Agency Costs of Multiple Directorships: Toronto Stock Exchange- 2007-2008 by John Nolan Johnson B.Sc., University of Calgary, 2000 PROJECT SUBMITTED IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE DEGREE OF MASTER OF BUSINESS ADMINISTRATION THE UNIVERSITY OF NORTHERN BRITISH COLUMBIA April2010 © John Nolan Johnson, 2010 UNIVERSITY of NORTHERN BRITISH COLUMBIA LffiRARY Prince George, B.C. ABSTRACT This paper is a treatment of the agency costs to shareholders potentially caused by multiple directorships in firms listed on the Toronto Stock Exchange. The sample set is comprised of the compulsory annual reports as extracted from the OSIRIS database service by Bureau van Dijk Electronic Publishing. The data is limited to partial annual reports for 2007 and 2008 in order to capture the collapse in the financial sector in the United States. A score ofworkload is assigned to over 14,000 reported director positions. The position data is then tallied and cross-referenced to produce information on board workload within a firm and the total workload those directors face. The governance score, the difference between those workloads, is intended to capture director workload external to the board. This is compared to a definition of agency cost using a log regression. Weakness in the initial results created a desire to apply another analytical tool - a comparison of averages using EViews. There appear to be effects of underconnected and over-connected boards of directors but the definition of agency cost seems to be insufficient. 11 TABLE OF CONTENTS Abstract 11 Table of Contents lll List of Tables v List of Figures Vll 1 Chapter One - Introduction 2 Chapter Two - Literature Review 2 2.1 Analysis of Literature 7 2.2 Synthesis of Literature 10 3 Chapter Three - Methodology 11 4 Chapter Four - Discussion of Empirical Results 14 4.1 Discussion of Logarithmic Regression 25 4 .2 Sector to Sector Discussion 25 4.2.1 Sector Zero Discussion- Oil and Gas 26 4.2.2 Sector One Discussion - Basic Materials 29 4.2.3 Sector Two Discussion - Industrials 32 4.2.4 Sector Three Discussion - Oil and Gas 36 4.2.5 Sector Four Discussion - Oil and Gas 39 4.2.6 Sector Five Discussion - Oil and Gas 43 4.2.7 Sector Six Discussion- Oil and Gas 47 4.2.8 Sector Seven Discussion - Oil and Gas 50 4.2.9 Sector Eight Discussion - Oil and Gas 53 4.2.10 Sector Nine Discussion - Oil and Gas 56 lll LIST OF TABLES Table 1: Sector Zero- Mean Board Scores and t-tests 26 Table 2: Sector Zero- Mean Firm Scores and t-tests 27 Table 3: Sector Zero- Mean Efficiencies and t-tests 28 Table 4: Sector One- Mean Board Scores and t-tests 30 Table 5: Sector One - Mean Firm Scores and t-tests 31 Table 6: Sector One- Mean Efficiencies and t-tests 32 Table 7: Sector Two - Mean Board Scores and t-tests 33 Table 8: Sector Two- Mean Firm Scores and t-tests 34 Table 9: Sector Two- Mean Efficiencies and t-tests 35 Table 10: Sector Three- Mean Board Scores and t-tests 36 Table 11: Sector Three - Mean Firm Scores and t-tests 37 Table 12: Sector Three- Mean Efficiencies and t-tests 38 Table 13: Sector Four- Mean Board Scores and t-tests 40 Table 14: Sector Four- Mean Firm Scores and t-tests 41 Table 15: Sector Four- Mean Efficiencies and t-tests 42 Table 16: Sector Five- Mean Board Scores and t-tests 44 Table 17: Sector Five- Mean Firm Scores and t-tests 45 Table 18: Sector Five- Mean Efficiencies and t-tests 46 Table 19: Sector Six- Mean Board Scores and t-tests 47 Table 20: Sector Six -Mean Firm Scores and t-tests 48 Table 21 : Sector Six- Mean Efficiencies and t-tests 49 Table 22: Sector Seven - Mean Board Scores and t-tests 50 v Table 23: Sector Seven- Mean Firm Scores and t-tests 51 Table 24: Sector Seven- Mean Efficiencies and t-tests 52 Table 25: Sector Eight- Mean Board Scores and t-tests 53 Table 26: Sector Eight- Mean Firm Scores and t-tests / 54 Table 27: Sector Eight- Mean Efficiencies and t-tests 55 Table 25: Sector Nine- Mean Board Scores and t-tests 56 Table 26: Sector Nine- Mean Firm Scores and t-tests 57 Table 27: Sector Nine- Mean Efficiencies and t-tests 58 Vl LIST OF FIGURES .• Figure 1 - Sector Zero - Governance Score 2008 vs. Efficiency 2007 15 Figure 2 - Sector Zero - Governance Score 2008 vs. Efficiency 2008 15 Figure 3 - Sector One- Governance Score 2008 vs. Efficiency 2007 16 Figure 4- Sector One - Governance Score 2008 vs. Efficiency 2008 16 Figure 5 - Sector Two - Governance Score 2008 vs. Efficiency 2007 17 Figure 6 - Sector Two - Governance Score 2008 vs. Efficiency 2008 17 Figure 7 - Sector Three - Governance Score 2008 vs. Efficiency 2007 18 Figure 8 - Sector Three - Governance Score 2008 vs. Efficiency 2008 18 Figure 9- Sector Four - Governance Score 2008 vs. Efficiency 2007 19 Figure 10- Sector Four- Governance Score 2008 vs. Efficiency 2008 19 Figure 11 - Sector Five- Governance Score 2008 vs. Efficiency 2007 20 Figure 12 - Sector Five- Governance Score 2008 vs. Efficiency 2008 20 Figure 13 - Sector Six- Governance Score 2008 vs. Efficiency 2007 21 Figure 14 - Sector Six - Governance Score 2008 vs. Efficiency 2008 21 Figure 15 - Sector Seven- Governance Score 2008 vs. Efficiency 2007 22 Figure 16 - Sector Seven - Governance Score 2008 vs. Efficiency 2008 22 Figure 17 - Sector Eight- Governance Score 2008 vs. Efficiency 2007 23 Figure 18 - Sector Eight- Governance Score 2008 vs. Efficiency 2008 23 Figure 19 - Sector Nine - Governance Score 2008 vs. Efficiency 2007 24 Figure 20 - Sector Nine - Governance Score 2008 vs. Efficiency 2008 24 Vll ACKNOWLEDGEMENTS I would like to thank the staff, faculty, instructors and directors of the MBA Program at UNBC. Their vision of Canada as a place of unending resources and resourcefulness, integrity and innovation, and struggle and triumph has been an inspiration to us all. I would like to thank my extended family in Prince George for their patience and understanding as I undertake one of the most amazing challenges in my life. I would like to thank my aunt Wendy Redknap for family hospitality and for making me feel welcome. I would like to thank my cousin Jeff for our late night walks, long conversations, and all those times he was happy to help. I would like to thank my cousin Heather for being a leader in the Christian faith and for not being content with staying put or the status quo. I'd like to thank my late uncle H. Maurice Redknap for his example of entrepreneurship, rugged individualism and his hard fought struggles in life. God rest his soul. I would like to thank my parents Joan and Phil Johnson. Thank you Mom, for being an impeccable example of motivation and for teaching us the importance of finding one' s calling. Thank you Dad, for your endless ingenuity, your tenacity for solving problems, and your scientific curiosity; none of this could be possible without you. I would like to thank my brother Orin Johnson for being