Table 1:

Summary Statistics for 11,575 Applicants to the TWI Program

	All Applicant Firms				Trained Firms	Nontrained Firms	Difference
	Mean (1)	St. Dev. (2)	Min (3)	Max (4)	Mean (5)	Mean (6)	$p$-value (7)
	Panel A: Data from annual financial statements in 1939
Plants	6.08	1.90	3	14	6.09	6.07	0.588
Employees	1,038.32	378.53	543	11,283	1,036.99	1,039.77	0.686
Foundation year	1931	3.73	1912	1936	1930.96	1931.05	0.229
Agriculture	0.03	0.16	0	1	0.03	0.03	0.678
Manufacturing	0.86	0.34	0	1	0.86	0.86	0.746
Transportation	0.09	0.29	0	1	0.09	0.09	0.400
Services	0.02	0.14	0	1	0.02	0.02	0.624
Sales	191.78	77.12	75.74	2,506.72	191.27	192.34	0.444
Current assets	18.40	8.02	5.31	170.72	18.47	18.33	0.341
Total assets	64.45	25.79	23.03	900.89	64.40	64.51	0.808
TFP	3.87	0.49	2.68	5.02	3.87	3.86	0.316
ROA	0.03	0.01	0.01	0.09	0.03	0.03	0.010
Inventory	15.37	6.24	5.21	181.02	15.36	15.38	0.854
Injuries	10.40	5.09	2.40	139.78	10.33	10.47	0.141
Repairs	15.37	7.26	4.04	226.42	15.28	15.48	0.134
Bonus payments	8.27	3.97	1.97	118.42	8.22	8.32	0.176
	Panel B: Workforce data from replacement lists in 1941
Share African-Americans	0.06	0.01	0.01	0.12	0.06	0.06	0.180
Share women	0.05	0.01	0.01	0.09	0.05	0.05	0.703
Years of education	8.51	1.36	5	12	8.50	8.52	0.457
Age of workforce	28.98	3.53	23	40	28.96	29.00	0.611
	Panel C: WWII-related data from replacement lists and war contracts
Share drafted employees (1942–1945)	0.23	0.03	0.13	0.33	0.23	0.23	0.180
Switched 3-digit SIC (1940–1945)	1	0	1	1	1	1	—
Switched 2-digit SIC (1940–1945)	0.57	0.50	0	1	0.57	0.57	0.556
Switched 1-digit SIC (1940–1945)	0.37	0.48	0	1	0.37	0.38	0.257
Number of contracts (1940–1945)	0.68	2.61	0	152	0.68	0.68	0.719
Value of contracts (1940–1945)	25.11	293.01	0	27,145.94	23.87	26.48	0.507

Notes. Summary statistics for 11,575 firms that applied to the TWI program. Column 7 shows the p-value of the difference between columns 5 and 6. Panel A includes variables from the firm’s financial statements in 1939. Plants is the total number of plants per firm; Employees is the number of employees per firm; Agriculture, Manufacturing, Transportation, and Services are indicators that equal one if a firm operates in agriculture, manufacturing, transportation, or services, respectively; Sales, Current assets, Total assets, Inventory, Injuries, Repairs, Bonus payments are expressed in 2020 million USD; TFP is the log of total factor productivity revenue, estimated using the method proposed by Gandhi, Navarro, and Rivers (2020); ROA is returns on assets, measured as profits over total assets. Panel B includes variables from the wartime replacement schedules in 1941. Share African-Americans is the share of African-American workers; Share women is the share of female workers; Year of education is the average years of formal education of the workforce; and Age of workforce is the average age of the workers. Panel C shows data on the firm exposure to WWII from either the replacement schedules and the war contracts. Share drafted employees is the share of employees drafted between 1942 and 1945; Switched x-digit SIC equals one if a firm’s war products were in different x-digit 1939 SIC codes; Number of contracts is the yearly number of war contracts between 1940 and 1945; and Value of contracts is the yearly value of war contracts (in 2020 million USD).