Table I

Sample size, number of data entries by year, 1989 – 1996

1989 1990 1991 1992 1993 1994 1995 1996 total
Retail Trade 2149 2121 1134 1051 1645 1111 2761 2402 14374
Wholesale Trade 1452 1341 942 690 820 720 1234 1087 8286
 
 
 

Table II

Comparison of sample and real-world size distributions, number of firms and employment by size classes, 1995

1 - 4 emp. 5 - 9 emp. 10 - 19 emp. 20 - 99 emp. > 100 emp. total
Retail Trade:
number of firms (sample)* 1,411
(51.1) 		557
(20.1)		 375
(13.6)		 355
(12.9) 		63
(2.3)		 2,761
(100.0)
employment (sample) 3,125
(7.9) 		3,679
(9.3)		 5,049
(12.7)		 13,957
(35.3)		 13,733
(34.7) 		39,543
(100.0)
employment (real-world)** 65,323
(19.9) 		48,455
(14.7)		 41,929
(12.7)		 56,905
(17.3)		 116,336
(35.4) 		328,948
(100.0)
Wholesale Trade:
number of firms (sample) 449
(36.4) 		253
(20.5)		 195
(15.8)		 278
(22.5)		 59
(4.8)		 1,234
(100.0)
employment (sample) 966
(3.6) 		1.728
(6.2) 		2,709
(9.8)		 12,081
(43.8)		 10,059
(36.5)		 27,543
(100.0)
employment (real-world) 23,205
(12.0) 		18,192
(9.3) 		22,338
(11.5) 		55,395
(28.5) 		75,420
(38.7)		 194,550
(100.0)

* values in parentheses denote the percent shares
** real-world as observed according to Austrian Industrial Statistics (source: Statistik Austria)

 
 
 
 
 
 
 

Table III

Descriptive statistics of selected variables by size classes, 1995

1 - 4 emp. 5 - 9 emp. 10 - 19 emp. 20 - 99 emp. > 100 emp.
Retail Trade:
cash flow per employee
(1,000 ATS) 		mean
median
1st quart.
3rd quart. 		-38.0
-38.0
-148.0
65.5 		36.0
15.3
-39.1
85.3 		30.8
25.2
-26.6
75.8 		44.2
40.3
-0.8
88.4 		67.7
61.9
16.6
103.5
debt per employee
(1,000 ATS) 		mean
median
1st quart.
3rd quart. 		1,567.0
1,101.0
644.6
1,897.0 		1,079.0
839.6
501.5
1,252.0 		932.5
729.3
469.6
1,163.0 		873.4
715.2
449.8
1,077.0 		789.4
745.2
484.1
913.2
financing cost
(percent)		 mean
median
1st quart.
3rd quart. 		8.0
7.6
5.9
9.2 		7.7
7.0
5.5
8.6 		7.3
6.7
5.1
8.5 		7.0
6.3
4.9
8.3 		6.6
6.2
4.4
7.4
Wholesale Trade:
cash flow per employee
(1,000 ATS) 		mean
median
1st quart.
3rd quart. 		235.5
89.8
-102.0
398.0 		145.2
73.5
-35.0
239.8 		138.1
78.8
-11.2
253.8 		109.8
82.0
8.6
182.7 		134.8
88.3
40.7
182.9
debt per employee
(1,000 ATS) 		mean
median
1st quart.
3rd quart. 		3,776.0
1,981.0
1,094.0
4,115.0 		2,748.0
1,681.0
1,007.0
2,943.0 		1,835.0
1,339.0
784.5
2,420.0 		1,715.0
1,218.0
813.3
2,002.0 		1,170.0
940.1
642.0
1,358.0
financing cost
(percent)		 mean
median
1st quart.
3rd quart. 		8.3
7.1
4.8
9.8 		7.6
6.9
4.6
9.2 		7.9
7.0
5.1
9.1 		7.1
6.4
5.0
8.3 		6.9
6.1
4.9
8.4
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Table IV

Results of the Chow test (F-statistic) for a structural break in the relationship between firm size and selected variables

