Descriptive statistics and correlations (p-values in parentheses)
| Variables | Mean | SD | (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | (9) | (10) | (11) | (12) | (13) | (14) | (15) | (16) | (17) | (18) | (19) | (20) | (21) | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (1) | Realized innovation opportunities | −0.01 | 1.00 | 1.00 | ||||||||||||||||||||
| (2) | Family firm | 0.51 | 0.50 | 0.02 (0.76) | 1.00 | |||||||||||||||||||
| (3) | TMT composition | 0.77 | 0.28 | 0.12 (0.18) | – | 1.00 | ||||||||||||||||||
| (4) | TMT knowledge exchange | 0.00 | 1.00 | 0.22 (0.00) | −0.13 (0.05) | 0.00 (0.98) | 1.00 | |||||||||||||||||
| (5) | CEO search | 4.42 | 0.74 | 0.16 (0.02) | −0.01 (0.84) | −0.01 (0.91) | 0.08 (0.21) | 1.00 | ||||||||||||||||
| (6) | Firm size | 0.00 | 1.00 | 0.05 (0.41) | −0.15 (0.02) | 0.11 (0.01) | 0.1 (0.12) | −0.01 (0.92) | 1.00 | |||||||||||||||
| (7) | Firm hierarchical levels | 0.00 | 1.00 | −0.03 (0.62) | −0.12 (0.08) | 0.10 (0.27) | 0.06 (0.32) | −0.07 (0.27) | 0.23 (0.00) | 1.00 | ||||||||||||||
| (8) | Firm age | 0.00 | 1.00 | −0.06 (0.37) | 0.20 (0.00) | −0.10 (0.30) | −0.03 (0.59) | −0.01 (0.88) | 0.07 (0.31) | −0.05 (0.43) | 1.00 | |||||||||||||
| (9) | Firm growth | 0.00 | 1.00 | 0.10 (0.14) | 0.00 (0.96) | 0.07 (0.47) | −0.05 (0.41) | 0.00 (0.96) | −0.02 (0.81) | −0.06 (0.38) | −0.15 (0.02) | 1.00 | ||||||||||||
| (10) | Subsidiary firm | 0.49 | 0.50 | 0.00 (0.96) | −0.42 (0.00) | 0.23 (0.01) | 0.01 (0.89) | −0.03 (0.70) | 0.36 (0.00) | 0.05 (0.42) | −0.16 (0.02) | 0.04 (0.55) | 1.00 | |||||||||||
| (11) | Controlled by a foreign firm | 0.16 | 0.36 | −0.13 (0.05) | −0.47 (0.00) | 0.15 (0.11) | 0.06 (0.39) | 0.02 (0.78) | 0.06 (0.36) | −0.03 (0.61) | −0.08 (0.21) | −0.02 (0.74) | – | 1.00 | ||||||||||
| (12) | TMT size | 6.42 | 2.93 | 0.06 (0.35) | 0.02 (0.74) | 0.26 (0.00) | 0.09 (0.16) | 0.08 (0.24) | 0.47 (0.00) | 0.09 (0.18) | 0.08 (0.24) | −0.06 (0.36) | 0.22 (0.00) | 0.12 (0.07) | 1.00 | |||||||||
| (13) | CEO-centric TMT | 0.34 | 0.47 | −0.21 (0.00) | 0.30 (0.01) | −0.28 (0.00) | −0.22 (0.00) | −0.17 (0.01) | −0.29 (0.00) | −0.15 (0.02) | −0.01 (0.91) | 0.00 (0.95) | −0.28 (0.01) | −0.23 (0.13) | −0.47 (0.00) | 1.00 | ||||||||