the example of diligence, humility and responsibility that I have yet to live up to. I would like to thank my sponsor Dr. Han Donker and his inspiring treatment of Corporate Governance and for shedding enough light on 'governance issues' to make them not only real and tangible, but ironic, dramatic and sometimes sensational as well. I would like to thank my friends at home for giving me leave to travel, my past friends for hard lessons learned, and my new friends at UNBC for being the warmth of the north. I would like to thank the staff and faculty new to the MBA program. Watching the changes within a growing business school has been inspiring; and to you, all the best. Vlll CHAPTER ONE- INTRODUCTION In corporate governance the role of the board of directors is actively researched and debated. The post-mortem collapse of Enron called increasing attention to the role of directors and the overall structure of the board. Some suggest that directors having multiple directorships in various firms maximize individual welfare and not the welfare (profits) of the firm. Shirking assigned duties and reduced supervision of midlevel management are thought to be the result. It is argued that a board member, "overboarded" (on too many other boards), has an adverse effect on firm performance. (Johnson, Daily and Ellstrand 1996; Nicholson and Kiel 2004). Conversely, there is an equally powerful argument that directors on more than one board "interlocking directors" .. bring immense benefits to the firm in terms of access to capital or to other resources . (Pfeffer and Salancik, 1978; Zahra and Pearce, 1989) Although there are limited studies on the relationship between multiple board membership and firm performance, (Selznic, 1949, Kiel an Nicholson, 2006) there is very little empirical work with regard to Canada. The present study contributes to the literature in the field. The study is organized as follows : Chapter II reviews the literature on the subject. Chapter III discusses the database used in the study. Chapter IV presents the empirical results and Chapter V summarizes the conclusions. CHAPTER TWO- LITERATURE REVIEW Several pertinent journal articles discussing issues of agency cost, board interconnectedness, and bureaucratic power were surveyed and the review follows. Jensen and Meckling's (1976) Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure addressed ownership structure and looked for Pareto optimality of firms; an equivalent to a zero sum game. Early in the paper it is claimed that the theories of the authors help to explain ten issues in corporate governance. Of interest to us here is their second posit" ... why [a manager's] failure to maximize the value of the firm is perfectly consistent with efficiency;" (Jensen and Meckling 1976) and their definition of "agency relationship" below. Jensen and Meckling (1976) define agency costs as the sum of: "(1) the monitoring expenditures by the principal, (2) the bonding expenditures by the agent, (3) the residual loss" The authors felt that this was important to the point of discussing a theory of corporate ownership structure and they highlight critical variables with respect to ownership as well as debt structure. Regrettably Jensen and Meckling admit that as their article pressed on some of their mathematical functions "drawn in fig. 5 and several others discussed below [are] essentially an open question at this time." In their conclusion they mention the notion of" ... statutory and common law and human ingenuity in devising contracts. Both the law and the sophistication of contracts relevant to the modem corporation are the products of a historical process in which there were strong incentives for individuals to 2 minimize agency costs." They are referring to the co-evolutionary pressure where better shirkers make for better rules which in tum makes better shirkers. Ang, Cole and Lin' s (2000) piece Agency Costs and Ownership Structure is an expansion on Jensen and Meckling's (197 6) "Zero agency cost firm". The data set is approximately 1700 private firms from a Federal Reserve Board survey in the United States. They look for the relationship between the ownership structure and the agency cost. They apply two financial ratios from literature; "the expense ratio, which is operating expense scaled by annual sales, and the asset utilization ratio, which is annual sales divided by total assets." (Ang, Cole, Lin 2000) Privately h~ld firms are chosen for their study because manager ownership can range from 100% to 0% and aptly spans the data set. They further hypothesize: "i: agency costs are higher at firms whose managers own none of the firm's equity, ii: agency costs are an inverse function of the managers' ownership stake, and iii: agency costs are an increasing function of the number of non-manager shareholders." (Ang, Cole, Lin 2000) Ang, Cole and Lin found the following: "First, we find that agency costs are higher when an outsider manages the firm. Second, we find that agency costs vary inversely with the manager's ownership share. Third, we find that agency costs increase with the number of nonmanager shareholders. Fourth, we also find that, to a lesser extent, external monitoring by banks produces a positive externality in the form of lower agency costs." (Ang, Cole, Lin 2000) 3 Quantity versus Quality of Directors ' Time: The Effectiveness of Directors and Nt!mber of Outside Directorships (Li & Ang 2000) sought to examine effects ofthe number of multiple directorships on merger and post-merger share price. Their premise was that expertise is more valuable than attention and that this is a reason why large boards can increase the value of a firm. Data was selected from 121 firms that had become merger targets from 1989-1993 (Li & Ang 2000). Director ownership information was extracted from the Lexis/Nexis database. The attention hypothesis and the expertise hypothesis were created. The attention hypothesis followed the popular opinion that directors with multiple directorships tend to be inefficient directors and cites several articles including a 1997 Business Week cover story. Li & Ang's expertise hypothesis is formulated around the idea that in special circumstances directors are able to bring their expertise to bear on the issues at hand and therefore add shareholder value to assets, despite their diverted attention. Two sets of circumstances are addressed, routine monitoring and special circumstance monitoring. Routine monitoring was designed to address the truth of the attention hypothesis and the fallacy of the expertise hypothesis. Unfortunately, routine monitoring was unable to support either the attention hypothesis or the expertise hypothesis. Conversely, special circumstance monitoring was designed to address the fallacy of the attention hypothesis and the truth