Cash-flow performance
(CFP)		 Cash-flow risk
(CFR)		 Financing costs
(FCO) 		Per-capita debt
(LND)		 Number of observations
(T)
Retail Trade 15.440***
(0.000) 		1.166
(0.321) 		10.656**
(0.001) 		2.074
(0.102) 		1592
WholesaleTrade 6.534*
(0.011) 		1.740
(0.176) 		8.094**
(0.004) 		10.148***
(0.000) 		914

Note: values in parentheses are the prob-values of the F-statistic, which has J and (T-K) degrees of freedom, where J, the number of tested restriction depends on model specification and varies between 1 and 3, K is the number of regressors in the unrestricted model, accordingly varying between 18 and 22, and T is the number of observations.
***, **, * denote statistical significance at confidence levels of 0.1, 1 and 5 percent.

Table V

Results of Estimations for Retail Trade

Variable Cash-flow Performance (CFP) Cash-flow Risk (CFR) Financing Cost (FCO) Per-capita Debt (LND)
X 66.006 ***
(0.0000)		 -0.804 ***
(0.0000)		 -0.262 ***
(0.0000)		 -0.559 ***
(0.0000)
X2 -16.512 ***
(0.0000)		 0.157 ***
(0.0000)		   0.151 ***
(0.0000)
X3 1.368 ***
(0.0000)		 0.011 **
(0.0034)		   -0.015 **
(0.0000)
Y = D95/96X 37.293 **
(0.0056)		   -0.145 **
(0.0011)		  
Y = D95/96X2 -8.707
(0.1043)		      
Y = D95/96X3 0.811
(0.1971)		      
R2adj. 0.290 0.472 0.339 0.562
F-Stat 31.940 *** 80.062 *** 48.950 *** 114.440 ***
Num. Obs. 1592 1592 1592 1592
Num.Coeff. 22 19 18 19

Note: values in parentheses are the prob-values of the t-statistic and F-statistic, respectively. Estimation results for the intercept and 15 dummy-variables for each year and region are not reported here. They are available in Fink and Koller (2001).
***, ** and * denote statistical significance at confidence levels of 0.1, 1 and 5 percent.

Table VI

Results of Estimations for Wholesale Trade

Variable Cash-flow Performance (CFP) Cash-flow Risk (CFR) Financing Cost (FCO) Per-capita Debt (LND)
X -13.308 ***
(0.0000)		 -0.476 ***
(0.0000)		 -0.016
(0.6659)		 -0.308 ***
(0.0000)
X2   0.032 ***
(0.0001)		   0.015 **
(0.0055)
X3        
Y = D95/96X 10.081 *
(0.0107)		   -0.198 **
(0.0045)		 0.145 **
(0.0031)
Y = D95/96X2       -0.017 **
(0.0953)
Y = D95/96X3        
R2adj. 0.053 0.416 0.217 0.511
F-Stat 3.999*** 39.291 *** 15.890 *** 51.190 ***
Num. Obs. 914 914 914 914
Num.Coeff. 18 18 18 20

Note: values in parentheses are the prob-values of the t-statistic and F-statistic, respectively. Estimation results for the intercept and 15 dummy-variables for each year and region are not reported here. They are available in Fink and Koller (2001).
***, ** and * denote statistical significance at confidence levels of 0.1, 1 and 5 percent.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Figure 1

Development of cash-flow performance 1989-1996, retail trade, wholesale trade sector and overall economy

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Figure 2

Estimated relationship between firm size and cash-flow performance

a) Retail trade

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

b) Wholesale trade

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Figure 3

Estimated relationship between firm size and cash-flow-risk

a) Retail trade

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

b) Wholesale trade

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Figure 4

Estimated relationship between firm size and financing cost

a) Retail trade

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

b) Wholesale trade

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Figure 5

Estimated relationship between firm size and per capita debt

a) Retail trade

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

b) Wholesale trade

©2002 by Fink & Koller
formated and tagged by S.H., 16.7.2002