87 NTU Management Review Vol. 31 No. 1 Apr. 2021 Table 2 Univariate Analysis for Cash-Rich versus Non-Cash-Rich Firms Variables Cash-Rich Firms Non-Cash-Rich Firms Wilcoxon Test Obs. Mean Median Std. Obs. Mean Median Std. CEO Compensation Vega t-1 Delta t-1 Firm Characteristics Cash/TA t-1 Sales t-1 Stock return t-1 Market_to_Book t-1 EBITDA/TA t-1 Market leverage t-1 Industry M&A Liquidity t-1 Herfindahl index t-1 MA t InsideOwn t-1 IAROA t+1 IAM/B t+1 IAROA t-1 IAM/B t-1 Aveleverage Avesalegrowth Acquisition Variables Vega acquier,t-1 Delta acquier,t-1 CAR (-2, +2) Relative Size t Private Target t Within-industry Acquisition t All Cash t Competed t Hostile t 5,621 5,621 5,621 5,621 5,621 5,621 5,621 5,621 5,621 5,621 5,621 5,621 2,697 2,697 2,697 2,697 2,697 2,697 806 806 806 806 806 806 806 806 806 0.1010 0.4932 0.3054 6.8552 0.1925 2.3139 0.1759 0.2896 0.0235 0.2826 0.1434 1.6123 0.0847 0.5317 0.0872 0.5997 0.2964 0.0807 0.1347 0.5495 0.0020 -2.3645 0.4888 0.5037 0.4789 0.0174 0.0012 0.0366 0.1761 0.2574 6.7241 0.1169 1.7804 0.1617 0.2307 0.0078 0.2132 0.0000 0.0000 0.0569 0.1569 0.0601 0.1796 0.2498 0.0687 0.0601 0.2235 0.0007 -2.3833 0 1 0 0 0 0.1559 0.7606 0.2283 1.5632 0.5560 1.5735 0.1340 0.2233 0.0417 0.2262 0.3505 5.0086 0.1494 1.3940 0.1424 1.4109 0.2115 0.1545 0.1845 0.8059 0.0731 1.2731 0.5002 0.5003 0.4999 0.1307 0.0352 7,932 7,932 7,932 7,932 7,932 7,932 7,932 7,932 7,932 7,932 7,932 7,932 3,885 3,885 3,885 3,885 3,885 3,885 1,084 1,084 1,084 1,084 1,084 1,084 1,084 1,084 1,084 0.1045 0.4157 0.0601 7.3267 0.1406 1.7039 0.1679 0.3471 0.0206 0.3331 0.1367 1.5075 0.0569 0.1854 0.0609 0.2134 0.3456 0.0885 0.1267 0.4828 0.0073 -2.5215 0.4041 0.5083 0.3856 0.0120 0.0037 0.0419 0.1598 0.0395 7.1926 0.0916 1.4434 0.1578 0.3294 0.0041 0.2720 0.0000 0.0000 0.0426 0.0116 0.0453 0.0323 0.3311 0.0718 0.0597 0.1976 0.0056 -2.5817 0 1 0 0 0 0.1535 0.6604 0.0633 1.4245 0.4477 0.9225 0.0905 0.1819 0.0421 0.2261 0.3435 4.7624 0.1054 0.8274 0.0948 0.8373 0.1710 0.1438 0.1663 0.7344 0.0624 1.1924 0.4909 0.5002 0.4870 0.1089 0.0607 *** *** *** *** *** *** ** *** *** *** *** *** *** *** *** *** ** ** *** *** *** Note: This table exhibits the univariate analysis between cash-rich firms and non-cash-rich firms. Cash-rich firms are those with actual cash ratio (Cash/TA) greater than predicted cash ratio. Otherwise, a firm is classified as non-cash-rich firms. All variables are defined in the same way as shown in the Appendix. All numerical variables are winsorized at 1st and 99th percentiles. ***, **, and * denote significance at the 1%, 5%, and 10% levels, respectively.
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