| (14) | TMT trust | −0.01 | 1.00 | 0.06 (037) | −0.14 (0.03) | −0.12 (0.21) | 0.45 (0.00) | 0.04 (0.59) | 0.03 (0.60) | 0.06 (0.40) | −0.05 (0.47) | 0.09 (0.17) | 0.02 (0.82) | −0.07 (0.29) | 0.04 (0.50) | −0.24 (0.00) | 1.00 | |||||||
| (15) | Family CEO | 0.66 | 0.48 | 0.02 (0.79) | – | −0.23 (0.01) | 0.02 (0.80) | −0.06 (0.52) | −0.24 (0.01) | −0.16 (0.08) | 0.00 (0.97) | 0.06 (0.49) | −0.44 (0.00) | −0.67 (0.00) | −0.16 (0.07) | 0.20 (0.24) | 0.02 (0.85) | 1.00 | ||||||
| (16) | Female CEO | 0.09 | 0.29 | −0.03 (0.60) | −0.07 −(0.66) | −0.23 (0.01) | 0.02 (0.82) | 0.04 (0.55) | −0.15 (0.02) | −0.03 (0.66) | −0.04 (0.58) | 0.01 (0.93) | −0.17 (0.27) | −0.33 (0.21) | −0.14 (0.03) | 0.30 (0.04) | −0.07 (0.28) | 0.42 (0.16) | 1.00 | |||||
| (17) | CEO tenure | 0.00 | 1.00 | 0.08 (0.24) | 0.34 (0.00) | −0.12 (0.18) | 0.01 (0.84) | 0.06 (0.39) | −0.13 (0.05) | −0.15 (0.03) | 0.10 (0.14) | 0.02 (0.81) | −0.17 (0.01) | −0.13 (0.05) | −0.03 (0.62) | 0.07 (0.26) | 0.02 (0.81) | 0.34 (0.00) | 0.01 (0.82) | 1.00 | ||||
| (18) | CEO MBA | 0.21 | 0.41 | 0.01 (0.90) | −0.05 (0.75) | 0.10 (0.26) | 0.05 (0.42) | 0.10 (0.11) | −0.05 (0.44) | 0.03 (0.70) | −0.10 (0.11) | 0.04 (0.59) | −0.01 (0.93) | 0.05 (0.83) | 0.09 (0.17) | −0.04 (0.87) | −0.01 (0.89) | −0.06 (0.81) | 0.11 (0.42) | −0.18 (0.00) | 1.00 | |||
| (19) | CEO decision power | 0.00 | 1.00 | 0.16 (0.01) | 0.15 (0.02) | 0.31 (0.00) | 0.10 (0.14) | 0.10 (0.13) | 0.08 (0.24) | −0.01 (0.92) | −0.02 (0.79) | 0.03 (0.66) | −0.02 (0.76) | −0.04 (0.56) | 0.18 (0.01) | −0.21 (0.00) | −0.02 (0.73) | 0.05 (0.62) | −0.18 (0.01) | 0.10 (0.13) | −0.05 (0.47) | 1.00 | ||
| (20) | Market competition | 0.00 | 1.01 | 0.20 (0.00) | −0.06 (0.35) | 0.07 (0.47) | 0.19 (0.00) | 0.05 (0.44) | 0.02 (0.72) | 0.01 (0.82) | −0.18 (0.01) | 0.13 (0.05) | 0.03 (0.59) | −0.03 (0.62) | 0.01 (0.90) | −0.12 (0.07) | 0.10 (0.14) | 0.08 (0.40) | 0.00 (0.96) | 0.01 (0.88) | −0.03 (0.70) | 0.01 (0.88) | 1.00 | |
| (21) | Market evolution | 0.03 | 0.97 | 0.12 (0.07) | 0.10 (0.12) | −0.09 (0.32) | 0.09 (0.15) | 0.02 (0.80) | −0.01 (0.83) | 0.01 (0.89) | −0.02 (0.76) | 0.03 (0.62) | −0.07 (0.30) | −0.03 (0.69) | 0.00 (0.99) | −0.01 (0.82) | 0.15 (0.02) | −0.13 (0.15) | 0.03 (0.62) | 0.07 (0.32) | 0.09 (0.18) | −0.03 (0.62) | 0.00 (0.95) | 1.00 |
