Table 3 Descriptive statistics and mean... | Emerald Publishing

Table 3

Descriptive statistics and mean contrasts

Panel A
	Large complex chains group (COMP)		General group (GRAL)		Mean contrast GRAL vs COMP
	(G1)		(G2)		(G2-G1)
Variables	Mean	Standard deviation	Mean	Standard deviation	t
Balance Sheet and Income Statement
Total Assets	248,735.00	179,084.90	17,131.99	32,924.47	−1.4e+02	***
Property, plant and equipment	104,938.70	71,831.06	8,484.74	19,061.73	−1.4e+02	***
Intangible assets	50,794.42	49,046.15	3,272.88	8,212.68	−81.3261	***
Number of employees	6,285.00	5,167.00	338.00	536.00	−1.3e+02	***
Total revenue	202,119.70	153,746.90	12,267.78	19,245.71	−1.4e+02	***
Salaries	123,868.70	97,866.39	7,905.29	12,438.92	−1.3e+02	***
Net profit	9,708.79	11,681.22	612.71	2,400.85	−84.0862	***
Ratios
Tangible ratio	0.4438	0.1941	0.4839	0.3067	9.9238	***
Intangible ratio	0.1949	0.1596	0.0952	0.1850	−34.4982	***
Financial leverage	4.6500	29.1683	4.5485	47.6070	−0.1627
Salary per employee	20.4371	2.6453	28.4220	87.5295	7.6664	***
ROA	0.0655	0.0478	0.0746	0.1112	6.5420	***
Net income margin	0.0474	0.0430	0.0507	0.0773	3.2970	***
Death Ratio	0.0754	0.0821	0.0567	0.0899	−3.4463	***

Panel A
	Large complex chains group (COMP)		General group (GRAL)		Mean contrast GRAL vs COMP
	(G1)		(G2)		(G2-G1)
Variables	Mean	Standard deviation	Mean	Standard deviation	t
Balance Sheet and Income Statement
Total Assets	248,735.00	179,084.90	17,131.99	32,924.47	−1.4e+02	***
Property, plant and equipment	104,938.70	71,831.06	8,484.74	19,061.73	−1.4e+02	***
Intangible assets	50,794.42	49,046.15	3,272.88	8,212.68	−81.3261	***
Number of employees	6,285.00	5,167.00	338.00	536.00	−1.3e+02	***
Total revenue	202,119.70	153,746.90	12,267.78	19,245.71	−1.4e+02	***
Salaries	123,868.70	97,866.39	7,905.29	12,438.92	−1.3e+02	***
Net profit	9,708.79	11,681.22	612.71	2,400.85	−84.0862	***
Ratios
Tangible ratio	0.4438	0.1941	0.4839	0.3067	9.9238	***
Intangible ratio	0.1949	0.1596	0.0952	0.1850	−34.4982	***
Financial leverage	4.6500	29.1683	4.5485	47.6070	−0.1627
Salary per employee	20.4371	2.6453	28.4220	87.5295	7.6664	***
ROA	0.0655	0.0478	0.0746	0.1112	6.5420	***
Net income margin	0.0474	0.0430	0.0507	0.0773	3.2970	***
Death Ratio	0.0754	0.0821	0.0567	0.0899	−3.4463	***

Panel B
	Public funding (PUBF)		No public funding (Non-PUBF)		Mean contrast Non-PUBF vs PUBF
	(G3)		(G4)		(G4-G3)
	Mean	Standard deviation	Mean	Standard deviation	t
Balance Sheet and Income Statement
Total Assets	134,917.40	178,626.10	33,799.11	60,631.44	−44.8819	***
Property, plant and equipment	56,390.43	73,020.28	17,836.40	33,638.96	−40.7036	***
Intangible assets	35,238.77	46,851.59	5,077.35	9,608.57	−40.5928	***
Number of employees	3,480.00	4,911.00	589.00	866.00	−47.00	***
Total revenue	111,517.40	150,139.30	20,691.10	30,961.19	−48.8330	***
Salaries	68,546.48	94,043.11	13,046.23	18,741.32	−47.6518	***
Net profit	5,166.47	9,749.41	1,408.21	4,197.93	−30.0546	***
Ratios
Tangible ratio	0.4699	0.2583	0.4683	0.2973	−0.3766
Intangible ratio	0.1613	0.1837	0.1014	0.1623	−18.1245	***
Financial leverage	4.1529	44.2867	5.4243	36.8481	2.0116	**
Salary per employee	22.3399	12.1295	31.7250	118.7605	8.8619	***
ROA	0.0722	0.0769	0.0695	0.1194	−1.9060	**
Net income margin	0.0484	0.0545	0.0517	0.0863	3.3004	***
Death Ratio	0.0678	0.0943	0.0513	0.0839	−4.6857	***

