 265 | 14% | |
Operating | Operating | Investing | 262 | 14% | |
Operating | Investing | Investing | 153 | 8% | |
Financing | Investing | Operating | 86 | 5% | |
Financing | Financing | Operating | 77 | 4% | |
Operating | Investing | Operating | 62 | 3% | |
Financing | Operating | Operating | 60 | 3% | |
Financing | Financing | Investing | 52 | 3% | |
Financing | Operating | Investing | 40 | 2% | |
Operating | Operating | Financing | 27 | 1% | |
Other Combinations |
37
|
2%
| |||
Total | 1,925 | 100% | |||
Panel B: Classification by section pairs
a
| |||||
Interest Paid
| |||||
Operating
|
Investing
|
Financing
|
Total
| ||
Operating | 1,093 | 0 | 103 | 1,196 | |
Interest Received | Investing | 213 | 18 | 351 | 582 |
Financing |
4
|
0
|
143
|
147
| |
1,310 | 18 | 597 | 1,925 | ||
Operating | 868 | 11 | 225 | 1,104 | |
Dividends Received | Investing | 415 | 7 | 357 | 779 |
Financing |
27
|
0
|
15
|
42
| |
1,310 | 18 | 597 | 1,925 | ||
Interest Received
| |||||
Operating
|
Investing
|
Financing
|
Total
| ||
Operating | 862 | 157 | 81 | 1,104 | |
Dividends Received | Investing | 306 | 425 | 52 | 779 |
Financing |
28
|
0
|
14
|
42
| |
1,196 | 582 | 147 | 1,925 |
Number of firm-year observations 6046 | Mean | Std.Dev. | Median |
---|---|---|---|
OCF_Reported
t
| 0.0882 | 0.0631 | 0.0824 |
INV_Reported
t
| −0.0666 | 0.0635 | −0.0532 |
FIN_Reported
t
| −0.0282 | 0.0725 | −0.0215 |
OCF_Pro forma_USGAAPt
| 0.0861 | 0.0639 | 0.0796 |
INV_Pro forma_USGAAPt
| −0.0679 | 0.0638 | −0.0541 |
FIN_Pro forma_USGAAPt
| −0.0157 | 0.0766 | −0.0191 |
OCF_Reported
t
- OCF_Pro forma_USGAAPt
| 0.0022*** | 0.0059 | 0** |
INV_Reported
t
- INV_Pro forma_USGAAPt
| 0.0007*** | 0.0017 | 0* |
FIN_Reported
t
- FIN_Pro forma_USGAAPt
| −0.0028*** | 0.0062 | 0*** |
4 Results of determinants tests
4.1 OCF classification choices
Panel A: Descriptive statistics
a
| |||||||
Variable
|
Mean
|
Std. Dev.
|
Median
| ||||
Number of firms n = 538 | |||||||
OCF_Reported
t
less
| |||||||
OCF_Pro forma_USGAAP
t
| −0.0007 | 0.0502 | 0.0003 | ||||
Interest Paid Reported in Financing
| 0.2379 | 0.4262 | 0.0000 | ||||
Distress_Hi
| 0.4329 | 0.4149 | 0.3750 | ||||
Equity Issues
| 0.1142 | 0.2099 | 0.0408 | ||||
Leverage_Hi
| 0.5260 | 0.4998 | 1 | ||||
Profitability
| 0.0394 | 0.0466 | 0.0358 | ||||
Analysts Cash Flow Forecast
| 0.4830 | 0.3478 | 0.5714 | ||||
Industry Homogeneity
| 0.7005 | 0.0700 | 0.7185 | ||||
Cross-listed in U.S.