| Variables | Mean | SD | (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | (9) | (10) | (11) | (12) | (13) | (14) | (15) | (16) | (17) | (18) | (19) | (20) | (21) | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (1) | Realized innovation opportunities | −0.01 | 1.00 | 1.00 | ||||||||||||||||||||
| (2) | Family firm | 0.51 | 0.50 | 0.02 (0.76) | 1.00 | |||||||||||||||||||
| (3) | TMT composition | 0.77 | 0.28 | 0.12 (0.18) | – | 1.00 | ||||||||||||||||||
| (4) | TMT knowledge exchange | 0.00 | 1.00 | 0.22 (0.00) | −0.13 (0.05) | 0.00 (0.98) | 1.00 | |||||||||||||||||
| (5) | CEO search | 4.42 | 0.74 | 0.16 (0.02) | −0.01 (0.84) | −0.01 (0.91) | 0.08 (0.21) | 1.00 | ||||||||||||||||
| (6) | Firm size | 0.00 | 1.00 | 0.05 (0.41) | −0.15 (0.02) | 0.11 (0.01) | 0.1 (0.12) | −0.01 (0.92) | 1.00 | |||||||||||||||
| (7) | Firm hierarchical levels | 0.00 | 1.00 | −0.03 (0.62) | −0.12 (0.08) | 0.10 (0.27) | 0.06 (0.32) | −0.07 (0.27) | 0.23 (0.00) | 1.00 | ||||||||||||||
| (8) | Firm age | 0.00 | 1.00 | −0.06 (0.37) | 0.20 (0.00) | −0.10 (0.30) | −0.03 (0.59) | −0.01 (0.88) | 0.07 (0.31) | −0.05 (0.43) | 1.00 | |||||||||||||
| (9) | Firm growth | 0.00 | 1.00 | 0.10 (0.14) | 0.00 (0.96) | 0.07 (0.47) | −0.05 (0.41) | 0.00 (0.96) | −0.02 (0.81) | −0.06 (0.38) | −0.15 (0.02) | 1.00 | ||||||||||||
| (10) | Subsidiary firm | 0.49 | 0.50 | 0.00 (0.96) | −0.42 (0.00) | 0.23 (0.01) | 0.01 (0.89) | −0.03 (0.70) | 0.36 (0.00) | 0.05 (0.42) | −0.16 (0.02) | 0.04 (0.55) | 1.00 | |||||||||||
| (11) | Controlled by a foreign firm | 0.16 | 0.36 | −0.13 (0.05) | −0.47 (0.00) | 0.15 (0.11) | 0.06 (0.39) | 0.02 (0.78) | 0.06 (0.36) | −0.03 (0.61) | −0.08 (0.21) | −0.02 (0.74) | – | 1.00 | ||||||||||
| (12) | TMT size | 6.42 | 2.93 | 0.06 (0.35) | 0.02 (0.74) | 0.26 (0.00) | 0.09 (0.16) | 0.08 (0.24) | 0.47 (0.00) | 0.09 (0.18) | 0.08 (0.24) | −0.06 (0.36) | 0.22 (0.00) | 0.12 (0.07) | 1.00 | |||||||||
| (13) | CEO-centric TMT | 0.34 | 0.47 | −0.21 (0.00) | 0.30 (0.01) | −0.28 (0.00) | −0.22 (0.00) | −0.17 (0.01) | −0.29 (0.00) | −0.15 (0.02) | −0.01 (0.91) | 0.00 (0.95) | −0.28 (0.01) | −0.23 (0.13) | −0.47 (0.00) | 1.00 | ||||||||
| (14) | TMT trust | −0.01 | 1.00 | 0.06 (037) | −0.14 (0.03) | −0.12 (0.21) | 0.45 (0.00) | 0.04 (0.59) | 0.03 (0.60) | 0.06 (0.40) | −0.05 (0.47) | 0.09 (0.17) | 0.02 (0.82) | −0.07 (0.29) | 0.04 (0.50) | −0.24 (0.00) | 1.00 | |||||||
