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281
臺大管理論叢
第
28
卷第
2
期
Appendix: Variable Definitions
Δln
Log change operator
Sales
Sales revenue in million (Compustat item SALE)
SGA
Selling, general and administrative expense (Compustat item XSGA)
OC
Total operating costs [revenue minus operating income] (Compustat item
XOPR)
COGS
Cost of goods sold (Compustat item COGS)
CC
Customer concentration score for firm
i
in year
t
(
CC
it
) equals
J
j
=
1
Sales
ijt
Sales
it
2
ijt
where
Sales
ijt
represent firm
i
’s sale to customer
j
in
year
t
and
Sales
it
represents total sales for firm
i
in year
t
.
Dec
i.t
An indicator which equals to 1 if sales revenue from firm
i
decreased in year
t
relative to year
t-1
, and 0 otherwise.
CDec
i.t
An indicator variable which equals to 1 if customer’s sales revenue from firm
i
decreased in year
t
relative to year
t-1
, and 0 otherwise.
GDPGrowth
GDP growth in year
t
.
Source:
http://www.bea.gov/national/xls/gdpchg.xlsSize
Natural log of total sales
RD
Research and development expenditures in year
t
scaled by total assets;
RD
is set to zero if value of the research and development expenditures is
missing. (XRD/AT)
FCF
Free Cash Flows (
FCF
) is measured as cash flow from operating activities
minus common and preferred dividends, scaled by total assets. As the cash
flow from operating activities (Compustat item OANCF) is available on
Compustat only since 1988, thus some firm-year observations are missing.
ASINT
Asset intensity, defined as the log-ratin of number of employees to sales.
ln(AT/SALE)
EMPINT
Employment intensity, defined as the log-ratio of number of employees to
sales. ln(EMP/SALE)