| TABLE 3: Simple performance comparisions | |||||||||||||||||||
| Full set of companies, 1997 | Paired data, 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) | ||||||||||||||
| Levels in 1997 | |||||||||||||||||||
| Productivity--ln(sales/ee) | 5.07 | (0.01) | 5.38 | (0.03)*** | 5.23 | (0.09)*** | 5.27 | (0.11)*** | 0.37 | (0.36)*** | 0.21 | (0.13)* | |||||||
| ROA | 10.02 | (0.30) | 16.5 | (1.06)***[1] | 8.08 | (2.92)*** | 0.63 | (4.58) | 0.44 | (2.37) | -7.57 | (5.37) | |||||||
| Tobin's Q | 2.44 | (0.03) | 3.67 | (0.13)*** | 3.21 | (0.21)*** | 3.35 | (0.28)*** | 0.51 | (0.16)*** | -0.28 | (0.38) | |||||||
| TSR | 6.72 | (0.67) | 12.11 | (2.39)*** | 9.51 | (5.19)* | -0.09 | (6.67) | -7.18 | (2.97)** | -12.28 | (7.59) | |||||||
| Sample size | 6618 | 471 | 104 | 67 | 462 | 67 | |||||||||||||
| Average annual change 1992 - 97 | |||||||||||||||||||
| Productivity | 0.03 | (0.00) | 0.04 | (0.003)*** | 0.04 | (0.01)*** | 0.04 | (0.01)*** | 0.02 | (0.01)*** | 0.03 | (0.018) | |||||||
| ROA | -0.13 | (0.06) | 0.85 | (0.23)*** | 0.58 | (0.62) | 0.45 | (1.08) | 0.20 | (0.35) | -0.06 | (1.59) | |||||||
| Tobin's Q | 0.01 | (0.01) | 0.10 | (0.03)*** | 0.02 | (0.07) | -0.07 | (0.12) | -1.78 | (0.07)*** | -2.28 | (0.26)*** | |||||||
| TSR | -1.55 | (0.40) | -3.55 | (1.52)** | -4.18 | (3.61) | -7.94 | (5.53) | -6.16 | (1.69)*** | -9.80 | (5.83)* | |||||||
| Ln (Sales) | 0.12 | (0.001) | 0.18 | (0.01)*** | 0.19 | (0.01)*** | 0.24 | (0.02)*** | 0.06 | (0.01)*** | 0.12 | (0.02)*** | |||||||
| Ln (Employment) | 0.05 | (0.001) | 0.11 | (0.00)*** | 0.12 | (0.01)*** | 0.16 | (0.01)*** | 0.04 | (0.01)*** | 0.07 | (0.02)*** | |||||||
| Sample size | 34183 | 2438 | 504 | 316 | 2328 | 299 | |||||||||||||
| Notes: Standard errors 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 | |||||||||||||||||||
| Figures represent robust means that minimize influence of outliers. | |||||||||||||||||||
| ^ 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. | |||||||||||||||||||