Table 1

Sample selection procedures and sample distribution

Panel A: Sample selection procedures
No. ObsNo. CEOs
Non-duplicate firm-year obs in the merged dataset between BoardEx and Compustat Execucomp from 2000 to 201830,2415,467
Less: Observations with missing CEO photos(2,006)(529)
Observations with CEOs' tenure less than 1 year(3,342)(405)
Observations with firms in finance industry (SIC between 6000 and 6999)(4,661)(831)
Observations with missing main variables(4,031)(534)
Final sample16,2013,168
Panel B: Sample distribution by industries
Fama and French 12 industries classificationObsPercent (%)
Consumer Non-Durables9786.04
Consumer Durables5123.16
Manufacturing2,28914.13
Energy7444.59
Chemicals and Allied Products5843.60
Business Equipment3,68222.73
Telephone and Television Transmission4282.64
Utilities9075.60
Wholesale, Retail and Some Services2,25713.93
Healthcare, Medical Equipment and Drugs1,67910.36
Other2,14113.22
Total16,201100

Note(s): This table reports sample selection process in panel A and sample distribution by industries classification based on Fama and French 12 industries classification (Fama & French, 1997) in panel B. Our final sample consists of 19,347 firm-year observations including 3,583 CEOs from 2000 to 2018

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