Table 2 Descriptive statistics for low...

Table 2

Descriptive statistics for low and high TFE subsamples

	Low TFE N = 5,364		High TFE N = 4,972		Difference in means
	Mean	Median	Mean	Median	Low–high	p-value
CEO characteristics
CEO tenure	8.4	6.0	7.7	6.0	0.6***	0.000
CEO education	1.216	1	1.205	1	−0.048**	0.023
Ivy league degree	0.257	0	0.170	0	0.087***	0.000
CEO compensation	8,118	4,485	6,127	3,590	1,991***	0.000
Delta	2,779	378	1,119	289	1,660***	0.000
Vega	257	86	177	65	81***	0.000
CEO overconfidence	0.246	0	0.239	0	0.007	0.386
Founder CEO	0.143	0	0.141	0	0.002	0.846
General ability index (GAI)	0.250	0.063	0.258	0.155	−0.008	0.766
Hofstede individualism	75.7	76.0	77.9	80.0	−2.1***	0.000
Hofstede uncertainty avoidance	52.0	35.0	48.8	35.0	3.3***	0.000
CEO network	1,941	1,374	1,887	1,448	55	0.221
Inventor CEO	0.058	0	0.056	0	0.002	0.713
Patent variables
Number of patents, t+2	57.7	0	73.7	0	−16.0***	0.006
Number of adjusted citations, t+2	59.9	0	79.3	0	−19.4***	0.001
Real market value of patents, t+2	1,066	0	1,187	0	−121*	0.091
Nominal market value of patents, t+2	2,219	0	2,496	0	−277*	0.063
Top 10% patents, t+2	7.1	0	10.4	0	−3.2***	0.000
Top 5% patents, t+2	3.5	0	4.9	0	−1.4***	0.000
Top 1% patents, t+2	0.7	0	1.0	0	−0.3***	0.000
Mangement team quality
Team size	9.1	9	9.2	9	−0.1	0.145
Team MBA	0.349	0.333	0.337	0.333	0.012**	0.013
Team PhD	0.034	0	0.035	0	−0.001	0.465
Team network size	2,294	2,039	2,019	1,708	276***	0.000
Team experience	0.563	0.600	0.551	0.583	0.011	0.117
Team tenure	5.022	4.900	5.014	4.778	0.008	0.903
Firm characteristics
Total assets	33,044	4,518	25,124	4,102	7,920	0.003
Capital expenditures	0.047	0.037	0.057	0.046	−0.010	0.000
R&D expenditures	0.034	0	0.031	0	0.003	0.012
Employees	35.011	12.100	36.794	10.870	−1.783	0.268
Firm age	24.8	26.0	25.0	26.0	−0.2	0.350
Tobin’s Q	1.699	1.164	1.576	1.143	0.123	0.009
Profitability	0.135	0.132	0.140	0.134	−0.005	0.002
Overall firm rating	3.324	3.370	3.391	3.430	−0.067	0.012
CEO approval rating	0.336	0.376	0.373	0.408	−0.037	0.037
Work-life-balance rating	3.286	3.283	3.316	3.342	−0.029	0.293
Compensation and benefits rating	3.185	3.173	3.252	3.250	−0.067	0.007
Career opportunity rating	2.941	2.974	3.023	3.003	−0.082	0.001
Number of evaluations	125	26	100	21	25	0.023
Employment quality monitoring score	0.458	0.423	0.442	0.423	0.015	0.013
Total tech job positions	0.761	0	1.023	0	−0.262	0.510
Stock return volatility, t+1	0.021	0.018	0.021	0.018	0.000	0.945
Idiosyncratic volatility, t+1	0.020	0.017	0.020	0.016	0.000	0.703
Number of announced acquisitions, t+1	0.933	0	0.966	0	−0.033	0.416
Number of effective acquisitions, t+1	0.669	0	0.698	0	−0.029	0.386
Inventor variables
Net inflow of top 10% inventors, t+2	0.169	0.000	0.179	0.000	−0.010	0.269
Net inflow of top 5% inventors, t+2	0.141	0.000	0.139	0.000	0.002	0.788
Net inflow of top 10% inventors, t+1	0.167	0.000	0.179	0.000	−0.013	0.160
Net inflow of top 5% inventors, t+1	0.141	0.000	0.137	0.000	0.004	0.623

