Pension Plan Contributions, Free Cash Flows and Financial Slack



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Legend: Bold indicates significant at .01 level of significance

Bold and italic indicates significant at .05 level of significance

Italic indicates significant at .10 level of significance

For variable definitions seen notes to Exhibit 1.

EXHIBIT 4

Firms partitioned into quartiles on the basis of FCFA




Coefficients (significant levels) on PENROA (b2)





1st Quartile

Lowest FCFA

2nd Quartile

3rd Quartile

4th Quartile

Highest FCFA

1991

.134

(0.0001)

-.026

(-----)


.046

(0.0038)

.073

(0.0001)

1992

.102

(0.0008)

.124

(0.0001)

.132

(0.0001)

.136

(0.0001)

1993

.076

(0.0031)

.099

(0.0001)

.065

(0.0001)

.035

(.1131)


1994

.174

(0.0024)

-.021

(-----)


.109

(0.0019)

-.032

(-----)


1995

-.025

(-----)


.028

(0.0463)

.043

(0.0003)

0.009

(.5185)


1996

0.109

(0.0001)

.089

(0.0001)

.168

(0.0001)

.105

(0.0001)



Legend: Bold indicates significant at .01 level of significance

Bold and italic indicates significant at .05 level of significance

Italic indicates significant at .10 level of significance

EXHIBIT 5

Results of tests for Hypothesis 2 and 3 for full sample




Panel A : Results of tests of Hypothesis 2







ID







II




t-test

Wilcoxon




N

Mean

Median

N

Mean

Median

Sig.

Sig.

Growth in capital expenditures

























GCAPEX

1077

1.304

1.134

1916

1.268

1.097

0.146

0.065

GCAPEX t+1

1020

1.330

1.172

1819

1.280

1.126

0.081

0.034




























Profitability measures

























ROAt+1

1055

0.046

0.046

1891

0.028

0.041

0.159

0.001

INDROAt+1

1055

0.014

0.006

1891

0.000

0.003

0.211

0.022

AROAt+1

1055

0.044

0.046

1894

0.024

0.041

0.140

0.002

AINDROAt+1

1055

0.013

0.006

1894

-0.005

0.004

0.183

0.068





























Panel B : Results of tests of Hypothesis 3







ID







II




t-test

Wilcoxon
Return Measures

N

Mean

Median

N

Mean

Median

Sig.

Sig.

ANNRETt+1

994

25.053

19.350

1754

20.799

15.000

0.049

0.002

CUMRETt+1

488

77.962

62.350

948

69.212

53.650

0.040

0.037




























SIZERETt+1

994

4.092

0.550

1754

2.144

-1.900

0.181

0.061

CUMSIZERETt+1

488

2.587

-7.300

949

0.504

-9.800

0.271

0.244





























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