Table 1 Descriptive statistics Panel A –...

Table 1

Descriptive statistics

Panel A – Summary statistics
Variables	N	Mean	Median	25^th percentile	75^th percentile	Standard deviation
STRG	78,523	−0.014	−0.188	−0.269	−0.008	0.526
REGIN_REG	78,523	99.246	99.843	93.364	104.981	11.256
REGIN_RESP	78,523	96.916	94.000	83.500	112.005	21.502
REGIN_TIME	78,523	97.902	96.850	87.511	109.246	18.273
REGIN_DOLLAR	64,378	95.591	93.462	80.592	108.998	23.500
SIZE	78,523	5.373	5.365	3.713	6.985	2.361
AGE	78,523	2.660	2.639	2.079	3.258	0.754
ROA	78,497	−0.067	−0.040	−0.342	0.212	1.960
RETURN	78,523	0.343	0.067	−0.252	0.467	1.266
INDCONC	78,523	0.018	0.011	−0.044	0.067	0.125
CEOTURN	61,353	0.133	0.000	0.000	0.000	0.340
CEODUALITY	61,353	0.573	1.000	0.000	1.000	0.495
BOARDSIZE	61,090	1.402	1.609	0.693	2.197	0.879

Panel A – Summary statistics
Variables	N	Mean	Median	25^th percentile	75^th percentile	Standard deviation
STRG	78,523	−0.014	−0.188	−0.269	−0.008	0.526
REGIN_REG	78,523	99.246	99.843	93.364	104.981	11.256
REGIN_RESP	78,523	96.916	94.000	83.500	112.005	21.502
REGIN_TIME	78,523	97.902	96.850	87.511	109.246	18.273
REGIN_DOLLAR	64,378	95.591	93.462	80.592	108.998	23.500
SIZE	78,523	5.373	5.365	3.713	6.985	2.361
AGE	78,523	2.660	2.639	2.079	3.258	0.754
ROA	78,497	−0.067	−0.040	−0.342	0.212	1.960
RETURN	78,523	0.343	0.067	−0.252	0.467	1.266
INDCONC	78,523	0.018	0.011	−0.044	0.067	0.125
CEOTURN	61,353	0.133	0.000	0.000	0.000	0.340
CEODUALITY	61,353	0.573	1.000	0.000	1.000	0.495
BOARDSIZE	61,090	1.402	1.609	0.693	2.197	0.879

Panel B – Correlation matrix
Variables	STRG	REGIN_REG	REGIN_RESP	REGIN_TIME	REGUL_DOLLAR	REGIN_DOLLAR
STRG	1
REGIN_REG	−0.131***	1
REGIN_RESP	−0.059***	0.801***	1
REGIN_TIME	−0.075***	0.821***	0.902***	1
REGIN_DOLLAR	−0.063***	0.486***	0.550***	0.573***	1
SIZE	−0.236***	0.196***	0.191***	0.185***	0.146***	1
AGE	−0.186***	0.196***	0.175***	0.170***	0.104***	0.243***
ROA	−0.543***	0.048***	0.004	0.013***	0.053***	0.369***
RETURN	0.058***	−0.045***	−0.033***	−0.030***	−0.039***	0.045***
INDCONC	0.012***	−0.105***	−0.048***	−0.038***	−0.011***	−0.019***
CEOTURN	0.023***	0.097***	0.102***	0.090***	0.037***	0.016***
CEODUALITY	−0.058***	−0.023***	−0.046***	−0.040***	−0.035***	0.068***
BOARDSIZE	−0.077***	0.492***	0.543***	0.492***	0.284***	0.350***

Panel B – Correlation matrix
Variables	STRG	REGIN_REG	REGIN_RESP	REGIN_TIME	REGUL_DOLLAR	REGIN_DOLLAR
STRG	1
REGIN_REG	−0.131***	1
REGIN_RESP	−0.059***	0.801***	1
REGIN_TIME	−0.075***	0.821***	0.902***	1
REGIN_DOLLAR	−0.063***	0.486***	0.550***	0.573***	1
SIZE	−0.236***	0.196***	0.191***	0.185***	0.146***	1
AGE	−0.186***	0.196***	0.175***	0.170***	0.104***	0.243***
ROA	−0.543***	0.048***	0.004	0.013***	0.053***	0.369***
RETURN	0.058***	−0.045***	−0.033***	−0.030***	−0.039***	0.045***
INDCONC	0.012***	−0.105***	−0.048***	−0.038***	−0.011***	−0.019***
CEOTURN	0.023***	0.097***	0.102***	0.090***	0.037***	0.016***
CEODUALITY	−0.058***	−0.023***	−0.046***	−0.040***	−0.035***	0.068***
BOARDSIZE	−0.077***	0.492***	0.543***	0.492***	0.284***	0.350***

Variables	AGE	ROA	RETURN	INDCONC	CEOTURN	CEODUALITY	BOARDSIZE
AGE	1
ROA	0.152***	1
RETURN	−0.070***	−0.006*	1
INDCONC	−0.077***	0.007**	0.024***	1
CEOTURN	0.037***	−0.058***	−0.021***	0.001	1
CEODUALITY	0.062***	0.071***	0.004	−0.018***	−0.022***	1
BOARDSIZE	0.243***	0.079***	−0.067***	−0.006	0.169***	−0.016***	1

Variables	AGE	ROA	RETURN	INDCONC	CEOTURN	CEODUALITY	BOARDSIZE
AGE	1
ROA	0.152***	1
RETURN	−0.070***	−0.006*	1
INDCONC	−0.077***	0.007**	0.024***	1
CEOTURN	0.037***	−0.058***	−0.021***	0.001	1
CEODUALITY	0.062***	0.071***	0.004	−0.018***	−0.022***	1
BOARDSIZE	0.243***	0.079***	−0.067***	−0.006	0.169***	−0.016***	1

Note(s): This table presents the sample distribution in Panel A and the correlation matrix in Panel B. We obtain accounting information from Compustat, regulation costs data from https://sites.google.com/view/jkalmenovitz and CEO and board variables from the S&P People Intelligence database. The sample excludes financial (SIC 6000–6999) and utility (SIC 4900–4949) firms. The full sample includes 78,523 firm-year observations from 1995–2019 covering 7,539 unique firms and the sample size varies with the proxies for regulation intensity and additional control variables for CEO and board characteristics. Refer to Appendix A for detailed variable definitions. We winsorize all continuous variables at the upper and lower 1% of the sample distribution. ***, ** and * indicate significance at the 1%, 5% and 10% levels, respectively

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