in the expertise hypothesis. As was seen in the routine monitoring, the special circumstance monitoring results did not clearly support-either hypothesis. Kiel and Nicholson's (2006) article on multiple directorships" ... consider[s] the extent of multiple directorships in companies listed on the Australian Stock Exchange (ASX) and whether there is any relationship between director workloads and the performance of the 4 companies they govern." They perform a seemingly exhaustive literature review and set out to create a numerical value for board interconnection. They create a metric for board size, board interconnection and board workload. They further discuss the equivalent workload of each director position in terms of the rhetoric of the Australia Shareholders' Association (ASA). The ASA published a calculation stating " ... that a chairmanship requires three times the effort of a [director's] workload, while a deputy chairmanship is equal to two directorships." (Kiel & Nicholson 2006) Kiel and Nicholson sort the data set of firms into six categories: 1. I:op 100 companies. 2. Top 200 companies. 3. S&P/ASX 200 companies. 4. The S&P/ASX 200. 5. All listed entities. 6. Corporate groups. They perform their directorship calculations with respect to risk adjusted total shareholder return. Their report shows there is no empirical evidence to support the ASA statement on multiple directorships, that "there is a link between companies with difficulties and the workloads of their boards" and that Kiel & Nicholson's work undermines the findings of the A SA. Determining the existence ofAmakudari in publicly-traded Japanese companies: a Poisson Regression Approach written by Sang-Young Rhyu (2008) is a very interesting 5 study. In this letter found in Applied Economics Letters the Amakudari are defined as a political-economic phenomenon which is frequently observed in the economies of both the Japanese and other modem societies. In this phenomenon, retired high-ranking bureaucrats are appointed as top executives in lucrative private firms that are regulated by government ministries or main banks. These high-ranking ex-government officials use their influence to obtain favorable legislation and treatment for their companies.(Rhyu 2008) Rhyu continues the letter with the understanding that the data violates the laws of linear regression and that Poisson's regression analysis is required. When Amakudari are hired from one of the three subgroups, subsequent hirings are made from the same sector. He also found a direct relationship between the number of Amakudari and a company's sales. High government ownership was found to result in increased Amakudari from the government sector, while trade unions resulted in more broadly defined Amakudari. Publicly traded companies with higher government ownership typically hired more Amakudari from the government sectors and fewer from the financial sectors. Companies which were foreign-owned had fewer Amakudari hired from quasigovemment companies. The term Amakudari transliterates as "descent from heaven" (Rhyu 2008) The Small World of Corporate Boards by Conyon and Muldoon (2006) makes some very interesting suppositions. They suggest that the 'Small World' of the corporate elite can be structured and modeled with network theory graphs. The advent of low cost computational power allows massive random interconnecting networks to be modeled efficiently. They further set out to define 'Small World' and board interconnectedness in 6 terms of social network structures; a phenomenon where boards of directors are clearly more interconnected than the random models. Graphs are drawn where boards are circular and fully interconnected structures and the common board members are shared. This creates graphical representations of degrees of separation of boards. 2.1 -ANALYSIS OF LITERATURE Li and Ang's (2000) work examines the share price increase as a measure of the performance of directors in a merger situation only. I posit that any director cognizant of a directorship position jeopardized by a merger will reduce any shirking and perquisite consumption to near-zero values because they are being observed and because the process is competitive. Li and Ang's two hypotheses diverge; one is focused on attention and another on expertise. Since expertise is optimally nearly unique on a board it may be improperly addressed by those who are believers in the attention hypothesis. To be critical I would suggest that directors of merger targets begin to groom their firms for acquisition several years prior to becoming a target and thus reduce perquisite consumption in the hopes of either a new position with greater responsibility and greater compensation or a compensation package and the hope of a position elsewhere. To be further critical, to see post share price increases in the market, I would consider the postmerger share prices to be indicative of investors considering the economy of scale of the new enterprise. Reasonable investors, noting that the boards are too large or inefficient in a merger process, will selectively purchase shares where board membership will be reduced and gains in p9st-merger firm efficiency can be realized. Further, while directors are managing a merger logically, following from the attention hypothesis it would reduce 7 their ability to manage the firm by time and logically, from the expertise hypothesis firm inefficiencies would follow from the additional directors and auditors necessary to manage the merger process. Since neither hypothesis supports the improvement of the managing of the merging firms' assets during the merger process, both of these would have normalizing effects on the directorship data. Determining the existence ofAmakudari in publicly-traded Japanese companies: a Poisson Regression Approach written by Sang-Young Rhyu (2008) demonstrates that the results are non-linear as the number of Amakudari in a firm increase, it does so to an optimal point and declines from there. The use of non-linear models and the comparison to asymmetric distribution gives way to data which may follow a predictive model in Japan. Bureaucrats may not have the same extent of cultural influence in other markets to generate results as strong as those seen for Japan Kie1 and Nicholson's (2006) article on multiple directorships provided metrics for board size, board interconnection and board workload and are of interest here. The notion that the equivalent workload of each director position " ... that a chairmanship requires three times the effort of a [director's] workload, while a deputy chairmanship is equal to two directorships.", in terms of the ASA discussion, is of interest to us. Defining the workload and general health of a board in terms of a simple tally that can be readily handled and compared easily