Regions

Return on

Assets (ROA)

Total Assets (Average)

Total Assets Growth

Total Debt/Equity (%)

Change in Machinery

& Equipment (%)

Inventory turnover

Sales per

Employee

BALKANS (BALK)

−37.80%

320,121.61

−3.07%

152.69

−1.58

28.92342

288.77

EUROPEAN (EUR)

10.62%

4,627,769.52

22.70%

104.37

−7.35

39.07034

435.35

SCANDINAVIAN (SCAND)

30.12%

15,342,688.1

13.84%

86.96

−6.09

17.05426

1562.27

t-test

1.9612

2.9856

−7.1854

19.7918*

−1.0275 (0.0679)

0.5987

1.6985**

(BALK-EUR)

(0.0067)*

(0.0007)*

(0.0000)*

(0.0000)

(1.0615)

(0.0486)

t-test

1.9617

2.527

4.5638

1.9275**

−1.0074 (0.0771)

0.3708

15.9476*

(BALK-SCAND)

(0.0261)**

(0.00000)*

(0.0005)*

(0.0339)

(0.7107)

(0.0000)