Table 2. Summary statistics Variable(s)...

Table 2.

Summary statistics

Variable(s)		Mean		Median	SD		P25		P75
Panel A: Descriptive statistics
TOBINSQ		1.8436		1.1740	2.0993		0.9123		1.8919
CEO_TENURE		5.8004		4.0000	5.6217		1.6561		8.0192
Ln(CEO_TENURE)		1.1852		1.3893	1.2552		0.5045		2.0818
CEO_AGE		50.8303		51.0000	7.5475		46.0000		56.0000
CEO_GENDER		0.0492		0.0000	0.2163		0.0000		0.0000
CEO_FOUNDER		0.1115		0.0000	0.3149		0.0000		0.0000
CEO_DUAL		0.1300		0.0000	0.3364		0.0000		0.0000
SIZE		19.0117		13.2162	2.2524		17.6591		20.5866
LEV		0.2309		0.2121	0.1988		0.0425		0.3433
LOSS		0.1113		0.1000	0.1859		0.0000		1.000
Panel B: Correlation matrix
Variables(s)	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)
[1] TOBINSQ	1
[2] CEO_TENURE	0.08***	1
[3] CEO_AGE	0.05**	0.28***	1
[4] CEO_GENDER	−0.06**	0.08***	−0.04*	1
[5] CEO_FOUNDER	0.08***	0.34***	0.08***	0.22***	1
[6] CEO_DUAL	−0.03	0.06***	0.10***	0.03	0.15***	1
[7] SIZE	−0.36***	−0.03	0.04*	−0.03	−0.17***	−0.00	1
[8] LEV	−0.18***	−0.02	−0.03	−0.10***	−0.01	0.04	0.21***	1
[9] LOSS	−0.03	−0.04*	0.01	−0.03	−0.02	−0.01	−0.11***	0.17***	1

Variable(s)		Mean		Median	SD		P25		P75
Panel A: Descriptive statistics
TOBINSQ		1.8436		1.1740	2.0993		0.9123		1.8919
CEO_TENURE		5.8004		4.0000	5.6217		1.6561		8.0192
Ln(CEO_TENURE)		1.1852		1.3893	1.2552		0.5045		2.0818
CEO_AGE		50.8303		51.0000	7.5475		46.0000		56.0000
CEO_GENDER		0.0492		0.0000	0.2163		0.0000		0.0000
CEO_FOUNDER		0.1115		0.0000	0.3149		0.0000		0.0000
CEO_DUAL		0.1300		0.0000	0.3364		0.0000		0.0000
SIZE		19.0117		13.2162	2.2524		17.6591		20.5866
LEV		0.2309		0.2121	0.1988		0.0425		0.3433
LOSS		0.1113		0.1000	0.1859		0.0000		1.000
Panel B: Correlation matrix
Variables(s)	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)
[1] TOBINSQ	1
[2] CEO_TENURE	0.08***	1
[3] CEO_AGE	0.05**	0.28***	1
[4] CEO_GENDER	−0.06**	0.08***	−0.04*	1
[5] CEO_FOUNDER	0.08***	0.34***	0.08***	0.22***	1
[6] CEO_DUAL	−0.03	0.06***	0.10***	0.03	0.15***	1
[7] SIZE	−0.36***	−0.03	0.04*	−0.03	−0.17***	−0.00	1
[8] LEV	−0.18***	−0.02	−0.03	−0.10***	−0.01	0.04	0.21***	1
[9] LOSS	−0.03	−0.04*	0.01	−0.03	−0.02	−0.01	−0.11***	0.17***	1

Note(s): Panel (A) All variable definitions are in Appendix; Panel (B) All variable definitions are in Appendix. ***, ** and * represent statistical significance at the 1, 5 and 10% levels, respectively (two-tailed tests)

Source(s): Authors’ calculation

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