Variable

(1)

(2)

(1) vs (2)

(3)

(4)

(3) vs (4)

String firms

Non-string firms

Difference in means

t-stat for difference in means

String years of string firms

Non-string years of string firms

Difference in means

t-stat for difference in means

Demand Uncertainty

0.15

0.31

−0.16

−131.47

***

0.13

0.16

−0.03

−28.29

***

N

59,557

97,768

22,189

37,368

Number of firms

2760

11,934

2760

2760