Financial frictions and the cash flow – external financing sensitivity: evidence from a panel of Pakistani firms

Financial Innovation

Table 2 Descriptive statistics

Variables	Mean	Std. Dev.	Q ₁	Median	Q ₃
External_Financing	0.5225	0.2679	0.4004	0.5515	0.6998
Cash_Flow	0.0869	0.3188	0.0145	0.0693	0.1475
Growth	0.2834	2.7863	-0.0640	0.0864	0.2692
Size	7.2811	1.6792	6.1912	7.1486	8.3290
Cash	0.0748	0.1306	0.0055	0.0223	0.0820
Inventory	0.1506	0.3025	0.0000	0.1140	0.2480
PPE	0.8477	0.4565	0.5850	0.8208	1.0576
Debt/Equity	0.2756	42.8457	0.5752	1.3745	2.61729

Note: Tables 2 and 3 presents the summary statistics. Table reports the mean, standard deviation, Q₁, median, and Q₃values of the variables used in our regression model. Dependent variable is External_Financing while independent variables are Cash_Flows, Growth, Size, Cash, Inventory, PPE, (Plant, Property, and Equipment) and Debt/Equity