Panel A: Industry Average Level of Cost Flexibility and Demand Uncertainty

Industry

Concentration of string firms

Cost flexibility (β₁)

Demand uncertainty

Consumer Durables

27.55%

0.78

0.2

Wholesale, Retail, and Some Services

27.03%

0.89

0.17

Consumer NonDurables

25.84%

0.86

0.17

Manufacturing

25.01%

0.81

0.21

Chemicals and Allied Products

24.74%

0.72

0.2

Other

17.51%

0.75

0.26

Telephone and Television Transmission

16.45%

0.85

0.22

Business Equipment

13.54%

0.69

0.28

Oil, Gas, and Coal Extraction and Products

13.48%

0.71

0.37

Healthcare, Medical Equipment, and Drugs

11.99%

0.58

0.38