Panel B: Number of Strings and Demand Uncertainty

Variable

Group (1)

Group (2)

Group (3)

(1) vs (2)

(2) vs (3)

Firms with one string

Firms with two strings

Firms with at least three strings

Difference in means

(1)-(2)

t-stat for

difference in means

Difference in means (2)-(3)

t-stat for difference in means

Demand Uncertainty

0.17

0.13

0.11

0.04

31.73

***

0.02

10.95

***

N

37,374

15,079

7104

Number of firms

2051

520

189