Table 2. Summary statistics N Mean 25%...

Table 2.

Summary statistics

	N	Mean	25%	Median	75%
Panel A: all segments
Salesgrowth	27,797	0.486	−0.096	0.059	0.302
Cashflows	27,797	−0.126	0	0	0.022
Investment	27,797	0.063	0.015	0.036	0.074
Size	27,797	4.274	2.653	4.199	5.897
IndustryQ	27,797	2.148	1.645	2.162	2.606
Conglomerate	27,797	0.309	0	0	1.00
Ntrgap	27,797	0.328	0.284	0.361	0.378

	N	Mean	25%	Median	75%
Panel A: all segments
Salesgrowth	27,797	0.486	−0.096	0.059	0.302
Cashflows	27,797	−0.126	0	0	0.022
Investment	27,797	0.063	0.015	0.036	0.074
Size	27,797	4.274	2.653	4.199	5.897
IndustryQ	27,797	2.148	1.645	2.162	2.606
Conglomerate	27,797	0.309	0	0	1.00
Ntrgap	27,797	0.328	0.284	0.361	0.378

Panel B: comparison between conglomerate segments and single-segment firms
	Conglomerate			Single segment
	N	Mean	Median	N	Mean	Median
Salesgrowth	8,582	0.414	0.040	19,215	0.519	0.074
Cashflows	8,582	−0.006	0	19,215	−0.180	0
Investment	8,582	0.059	0.037	19,215	0.064	0.036
Size	8,582	4.905	5.033	19,215	3.992	3.942
IndustryQ	8,582	1.902	1.828	19,215	2.258	2.262

Notes:

This table presents the descriptive statistics for main variables of the analyses. The definition of the variables is described in the Appendix. Panel A reports the number of observations, mean, bottom 25%, median and the 75% percentile of the entire sample. Panel B reports key statistics for conglomerate segments and single-segment firms separately

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Panel B: comparison between conglomerate segments and single-segment firms
	Conglomerate			Single segment
	N	Mean	Median	N	Mean	Median
Salesgrowth	8,582	0.414	0.040	19,215	0.519	0.074
Cashflows	8,582	−0.006	0	19,215	−0.180	0
Investment	8,582	0.059	0.037	19,215	0.064	0.036
Size	8,582	4.905	5.033	19,215	3.992	3.942
IndustryQ	8,582	1.902	1.828	19,215	2.258	2.262

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