Variable Names	Focused Firms		Diversified Firms		T-State For difference in means	p-Value
Variable Names	Means	Median	Mean	Median	T-State For difference in means	p-Value
Cash holding	0.091	0.021	0.040	0.009	0.051	0.000
Leverage	0.642	0.594	0.586	0.632	0.055	0.056
Size	14.917	14.888	15.874	15.895	−0.956	0.000
MKTbook	1.207	0.927	1.146	0.916	0.062	0.344
NWC	−0.023	−0.003	0.049	0.029	−0.073	0.005