Dear All
I have a panel data set (long) including 1245 firms over 10 years (2007-2016) with multiple firm characteristics (firm name, country, industry, year, DSO, DIO, DPO, CCC, leverage, growth, size, etc.) so every row/observation represents a firm-year.
I would like to examine if the mean CCC is significantly different between the countries. How could I take into account that I have panel data(over 10 years) or is the only way to run -by year: anova CCC country- ?
Also, I am trying to determine if the mean CCC per country changes significantly over the course of the ten years? I am unsure of how I can examine this for my entire dataset, the only method I could think of is to look at the countries separately with:
bys country: anova CCC company year, repeated(year)
Are there also methods to examine these two questions using the median CCC instead of the mean CCC?
Thank you very much in advance for you helpful responses!
I have a panel data set (long) including 1245 firms over 10 years (2007-2016) with multiple firm characteristics (firm name, country, industry, year, DSO, DIO, DPO, CCC, leverage, growth, size, etc.) so every row/observation represents a firm-year.
I would like to examine if the mean CCC is significantly different between the countries. How could I take into account that I have panel data(over 10 years) or is the only way to run -by year: anova CCC country- ?
Also, I am trying to determine if the mean CCC per country changes significantly over the course of the ten years? I am unsure of how I can examine this for my entire dataset, the only method I could think of is to look at the countries separately with:
bys country: anova CCC company year, repeated(year)
Are there also methods to examine these two questions using the median CCC instead of the mean CCC?
Thank you very much in advance for you helpful responses!
Code:
* Example generated by -dataex-. To install: ssc install dataex clear input long company int year double(CCC GROWTH LEV SIZE_LNTA ROA) long(country sector) 1 2007 97.4272873157527 -.07094796166209166 .46760933903321433 3.211742830078779 .054203661076400275 6 7 1 2008 149.99922356229743 -.6151534856863113 .3889114541023563 2.7380554508006867 -.03188464662875716 6 7 1 2009 82.20915454225528 .4600768999979168 .3242220353238024 2.596491630822129 .04196804037005898 6 7 1 2010 77.8854901541128 .06993466765472521 .24658254468980023 2.5883279706847095 .05432877672625297 6 7 1 2011 47.38709857159552 .3297141183703392 .2570475901788419 2.762297448013138 .08866323128220635 6 7 1 2012 73.12467489899241 .027809536194332254 .2925880063683011 2.6337201858101924 .1192287281089692 6 7 1 2013 120.25850404365345 -.2451758743544866 .2729682879575822 2.469174642673046 -.02488018762108701 6 7 1 2014 72.31341983708305 -.1088421865980785 .268977248564747 2.4939228240679068 -.04071869019774627 6 7 1 2015 21.891916240400022 .42846451781462624 .7404329761644416 2.518656387078679 -.5275530286464022 6 7 1 2016 9.900967620405766 -.1832128141642182 .9504402515723264 2.233072214902751 -.28968553459119506 6 7 2 2007 -5.74156547075691 .2366080591092564 .5798280641706948 4.604379873773648 .01564235746239529 2 6 2 2008 -1.4571604053639078 -.009165260527601816 .5510545970659748 4.453847171211826 -.04631385460171947 2 6 2 2009 3.307125847037547 -.08950390381447816 .5225485188968336 4.360802998222255 .0004851889683350358 2 6 2 2010 22.899390969687346 -.4847967620936008 .48041641559507176 4.356696006094587 -.018205361607200092 2 6 2 2011 21.478866579368542 .36347405173781944 .16412512089455344 4.323854471869926 -.03708316220405676 2 6 2 2012 30.457253685027155 -.062272661137785554 .14238141650422353 4.120012308970678 -.17267706302794023 2 6 2 2013 47.33064783267083 -.3442358417377812 .17412569024454377 4.043840430048332 -.0852835480760803 2 6 2 2014 46.88939305230288 .21237932992617828 .5044334515587082 4.450992839138604 -.04236279634123576 2 6 2 2015 62.9719723183391 -.012978142076502715 .4818006665278067 4.341412951788585 -.009568319100187461 2 6 2 2016 101.64495546989234 -.10750370736529914 .5767632254965435 4.561865946578819 .007215805852008103 2 6 3 2007 28.648255813953483 -.6244541484716157 .11090966776956897 3.0939019973262343 -.368490232515977 2 5 3 2012 82.13128876636803 4.58076923076923 .24956135824130454 3.3696035100709767 -.4547080882099976 2 5 3 2013 82.4673735725938 .12657937054904667 .36277887602372216 2.873847085563867 -.5944648404405536 2 5 3 2014 -15.495038979447205 .43862153344208804 .8627293424400697 2.70364049261351 -.6492567296102852 