Table 2  Descriptive statistics.
Panel A: Descriptive Statistics
Full sample (N = 178,805)
Variable   Mean   Std. Dev.   Q1   Median   Q3
CAR [−1, 1]  0.000  0.046  −0.025  −0.004  0.020
CAR [−2, 2]  0.000  0.061  −0.034  −0.005  0.027
CIPHT  0.360  0.480  0.000  0.000  1.000
PRO_CASE  0.265  1.327  0.034  0.079  0.147
SIZE  22.280  1.359  21.343  22.096  23.018
ROA  0.013  0.652  0.008  0.025  0.053
CURR  2.480  3.159  1.152  1.641  2.666
R&D  0.249  12.999  0.000  0.000  0.000
LOSS  0.076  0.266  0.000  0.000  0.000
LEV  0.439  0.571  0.265  0.414  0.571
OPCF  0.035  0.108  0.002  0.026  0.064
TURN  0.463  0.886  0.156  0.341  0.564
CEO_AGE  52.191  5.851  49.000  52.500  56.000
CEO_COM  0.025  0.405  0.002  0.006  0.014
CEO_TEN  4.774  3.498  2.148  4.156  6.405
CEO_DUA  0.680  0.395  0.500  1.000  1.000
Panel B: Mean Difference Test
CIPHT = 0 vs. CIPHT = 1 (Mean)
Variable   CIPHT = 0   CIPHT = 1   Diff.   t-statistic
CAR [−1, 1]  0.000  −0.001  0.001  3.26  ***
CAR [−2, 2]  0.000  −0.001  0.001  3.99  ***
CIPHT  0.000  1.000  −1.000
PRO_CASE  0.158  0.455  −0.297  −45.65  ***
SIZE  22.274  22.292  −0.018  −2.69  ***
ROA  0.013  0.013  0.001  0.22
CURR  2.483  2.476  0.007  0.43
R&D  0.318  0.125  0.193  3.01  ***
LOSS  0.078  0.074  0.004  3.43  ***
LEV  0.441  0.436  0.005  1.82  *
OPCF  0.035  0.035  0.000  −0.25
TURN  0.463  0.464  −0.002  −0.38
CEO_AGE  52.243  52.097  0.146  5.07  ***
CEO_COM  0.022  0.029  −0.006  −3.13  ***
CEO_TEN  4.750  4.815  −0.065  −3.74  ***
CEO_DUA  0.678  0.683  −0.004  −2.14  **
Note: *, **, *** indicate significance at the 0.10, 0.05, and 0.01 levels, respectively. See Appendix A for definitions and measurements of the variables.