Table 1.

Summary statistics

Variables	Full sample		Standalone firms		BG affiliated firms		t-test of mean comparison (standalone - BG affiliated)
	Mean	SD	Mean	SD	Mean	SD
GPM	0.333	0.210	0.357	0.222	0.324	0.204	46.410	***
SME	0.249	0.432	0.927	0.260	Not applicable		Not applicable
BG affiliation	0.732	0.443	0.000	0.000	1.000	0.000	Not applicable
HR slack	0.000	0.137	0.000	0.059	0.000	0.156	0.470
h slack²	0.019	8.152	0.003	0.487	0.024	9.525	-0.742
Age	2.823	0.847	2.571	0.913	2.916	0.802	-120.000	***
Tangibility	0.606	0.331	0.607	0.336	0.606	0.329	0.436
Financial slack	-0.012	0.166	0.030	0.182	-0.028	0.158	101.394	***
Financial slack²	0.028	0.048	0.034	0.058	0.026	0.043	51.249	***
Recoverable slack	0.002	0.173	-0.002	0.169	0.003	0.175	-8.379	***
Recoverable slack²	0.030	0.109	0.028	0.106	0.031	0.110	-9.078	***
Potential slack	-0.008	0.142	-0.008	0.139	-0.008	0.144	-0.387
Potential slack²	0.020	0.050	0.019	0.044	0.021	0.052	-8.004	***
Mean industry GPM	0.335	0.153	0.344	0.161	0.332	0.150	23.615	***
Number of competitors	6.561	1.320	6.674	1.238	6.519	1.346	34.072	***
Mean size of competitors	3.243	0.586	3.081	0.570	3.302	0.580	-110.000	***
Industry competition	0.089	0.142	0.089	0.148	0.089	0.139	0.367

***, **, and * denote statistical significance at the 0.01, 0.05, and 0.1 levels respectively.