Table 2.

Descriptive Statistics and Correlations

	M	SD	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17
1. One-year ROA	0.06	0.09
2. Two-year ROA	0.06	0.09	0.85
3. Three-year ROA	0.06	0.08	0.75	0.92
4. Executive board chair	0.24	0.43	0.00	0.01	0.00
5. CEO power	0.13	2.18	0.02	0.03	0.03	−0.17
6. Organizational complexity	0.23	1.69	0.04	0.03	0.03	−0.03	0.19
7. Board leadership demands	0.03	1.39	−0.05	−0.04	−0.03	−0.15	0.13	0.22
8. TMT power	0.69	2.84	0.08	0.10	0.10	0.08	0.34	0.22	0.14
9. Non-executive board chair t-1	0.15	0.36	0.03	0.05	0.06	−0.17	−0.06	0.02	0.08	−0.03
10. CEO-duality t-1	0.63	0.48	−0.01	0.00	0.00	−0.44	0.17	0.00	0.06	−0.05	−0.55
11. Insider CEO	0.73	0.44	0.08	0.09	0.10	0.01	−0.23	0.04	0.09	0.02	0.07	−0.05
12. Chair ownership	0.02	0.05	0.06	0.08	0.08	0.15	0.09	−0.08	−0.28	0.06	−0.04	−0.10	−0.09
13. Chair's role tenure	5.37	6.57	0.02	0.02	0.02	−0.08	0.39	0.03	−0.17	0.05	−0.09	0.09	−0.13	0.18
14. Chair's board tenure	14.89	11.18	0.01	0.02	0.02	0.24	0.22	−0.03	−0.25	0.04	0.00	−0.18	0.00	0.30	0.44
15. Board independence	0.80	0.11	−0.01	−0.01	−0.01	−0.29	−0.08	0.09	0.33	−0.06	0.09	0.13	0.10	−0.28	−0.19	−0.38
16. Lead independent director present	0.50	0.50	−0.04	−0.04	−0.04	0.03	0.03	−0.02	0.04	0.02	−0.17	0.13	0.01	−0.08	−0.05	−0.10	0.14
17. R&D intensity	0.02	0.05	0.02	0.02	0.03	0.05	−0.06	0.00	−0.04	0.05	0.08	0.10	0.00	−0.03	−0.03	0.02	0.04	0.06
18. Industry instability	0.49	2.64	−0.03	−0.03	−0.03	0.03	−0.01	0.02	0.01	0.00	−0.03	−0.01	0.00	−0.01	0.00	−0.01	0.05	0.01	−0.01

Note: Correlations > |0.05| are statistically significant at p < 0.05. N = 2,082. This number represents the sample for which there are values for the three dependent variables, one-year, two-year, and three-year ROA.