Table 3 Difference-in-means test... | Emerald Publishing

Table 3

Difference-in-means test

Variable	No D&O insurance purchased		D&O insurance purchased		Difference in means
Variable	Observed value	Mean	Observed value	Mean	Difference in means
Abtone	18,946	−0.003	2,195	0.016	−0.019^***
D_Roa	18,946	0.035	2,195	0.036	−0.001
Fee	18,946	0.096	2,195	0.076	0.020^***
Size	18,946	22.229	2,195	23.156	−0.927^***
Lev	18,946	0.463	2,195	0.523	−0.061^***
Growth	18,946	0.466	2,195	0.399	0.067^**
Dir	18,946	0.416	2,195	0.413	0.003^*
Top1	18,946	0.334	2,195	0.344	−0.009^***
ROE	18,946	0.045	2,195	0.043	0.002
Loss	18,946	0.127	2,195	0.138	−0.011
OCF	18,946	0.046	2,195	0.049	−0.003^**
LR	18,946	2.015	2,195	1.706	0.309^***
Dual	18,946	0.228	2,195	0.164	0.064^***
BM	18,946	1.031	2,195	1.657	−0.625^***
Board	18,946	2.128	2,195	2.149	−0.020^***

Variable	No D&O insurance purchased		D&O insurance purchased		Difference in means
Variable	Observed value	Mean	Observed value	Mean	Difference in means
Abtone	18,946	−0.003	2,195	0.016	−0.019^***
D_Roa	18,946	0.035	2,195	0.036	−0.001
Fee	18,946	0.096	2,195	0.076	0.020^***
Size	18,946	22.229	2,195	23.156	−0.927^***
Lev	18,946	0.463	2,195	0.523	−0.061^***
Growth	18,946	0.466	2,195	0.399	0.067^**
Dir	18,946	0.416	2,195	0.413	0.003^*
Top1	18,946	0.334	2,195	0.344	−0.009^***
ROE	18,946	0.045	2,195	0.043	0.002
Loss	18,946	0.127	2,195	0.138	−0.011
OCF	18,946	0.046	2,195	0.049	−0.003^**
LR	18,946	2.015	2,195	1.706	0.309^***
Dual	18,946	0.228	2,195	0.164	0.064^***
BM	18,946	1.031	2,195	1.657	−0.625^***
Board	18,946	2.128	2,195	2.149	−0.020^***

Note(s): ^***, ^**, and ^* denote statistical significance at the 1%, 5%, and 10% levels, respectively

Source(s): Table by authors