Growth Opportunities Utilization: Debt Overhang or Asymmetric Information?

Figures & Tables

	Debt to Assets Ratio	Age	Size	Growth sales
Debt to Assets Ratio	1	0.033379	0.111995	0.007558
Age	0.033379	1	0.045458	−0.06881
Size	0.111995	0.045458	1	0.009209
Growth sales	0.007558	−0.06881	0.009209	1

	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019
Agriculture	0.252	0.281	0.387	0.404	0.476	0.432	0.227	0.481	0.475	0.513	0.591
Basic industry and chemicals	0.361	0.495	0.497	0.473	0.527	0.493	0.485	0.487	0.490	0.449	0.447
Consumer goods industry	0.363	0.393	0.375	0.389	0.448	0.432	0.387	0.448	0.417	0.383	0.378
Infrastructure, utilities, and transportation	0.616	0.583	0.534	0.544	0.529	0.559	0.493	0.505	0.503	0.483	0.492
Mining	0.502	0.446	0.455	0.444	0.453	0.463	0.534	0.475	0.482	0.512	0.488
Miscellaneous industry	0.574	0.468	0.518	0.511	0.530	0.554	0.459	0.508	0.474	0.498	0.524
Property, real estate, and building construction	0.531	0.474	0.431	0.470	0.479	0.467	0.460	0.452	0.455	0.428	0.446
Trade, services, and investment	0.477	0.475	0.466	0.477	0.472	0.503	0.473	0.469	0.478	0.467	0.505
Minimal	0.460	0.452	0.458	0.464	0.489	0.488	0.440	0.478	0.472	0.467	0.484
Maximal	0.252	0.281	0.375	0.389	0.448	0.432	0.227	0.448	0.417	0.383	0.378

Sources	SS	df	MS	F	P-value	F crit	RMSSE
Between groups	1.952	8	0.244	6.305	0.000	1.940	0.169
Within groups	179.710	4645	0.039	–	–	–	–
Total	181.661	4653	0.039	–	–	–	–

Industry	n	Mean	Standard deviation	25th percentiles	Median	75th percentiles	Kurtosis	Skewness
Agriculture	113	0.452	0.226	0.257	0.468	0.607	5.464	1.147
Basic industry and chemicals	313	0.479	0.195	0.334	0.471	0.616	−0.757	0.111
Consumer goods industry	207	0.404	0.170	0.262	0.388	0.541	−0.890	0.231
Infrastructure, utilities, and transportation	290	0.520	0.176	0.399	0.533	0.650	−0.447	−0.290
Mining	231	0.478	0.195	0.318	0.463	0.616	−0.669	0.224
Miscellaneous industry	162	0.508	0.189	0.367	0.491	0.660	−0.959	0.051
Property, real estate, and building construction	382	0.462	0.175	0.336	0.474	0.581	−0.610	0.118
Trade, services, and investment	629	0.480	0.219	0.321	0.468	0.633	13.305	1.530
Whole industry	2327	0.476	0.198	0.327	0.474	0.618	5.549	0.693

Sources	SS	Df	MS	F	P-value	F crit	RMSSE	Omega Sq.
Between groups	389.996	8	48.750	24.481	0.000	1.940	0.321	0.039
Within groups	9249.644	4645	1.991	−	−	−	−	−
Total	9639.640	4653	2.072	−	−	−	−	−

Industry	n	Mean	Standard deviation	25th percentiles	Median	75th percentiles	Skewness	Kurtosis
Agriculture	113	29.262	1.162	28.609	29.335	30.084	−0.625	0.364
Basic industry and chemicals	313	28.365	1.329	27.460	28.369	29.168	0.339	−0.140
Consumer goods industry	207	28.083	1.284	27.206	27.926	28.845	0.444	−0.014
Infrastructure, utilities, and transportation	290	28.856	1.531	27.886	28.752	29.809	−0.004	−0.692
Mining	231	29.118	1.468	28.242	29.205	30.259	−0.517	−0.359
Miscellaneous industry	162	28.090	1.229	27.186	27.730	28.631	0.960	0.025
Property, real estate, and building construction	382	28.899	1.338	28.038	28.942	29.893	−0.188	−0.311
Trade, services, and investment	629	28.161	1.433	26.890	28.197	29.243	0.046	−0.527
Whole industry	2327	28.533	1.439	27.434	28.515	29.563	0.045	−0.572

Dependent variable: growth sales	1	2
Debt asset ratio	0.009	0.010
P-value	0.716	0.680
Age	−	−0.024^*
P-value	−	0.001
Size	−	0.002
P-value	−	0.584
R²	0.000	0.005
Adj. R²	0.000	0.004
No. observation	2327	2327

Industry	n	Mean	Standard deviation	25th percentiles	Median	75th percentiles	Kurtosis	Skewness
Agriculture	113	2.470	0.596	2.197	2.485	3.091	0.866	−0.682
Basic industry and chemicals	313	2.761	0.699	2.303	3.135	3.219	1.414	−1.468
Consumer goods industry	207	2.747	0.720	2.197	3.178	3.258	0.708	−1.328
Infrastructure, utilities, and transportation	290	2.293	0.633	1.946	2.197	2.773	0.253	−0.641
Mining	231	2.581	0.472	2.303	2.485	2.944	2.355	−0.960
Miscellaneous industry	162	2.803	0.719	2.485	3.135	3.296	2.173	−1.612
Property, real estate, and building construction	382	2.620	0.622	2.303	2.602	3.178	1.080	−1.041
Trade, services, and investment	629	2.583	0.627	2.079	2.773	3.091	0.727	−0.995
Whole industry	2327	2.601	0.653	2.197	2.708	3.178	0.697	−1.006

Sources	SS	Df	MS	F	P-value	F crit	RMSSE	Omega Sq.
Between groups	48.950	8	6.119	14.682	0.000	1.940	0.245	0.023
Within groups	1935.800	4645	0.417	−	−	−	−	−
Total	1984.750	4653	0.427	−	−	−	−	−