Figure 1
The diagram shows a horizontal dendrogram with blue branching lines and a red vertical reference line near the center. The horizontal axis at the bottom is labeled “Distance” and ranges from 0 to 400 in increments of 50 units. The vertical axis on the left is labeled “Company” and shows numerical values from 0 to 682. Three large letters: “K”, “R”, and “U” are placed along the vertical axis. “K” appears near the upper section between approximately 490 and 677, “R” is positioned in the middle section near 453 to 637, and “U” appears in the lower section between 5 and 133. The dendrogram shows seven branches. The seven branches form the following hierarchical structure based on distance ranges: The smallest branch at “U” is at a distance of 10. The next branch connecting the smallest branch and close to “U” is at a distance of about 50 to 60. The next branch at the bottom connects the above two nearby clusters close to “U” at a distance of about 100 to 110. The next branch at “K” is at a distance of around 70 to 80. The next branch connecting the above is at a distance of 150. The next branch connects the above with “R” at a distance close to 200. The final, highest branch merges all clusters into a single grouping at 360 to 370. A red vertical line crosses the blue dendrogram at the distance value of about 175, dividing the branches into left and right clusters. Note: All numerical data values are approximated.Dendrogram. Source: Authors’ own elaboration