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MEANS, STANDARD DEVIATIONS, CORRELATIONS STUDY #1
| Variable | Mean | Standard Deviation | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 |
| % change in stock price | .18 | .94 | 1.00 | |||||||
| # emps. | 950 | 2,992 | .18*** | 1.00 | ||||||
| # risk parag. | 15.95 | 5.02 | -.20*** | -.60*** | 1.00 | |||||
| net income (mm) | 10.13 | 74.88 | .11*** | .16*** | -.15*** | 1.00 | ||||
| Price per share IPO | 10.92 | 5.16 | .14*** | .54*** | -.51*** | .14*** | 1.00 | |||
| % change in sales | 2.11 | 9.26 | .11*** | -.18*** | .11*** | -.08* | -.01 | 1.00 | ||
| Value - prospectus | 4.56 | 1.62 | .03 | .10** | -.10** | .02 | .06 | .00 | 1.00 | |
| Value - survey | 3.79 | .58 | .18*** | .07 | -.03 | -.02 | -.03 | .11* | -.02 | 1.00 |
* p < .05
** p < .01
*** p < .001
REGRESSION ANALYSES FOR STUDY #1
DEPENDENT VARIABLE = CHANGE IN STOCK PRICE (1993 TO 1995)
| Equation#1(prospectus | measure) | Equation#2(survey | measure) | |
| Beta | T | Beta | T | |
| Variables | ||||
| Number of employees | .19 | 2.83** | .22 | 2.35* |
| Risk factors | -.13 | -2.18* | -.10 | -1.19 |
| Net Income | .08 | 1.56 | .09 | 1.28 |
| Stock price per share | -.05 | -.81 | -.05 | -.62 |
| Sales change | .41 | 5.76*** | .35 | 3.75*** |
| Employee value | .04 | .78 | .17 | 2.57** |
| Interaction term | -.32 | -4.61*** | -.28 | -3.02** |
| R2 | .16 | .18 | ||
| F | 4.92*** | 3.08*** |
* p < .05
** p < .01
*** p < .001
Note: Dummy variables for SIC code were also included in this analysis, however, to save space, they are not included in the tables.
MEANS, STANDARD DEVIATIONS, CORRELATIONS STUDY #2
| Varianble | Mean | Standard Deviation | 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| Age | 36.77 | 7.80 | 1.0 | ||||||
| Education (1 to 10 scale) | 6.17 | 1.36 | .14* | 1.0 | |||||
| Gender (0=female, 1 = male) | .56 | .50 | .12 | .09 | 1.0 | ||||
| Salary | 61,911 | 27,092 | .44*** | .17* | .30*** | 1.0 | |||
| Pace (0 to 10) | 6.64 | 1.42 | .17 | .02 | .12 | .16 | 1.0 | ||
| Value | 3.54 | .72 | .10 | .00 | .01 | .16*a | .06 | 1.0 | |
| Performance Score | 2.73 | .50 | .05 | .07 | -.08 | .10 | .17** | .16* | 1.0 |
a Similar correlations are not significant due to different sample sizes.
* p < .05
** p < .01
*** p < .001
REGRESSION ANALYSIS, STUDY#2
DEPENDENT VARIABLE = EMPLOYEE PERFORMANCE SCORES
| Beta | T | |
| Age | .01 | .09 |
| Education | -.07 | -.60 |
| Gender | -.32 | -2.64** |
| Salary | .21 | 1.64 |
| Average Pace | 2.50 | 4.68*** |
| Management value | 2.07 | 4.60*** |
| Interaction term (pace & value) | -3.17 | -4.46*** |
| R2 | .30 | |
| F | 3.79*** |
* p < .05
** p < .01
*** p < .001
|
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