Variables definition and descriptives
| Variables | Description | Sources | Min | Mean | Max | Sd |
|---|---|---|---|---|---|---|
| INNO_INPUT | Ratio of R&D expenditure to total sales | Bureau van Dijk | 0.000 | 0.008 | 0.288 | 0.033 |
| BD_IND_EXPERT | Number of non-executive board members that, irrespective of their position as dependent or independent directors, had previous professional experience in the high-tech industry | Hand-collection | 0.000 | 3.470 | 17.000 | 3.366 |
| CEO_EDU | Dummy variable with a value of 1 if the CEO had an academic qualification higher than the bachelor's degree (i.e. Msc, master and/or PhD) | Hand-collection | 0.000 | 0.181 | 1.000 | 0.386 |
| CEO_TECH_EDU_BACK | Dummy variable with a value of 1 if the CEO had an educational background in the following technology areas: Engineering, informatics, mathematics | Hand-collection | 0.000 | 0.109 | 1.000 | 0.312 |
| IND_DIR | Number of independent directors | Hand-collection | 0.000 | 0.631 | 11.000 | 1.717 |
| CEO_PW_DUAL | Dummy variable assuming value of 1 if the CEO was chairman | Hand-collection | 0.000 | 0.416 | 1.000 | 0.493 |
| INTRL | Number of interlocked directors on board | Hand-collection | 1.000 | 3.369 | 16.000 | 2.740 |
| BRD_SIZE | Natural logarithm of total number of directors | Bureau van Dijk | 0.000 | 2.372 | 3.401 | 0.712 |
| LEV | Total debt divided by total assets | Bureau van Dijk | 0.000 | 0.738 | 10.130 | 1.389 |
| AGE | Number of years since firm foundation | Bureau van Dijk | 3.000 | 21.879 | 65.000 | 10.715 |
| FRM_SIZE | Natural logarithm of total assets | Bureau van Dijk | 0.741 | 3.469 | 6.794 | 0.990 |
| Variables | Description | Sources | Min | Mean | Max | Sd |
|---|---|---|---|---|---|---|
| Ratio of R&D expenditure to total sales | Bureau van Dijk | 0.000 | 0.008 | 0.288 | 0.033 | |
| Number of non-executive board members that, irrespective of their position as dependent or independent directors, had previous professional experience in the high-tech industry | Hand-collection | 0.000 | 3.470 | 17.000 | 3.366 | |
| Dummy variable with a value of 1 if the CEO had an academic qualification higher than the bachelor's degree (i.e. Msc, master and/or PhD) | Hand-collection | 0.000 | 0.181 | 1.000 | 0.386 | |
| Dummy variable with a value of 1 if the CEO had an educational background in the following technology areas: Engineering, informatics, mathematics | Hand-collection | 0.000 | 0.109 | 1.000 | 0.312 | |
| Number of independent directors | Hand-collection | 0.000 | 0.631 | 11.000 | 1.717 | |
| Dummy variable assuming value of 1 if the CEO was chairman | Hand-collection | 0.000 | 0.416 | 1.000 | 0.493 | |
| Number of interlocked directors on board | Hand-collection | 1.000 | 3.369 | 16.000 | 2.740 | |
| Natural logarithm of total number of directors | Bureau van Dijk | 0.000 | 2.372 | 3.401 | 0.712 | |
| Total debt divided by total assets | Bureau van Dijk | 0.000 | 0.738 | 10.130 | 1.389 | |
| Number of years since firm foundation | Bureau van Dijk | 3.000 | 21.879 | 65.000 | 10.715 | |
| Natural logarithm of total assets | Bureau van Dijk | 0.741 | 3.469 | 6.794 | 0.990 |
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