| 0.0576 | 0.2332 | 0 | ||||
Size
| 6.5950 | 1.9596 | 6.3279 | ||||
Panel B: Regressions
| |||||||
\( \begin{array}{c}\hfill OCF\_{Classification}_i={a}_0+{a}_1\kern0.5em Distress\_{Hi}_i+{a}_2\kern0.3em Equity\kern0.5em {Issues}_i+{a}_3\kern0.5em Leverage\_ Hi\hfill \\ {}\hfill +{a}_4\kern0.5em {Profitability}_i+\kern0.3em {a}_5\kern0.5em Analysts\kern0.5em Cash\kern0.5em Flow\kern0.5em {Forecast}_i\hfill \\ {}\hfill +\kern0.3em {a}_6\kern0.5em Industry\kern0.5em {Homogeneity}_i+\kern0.3em {a}_7\kern0.5em Cross- listed\kern0.5em in\kern0.5em {US}_i+{a}_8\kern0.5em {Size}_i+\_{e}_i\hfill \end{array} \)
| |||||||
Dependent Variable
|
OCF_Reported
t
less
OCF_Pro forma_USGAAP
t
|
Interest Paid in Financing
| |||||
Number of firms
n = 538
|
Expected Sign
|
Estimate
|
Std. Error
|
p
-value
|
Estimate
|
Std. Error
|
p
-value
|
Intercept
| −0.4024 | 0.5978 | 0.5011 | −122.0000 | 212.4000 | 0.5656 | |
Distress_Hi
| + | 0.0028 | 0.0013 | 0.0156** | 0.1535 | 0.3599 | 0.3349 |
Equity Issues
| + | 0.0049 | 0.0026 | 0.0297** | 0.7526 | 0.7817 | 0.1678 |
Leverage_Hi
| + | 0.0017 | 0.0009 | 0.0245** | 0.3661 | 0.2534 | 0.0743* |
Profitability
| ? | −0.0173 | 0.0104 | 0.0478** | −0.6005 | 3.0771 | 0.8453 |
Analysts Cash Flow Forecast
| ? | 0.0015 | 0.0013 | 0.1297 | −0.1532 | 0.3710 | 0.6797 |
Industry Homogeneity
| ? | 0.0058 | 0.0083 | 0.2416 | 1.7099 | 2.9559 | 0.5630 |
Cross-listed in US
| − | 0.0005 | 0.0018 | 0.7746 | −0.8163 | 0.5666 | 0.0748* |
Size
| ? | −0.0007 | 0.0003 | 0.0258** | 0.0723 | 0.0907 | 0.4254 |
F-value | 4.19 | Goodness of Fit | Chi-Square |
p-value | |||
(p-value) | <0.0001 | Likelihood | |||||
Adjusted R2
| 0.1475 | Ratio | 71.5 | 0.0001 | |||
Wald | 51.1 | 0.0069 |
4.2 Changes in OCF classification choices
Panel A: Reclassifications by country, change in OCF, and percentage difference in operating cash flows in year of change
| ||||||
Change in OCF Results in:
|
OCF-Increasing
|
No Change
|
OCF-Reducing
|
Total firms
| ||
Austria | 2 | 0 | 1 | 3 | ||
Belgium | 7 | 0 | 0 | 7 | ||
Denmark | 0 | 0 | 1 | 1 | ||
Finland | 0 | 1 | 0 | 1 | ||
France | 7 | 0 | 2 | 9 | ||
Germany | 11 | 4 | 2 | 17 | ||
Italy | 3 | 0 | 0 | 3 | ||
Netherlands | 4 | 0 | 2 | 6 | ||
Norway | 8 | 1 | 2 | 11 | ||
Spain | 5 | 5 | 5 | 15 | ||
Sweden | 2 | 0 | 0 | 2 | ||
United Kingdom |
8
|
8
|
8
|
24
| ||
Total | 57 (58%) | 19 (19%) | 23 (23%) | 99 | ||
Percentage difference in operating cash flows in year of change | ||||||
Mean | 0.0120 | 0 | −0.0042 | 0.0060 | ||
Median | 0.0078 | 0 | −0.0021 | 0.0015 | ||
Panel B: Classification before and after change, by change in operating cash flow
| ||||||
Interest Paid
|
Interest Received
|
Dividend Received
| ||||
Firms
|
Percent
|
Firms
|
Percent
|
Firms
|
Percent
| |
Into Operating | 7 | 7% | 16 | 16% | 4 | 4% |
Out of Operating | 49 | 49% | 27 | 37% | 5 | 5% |
No Change in Operating |
43
|
43%
|
56
|
57%
|
90
|
91%
|
99 | 100% | 99 | 100% | 99 | 100% |
Panel A: Comparison of OCF-increasing firms (before and after change) with control sample