2 5 4 2007 44.7822333344485 .19733223223119858 .6384142763445507 4.52810091428275 .032749810683725546 6 2 4 2008 28.560925537404835 .10131198217676028 .7035054714137968 4.2901477565695245 .06362818505962337 6 2 4 2009 17.218482646648027 -.16231278013157763 .783643201551085 4.330130802699381 .034430788933291816 6 2 4 2010 23.635610738623377 -.09932149380532652 .7686911195100232 4.463212524829102 .039466812945542676 6 2 4 2011 14.391438025202909 .18610817711179906 .82051493759947 4.469371631264115 -.02259004989209076 6 2 4 2012 10.60220979004334 .11850125540296277 .7709241589207864 4.298650774631349 .07025572715308052 6 2 4 2013 8.346814522560496 .10101402758078037 .692843107869584 4.182911569216697 .11783838989354026 6 2 4 2014 1.5918643715924787 .4094408695109606 .8115481978543014 4.116164091458351 .21908359116540094 6 2 4 2015 .9356116044853593 .3409360999985676 .6831202387846929 4.415134377600082 .2527620617454448 6 2 4 2016 -.7712816117305792 .1595291019464831 .6767241379310345 4.457658719063974 .26984301966663726 6 2 5 2007 121.2734392647858 .09466706841445573 .4012204074142043 4.567987612175217 .03418058359331981 6 6 5 2008 134.95116492007963 -.12311208212570741 .40693256617520585 4.391206188396731 .031238762332119033 6 6 5 2009 133.53572431864683 -.16022820409874902 .42903862528059494 4.019239533913847 -.14648966638284708 6 6 5 2010 178.6698238467825 -.3773608780693818 .539206663292071 3.8908673616651317 -.2005430030831529 6 6 5 2011 197.50183287580677 -.19240719291450026 .5007483134166834 3.8954709792824787 .04634938177799276 6 6 5 2012 137.2090366941855 .09202291080859164 .7960059560304807 3.7159412536008 -.28005021751189807 6 6 5 2013 97.35058500038596 .09946118281387034 .513358649978654 3.966065869705537 .05294025121901889 6 6 5 2014 96.82241955185612 .0180945970144641 .4844854000411589 3.9684853076747304 .04234788374911396 6 6 5 2015 96.74715906962086 .1859688316322326 .5162034770689679 4.581770011305192 .03286851196553703 6 6 5 2016 115.43575854441406 -.05514028744995535 .468035221174386 4.563110046212338 .014927317251081087 6 6 6 2007 35.54697128771626 .3985795227834969 .4209427476107342 4.017481516284286 -.012094814708158602 2 9 6 2009 -35.55279330535605 14.594154164511123 .6357812248536093 5.777986632660106 .01776186290652042 2 9 6 2010 20.931009276063726 .6451307910494801 .7669419240535195 5.429472813848555 -.2866477509439589 2 9 6 2011 32.0772641856488 -.49295724944545277 .7963233818004532 4.937892543449571 -.16437953483036508 2 9 6 2012 37.749402513298904 -.7420682661045766 .8414806557733613 4.29812858805602 -.06160789538076725 2 9 6 2013 -1.7829230168034407 -.6054274920977565 .790648870981281 4.6748548181534435 .0036468097409925668 2 9 6 2014 -5.74388400219901 .4216490816725282 .8158215146804753 5.336542391860967 .03578561356734827 2 9 6 2015 -5.476007412664618 .7428532160527762 .7650993782720041 5.578770875774367 .020929494685472116 2 9 6 2016 -36.03130983032944 .19446415897799868 .7522372247538264 5.652710208471697 .016508631425334052 2 9 7 2007 48.66801533143904 -.2998443524827151 .3514264074728602 2.8627576640941443 -.07254060422452267 6 2 7 2009 184.170338207606 -.24061352400842334 .37032666749472126 2.8569565980384404 -.04732331387405291 6 2 7 2010 48.610117154501424 .4566744219493445 .38456275656176203 2.894136137548722 -.03383505411120792 6 2 7 2011 62.50911360347707 -.09075605493867156 .1751327433628316 2.548561696124731 -.06530973451327408 6 2 7 2012 65.5460195026056 -.23336869748571068 .20647287983218515 2.080444872567682 -.33008690440515476 6 2 7 2013 39.918956158009294 .15261780095741764 .19912790697674493 1.8759843677063865 -.16170058139534868 6 2 7 2014 35.49259665350056 1.9477504277268836 .3093346573982116 3.032139376521263 -.16317030784508385 6 2 7 2015 91.19377776797154 .07265789461475995 .5414906663033114 2.2985423554057394 -1.0745333151655498 6 2 7 2016 89.88190801264355 -.009971345171912232 1.2132193268186726 2.157046585189516 -.7254343105320299 6 2 8 2007 75.05607005696163 -.0688541071194405 .31464280228619523 5.118735072028397 .13612074471095184 6 3 8 2008 70.83959102338174 -.03935028755574109 .5042319380243098 5.357112300487695 .09135315014552328 6 3 8 2009 62.66589571553435 .2073380640618123 .47615821211347503 5.400382974419964 .09354299026940269 6 3 8 2010 69.57195783829798 .11424780094130697 .42273981817642203 5.4618963574437265 .11171070464055725 6 3 8 2011 75.58187480158139 .023608061636401046 .3527643312101908 5.453110080415042 .14341910828025473 6 3 8 2012 75.25199831033096 .051788220492579876 .3918766698628734 5.530234513691734 .1181681080628194 6 3 8 2013 72.39280091324433 .09788631909124498 .3157611713991021 5.611030545238669 .12420550613997192 6 3 8 2014 66.25874411404502 .1393810599676851 .3855101023384357 5.83090779142603 .1177657482246816 6 3 8 2015 74.96131356533878 -.025460107710263684 .33048327137546524 5.868428878316495 .12750929368029723 6 3 8 2016 80.8561174694199 -.11292334477354597 .3403483309143677 5.778661510287361 .12917271407837452 6 3 9 2007 145.7276119402985 -.5942321557317952 .6697354961274294 8.830981510952498 .05392371766768961 3 9 9 2008 30.905808992451597 1.1656005685856432 .6524625459764959 9.318925682389624 .03095003139858258 3 9 9 2009 55.34808368820589 -.11371841155234658 .6975409836065574 9.409191230721348 .007213114754098361 3 9 9 2010 55.979556364840235 .11849657470838734 .7065627357304501 9.3868953338758 .019696588718464504 3 9 9 2011 55.017944535073426 .014732660155603377 .7450944265315523 9.292381082312392 -.010225702441271304 3 9 9 2012 51.2013888888889 .057096247960848286 .7617413143574717 9.38806805975991 .01992465466722478 3 9 9 2013 58.52114561027838 -.13518518518518519 .746503178928247 9.306559229716726 .006811989100817439 3 9 9 2014 54.96237961476726 -.11063526052819414 .7504113035904384 9.243097936214355 -.0017419916771508758 3 9 9 2015 41.90713269660637 -.012640449438202247 .7300275482093664 9.19023970026918 -.0058157330884603614 3 9 9 2016 39.524347143137646 .03495224547856127 .7382214086135466 9.24753981296529 .022834569804412758 3 9 10 2007 38.26833010062731 .08373317423304491 .9061618507478528 10.81161392655746 .018532268095758784 4 6 10 2008 100.11366492492894 -.0009193182222745826 .9345944410998336 10.840117238445798 .019729748903333427 4 6 10 2009 87.84921233360353 -.0014480970900393715 .8654502440181328 10.35332654771914 .027541585310814378 4 6 10 2010 86.79993368382891 -.07028578498772482 .8777649607379385 10.439528393774182 .03724571061053441 4 6 10 2011 42.025290968637364 .9411393700434169 .930834624413148 10.778698110731323 .022144904114726784 4 6 10 2012 31.20495502182534 .3485647577295818 .9360851245577357 10.634974673867829 -.0364526452326683 4 6 10 2013 34.053993366469825 -.08381633713647226 .9182314022344189 10.59576883331304 .027115344008122627 4 6 10 2014 34.61340044368174 -.0084453753432086 .9228521033495432 10.579507266863608 .011790598522636975 4 6 10 2015 34.02479758305691 -.045570866085297194 .9030321803156183 10.471066634825396 .028202149965130215 4 6 10 2016 29.542087946125264 -.03953275012406396 .8926735249705557 10.41551043929666 .017852912567802023 4 6 11 2007 69.9203078806221 .5029887375004641 .6805318138651472 2.052855614019718 .11775878442545099 6 6 11 2008 58.47764042881351 .04753992138456384 .6311772315653303 2.261190826201738 .09133247089262611 6 6 11 2009 49.81345843460397 .05998915593863629 .676912080057183 2.0724807236470806 -.09092208720514647 6 6 11 2010 53.66814581719369 .013899030055557737 .5762817515973191 2.0495747570462837 .027894654823126124 6 6 11 2011 45.95889745352021 .004523315865717586 .5261001517450686 2.0081444191792226 .04476479514415783 6 6 11 2012 43.848252776959555 .0560149145403645 .4514276599138614 2.067957148526853 -.005104482373584267 6 6 11 2013 41.20196693895602 .47596475685182427 .30821784110872513 2.891975775013006 .2772464051011775 6 6 11 2014 44.605709692735005 .026502613974257037 .2851877303679647 3.0071954390651605 .018866745798713096 6 6 end label values company company label def company 1 "21st Century Technology PLC", modify label def company 2 "3U Holding AG", modify label def company 3 "4Sc AG", modify label def company 4 "4imprint Group PLC", modify label def company 5 "600 Group PLC", modify label def company 6 "7C Solarparken AG", modify label def company 7 "7digital Group plc", modify label def company 8 "A.G.Barr PLC", modify label def company 9 "A2A SpA", modify label def company 10 "ACS Actividades de Construccion y Servicios SA", modify label def company 11 "APC Technology Group plc", modify label values country country label def country 2 "Germany", modify label def country 3 "Italy", modify label def country 4 "Spain", modify label def country 6 "United Kingdom", modify label values sector sector label def sector 2 "Consumer Cyclicals", modify label def sector 3 "Consumer Non-Cyclicals", modify label def sector 5 "Healthcare", modify label def sector 6 "Industrials", modify label def sector 7 "Technology", modify label def sector 9 "Utilities", modify
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