	Low TFE N = 5,364		High TFE N = 4,972		Difference in means
	Mean	Median	Mean	Median	Low–high	p-value
CEO characteristics
CEO tenure	8.4	6.0	7.7	6.0	0.6***	0.000
CEO education	1.216	1	1.205	1	−0.048**	0.023
Ivy league degree	0.257	0	0.170	0	0.087***	0.000
CEO compensation	8,118	4,485	6,127	3,590	1,991***	0.000
Delta	2,779	378	1,119	289	1,660***	0.000
Vega	257	86	177	65	81***	0.000
CEO overconfidence	0.246	0	0.239	0	0.007	0.386
Founder CEO	0.143	0	0.141	0	0.002	0.846
General ability index (GAI)	0.250	0.063	0.258	0.155	−0.008	0.766
Hofstede individualism	75.7	76.0	77.9	80.0	−2.1***	0.000
Hofstede uncertainty avoidance	52.0	35.0	48.8	35.0	3.3***	0.000
CEO network	1,941	1,374	1,887	1,448	55	0.221
Inventor CEO	0.058	0	0.056	0	0.002	0.713
Patent variables
Number of patents, t+2	57.7	0	73.7	0	−16.0***	0.006
Number of adjusted citations, t+2	59.9	0	79.3	0	−19.4***	0.001
Real market value of patents, t+2	1,066	0	1,187	0	−121*	0.091
Nominal market value of patents, t+2	2,219	0	2,496	0	−277*	0.063
Top 10% patents, t+2	7.1	0	10.4	0	−3.2***	0.000
Top 5% patents, t+2	3.5	0	4.9	0	−1.4***	0.000
Top 1% patents, t+2	0.7	0	1.0	0	−0.3***	0.000
Mangement team quality
Team size	9.1	9	9.2	9	−0.1	0.145
Team MBA	0.349	0.333	0.337	0.333	0.012**	0.013
Team PhD	0.034	0	0.035	0	−0.001	0.465
Team network size	2,294	2,039	2,019	1,708	276***	0.000
Team experience	0.563	0.600	0.551	0.583	0.011	0.117
Team tenure	5.022	4.900	5.014	4.778	0.008	0.903
Firm characteristics
Total assets	33,044	4,518	25,124	4,102	7,920	0.003
Capital expenditures	0.047	0.037	0.057	0.046	−0.010	0.000
R&D expenditures	0.034	0	0.031	0	0.003	0.012
Employees	35.011	12.100	36.794	10.870	−1.783	0.268
Firm age	24.8	26.0	25.0	26.0	−0.2	0.350
Tobin’s Q	1.699	1.164	1.576	1.143	0.123	0.009
Profitability	0.135	0.132	0.140	0.134	−0.005	0.002
Overall firm rating	3.324	3.370	3.391	3.430	−0.067	0.012
CEO approval rating	0.336	0.376	0.373	0.408	−0.037	0.037
Work-life-balance rating	3.286	3.283	3.316	3.342	−0.029	0.293
Compensation and benefits rating	3.185	3.173	3.252	3.250	−0.067	0.007
Career opportunity rating	2.941	2.974	3.023	3.003	−0.082	0.001
Number of evaluations	125	26	100	21	25	0.023
Employment quality monitoring score	0.458	0.423	0.442	0.423	0.015	0.013
Total tech job positions	0.761	0	1.023	0	−0.262	0.510
Stock return volatility, t+1	0.021	0.018	0.021	0.018	0.000	0.945
Idiosyncratic volatility, t+1	0.020	0.017	0.020	0.016	0.000	0.703
Number of announced acquisitions, t+1	0.933	0	0.966	0	−0.033	0.416
Number of effective acquisitions, t+1	0.669	0	0.698	0	−0.029	0.386
Inventor variables
Net inflow of top 10% inventors, t+2	0.169	0.000	0.179	0.000	−0.010	0.269
Net inflow of top 5% inventors, t+2	0.141	0.000	0.139	0.000	0.002	0.788
Net inflow of top 10% inventors, t+1	0.167	0.000	0.179	0.000	−0.013	0.160
Net inflow of top 5% inventors, t+1	0.141	0.000	0.137	0.000	0.004	0.623

Note(s): The table reports the means and medians of firm characteristics for subsamples with low and high TFE. The sample is split at the sample median of TFE. The last column shows the p-values for the difference in means between the two subsamples

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