| ||||||
OCF-increasing Changer (
n
= 57 firms) | ||||||
Pre-Change
|
Post-Change
a
|
Control (
n
= 109 firms)
b
| ||||
Variable
|
Mean
|
Median
|
Mean
|
Median
|
Mean
|
Median
|
OCF_Reported
t
less
| ||||||
OCF_Pro forma_USGAAP
t
*
| 0.0008 | 0.0001 | 0.0118*** | 0.0081*** | −0.0115 | −0.0013*** |
Interest Paid Reported in Financing
| 0.0414 | 0 | 0.7716*** | 1*** | 0* | 0** |
Distress_Hi
| 0.4438 | 0.3333 | 0.4708 | 0.2857 | 0.3562 | 0.1250 |
Equity Issues
| 0.2500 | 0.1380 | 0.1236*** | 0.0734* | 0.1673* | 0.0926 |
Leverage_Hi
| 0.5263 | 1 | 0.5790 | 1 | 0.4954 | 0 |
Profitability
| 0.0587 | 0.0447 | 0.0316* | 0.0405* | 0.0457 | 0.0447 |
Analysts Cash Flow Forecast
| 0.2357 | 0 | 0.5937*** | 0.6667*** | 0.4791*** | 0.6000*** |
Industry Homogeneity
| 0.6901 | 0.6976 | 0.6901 | 0.6976 | 0.6975 | 0.7185 |
Cross-listed in US
| 0.0175 | 0 | 0.0175 | 0 | 0.0275 | 0* |
Size
| 6.9109 | 6.6955 | 6.9597 | 6.6955 | 6.6029 | zz6.123 |
Panel B: Dependent variable: OCF-increasing classification change
| ||||||
\( \begin{array}{c}\hfill OCF\mathit{\hbox{-}} in creasing\kern0.5em Classification\_{Change}_i\kern0.4em =\kern0.3em {a}_0+{a}_1\kern0.2em Distress\_{Hi}_i+{a}_2\kern0.5em Equity\kern0.5em {Issues}_i+{a}_3\kern0.2em Leverage\_{Hi}_i\hfill \\ {}\hfill +\kern0.3em {a}_4\kern0.5em {Profitability}_i+{a}_5\kern0.5em Analysts\kern0.5em Cash\kern0.5em Flow\kern0.5em {Forecast}_i\hfill \\ {}\hfill +\kern0.3em {a}_6\kern0.5em Industry\kern0.5em {Homogeneity}_i+{a}_7\kern0.5em Cross\mathit{\hbox{-}} listed\kern0.5em in\kern0.5em {US}_i+{a}_8\kern0.5em {Size}_i+{e}_i\hfill \end{array} \)
| ||||||
Expected
Sign
|
Estimate
|
Std. Error
|
p
-value
| |||
(n = 166 firms)c
| ||||||
Intercept
| 10.3129 | 7.1011 | 0.1464 | |||
Distress_Hi
| + | 0.7159 | 0.6742 | 0.1442 | ||
Equity Issues
| + | 1.3219 | 0.9750 | 0.0876* | ||
Leverage_Hi
| + | −0.2031 | 0.4951 | 0.3408 | ||
Profitability
| ? | 5.4415 | 3.4679 | 0.1166 | ||
Analysts Cash Flow Forecast
| ? | −3.1941 | 0.8008 | <.0001*** | ||
Industry Homogeneity
| ? | −0.1657 | 0.0961 | 0.0847* | ||
Cross-listed in US
| − | −2.7321 | 1.8925 | 0.0744* | ||
Size
| ? | 0.1707 | 0.1985 | 0.3900 | ||
Goodness of Fit | Chi-Square |
p-value | ||||
Likelihood Ratio | 68.0 | 0.0001 | ||||
Wald | 31.7 | 0.3319 |
4.3 Additional analyses and variables
5 Results of consequences of flexibility in OCF classification
5.1 Market pricing of the persistence of cash flows
Forecasting Coefficients | Valuation Coefficients | |||
---|---|---|---|---|
Parameter | Coefficient estimate (standard error) | Parameter | Coefficient estimate (standard error) | Test of market efficiency a
i
= a
i
#
Wald statistic (p-value) |
Panel A:
FLEX
= 1
(n
= 1,425
)
| ||||
a
1
| 0.4302 |
\( {\alpha}_1^{\#} \)
| 0.2325 | 3.5127 |
(0.0273) | (0.1019) | (0.0609)** | ||
a
2
| 0.6788 |
\( {\alpha}_2^{\#} \)
| 0.1922 | 19.8111 |
(0.0259) | (0.1062) | (0.0000)*** | ||
β
| 1.9164 | |||
(0.1862) | ||||
Controls
a
| Yes |
Controls
| Yes | |
Panel B.
