| Firm | Mean | Std.Dev. | Minimum | Maximum |
| Hokkaido | −0.050 | 0.023 | −0.093 | −0.008 |
| Tohoku | −0.034 | 0.025 | −0.071 | 0.014 |
| Tokyo | −0.012 | 0.020 | −0.041 | 0.027 |
| Chubu | −0.026 | 0.026 | −0.066 | 0.021 |
| Hokuriku | −0.050 | 0.035 | −0.114 | 0.013 |
| Kansai | −0.013 | 0.021 | −0.047 | 0.025 |
| Chugoku | −0.037 | 0.028 | −0.079 | 0.017 |
| Shikoku | −0.037 | 0.024 | −0.078 | 0.013 |
| Kyushu | −0.031 | 0.023 | −0.061 | 0.014 |
| All | −0.032 | 0.028 | −0.114 | 0.027 |