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- Defined as CEOs with two or more outside board seats, zero otherwise. The definition follows Fich and Shivdasani (2006).
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- E-Index The Bebchuk, Cohen, Ferrell (2009) entrenchment index of six IRRC provisions. Firm age Natural logarithm of the number of years the company has been in business, i.e., the firm’s age since foundation. Firm size Natural logarithm of total assetst-1 Fit CEO . Indicator variable equals one if a CEO finishes a marathon in a given year, zero otherwise. Data sources: official marathon websites and www.marathonguide.com Founder CEO Indicator variable equals one if the CEO is the founder of the company, zero otherwise. Free cash flow (FCF) FCF = (EBITDA – CapEx – (Working capitalt – Working capitalt-1 High-workload CEO )) / Total assets. Information about Working capital not available for all Compustat firms.
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- Figure 3 – CEO fitness and firm value This figure shows the annual mean Tobins Q for firms with and without a Fit CEO for each year in the sample period 2001 to 2011. Variables are defined in Appendix B. 3% 4% 5% 6% 7% 8% 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 1.30 1.50 1.70 1.90 2.10 2.30 2.50 2.70 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Tobin`s Q Fit CEO = 1 Fit CEO = 37 Figure 4 – CEO fitness and firm value within the treatment group Panel A (Panel B) of this figure shows the mean Tobins Q (Fitted Tobins Q) for firms with and without a Fit CEO within the treatment group (i.e., those CEOs who finish at least one marathon over the sample period). The fitted values of Tobin’s Q are from a regression of Tobin’s Q on the variables shown in Table 3, excluding the variable Fit CEO. Variables are defined in Appendix B.
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- Institutional majority Indicator variable equals one if the majority of a firm’s outstanding shares is held by institutions, zero otherwise. In The Corporate Library database the variable is available for the years 2003 and later; the dummy for the years 2001 and 2002 is created using the variable ‘InstitutionPctg’ reported in The Corporate Library. Operating cash flow Annual cash flow from operationst-1 / Total assetst-1 Return on Assets (ROA) . ROA = EBITDA / Total assets. R&D R&D expenset-1 / Salest-1 Sales growth . Annual change in net sales divided by prior year's net sales: Salest / Salest-1 Tobin’s Q – 1. Tobin’s Q = (Total assets - Book equity + Market value of equity)/Total assets. CFR Working Paper Series Centre for Financial Research Cologne CFR Working Papers are available for download from www.cfr-cologne.de.
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- Panel A: Tobins Q Panel B: Fitted Tobins Q 1.00 1.25 1.50 1.75 2.00 2.25 Fit CEO = 1 Fit CEO = 0 Tobins Q 1.00 1.25 1.50 1.75 2.00 2.25 Fit CEO = 1 Fit CEO = 0 Fitted Tobins Q 38 Table 1 – Largest 15 U.S. marathons by number of finishers This table presents the fifteen largest marathons in the United States ranked by the number of finishers in the year 2011. Data about the number of marathon finishers in the U.S. is provided by www.runningusa.org.
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- Verhaeghen, Paul, and Timothy A. Salthouse, 1997, Meta-analyses of age–cognition relations in adulthood: Estimates of linear and nonlinear age effects and structural models, Psychological Bulletin 122, 231-249. 35 Figure 1 – Company clusters and marathon locations This figure plots the geographical distribution of the S&P 1500 companies (based on zip codes) and the 15 largest U.S. marathons. Each red star marks a company’s headquarter location. The runner symbol indicates the marathon’s location. For an overview of the 15 largest U.S. marathons, see Table 1. 36 Figure 2 – Fraction of CEOs identified as marathon runners over the sample period This figure shows the annual fraction of S&P 1500 CEOs identified as marathon finishers over the sample period 2001 to 2011.
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