is paramount to the success of this study. The consideration of agency cost as a measure of firm efficiency or vice-versa is missing in this study. While a firm can be returning shareholder value because of its noted network of 8 interconnected participants what is not captured is the potential for increased perquisite consumption by the more connected board members. The effectiveness or capacity for abundance of the firm is captured in terms of risk adjusted total shareholder return but it fails to address the potential for inefficiency in the firm. Further one could argue that this procedure stands to reinforce the 'Old Boys Club' in that directors and shareholders alike are rewarded for increasing the capacity of the director' s network but not the efficiency ofthe firm. The Small World of Corporate Boards by Conyon and Muldoon (2006) argued against the perceptions that boards are superfluously interconnected or 'clubby' and this study asserts that the process is sufficiently similar to random. What this study does not account for is the possibility of canceling (addition and subtraction) of director connections. Shareholders have an expectation that directors will use whatever means possible to make decisions to benefit the shareholders- this includes the power of social networking. While it seems intuitive that directors, having scarce abilities, opportunity or understanding would push the graphical network toward greater randomness and that being in a particular socioeconomic class or enjoying similar beliefs, ethics or even recreational pastimes would have a sorting and interconnecting effect on the graph. Further, interconnections by family relations are not considered nor are any structures of government considered a board. The consideration of this potential addition or subtraction does not materialize in the study. Another key point overlooked here is the effect of interconnectedness on shareholder value. I suggest that shareholders would not want to invest money in firms that were directed by networks that are sufficiently 9 random. Shareholders want the assurance the directors are sufficiently connected and that value is being returned. It is possible that efficiencies gained through personal relationships are lost in perquisite consumption and beyond the scope of Conyon and Muldoon's work. 2.2 SYNTHESIS OF LITERATURE Jensen & Meckling (1976) wrote the seminal work on agency costs and defined it as the sum of three components, the monitoring expenditures by the principal, the bonding expenditures by the agent and the residual loss. As the number of paid directors increases, the monitoring costs and bonding expenditures also increase. Likewise firm efficiency would increase up to the point of having surplus directorship and at some surplus point it is reasonable to assume that with too many directors, or directors spread too thinly, the efficiency would decrease. Noting Li and Ang (2000) it is clear that a sample of merger targets may bias or dilute the results therefore the sample set was broadened to be a representative year of the listed firms on the Toronto Stock Exchange. It was then further broadened to capture a boombust cycle by including the adjacent year. Kiel and Nicholson's (2006) article on multiple directorships gives us a tallying mechanism for quantifying the workload that directors face. The method is of interest here. By expanding the tally method to a include the difference in workload of directors 10 acting on behalf of a firm vs. acting on behalf of other firms we can relate this to the chosen financial ratio. Conyon and Muldoon (2006) demonstrated results that were equivalent to random by examining graph theory, and excluding agency costs. Conversely in our present study the graphical method is eliminated, the directorship interconnectedness tallied and a measurement of agency costs, in terms of firm efficiencies, is compared. This study uses the rational board score tallying similar to that ofKeil and Nicholson (2006) and agency costs in terms of the efficiency of a firm from Ang, Cole and Lin's (2000) second metric to consider the agency costs from multiple directorships. To avoid the problems seen in Li and Ang's (2000) study where the sample set of merger targets is potentially affected by the experimental method the entire set of listed firms on the Toronto Stock Exchange was selected. CHAPTER THREE -METHODOLOGY The OSIRIS Database service by Bureau van Dijk Electronic Publishing provided quarterly reports for the one thousand forty publicly traded firms on the Toronto Stock Exchange. This set of reports contained the names of directors on the board and a few financial ratios. These reports were transferred from a text format into Excel to form sequential lists. One list was then sorted by director position and positions scored based on estimated workload. These are called position scores (PS). On another sheet the position scores of the directors were summed and these summation scores (director 11 summation scores (DSS) were applied to the original list. The firm score (FS) is the sum of the director summation scores minus the sum of the position scores (PS) for the firm. This novel summation captures three issues in poor corporate governance, multiple directorships within the same firm, multiple directorships across other firms regardless of market share (firm interconnectedness), and the split in the responsibilities and time commitments of the board of directors as a whole. These summations are compared to firm efficiency by sector and a log regression is applied to the data sector by sector. The resulting sample consists of 1018 firms and 14,049 published manager/director positions. The number of firms and directors in the spreadsheet provided with this report is 1024 and 14,055 respectively, as six firms do not report board of directors information in the OSIRIS data base. The tally process assigned director scores of zero to those six data points and as such they drop out of the model. The 14,049 director positions are assigned a score between zero and two according to perceived workload or responsibilities. CEOs or Chairs are awarded a score of 2, a typical director position being awarded a 1, and a recording secretary or assistant being awarded a zero. Further clarification of the director position scores is in Appendix I. Of interest, is the particular attention to income trust firms in Canada. For these firms, the corporate tax structure is applied differently and this loophole increases profitability. Directors are often assigned Trustee roles in these firms. They are given a position score of 0. 