Table 6

Nested ANOVA. Spanish versus Foreign imprinting by generations

SalesAssetsEmployeesSolvencyLiquidity
First generation
Spanish2,3641,93214.102.001.72
Foreign2,5421,13512.042.551.90
     China1,5501,07710.162.371.58
     Muslim3,8791,21314.102.782.33
Second generation
Spanish5,4108,35920.545.184.49
Foreign2,9123,17819.753.562.80
     China3,5833,30225.141.460.82
     Muslim2,0073,01012.486.405.47
Number of observations490490490490490
Root MSE7243.39342.129.94.24.1
R-square0.02970.04520.0280.02580.0276
Adj R-squared0,02090,05100,01980.02430.0198
F3.61***6.53***3.21**4.02***3.22**
Prob > F(0.0006)(0.0000)(0.0014)(0.0002)(0.0017)

Note(s): *p < 0.05; **p < 0.01; ***p < 0.001

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