
median leverage ratio is 4.21% higher for adopting firms than for their industry
counterparts; it is 14.91% higher than industry competitors during the postadop-
tion period. During both periods, shark repellent-adopting firms display payout
ratios that are significantly higher than those for industry counterparts.
In sum, based upon nonparametric results shown in Table 9.3, it is fair to
conclude that shark repellent-adopting firms tend to display higher than typical
levels of investment in plant and equipment and R&D. Based upon results shown
in Table 9.4, it also is fair to deduce that shark repellent-adopting firms display
relatively high dividend payout ...