7, lower than a director managing a firm because they are managing the financial trust side ofthe firm only. 12 The director positions are alphabetized and the position scores for identical names are summed to create the director scores. The list is organized by firm and the board score is the sum of the position scores for the sitting board of directors. This is intended to capture the amount of strength and commitment required to manage the firm. 'LPS}irm = BS firm The firm score (FS) is the sum of the director scores (DS). This score represents the amount of lateral influence the firm would have access to for decision making. "£DS[irm = FS[irm The governance score (GS) of a firm is the difference between the firm score and the board score. The governance score is a measurement of the relative interconnectedness of the board, the efforts required to maintain the interconnections and the power associated with the interconnected positions. GSfirm = FSfirm - BSfirm The efficiency ratios (agency costs) for the firms were taken from the Osiris Database in April 2009. * The ratios were associated with the last annual report date and for the dates two years prior. The firm efficiencies were then resorted by reporting year and the governance score and where the firms did not report in the year 2007 or the year 2008, or reported negative efficiency they were assigned a null value. *Note: Thirty-eight (38) firms were missed during the first round of data collection. A list of them is provided in Appendix II in case a research error was introduced. 13 CHAPTER FOUR- DISCUSSION OF EMPIRICAL RESULTS We now have a 2007 efficiency ratio and a 2008 efficiency ratio to compare to the governance scores. The 2009 efficiency ratio in the spreadsheet is a placeholder used to -trap incomplete annual information as it is being reported by the database. The opportunity to capture the effects of the financial collapse in the United States and the onset of the global recession on firm efficiency was too great to pass up in this research. At this point in the analysis, the firms were split into the ten sectors as described by the Industry Classification Benchmark (2008) as follows: Sector Zero: Oil and Gas Sector One: Basic Materials Sector Two: Industrials Sector Three: Consumer Goods Sector Four: Healthcare Sector Five: Consumer Services Sector Six: Telecommunications Sector Seven: Utilities Sector Eight: Financials Sector Nine: Technology The Graphs are plotted for the ten sectors for years ending 2007 and 2008 in the interests of capturing the data in light of the boom-bust cycle of the Toronto Stock Exchange. Zero values for governance score are truncated to facilitate logarithmic regression. 14 Governance Score vs Efficiency Sector Zero • Oil and Gas 3 2.5 !-... g 2 ~ ::>. (,) s::: - 1.5 cGl ·;; !E w 1 0.5 0 0 10 20 30 40 50 60 Governance Score 2008 Figure 2 - Sector Zero - Governance Score 2008 vs. Efficiency 2008 15 70 Governance Score vs Efficiency Sector One • Basic Materials 2.5 2 ""g 1.5 N ~ £'! ·;:; "' i: w 1 0.5 0 0 10 30 20 40 50 Gov ernance Score 2008 Figure 3 - Sector One - Governance Score 2008 vs. Efficiency 2007 Governance Score vs Efficiency Sector One - Basic Materials 4 3.5 3 (0 0 0 N ...1::> ...• i: w 2.5 2 1.5 •J 0.5 0 0 10 20 30 40 Governance Score 2008 Figure 4 - Sector One - Governance Score 2008 vs. Efficiency 2008 16 50 Governance Score vs Efficiency Sector Two ·Industrials 4 3.5 3 t- 0 0 N ;>. "c ·;:;; ;:::"' w 2.5 2 1.5 1 0.5 0 0 10 20 30 ~ 40 50 60 Score 2008 Figure 5 - Sector Two - Governance Score 2008 vs. Efficiency 2007 Governance Score vs Efficiency Sector Two • Industrials 4 3.5 3 <0 0 0 N > Q 2.5 q; 2 w 1.5 ...;:::c ., 0.5 0 0 10 30 20 40 50 Governance Score :2008 Figure 6 - Sector Two - Governance Score 2008 vs. Efficiency 2008 17 60 Governance Score vs Efficiency Sector Three - Consumer Goods 2.5 2 ~ 8 1.5 C-1 > <.1 c: .! .., i: w 1 0.5 0 0 20 10 30 40 Governance Score 2008 Figure 7 - Sector Three- Governance Score 2008 vs. Efficiency 2007 Governance Score vs Efficiency Sector Three • Consumer Goods 3.5 3 (() 0 0 ~ ><> c: 2.5 2 ....fJI 1.5 i: w '1 0.5 0 0 20 10 30 Governance Score 2008 Figure 8 - Sector Three - Governance Score 2008 vs. Efficiency 2008 18 40 Governance Score vs Efficiency Sector Four· Healthcare 1.6 1.4 1.2 1'-. 0 0 •J ~ ... 0.8 ;>. c ·;; "' 5: w 0.6 0.4 0.2 0 0 20 10 30 40 Govern:mce Score 2008 Figure 9- Sector Four - Governance Score 2008 vs. Efficiency 2007 Governance Score vs Efficiency Sector Four • Healthcare 2.5 ...') ~ 0 ~ .., >- cGl ·;:; 5: w 1.5 1 0.5 0 0 20 30 Governance Score 2008 Figure 10- Sector Four- Governance Score 2008 vs. Efficiency 2008 19 40 Governance Score vs Efficiency Sector Five· Consumer Services 10 9 s 7 8N"'"' 6 5 4 3 2 1 :>. ~ i: . i"' •t; f: w 5 4 3 2 1 0 0 20 40 60 80 ~ 100 ·t20 Score 2008 Figure 12 - Sector Five- Governance Score 2008 vs. Efficiency 2008 20 140 Governance Score vs Efficiency Sector Six· Telecommunications 1.2 1 ..... 8 0.8 ~ > <.) c ·;:; 0.6 w 0.4 5:: 0.2 0 0 10 20 30 40 50 Govern:mce Seore 2008 Figure 13 - Sector Six - Governance Score 2008 vs. Efficiency 2007 Governance Score vs Efficiency Sector Six • Telecommunications 2 1.8 1.6 1.4 0 0 '1.2 >...s::: 1 ...."' 0.8 5:: w 0.6 (() ~ 0.4 0.2 0 0 10 20 30 40 Governance Score 2008 Figure 14 - Sector Six- Governance Score 2008 vs. Efficiency 2008 21 50 Governance Score vs Efficiency Sector Seven • Utilities 0.8 0.7 0.6 I'-< 0 0 ~ 0.5 """ c 0.4 <.) "' ·;:; w 0.3 ij;: 0.2 0.1 0 0 10 20 30 40 50 60 70 Figure 15 - Sector Seven- Governance Score 2008 vs. Efficiency 2007 Governance Score vs Efficiency Sector Seven ·Utilities '1.8 1.6 •1.4 (0 0 0 •1.2 ..,>- 1 •t; 0.8 (',! c41 it w 0.6 0.4 0.2 0 0 10 20 30 40 50 60 Governance Score 2008 Figure 16- Sector Seven- Governance Score 2008 vs. Efficiency 2008 22 70 Governance Score vs Efficiency Sector Eight .. Flnanclals 3 2.5 "'g 2 ('.1 :>. "...c 1.5 .<> i: w 1 0.5 0 0 10 20 30 40 50 60 70 Govun::mce Score 2008 Figure 17 - Sector Eight- Governance Score 2008 vs. Efficiency 2007 Governance Score vs Efficiency Sector Eight • Financials 3 2.5 (() 0 0 2 ('l ::.-.., c 1.5 • •t; iE w 1 0.5 0 0 10 20 30 40 50 60 Governance Score 2008 Figure 18 - Sector Eight- Governance Score 2008 vs. Efficiency 2008 23 70 Governance Score vs Efficiency Sector Nine· Technology 4.5 4 3.5 ... 3 8 ;. ... 2.5 ; ·.,; ;e W 2 ·1.5 'I 0.5 0 0 10 20 30 ~ 40 50 Seore 2007 Figure 19 - Sector Nine -Governance Score 2008 vs. Efficiency 2007 Governance Score vs Efficiency Sector Nine· Technology 4.5 4 3.5 3 ;. ... 