Fig. 6.

The effect of similarity (type of operation) on spillover on Jack in the Box.

Note: The figures show ARs and CARs of JACK in response to events associated with restaurants (restaurant events, n = 29) and non-restaurants (non-restaurant events, n = 44). Non-restaurant events include food manufactures, food distributors, catering service firms, and hotels. Overall, JACK's ARs and CARs were more negative to restaurant events than those of non-restaurant events. The tables show the significance of difference between restaurant events and non-restaurant events. Consistently, both parametric test (ANCOVA) and non-parametric test (Mann–Whitney U test) were performed to test the difference between restaurant events and non-restaurant events. ^*p < .05, ^**p < .01, ^***p < .001.