Table A4 Examining parallel trends...

Table A4

Examining parallel trends assumption around CEO turnover events

	Year	Mean		Difference in means
	Year	Control	Treated	Control–treated	p-value
Log CEO age	t−3	4.051	4.047	0.004	0.822
	t−2	4.058	4.070	−0.012	0.492
	t−1	4.067	4.085	−0.018	0.274
Log CEO tenure	t−3	1.800	1.850	−0.050	0.573
	t−2	1.867	1.930	−0.063	0.494
	t−1	1.934	2.033	−0.099	0.252
Firm size	t−3	8.708	8.746	−0.038	0.861
	t−2	8.697	8.668	0.029	0.887
	t−1	8.767	8.739	0.028	0.883
R&D expenditures	t−3	0.026	0.030	−0.004	0.606
	t−2	0.023	0.030	−0.007	0.331
	t−1	0.021	0.032	−0.011	0.123
Capital expenditures	t−3	0.07	0.063	0.007	0.335
	t−2	0.064	0.062	0.002	0.736
	t−1	0.062	0.062	0.000	0.975
Log employees	t−3	3.196	3.158	0.038	0.813
	t−2	3.189	3.077	0.112	0.45
	t−1	3.153	3.061	0.092	0.525

	Year	Mean		Difference in means
	Year	Control	Treated	Control–treated	p-value
Log CEO age	t−3	4.051	4.047	0.004	0.822
	t−2	4.058	4.070	−0.012	0.492
	t−1	4.067	4.085	−0.018	0.274
Log CEO tenure	t−3	1.800	1.850	−0.050	0.573
	t−2	1.867	1.930	−0.063	0.494
	t−1	1.934	2.033	−0.099	0.252
Firm size	t−3	8.708	8.746	−0.038	0.861
	t−2	8.697	8.668	0.029	0.887
	t−1	8.767	8.739	0.028	0.883
R&D expenditures	t−3	0.026	0.030	−0.004	0.606
	t−2	0.023	0.030	−0.007	0.331
	t−1	0.021	0.032	−0.011	0.123
Capital expenditures	t−3	0.07	0.063	0.007	0.335
	t−2	0.064	0.062	0.002	0.736
	t−1	0.062	0.062	0.000	0.975
Log employees	t−3	3.196	3.158	0.038	0.813
	t−2	3.189	3.077	0.112	0.45
	t−1	3.153	3.061	0.092	0.525

Note(s): The table reports the mean values of CEO and firm characteristics for treated and control firms for three years prior to the CEO turnover. The last column reports p-value for the test for the difference in means between the two samples

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