2.5 ~ 0 c ·t 2 ffi '1.5 1 0.5 0 0 10 30 20 40 Governance Score 2008 Figure 20- Sector Nine - Governance Score 2008 vs. Efficiency 2008 24 50 4.1 DISCUSSION OF LOGARITHMIC REGRESSION The results are clearly non-linear and non-correlative. Because strong correlation was not observed, the comparison of linear functions from sector to sector would be of little value. A statistical analysis package called Eviews was applied to the sector to sector data. This provided the opportunity to make diligent comparisons from sector to sector, comparing the means and the data sets as wholes. The raw results from the sector to sector comparisons can be seen in Appendix III. Finally, to end any further discussions on linear regression, a set of variable to variable, variable to log, log to variable, and log to log regressions were performed. This data is included in the electronic submission with the spreadsheet but is of little value. The regression results are too weak. The discussion of the sector to sector results follows. 4.2 SECTOR TO SECTOR DISCUSSION The compared averages in firm score and board score only change as firms are listed or de-listed from the Toronto Stock Exchange during the time-span of this study. Since this happened in Sector Three- Consumer Goods with a loss of one (1) reporting firm and Sector Four- Healthcare with a gain of fourteen ( 14) reporting firms this has a tendency to move the compared averages more rapidly. 25 4.2.1 SECTOR ZERO DISCUSSION- OIL AND GAS The Sector Zero Log trend lines remained concave down for the entire data set and for the firms with upper decile efficiency. Upper decile efficiency rose slightly in 2008 where governance scores range from 1 to 38 and where peak efficiency is associated with a Governance Score of 23. The overall 2008 Sector Zero efficiency dropped slightly and reported a governance score as high as 58. 2007 Board Score 2008 Board Score t-test t-test 2007 2008 Sector Zero 13.91 same Sector One 12.73 same .0026 same Sector Two 13.40 same .2926 same Sector Three 14.27 14.30 (up 0.03) .5840 .5577 Sector Four 13 .39 13 .23 (dn 0.16) 0.3667 0.1889 Sector Five 14.65 same 0.2205 same Sector Six 16.89 same 0.0201 same Sector Seven 13.88 same 0.9682 same Sector Eight 13.10 same 0.1612 same Sector Nine 12.89 same 0.0590 same Table 1- Sector Zero- Mean Board Scores and t-tests 26 2007 Firm Score 2008 Firm Score t-test 2007 t-test 2008 Sector Zero 33.80 same -- -- Sector One 30.68 same .0112 same Sector Two 30.44 same .0276 same Sector Three 30.86 30.72 (dn 0.14) .1386 .1248 Sector Four 29.10 29.08 (dn 0.02) 0.0117 0.0045 Sector Five 36.44 same 0.2389 same Sector Six 40.39 same 0.1117 same Sector Seven 38.24 same 0.0926 same Sector Eight 31.42 same 0.1775 same Sector Nine 28.16 same 0.0012 same Table 2- Sector Zero- Mean F1rm Scores and t-tests Relating back to our hypothesis about Shirking and Multiple Directorships and comparing other sectors to Sector Zero, we should see that the sectors that have the smallest mean number of directors on their boards and the lowest numbers of average sittings should be those with the least shirking, the lowest agency costs and be most efficient. Sector Zero is fourth lowest of ten sectors for Board Score and fourth lowest of ten sectors for Firm Score. Strangely it is the seventh highest (third from last) for efficiency. If we consider the treatment of averages to be representative of the sector 27 subtracting the mean ofthe Board Score of Sector Zero (13.91) from the mean ofthe . Firm Score of Sector Zero (33 .80) producing a difference ofmeans of 19.89. This Board Score translates to a an average board of one CEO and roughly Twelve directors for a counted score of 14, the directors and CEO then hold collectively nearly 20 other board seats on average. A comparison of the efficiency of Sector Zero 2007 (.4348) and Sector Zero 2008 (.4548) with the remaining nine sectors and their efficiencies and t-test scores with respect to the Sector Zero Data gives the following table: 2007 Efficiency 2008 Efficiency t-test 2007 t-test 2008 Sector Zero 0.4347 0.4548 (up 0.0201) -- -- Sector One 0.4919 0.5322 (up 0.0403) 0.2568 0.1644 Sector Two 1.1576 1.1665 (up 0.0089) 0.0000 0.0000 Sector Three 1.1677 1.1633 (dn 0.0044) 0.0000 0.0000 Sector Four 0.3838 0.39200 (up 0.0082) 0.4148 0.3206 Sector Five 1.4595 1.26460 (dn 0.1949) 0.0000 0.0000 Sector Six 0.6482 0.8421 (up 0.1759) 0.1866 0.0068 Sector Seven 0.2728 0.3438 (up 0.071) 0.0428 0.1667 Sector Eight 0.3959 0.41480 (up 0.0189) 0.5469 0.5371 Sector Nine 1.1628 1.17360 (up 0.0108) 0.0000 0.0000 Table 3 - Sector Zero - Mean Efficiencies and t-tests 28 The t-test scores show that the efficiencies are not likely similar to Sector Zero for Sector Two, Sector Three, Sector Five and Sector Nine; and that Sector Eight efficiencies are most like those of Sector Zero followed by Sector Four, Sector One, Sector Seven and finally Sector Six. In light of the Firm Scores and Board Scores and the Shifts observed in Sector three and Sector Four the change in efficiencies are small and compared to the strength of Sector Zero. 4.2.2 SECTOR ONE DISCUSSION- BASIC MATERIALS Sector one and those that follow demonstrate only changes in the t-test. Sector one shows an interesting market shift from 2007 to 2008 where firms with high governance scores trended high in the bull market and trended low in the bear year. Peak efficiency in 2007 is associated with a governance score of fifteen (15) and four (4) in 2008. The trend lines are concave down in the bull year and concave up in the bear year for the whole sector and for the upper decile efficiency firms. This suggests that lower Governance Scores may allow firms to be more robust in the downturn. 29 2007 Board Score 2008 Board Score t-test t-test 2007 2008 Sector Zero 13.91 same .0026 same Sector One 12.73 same -- -- Sector Two 13.40 same .1373 same Sector Three 14.27 14.30 (up 0.03) .0240 .0229 Sector Four 13.39 13.23 (dn 0.16) 0.2859 0.3675 Sector Five 14.65 same 0.0007 same Sector Six 16.89 same 0.0035 same Sector Seven 13.88 same 0.1539 same Sector Eight 13.10 same 0.4781 same Sector Nine 12.89 same 0.7647 same Table 4- Sector One- Mean Board Scores and t-tests 30 2007 Firm Score 2008 Firm Score t-test 2007 t-test 2008 Sector Zero 33 .80 same .0112 same Sector One 30.68 same -- -- Sector Two 30.44 same .8615 same Sector Three 30.86 30.72 (dn 0.14) 0.9284 0.9851 Sector Four 29.10 29.08 (dn 0.02) 0.4016 0.3376 Sector Five 36.44 same 0.0032 same Sector Six 40.39 same 0.0249 same Sector Seven 38.24 same 0.0036 same Sector Eight 31.42 same 0.6345 same Sector Nine 28.16 same 0.1374 same • Table 5 - Sector One - Mean Firm Scores and t-tests Sector one is sixth place for mean efficiency score and holds the lowest mean board score (fewest average board members) and holds the seventh lowest firm score out of the ten sectors. Subtracting the mean of the board score of sector one ( 12.73) from the mean of the firm score of sector one (30.68) producing a difference of means of 17.95 . This board score translates to a an average board of one CEO and roughly eleven directors for a counted score of 13, the directors and CEO then hold collectively nearly 18 other board seats on average. 