Table 2. Summary statistics and...

Table 2.

Summary statistics and correlation tables

Variables	Observations	Mean	SD	p25	Median	p75
Panel A: Dependent variables
SMTH_{t,t + 4}	34,357	0.009	0.602	−0.495	0.298	0.630
R_t	33,456	0.126	0.508	−0.160	0.053	0.302
CFO_{t + 1}	34,340	0.072	0.178	0.035	0.090	0.144
Panel B: Independent variables
Variable(s) of interest
MILITARY_CEO	34,357	0.099	0.298	0.000	0.000	0.000
Control variables
MA_SCORE	34,357	0.526	0.288	0.300	0.500	0.800
FIRM_SIZE	34,357	6.633	2.113	5.221	6.694	8.074
LEV	34,357	0.208	0.176	0.038	0.191	0.324
BM	34,357	0.589	0.545	0.270	0.456	0.735
SALE_VOL	34,357	0.123	0.135	0.044	0.083	0.154
LOSS_PCT	34,357	0.270	0.335	0.000	0.200	0.400
OP_CYCLE	34,357	3.184	0.750	2.938	3.362	3.658
SALES_GROWTH	34,357	0.074	0.283	−0.024	0.069	0.175
OP_LEV	34,357	0.250	0.206	0.097	0.188	0.344
AVG_CFO	34,357	0.064	0.164	0.046	0.088	0.130
SMTH_{t − 4,t}	33,083	0.004	0.677	−0.517	0.187	0.626
X_t3	31,644	−0.064	1.291	−0.048	0.111	0.216
R_t3	33,482	0.352	0.992	−0.270	0.171	0.695
CFO_{t − 1}	34,349	0.071	0.213	0.039	0.093	0.148
X_t	34,322	−0.029	0.447	−0.009	0.039	0.067
E_t	34,354	0.009	0.277	−0.009	0.047	0.094

Variables	Observations	Mean	SD	p25	Median	p75
Panel A: Dependent variables
SMTH_{t,t + 4}	34,357	0.009	0.602	−0.495	0.298	0.630
R_t	33,456	0.126	0.508	−0.160	0.053	0.302
CFO_{t + 1}	34,340	0.072	0.178	0.035	0.090	0.144
Panel B: Independent variables
Variable(s) of interest
MILITARY_CEO	34,357	0.099	0.298	0.000	0.000	0.000
Control variables
MA_SCORE	34,357	0.526	0.288	0.300	0.500	0.800
FIRM_SIZE	34,357	6.633	2.113	5.221	6.694	8.074
LEV	34,357	0.208	0.176	0.038	0.191	0.324
BM	34,357	0.589	0.545	0.270	0.456	0.735
SALE_VOL	34,357	0.123	0.135	0.044	0.083	0.154
LOSS_PCT	34,357	0.270	0.335	0.000	0.200	0.400
OP_CYCLE	34,357	3.184	0.750	2.938	3.362	3.658
SALES_GROWTH	34,357	0.074	0.283	−0.024	0.069	0.175
OP_LEV	34,357	0.250	0.206	0.097	0.188	0.344
AVG_CFO	34,357	0.064	0.164	0.046	0.088	0.130
SMTH_{t − 4,t}	33,083	0.004	0.677	−0.517	0.187	0.626
X_t3	31,644	−0.064	1.291	−0.048	0.111	0.216
R_t3	33,482	0.352	0.992	−0.270	0.171	0.695
CFO_{t − 1}	34,349	0.071	0.213	0.039	0.093	0.148
X_t	34,322	−0.029	0.447	−0.009	0.039	0.067
E_t	34,354	0.009	0.277	−0.009	0.047	0.094

Variables	MILITARY_CEO	MA_SCORE	SMTHt,t + 4
Panel C: Correlation matrix
MILITARY_CEO	1.000
MA_SCORE	0.004	1.000
SMTH_{t,t + 4}	0.076***	0.012**	1.000

Variables	MILITARY_CEO	MA_SCORE	SMTHt,t + 4
Panel C: Correlation matrix
MILITARY_CEO	1.000
MA_SCORE	0.004	1.000
SMTH_{t,t + 4}	0.076***	0.012**	1.000

Note(s):

Panel A of this table reports the summary statistics for dependent variables used in our analysis for the full sample. All variables are defined in Appendix 1. Panel B of this table reports the summary statistics for independent variables used in our analysis for the full sample. All variables are defined in Appendix 1. Panel C of this table reports the pairwise Pearson correlations among MILITARY_CEO, MA_SCORE and Income Smoothing (SMTH_t,t+4). All variables are defined in Appendix 1

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