Variables	Mean	SD	Minimum	25th percentile	Median	75th percentile	Maximum
GPM	0.333	0.210	0.010	0.167	0.295	0.457	0.937
SME	0.249	0.432	0.000	0.000	0.000	0.000	1.000
BG affiliation	0.732	0.443	0.000	0.000	1.000	1.000	1.000
h slack	0.000	0.137	-0.024	-0.003	-0.001	0.001	0.021
h slack²	0.019	8.152	0.000	0.000	0.000	0.000	0.001
Age	2.823	0.847	0.000	2.303	2.996	3.434	4.111
Tangibility	0.606	0.331	0.001	0.314	0.682	0.918	1.000
Financial slack	-0.012	0.166	-0.237	-0.131	-0.063	0.067	0.520
Financial slack²	0.028	0.048	0.000	0.004	0.014	0.029	0.270
Recoverable slack	0.002	0.173	-0.407	-0.075	-0.010	0.051	0.718
Recoverable slack²	0.030	0.109	0.000	0.001	0.004	0.017	0.526
Potential slack	-0.008	0.142	-0.226	-0.090	-0.054	0.043	0.535
Potential slack²	0.020	0.050	0.000	0.003	0.007	0.016	0.286
Mean industry GPM	0.335	0.153	0.109	0.224	0.333	0.431	0.723
Number of competitors	6.561	1.320	2.996	5.687	6.700	7.597	8.580
Mean size of competitors	3.243	0.586	1.909	2.868	3.214	3.530	4.866
Industry competition	0.089	0.142	0.000	0.008	0.026	0.124	0.761
N = 425,246