| (15) | Family CEO | 0.66 | 0.48 | 0.02 (0.79) | – | −0.23 (0.01) | 0.02 (0.80) | −0.06 (0.52) | −0.24 (0.01) | −0.16 (0.08) | 0.00 (0.97) | 0.06 (0.49) | −0.44 (0.00) | −0.67 (0.00) | −0.16 (0.07) | 0.20 (0.24) | 0.02 (0.85) | 1.00 | ||||||
| (16) | Female CEO | 0.09 | 0.29 | −0.03 (0.60) | −0.07 −(0.66) | −0.23 (0.01) | 0.02 (0.82) | 0.04 (0.55) | −0.15 (0.02) | −0.03 (0.66) | −0.04 (0.58) | 0.01 (0.93) | −0.17 (0.27) | −0.33 (0.21) | −0.14 (0.03) | 0.30 (0.04) | −0.07 (0.28) | 0.42 (0.16) | 1.00 | |||||
| (17) | CEO tenure | 0.00 | 1.00 | 0.08 (0.24) | 0.34 (0.00) | −0.12 (0.18) | 0.01 (0.84) | 0.06 (0.39) | −0.13 (0.05) | −0.15 (0.03) | 0.10 (0.14) | 0.02 (0.81) | −0.17 (0.01) | −0.13 (0.05) | −0.03 (0.62) | 0.07 (0.26) | 0.02 (0.81) | 0.34 (0.00) | 0.01 (0.82) | 1.00 | ||||
| (18) | CEO MBA | 0.21 | 0.41 | 0.01 (0.90) | −0.05 (0.75) | 0.10 (0.26) | 0.05 (0.42) | 0.10 (0.11) | −0.05 (0.44) | 0.03 (0.70) | −0.10 (0.11) | 0.04 (0.59) | −0.01 (0.93) | 0.05 (0.83) | 0.09 (0.17) | −0.04 (0.87) | −0.01 (0.89) | −0.06 (0.81) | 0.11 (0.42) | −0.18 (0.00) | 1.00 | |||
| (19) | CEO decision power | 0.00 | 1.00 | 0.16 (0.01) | 0.15 (0.02) | 0.31 (0.00) | 0.10 (0.14) | 0.10 (0.13) | 0.08 (0.24) | −0.01 (0.92) | −0.02 (0.79) | 0.03 (0.66) | −0.02 (0.76) | −0.04 (0.56) | 0.18 (0.01) | −0.21 (0.00) | −0.02 (0.73) | 0.05 (0.62) | −0.18 (0.01) | 0.10 (0.13) | −0.05 (0.47) | 1.00 | ||
| (20) | Market competition | 0.00 | 1.01 | 0.20 (0.00) | −0.06 (0.35) | 0.07 (0.47) | 0.19 (0.00) | 0.05 (0.44) | 0.02 (0.72) | 0.01 (0.82) | −0.18 (0.01) | 0.13 (0.05) | 0.03 (0.59) | −0.03 (0.62) | 0.01 (0.90) | −0.12 (0.07) | 0.10 (0.14) | 0.08 (0.40) | 0.00 (0.96) | 0.01 (0.88) | −0.03 (0.70) | 0.01 (0.88) | 1.00 | |
| (21) | Market evolution | 0.03 | 0.97 | 0.12 (0.07) | 0.10 (0.12) | −0.09 (0.32) | 0.09 (0.15) | 0.02 (0.80) | −0.01 (0.83) | 0.01 (0.89) | −0.02 (0.76) | 0.03 (0.62) | −0.07 (0.30) | −0.03 (0.69) | 0.00 (0.99) | −0.01 (0.82) | 0.15 (0.02) | −0.13 (0.15) | 0.03 (0.62) | 0.07 (0.32) | 0.09 (0.18) | −0.03 (0.62) | 0.00 (0.95) | 1.00 |
Notes:
For correlations between dummy variables, we computed the tetrachoric correlation while between dummy and continuous variables, we computed the point biserial correlation. Descriptive statistics and correlations of Family CEO and TMT composition were computed considering only family firms
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