Table 2. Descriptive statistics and...

Table 2.

Descriptive statistics and correlation matrix

	Mean AQTB	Mean DI	SocialId	MeanGE	LnAge	Female	TeamRole	TeamSize	Tenure	MeanSat	MeanTAT	CostGap	LnTA	ROA	Leverage	InvenTA ratio	Sales Growth	State Client
Panel B: Correlation matrix
MeanAQTB	1.000
MeanDI	0.1446*	1.000
SocialId	−0.254*	0.02*	1.000
MeanGE	0.012	0.113	0.102	1.000
LnAge	−0.082	0.061	0.149	0.136	1.000
Female	−0.128	−0.003	0.160	0.047	−0.134	1.000
TeamRole	−0.016	−0.051	−0.151	−0.049	−0.326	0.035	1.000
TeamSize	0.123	0.051	−0.051	0.009	0.087	−0.124	0.054	1.000
Tenure	−0.059	0.006	0.070	−0.010	0.031	0.023	−0.048	0.064	1.000
MeanSatis	−0.140	0.107	0.324	0.101	0.129	0.036	−0.147	−0.010	0.026	1.000
MeanTAT	−0.103	0.039	0.098	0.178	0.044	0.180	−0.016	0.033	0.069	0.099	1.000
CostGap	0.013	−0.008	0.053	−0.077	0.036	−0.028	−0.072	−0.088	0.045	0.143	−0.123	1.000
LnTA	0.129	0.087	0.104	0.020	−0.034	−0.085	0.050	0.510	0.187	0.117	−0.055	−0.023	1.000
ROA	−0.057	−0.039	−0.028	−0.003	−0.041	−0.049	−0.020	−0.046	0.045	0.153	0.032	−0.040	0.025	1.000
Leverage	0.009	−0.033	−0.020	−0.068	0.002	0.023	0.046	0.072	0.203	−0.094	−0.063	−0.050	0.293	−0.032	1.000
InvenTAratio	−0.035	0.033	0.046	0.079	0.071	−0.003	−0.093	−0.111	0.165	−0.006	0.012	0.088	−0.112	0.038	0.280	1.000
SalesGrowth	−0.080	−0.062	−0.074	−0.013	−0.065	−0.095	0.008	−0.092	−0.137	0.019	−0.082	0.013	−0.105	0.099	−0.121	−0.069	1.000
StateClient	0.092	0.088	0.050	0.041	0.058	−0.034	−0.062	−0.143	−0.001	0.064	0.067	0.127	0.021	−0.116	0.035	−0.115	−0.025	1.000

N. 251	mean	sd	min	p5	p25	p50	p75	p95	max
Panel A: Descriptive statistics
MeanAQTB	1.93	0.55	1.00	1.00	1.50	2.00	2.13	3.00	3.88
MeanDI	2.82	0.48	1.00	2.00	2.71	2.86	3.14	3.57	3.86
MeanSocialId	4.78	1.34	1.00	2.00	4.00	5.00	6.00	7.00	7.00
MeanGE	2.90	0.46	1.00	2.14	2.71	2.86	3.29	3.57	4.00
LnAge	3.57	0.22	3.18	3.26	3.37	3.58	3.71	3.97	4.09
Female	0.44	0.50	0.00	0.00	0.00	0.00	1.00	1.00	1.00
TeamRole	2.51	1.12	1.00	1.00	2.00	2.00	3.00	5.00	7.00
TeamSize	19.15	16.34	3.00	6.00	9.00	13.00	23.00	68.00	97.00
Tenure	12.84	4.95	3.00	4.00	9.00	13.00	17.00	19.00	19.00
MeanSatis	3.27	0.42	1.67	2.67	3.00	3.33	3.67	3.67	5.00
MeanTAT	3.52	0.47	1.00	3.00	3.33	3.33	3.67	4.33	5.00
CostGap	−0.12	0.62	−2.12	−1.55	−0.26	0.00	0.22	0.73	0.76
LnTA	14.19	2.01	9.48	10.89	12.67	14.24	15.74	17.61	18.28
OA	0.04	0.18	−0.89	−0.18	0.00	0.04	0.10	0.27	0.68
Leverage	0.59	0.25	0.00	0.09	0.42	0.65	0.77	0.95	0.99
InvenTAratio	0.07	0.13	0.00	0.00	0.00	0.00	0.11	0.31	0.69
SalesGrowth	0.15	1.02	−1.00	−0.26	0.00	0.02	0.12	0.47	10.79
StateClient	0.04	0.21	0.00	0.00	0.00	0.00	0.00	0.00	1.00