31 A comparison ofthe efficiency of Sector One 2007 (.4919) and Sector One 2008 (.5322) with the remaining eight sectors and their efficiencies and t-test scores with respect to the Sector Zero Data gives the following table: 2007 Efficiency 2008 Efficiency t-test 2007 t-test 2008 Sector Zero 0.4347 0.4548 (up 0.0201) 0.2568 0.1644 Sector One 0.4919 0.5322 (up 0.0403) -- -- Sector Two 1.1576 1.1665 (up 0.0089) 0.0000 0.0000 Sector Three 1.1677 1.1633 (dn 0.0044) 0.0000 0.0000 Sector Four 0.3838 0.3920 (up 0.0082) 0.1345 0.0983 Sector Five 1.4595 1.26460 (dn 0.1949) 0.0000 0.0000 Sector Six 0.6482 0.8421 (up 0.1759) 0.4121 0.1257 Sector Seven 0.2728 0.3438 (up 0.071) 0.0203 0.0965 Sector Eight 0.3959 0.41480 (up 0.0189) 0.1895 0.1561 Sector Nine 1.1628 1.17360 (up 0.0108) 0.0000 0.0000 Table 6- Sector One- Mean Efficiencies and t-tests The t-test scores show that the efficiencies are not likely similar to Sector One for Sector Two, Sector Three, Sector Five and Sector Nine; and Sector Eight and Sector Six efficiencies are most like those of Sector One. The other comparisons are weak. 4.2.3 SECTOR TWO DISCUSSION- INDUSTRIALS The log trend lines flattened during the bear market year for the sector as a whole and the upper decile efficiency firms with low Governance 32 ~ fared better with respect to efficiency during the downturn. Sector Two upper decile efficiency firms report a range of Governance Scores similar to those across the entire sector. 2007 Board Score 2008 Board Score t-test t-test 2007 2008 Sector Zero 13.91 same .2926 same Sector One 12.73 same .1373 same Sector Two 13.40 same -- -- Sector Three 14.27 14.30 (up 0.03) .2803 .2694 Sector Four 13.39 13.23 (dn 0.16) 0.9845 0.7823 Sector Five 14.65 same 0.0804 same Sector Six 16.89 same 0.0302 same Sector Seven 13.88 same 0.6064 same Sector Eight 13.10 same 0.6485 same Sector Nine 12.89 same 0.4371 same Table 7- Sector Two- Mean Board Scores and t-tests 33 2007 Firm Score 2008 Firm Score t-test 2007 t-test 2008 Sector Zero 33.80 same .0276 same Sector One 30.68 same .8615 same Sector Two 30.44 same -- -- Sector Three 30.86 30.72 (dn 0.14) 0.8536 0.9039 Sector Four 29.10 29.08 (dn 0.02) 0.5320 0.4750 Sector Five 36.44 same 0.0185 same Sector Six 40.39 same 0.0395 same Sector Seven 38.24 same 0.0107 same Sector Eight 31.42 same 0.6252 same Sector Nine 28.16 same 0.2507 same Table 8 - Sector Two- Mean Firm Scores and t-tests Sector Two is sixth place for Mean Efficiency Score and holds the lowest Mean Board score (fewest average board members) and holds the seventh lowest firm score out of the ten sectors. This shows an average trend toward firms that are more connected than in other sectors. Subtracting the mean of the Board Score of Sector One (13.40) from the mean ofthe Firm Score of Sector One (30.44) producing a difference of means of 17.04. This Board Score translates to a an average board of one CEO and on average nearly eleven and a half directors, the directors and CEO then hold collectively nearly 17 other board seats on average. 34 A comparison ofthe efficiency of Sector Two 2007 (1.1576) and Sector Two 2008 (1.1665) with the remaining seven sectors and their efficiencies and t-test scores with respect to the Sector Two Data gives the following table: 2007 Efficiency 2008 Efficiency t-test 2007 t-test 2008 Sector Zero 0.4347 0.4548 (up 0.0201) 0.0000 0.0000 Sector One 0.4919 0.5322 (up 0.0403) 0.0000 0.0000 Sector Two 1.1576 1.1665 (up 0.0089) -- -- Sector Three 1.1677 1.1633 (dn 0.0044) 0.9352 0.9795 Sector Four 0.3838 0.3920 (up 0.0082) 0.0000 0.0000 Sector Five 1.4595 1.26460 (dn 0.1949) 0.0642 0.4744 Sector Six 0.6482 0.8421 (up 0.1759) 0.0988 0.2059 Sector Seven 0.2728 0.3438 (up 0.071) 0.0000 0.0000 Sector Eight 0.3959 0.41480 (up 0.0189) 0.0000 0.0000 Sector Nine 1.1628 1.17360 (up 0.0108) 0.9646 0.9487 Table 9- Sector Two- Mean Efficiencies and t-tests The t-test scores show that the efficiencies likely similar to Sector Two are Sector Three, Sector Nine and Sector Five in that order; and that Sector Six is considerably less similar efficiencies. 35 4.2.4 SECTOR THREE DISCUSSION- CONSUMER GOODS From the log trend graphs we can see that the range of Governance Scores contracted during the economic decline and shifted from broad and concave up to narrow and concave down. Although mean efficiency dropped very slightly the upper decile efficiency firms performed better in the downturn. 2007 Board Score 2008 Board Score t-test t-test 2007 2008 Sector Zero 13.91 same .5840 .5577 Sector One 12.73 same .0240 .0229 Sector Two 13.40 same .2803 .2694 Sector Three 14.27 14.30 (up 0.03) -- -- Sector Four 13.39 13.23 (dn 0.16) 0.2958 0.1672 Sector Five 14.65 same 0.7069 0.7320 Sector Six 16.89 same 0.1404 0.1487 Sector Seven 13.88 same 0.7187 0.7011 Sector Eight 13.10 same 0.2447 0.2382 Sector Nine 12.89 same 0.0941 0.0905 Table 10- Sector Three- Mean Board Scores and t-tests 36 2007 Firm Score 2008 Firm Score t-test 2007 t-test 2008 Sector Zero 33.80 same .1386 .1248 Sector One 30.68 same .9284 .9851 Sector Two 30.44 same .8536 .9039 Sector Three 30.86 30.72 (dn 0.14) -- -- Sector Four 29.10 29.08 (dn 0.02) 0.4040 0.3933 Sector Five 36.44 same 0.1282 0.1230 Sector Six 40.39 same 0.0263 0.0258 Sector Seven 38.24 same 0.0313 .0301 Sector Eight 31.42 same 0.8451 0.0258 Sector Nine 28.16 same 0.2186 0.0301 Table 11 - Sector Three -Mean Firm Scores and t-tests Sector Three mean efficiency moves from second place in 2007 to fourth place in 2008. the grouping of mean efficiencies is closely related and the 0.44% change in mean efficiency changes its ranking. Sector Three holds the third highest Mean Board score which increases by 0.03, from 14.27 to 14.30 from 2007 to 2008.· This change occurs due to the loss of a firm with a low Board Score. The mean Board Score t-test shows that Sector Three Board Scores are most like Sector Five and Sector Seven Board Scores and least like Sector Nine. Sector Three holds the sixth highest Mean Firm score which decreases by 0.14, from 30.86 to 30.72 from 2007 to 2008. This change occurs due to the loss of a firm with a high Firm Score. Subtracting the mean of the 2007 Board Score of 37 Sector Three (14.27) from the mean ofthe 2007 Firm Score of Sector Three (30.86) producing a difference of means of 16.59. Subtracting the mean ofthe 2008 Board Score of Sector Three (14.30) from the mean of the 2008 Firm Score of Sector Three ~ producing a difference of means of 16.42. This Board Score translates to a an average board of one CEO and a little more than twelve directors for a counted score just over 14, the directors and CEO then hold collectively nearly 16 other board seats on average. This mean difference suggests that directors were less interconnected after losing a firm. A comparison of the efficiency of Sector Three 2007 ( 1.1677) and Sector Three 2008 (1.1633) with the other nine sectors and their efficiencies and t-test scores with respect