Asymmetric Information in New Investment: Evidence in Indonesia

Figures & Tables

Manufacturing	All Firm	Manufacturer	Non Manufacturer
N Observation	3063	435	2628
Intercept	-0.182	-0.149	-0.188
Sales Growth	-0.000	-0.001	-0.000
Size	0.047*	0.043	0.048*
Age	-0.016	0.006	-0.016
Growth*sector	-0.001	-	-
Size*sector	-0.003	-	-
Age*Sector	0.023	-	-
R Square	0.00538	0.007	0.00863
F Test	4.382	1.090	7,614
p-value	0.000*	0.352	0.000*

	Sales Growth	Size	age	DER
Sales Growth	1	-	-	-
Size	0.026	1	-	-
age	0.007	0.049	1	-
DER	-0.002	0.090	-0.006	1

-	Count	mean	median	Std Dev	Kurtosis	Skewness	Q1	median	Q3	Mean Diff
Panel A
Sales Growth	3063	1.553	0.084	32,692	960.558	30,381	-0.037	0.084	0.226	-0.715
Size	3063	28,521	28,499	1,708	0.351	0.006	27.371	28,499	29,661	-0.135
age	3063	2,739	2,944	0.675	0.658	-1.029	2,303	2,944	3.258	0.245*
DER	3063	1.133	0.883	0.882	1,880	1.413	0.470	0.883	1.535	-0.020
Panel B-
Non Manufacturing
Sales Growth	2628	1,655	0.086	34,851	864,931	29,022	-0.036	0.086	0.236	-
Size	2628	28,540	28,532	1,704	0.157	-0.065	27,389	28,532	29,703	-
age	2628	2,704	2,890	0.674	0.547	-0.950	2.197	2,890	3.258	-
DER	2628	1.136	0.886	0.879	1,814	1.397	0.473	0.886	1.539	-
Manufacturing
Sales Growth	435	0.940	0.074	13.717	418,632	20,295	-0.039	0.074	0.170	-
Size	435	28,405	28,408	1,730	1.618	0.421	27.168	28,408	29,370	-
age	435	2,949	3.219	0.644	2,508	-1,715	2,639	3.219	3,401	-
DER	435	1.116	0.857	0.902	2.289	1,508	0.446	0.857	1.518	-