N. 251	mean	sd	min	p5	p25	p50	p75	p95	max
Panel A: Descriptive statistics
MeanAQTB	1.93	0.55	1.00	1.00	1.50	2.00	2.13	3.00	3.88
MeanDI	2.82	0.48	1.00	2.00	2.71	2.86	3.14	3.57	3.86
MeanSocialId	4.78	1.34	1.00	2.00	4.00	5.00	6.00	7.00	7.00
MeanGE	2.90	0.46	1.00	2.14	2.71	2.86	3.29	3.57	4.00
LnAge	3.57	0.22	3.18	3.26	3.37	3.58	3.71	3.97	4.09
Female	0.44	0.50	0.00	0.00	0.00	0.00	1.00	1.00	1.00
TeamRole	2.51	1.12	1.00	1.00	2.00	2.00	3.00	5.00	7.00
TeamSize	19.15	16.34	3.00	6.00	9.00	13.00	23.00	68.00	97.00
Tenure	12.84	4.95	3.00	4.00	9.00	13.00	17.00	19.00	19.00
MeanSatis	3.27	0.42	1.67	2.67	3.00	3.33	3.67	3.67	5.00
MeanTAT	3.52	0.47	1.00	3.00	3.33	3.33	3.67	4.33	5.00
CostGap	−0.12	0.62	−2.12	−1.55	−0.26	0.00	0.22	0.73	0.76
LnTA	14.19	2.01	9.48	10.89	12.67	14.24	15.74	17.61	18.28
OA	0.04	0.18	−0.89	−0.18	0.00	0.04	0.10	0.27	0.68
Leverage	0.59	0.25	0.00	0.09	0.42	0.65	0.77	0.95	0.99
InvenTAratio	0.07	0.13	0.00	0.00	0.00	0.00	0.11	0.31	0.69
SalesGrowth	0.15	1.02	−1.00	−0.26	0.00	0.02	0.12	0.47	10.79
StateClient	0.04	0.21	0.00	0.00	0.00	0.00	0.00	0.00	1.00

Notes:

Panel A presents the mean (Mean), standard deviation (SD), minimum (Min), maximum (Max) and the 5th, 25th, 50th, 75th and 95th percentiles (p) of all the variables used in the main analysis. Panel B reports the Spearman correlation matrix among the dependent variable, test variables and control variables, *indicates significance at the 5% level or less using two-tailed tests. All variable definitions are in Table 1

[ViewLarge]

	MeanAQTB	Mean DI	SocialId	MeanGE	LnAge	Female	TeamRole	TeamSize	Tenure	MeanSat	MeanTAT	CostGap	LnTA	ROA	Leverage	InvenTA ratio	Sales Growth	State Client
Panel B: Correlation matrix
MeanAQTB	1.000
MeanDI	0.1446*	1.000
SocialId	−0.254*	0.02*	1.000
MeanGE	0.012	0.113	0.102	1.000
LnAge	−0.082	0.061	0.149	0.136	1.000
Female	−0.128	−0.003	0.160	0.047	−0.134	1.000
TeamRole	−0.016	−0.051	−0.151	−0.049	−0.326	0.035	1.000
TeamSize	0.123	0.051	−0.051	0.009	0.087	−0.124	0.054	1.000
Tenure	−0.059	0.006	0.070	−0.010	0.031	0.023	−0.048	0.064	1.000
MeanSatis	−0.140	0.107	0.324	0.101	0.129	0.036	−0.147	−0.010	0.026	1.000
MeanTAT	−0.103	0.039	0.098	0.178	0.044	0.180	−0.016	0.033	0.069	0.099	1.000
CostGap	0.013	−0.008	0.053	−0.077	0.036	−0.028	−0.072	−0.088	0.045	0.143	−0.123	1.000
LnTA	0.129	0.087	0.104	0.020	−0.034	−0.085	0.050	0.510	0.187	0.117	−0.055	−0.023	1.000
ROA	−0.057	−0.039	−0.028	−0.003	−0.041	−0.049	−0.020	−0.046	0.045	0.153	0.032	−0.040	0.025	1.000
Leverage	0.009	−0.033	−0.020	−0.068	0.002	0.023	0.046	0.072	0.203	−0.094	−0.063	−0.050	0.293	−0.032	1.000
InvenTAratio	−0.035	0.033	0.046	0.079	0.071	−0.003	−0.093	−0.111	0.165	−0.006	0.012	0.088	−0.112	0.038	0.280	1.000
SalesGrowth	−0.080	−0.062	−0.074	−0.013	−0.065	−0.095	0.008	−0.092	−0.137	0.019	−0.082	0.013	−0.105	0.099	−0.121	−0.069	1.000
StateClient	0.092	0.088	0.050	0.041	0.058	−0.034	−0.062	−0.143	−0.001	0.064	0.067	0.127	0.021	−0.116	0.035	−0.115	−0.025	1.000

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