| TABLE 2: Descriptive Statistics, 1997 levels | |||||||||||||
| Full set of companies, 1997 | Paired differences, 1997^ | ||||||||||||
| (mean of SO minus non-SO paired values) | |||||||||||||
| All surveyed | Surveyed | ||||||||||||
| All non-SO cos. | Stock option cos. | stock option cos. | SO cos. w > 50% | All paired cos. | Paired cos w > 50% | ||||||||
| (1) | (2) | (3) | (4) | (5) | (6) | ||||||||
| Sample size | 7165 | 490 | 105 | 73 | 490 | 73 | |||||||
| Sales (000,000's) | 1151.26 | (5716.137) | 3562.746 | (8929.085)*** | 2769.606 | (10474.95)*** | 2731.662 | (11960.170)** | 784.19 | (4674.435)*** | 879.592 | (4675.732) | |
| Employees (000's) | 5.654 | (27.916) | 14.451 | (33.497)*** | 11.888 | (37.701)** | 10.053 | (38.186) | -0.364 | (16.068) | -1.641 | (13.345) | |
| Capital Intensity | 264.338 | (2800.588) | 110.557 | (304.687) | 161.843 | (448.753) | 156.061 | (436.980) | -12.717 | (699.928) | -189.801 | (1717.53) | |
| (total assets/ee)(000's) | |||||||||||||
| Ln (Sales) | 4.532 | (2.427) | 6.23 | (2.196)*** | 5.359 | (2.390)*** | 4.959 | (2.521) | 0.361 | (0.902)*** | 0.074 | (1.104) | |
| Ln (Employees) | -0.598 | (2.253) | 0.868 | (2.012)*** | 0.171 | (2.120)*** | -0.261 | (2.117) | 0.001 | (0.187) | -0.012 | (0.622) | |
| Ln (Capital Intensity) | 3.625 | (1.577) | 3.769 | (1.612)* | 3.811 | (1.306) | 3.912 | (1.256) | 0.122 | (1.252)** | 0.025 | -1.435 | |
| Industry | |||||||||||||
| Agriculture | 0.35 | % | 0.48 | % | 1.12 | % | 0.25 | % | 0.26 | % | 0.28 | % | |
| Mining/construction | 5.56 | % | 0.97 | % | 2.33 | % | 0.79 | % | 1.04 | % | 0.84 | % | |
| Manufacturing | 47.87 | % | 57.39 | % | 60.24 | % | 57.9 | % | 58.66 | % | 58.94 | % | |
| Communications | 9.81 | % | 8.47 | % | 8.01 | % | 8.42 | % | 7.23 | % | 7.54 | % | |
| Wholesale | 4.94 | % | 2.9 | % | 0.56 | % | 3.16 | % | 3.1 | % | 3.35 | % | |
| Retail | 8.52 | % | 4.6 | % | 6.98 | % | 3.68 | % | 4.91 | % | 3.91 | % | |
| Finance, real estate | 4.84 | % | 1.69 | % | 7.63 | % | 1.32 | % | 1.3 | % | 0.82 | % | |
| Service | 18.12 | % | 23.49 | % | 13.13 | % | 24.47 | % | 23.51 | % | 24.3 | % | |
| Notes: Standard deviations in parentheses. | |||||||||||||
| * Significantly different from all non-SO companies (cols. 2-4) or from zero (cols. 5-6) at p<.10 **p<.05 ***p<.01 | |||||||||||||
| ^ The actual number of companies is close to three times larger than the number of paired differences. The non-SO company's value was subtracted from the SO company's | |||||||||||||
| value to create a single paired difference value. Where there was more than one paired company, the values were averaged before being subtracted from the SO value. | |||||||||||||