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Table 6. 
Average of Financial Ratios for Each Group of SMEs
VariablesSME Groups
(Financial Ratios)Group 1Group 2Group 3
Equity_TL 1.11 0.77 0.33 
TL_Tassets 0.56 0.62 0.78 
Cash_Tassets 0.08 0.03 0.05 
WoC_Tassets 0.15 0.11 0.04 
Cash_Sales 0.06 0.05 0.05 
EBIT_Sales 0.24 0.26 0.13 
Rinc_Tassets 0.28 0.17 0.06 
Ninc_Sales 0.20 0.25 0.18 
EBIT_IE 22.88 7.74 2.04 
AP_Sales 0.49 0.50 0.60 
AR_TL 0.61 0.44 0.41 
VariablesSME Groups
(Financial Ratios)Group 1Group 2Group 3
Equity_TL 1.11 0.77 0.33 
TL_Tassets 0.56 0.62 0.78 
Cash_Tassets 0.08 0.03 0.05 
WoC_Tassets 0.15 0.11 0.04 
Cash_Sales 0.06 0.05 0.05 
EBIT_Sales 0.24 0.26 0.13 
Rinc_Tassets 0.28 0.17 0.06 
Ninc_Sales 0.20 0.25 0.18 
EBIT_IE 22.88 7.74 2.04 
AP_Sales 0.49 0.50 0.60 
AR_TL 0.61 0.44 0.41 

SME = small and medium-sized enterprise.

Notes: Group 1 comprises the healthiest SMEs. Group 2 represents the in-between SMEs. Group 3 represents the least healthy SMEs. For the definition of each variable (financial ratios) see Table 2.

Source: Authors’ calculations.

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