Panel B
	Public funding (PUBF)		No public funding (Non-PUBF)		Mean contrastNon-PUBF vs PUBF
	(G3)		(G4)		(G4-G3)
	Mean	Standard deviation	Mean	Standard deviation	t
Balance Sheet and Income Statement
Total Assets	134,917.40	178,626.10	33,799.11	60,631.44	−44.8819	***
Property, plant and equipment	56,390.43	73,020.28	17,836.40	33,638.96	−40.7036	***
Intangible assets	35,238.77	46,851.59	5,077.35	9,608.57	−40.5928	***
Number of employees	3,480.00	4,911.00	589.00	866.00	−47.00	***
Total revenue	111,517.40	150,139.30	20,691.10	30,961.19	−48.8330	***
Salaries	68,546.48	94,043.11	13,046.23	18,741.32	−47.6518	***
Net profit	5,166.47	9,749.41	1,408.21	4,197.93	−30.0546	***
Ratios
Tangible ratio	0.4699	0.2583	0.4683	0.2973	−0.3766
Intangible ratio	0.1613	0.1837	0.1014	0.1623	−18.1245	***
Financial leverage	4.1529	44.2867	5.4243	36.8481	2.0116	**
Salary per employee	22.3399	12.1295	31.7250	118.7605	8.8619	***
ROA	0.0722	0.0769	0.0695	0.1194	−1.9060	**
Net income margin	0.0484	0.0545	0.0517	0.0863	3.3004	***
Death Ratio	0.0678	0.0943	0.0513	0.0839	−4.6857	***

Panel C
	COMP*PUBF		GRAL*PUBF		Mean contrast COMP-PUBF vs GRAL*PUBF
	(G5)		(G6)		(G6-G5)
	Mean	Standard deviation	Mean	Standard deviation	t
Balance sheet and income statement
Total Assets	257,468.10	183,248.10	12,480.31	15,523.22	−244,987.80	***
Property, plant and equipment	107,375.20	73,561.69	5,366.15	6,900.52	−102,009.10	***
Intangible assets	54,628.47	49,493.80	2,247.17	5,819.11	−52,381.30	***
Number of employees	6,663.00	5,232.00	248.77	301.23	−6,414.11	***
Total revenue	213,618.30	155,387.40	9,511.08	10,949.16	−204,107.30	***
Salaries	131,279.60	98,866.36	5,842.43	6,986.93	−125,437.20	***
Net profit	9,727.26	12,131.08	609.21	1,197.44	−9,118.05	***
Ratios
Tangible ratio	0.4402	0.2006	0.4996	0.3024	13.1606	***
Intangible ratio	0.2042	0.1620	0.0883	0.1952	−0.1160	***
Financial leverage	5.0019	30.4528	3.3047	54.7097	−1.6971	**
Salary per employee	20.4691	2.7416	24.2391	16.7847	17.8188	***
ROA	0.0628	0.0485	0.0816	0.0964	0.0188	***
Net income margin	0.0406	0.0373	0.0562	0.0665	0.0156	***
Death Ratio	0.0793	0.0845	0.0652	0.0962	−0.0141	**

Panel C
	COMP*PUBF		GRAL*PUBF		Mean contrastCOMP-PUBF vs GRAL*PUBF
	(G5)		(G6)		(G6-G5)
	Mean	Standard deviation	Mean	Standard deviation	t
Balance sheet and income statement
Total Assets	257,468.10	183,248.10	12,480.31	15,523.22	−244,987.80	***
Property, plant and equipment	107,375.20	73,561.69	5,366.15	6,900.52	−102,009.10	***
Intangible assets	54,628.47	49,493.80	2,247.17	5,819.11	−52,381.30	***
Number of employees	6,663.00	5,232.00	248.77	301.23	−6,414.11	***
Total revenue	213,618.30	155,387.40	9,511.08	10,949.16	−204,107.30	***
Salaries	131,279.60	98,866.36	5,842.43	6,986.93	−125,437.20	***
Net profit	9,727.26	12,131.08	609.21	1,197.44	−9,118.05	***
Ratios
Tangible ratio	0.4402	0.2006	0.4996	0.3024	13.1606	***
Intangible ratio	0.2042	0.1620	0.0883	0.1952	−0.1160	***
Financial leverage	5.0019	30.4528	3.3047	54.7097	−1.6971	**
Salary per employee	20.4691	2.7416	24.2391	16.7847	17.8188	***
ROA	0.0628	0.0485	0.0816	0.0964	0.0188	***
Net income margin	0.0406	0.0373	0.0562	0.0665	0.0156	***
Death Ratio	0.0793	0.0845	0.0652	0.0962	−0.0141	**

Note(s): The Balance Sheet and Income Statement variables are expressed in thousands of euros

G_i = Group n

***p < 0.01, **p < 0.05, *p < 0.10