FLEX
= 0
(n
= 2581
)
| ||||
a
1
| 0.4339 |
\( {\alpha}_1^{\#} \)
| 0.4020 | 0.1882 |
(0.0233) | (0.0699) | (0.6644) | ||
a
2
| 0.6851 |
\( {\alpha}_2^{\#} \)
| 0.4039 | 17.3206 |
(0.0207) | (0.0643) | (0.0000)*** | ||
β
| 2.1548 | |||
(0.1271) | ||||
Controls
a
| Yes |
Controls
| Yes |
5.2 Models of OCF prediction
Estimate | Std. Error |
p-value | ||
---|---|---|---|---|
Panel A: Regression of future operating cash flows on sales and change in sales
| ||||
\( \begin{array}{c}\hfill {OCF}_{t+1}={\gamma}_0+{\gamma}_11/{TA}_t+{\gamma}_2{S}_t/{TA}_t+{\gamma}_3 FLEX\times {S}_t/{TA}_t+{\gamma}_4\varDelta {S}_t/{TA}_t\hfill \\ {}\hfill +{\gamma}_5 FLEX\times \varDelta {S}_t/{TA}_t+{\gamma}_6 FLEX+{\gamma}_7{ S ize}_t+{\gamma}_8{BM}_t+{\gamma}_9{EP}_t+{\varepsilon}_{t+1}\hfill \end{array} \)
| ||||
(n = 4006a) | ||||
Intercept
| 0.0543 | 0.0180 | 0.0025*** | |
1/TA
t
| −0.3690 | 0.1158 | 0.0015*** | |
S
t
/TA
t
| 0.0963 | 0.0630 | 0.0634* | |
FLEX x S
t
/TA
t
| 0.1307 | 0.0794 | 0.0998* | |
ΔS
t
/TA
t
| −0.0161 | 0.0552 | 0.7709 | |
FLEX x ΔS
t
/TA
t
| 0.0932 | 0.0660 | 0.0791* | |
FLEX
| 0.0267 | 0.0100 | 0.0077*** | |
Size
t
| 0.0008 | 0.0005 | 0.0632* | |
BM
t
| −0.0152 | 0.0012 | <.0001*** | |
EP
t
| 0.1309 | 0.0074 | <.0001*** | |
F-value | 15.88 | |||
(p-value) | <0.0001 | |||
R
2
| 0.1351 | |||
Panel B: Regression of future operating cash flows on current accruals and cash flows
| ||||
\( \begin{array}{c}\hfill {OCF}_{t+1}={\varphi}_0+{\varphi}_1 AACR\_{Reported}_t+{\varphi}_2 FLEX\times ACCR\_{Reported}_t+{\varphi}_3 OCF\_{Reported}_t+{\varphi}_4 FLEX\hfill \\ {}\hfill \times OCF\_{Reported}_t+{\varphi}_5 FLEX+{\varphi}_6{Size}_t+{\varphi}_7+{BM}_t+{\varphi}_8{EP}_t+{\varepsilon}_{t+}\hfill \end{array} \)
| ||||
(n = 5128 a) | ||||
Intercept
| 0.0251 | 0.0056 | <.0001*** | |
ACCR_Reported
t
| 0.2373 | 0.0165 | <.0001*** | |
FLEX x ACCR_Reported
t
| 0.0019 | 0.0164 | 0.9098 | |
OCF_Reported
t
| 0.7809 | 0.0148 | <.0001*** | |
FLEX x OCF_Reported
t
| 0.0230 | 0.0191 | 0.2302 | |
FLEX
| −0.0019 | 0.0023 | 0.4236 | |
Size
t
| 0.0007 | 0.0004 | 0.0906* | |
BM
t
| −0.0015 | 0.0009 | 0.0935* | |
EP
t
| 0.0067 | 0.0058 | 0.2493 | |
F-value | 141.21 | |||
(p-value) | <0.0001 | |||
R
2
| 0.5132 |