Table 2 Descriptive statistics N Mean...

Table 2

Descriptive statistics

	N	Mean	Std.Dev	Q1	Median	Q3
Facial trustworthiness measures
Trust_CEO	16,201	−0.001	0.531	−0.374	0.001	0.367
Chin_Angle	16,201	0.010	1.014	−0.741	−0.056	0.634
Eyebrow_Reverse	16,201	−0.008	1.004	−0.652	0.018	0.688
Face_Shape	16,201	0.009	1.015	−0.717	−0.031	0.654
Philtrum_Reverse	16,201	−0.015	0.994	−0.681	0.020	0.647
Board monitoring structure
Bd_Ind	16,201	0.710	0.134	0.615	0.688	0.857
Bd_Female	16,201	0.114	0.097	0.000	0.111	0.167
Bd_Size	16,201	11.140	3.258	9.000	11.000	14.000
Bd_IntM	16,201	0.571	0.495	0.000	1.000	1.000
Bd_RG	5,306	14.688	2.526	13.000	15.000	16.000
Board monitoring activities
Bd_Meet	4,385	7.061	2.734	5.000	6.000	8.000
Moni_Meet	4,385	4.325	1.885	3.000	4.000	5.250
CEO incentive alignment
CEO_Incent	16,162	0.175	0.174	0.040	0.125	0.259
CEO_Owner	12,854	2.710	5.902	0.172	0.540	1.840
Control variables
Firmsize	16,201	7.453	1.588	6.305	7.319	8.490
Bus_Seg	16,201	3.081	2.146	1.000	3.000	4.000
ROE	16,201	0.088	0.375	0.046	0.114	0.185
Return	16,201	0.284	0.649	−0.097	0.186	0.512
BigN	16,201	0.895	0.306	1.000	1.000	1.000
BM	16,201	0.473	0.355	0.244	0.404	0.621
Leverage	16,201	0.514	0.228	0.352	0.515	0.661
Firm_Age	16,201	25.337	19.630	11.000	19.000	35.000
RD	16,201	0.034	0.060	0.000	0.001	0.045
Return_Std	16,201	0.026	0.013	0.017	0.023	0.032
Insti_Owner	16,201	0.614	0.351	0.417	0.740	0.892
CEO_Overconf	16,201	0.594	0.491	0.000	1.000	1.000
CEO_Age	16,201	56.312	7.083	52.000	56.000	61.000
CEO_Female	16,201	0.033	0.179	0.000	0.000	0.000
CEO_Tenure	16,201	6.465	5.613	3.000	5.000	8.000

	N	Mean	Std.Dev	Q1	Median	Q3
Facial trustworthiness measures
Trust_CEO	16,201	−0.001	0.531	−0.374	0.001	0.367
Chin_Angle	16,201	0.010	1.014	−0.741	−0.056	0.634
Eyebrow_Reverse	16,201	−0.008	1.004	−0.652	0.018	0.688
Face_Shape	16,201	0.009	1.015	−0.717	−0.031	0.654
Philtrum_Reverse	16,201	−0.015	0.994	−0.681	0.020	0.647
Board monitoring structure
Bd_Ind	16,201	0.710	0.134	0.615	0.688	0.857
Bd_Female	16,201	0.114	0.097	0.000	0.111	0.167
Bd_Size	16,201	11.140	3.258	9.000	11.000	14.000
Bd_IntM	16,201	0.571	0.495	0.000	1.000	1.000
Bd_RG	5,306	14.688	2.526	13.000	15.000	16.000
Board monitoring activities
Bd_Meet	4,385	7.061	2.734	5.000	6.000	8.000
Moni_Meet	4,385	4.325	1.885	3.000	4.000	5.250
CEO incentive alignment
CEO_Incent	16,162	0.175	0.174	0.040	0.125	0.259
CEO_Owner	12,854	2.710	5.902	0.172	0.540	1.840
Control variables
Firmsize	16,201	7.453	1.588	6.305	7.319	8.490
Bus_Seg	16,201	3.081	2.146	1.000	3.000	4.000
ROE	16,201	0.088	0.375	0.046	0.114	0.185
Return	16,201	0.284	0.649	−0.097	0.186	0.512
BigN	16,201	0.895	0.306	1.000	1.000	1.000
BM	16,201	0.473	0.355	0.244	0.404	0.621
Leverage	16,201	0.514	0.228	0.352	0.515	0.661
Firm_Age	16,201	25.337	19.630	11.000	19.000	35.000
RD	16,201	0.034	0.060	0.000	0.001	0.045
Return_Std	16,201	0.026	0.013	0.017	0.023	0.032
Insti_Owner	16,201	0.614	0.351	0.417	0.740	0.892
CEO_Overconf	16,201	0.594	0.491	0.000	1.000	1.000
CEO_Age	16,201	56.312	7.083	52.000	56.000	61.000
CEO_Female	16,201	0.033	0.179	0.000	0.000	0.000
CEO_Tenure	16,201	6.465	5.613	3.000	5.000	8.000

Note(s): This table reports the sample size, mean, percentiles and standard deviations of our sample variables. The sample consists of 16,201 firm-year observations including 3,168 CEOs from 2000 to 2018. All continuous variables are winsorized at the first and 99th percentiles. Variable definitions are provided in Appendix

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