Working Capital Management, Corporate Performance, and Strategic Choices of the Wholesale and Retail Industry in China

Table 4

Working capital allocation for the whole sample and comparison across the three strategies.

Variables	Whole sample		Hybrid strategy mean	Terminal market strategy mean	Middle market strategy mean	ANOVA on differences between three clusters; (𝐹-test and its 𝑃 value )
	Mean	Standard deviation
Efficiency
ITUO	18.78	58.13	14.11	13.99	27.90	3.05 (0.0483)
ARTUO	14.95	113.27	3.43	−3.11	41.85	7.24 (0.0008)
Structure
CA	38.15	21.47	42.40	44.81	28.23	29.97 (0.000)
RA	10.98	12.54	8.27	7.48	16.77	29.54 (0.000)
IA	28.56	18.11	29.05	24.56	30.81	4.18 (0.0159)
SL	30.85	21.09	28.04	37.64	29.46	9.31 (0.0003)
Obs.	475		198	115	162