to the Sector Three Data gives the following table: 2007 Efficiency 2008 Efficiency t-test 2007 t-test 2008 Sector Zero 0.4347 0.4548 (up 0.0201) 0.0000 0.0000 Sector One 0.4919 0.5322 (up 0.0403) 0.0000 0.0000 Sector Two 1.1576 1.1665 (up 0.0089) 0.9352 0.9795 Sector Three 1.1677 1.1633 (dn 0.0044) -- -- Sector Four 0.3838 0.3920 (up 0.0082) 0.0000 0.0000 Sector Five 1.4595 1.26460 (dn 0.1949) 0.2262 0.6155 Sector Six 0.6482 0.8421 (up 0.1759) 0.0397 0.1793 Sector Seven 0.2728 0.3438 (up 0.071) 0.0000 0.0000 Sector Eight 0.3959 0.41480 (up 0.0189) 0.0000 0.0000 Sector Nine 1.1628 1.17360 (up 0.01 08) 0.9728 0.9426 Table 12 - Sector Three- Mean Efficiencies and t-tests 38 The t-test scores show that the efficiencies are not likely similar to Sector Zero, Sector One, Sector Four, Sector Seven, Sector Eight and to a lesser extent Sector Six; and that Sector Nine is most likely similar to Sector Three followed by Sector Five. Sector Three mean efficiencies became more like Sector Five and Sector Six and less like Sector Nine. 4.2.5 SECTOR FOUR DISCUSSION- HEALTHCARE Sector Four comparisons proceed similarly to Sector Three because the sample size changes. Several firms entered the market in Sector Four in 2008 changing the Board Scores and Firm Scores. The upper decile sector four firm log trends remained concave down and flattened only slighty during the decline. The log trends for the entire sector remained concave up and flattened only slightly during the decline. Further the log trends for Sector Four correlate very poorly to the trend line. The stronger correlation to the upper decile log trend may be due to the 90% smaller data set. 39 2007 Board Score 2008 Board Score t-test t-test 2007 2008 Sector Zero 13.91 same .3667 .1889 Sector One 12.73 same .2859 .3675 Sector Two 13.40 same .9845 .7823 Sector Three 14.27 14.30 (up 0.03) .2958 .1672 Sector Four 13.39 13.23 (dn 0.16) -- -- Sector Five 14.65 same 0.1563 0.0748 Sector Six 16.89 same 0.0130 0.0054 Sector Seven 13.88 same 0.5761 0.4200 Sector Eight 13.10 same 0.7475 0.8722 Sector Nine 12.89 same 0.4746 0.5987 Table 13- Sector Four- Mean Board Scores and t-tests 40 2007 Firm Score 2008 Firm Score t-test 2007 t-test 2008 Sector Zero 33.80 same .0117 .0045 Sector One 30.68 same .4016 .3376 Sector Two 30.44 same .5320 .4750 Sector Three 30.86 30.72 (dn 0.14) .4040 .3933 Sector Four 29.10 29.08 (dn 0.02) -- -- Sector Five 36.44 same 0.0332 0.0161 Sector Six 40.39 same 0.0047 0.0018 Sector Seven 38.24 same 0.0045 0.0015 Sector Eight 31.42 same 0.3837 0.3218 Sector Nine 28.16 same 0.6444 0.6151 Table 14- Sector Four- Mean Firm Scores and t-tests Sector Four mean efficiency is the lowest of all sectors. Sector Four holds the seventh highest Mean Board score which decreases by 0.16, from 13.39 to 14.23 from 2007 to 2008. Sector Four holds the lowest Mean Firm score which decreases by 0.02, from 29.10 to 29.08 from 2007 to 2008. These come from the newly listed firms having lower mean Board Scores and lower mean Firm Scores than the previous means. The mean Board Score t-test shows that Sector Four Board Scores are most like Sector Eight Board Scores and least like Sector Six. Subtracting the mean of the 2007 Board Score of Sector Four (13.39) from the mean ofthe 2007 Firm Score of Sector Four (29.10) producing a difference of means of 15.71. Subtracting the mean ofthe 2008 Board Score of Sector Three (13.23) from the mean of the 2008 Firm Score of Sector Three (29.08) producing a 41 difference of means of 15.85. The directors and CEO then hold collectively nearly 16 other board seats on average. The difference on means suggests that directors were more interconnected with the additional new firms. A comparison of the efficiency of Sector Four 2007 (0.3838) and Sector Four 2008 (0.3920) with the remaining six sectors and their efficiencies and t-test scores with respect to the other sectors gives the following table: 2007 Efficiency 2008 Efficiency t-test 2007 t-test 2008 Sector Zero 0.4347 0.4548 (up 0.0201) 0.4148 0.3206 Sector One 0.4919 0.5322 (up 0.0403) 0.1345 - 0.0983 Sector Two 1.1576 1.1665 (up 0.0089) 0.0000 0.0000 Sector Three 1.1677 1.1633 (dn 0.0044) 0.0000 0.0000 Sector Four 0.3838 0.3920 (up 0.0082) -- -- Sector Five 1.4595 1.26460 (dn 0.1949) 0.0000 0.0000 Sector Six 0.6482 0.8421 (up 0.1759) 0.0811 0.0074 Sector Seven 0.2728 0.3438 (up 0.071) 0.1399 0.6082 Sector Eight 0.3959 0.41480 (up 0.0189) 0.8836 0.8010 Sector Nine 1.1628 1.17360 (up 0.0108) 0.0000 0.0000 Table 15- Sector Four- Mean Efficiencies and t-tests The t-test scores show that the efficiencies are not likely similar to Sector Four for Sector To, Sector Three, Sector Five, Sector Nine, and to a lesser extent Sector Six; and that 42 Sector Four is most likely similar to Sector Eight. Sector Four mean efficiencies became more like Sector Seven and less like and Sector Six and Sector Eight from 2007 to 2008. 4.2.6 SECTOR FIVE DISCUSSION- CONSUMER SERVICES The Sector Five log trend lines remained concave down for the entire data set and for the upper decile efficiency in 2008. The log trend upper decile efficiency was concave up in 2007. This leads us to believe that the upper decile efficient firms with lower Governance Scores performed better in the bull market than in the bear market. The outlier firm with a governance score of 116.5 may be caused by dual reporting of a single particularly interconnected firm. This firm may also be structured as its own business and a firm for holding its assets. The magnitude of this outlier may prove of interest to those choosing to refine the data. This potential anomaly was in the data base and preserved to remove human factors from the study. 43 2007 Board Score 2008 Board Score t-test t-test 2007 2008 Sector Zero 13.91 same .2205 same Sector One 12.73 same .0007 same Sector Two 13.40 same .0804 same Sector Three 14.27 14.30 (up 0.03) .7069 .7320 Sector Four 13.39 13.23 (dn 0.16) 0.1563 0.0748 Sector Five 14.65 same Sector Six 16.89 same 0.2563 same Sector Seven 13.88 same 0.5062 same Sector Eight 13.10 same 0.0664 same Sector Nine 12.89 same 0.0319 same Table 16- Sector Five- Mean Board Scores and t-tests 44 2007 Firm Score 2008 Firm Score t-test 2007 t-test 2008 Sector Zero 33 .80 same .2389 same Sector One 30.68 same .0032 same Sector Two 30.44 same .0185 same Sector Three 30.86 30.72 (dn 0.14) .1282 .1230 Sector Four 29.10 29.08 (dn 0.02) 0.0332 0.0161 Sector Five 36.44 same Sector Six 40.39 same 0.6154 same Sector Seven 38.24 same 0.7033 same Sector Eight 31.42 same 0.0777 same Sector Nine 28.16 same 0.0079 same Table 17 - Sector Five- Mean Firm Scores and t-tests Sector Five is second highest often sectors for Board Score and third highest often sectors for Firm Score. It is also the highest ranked sector for mean efficiency. Subtracting the mean ofthe Board Score of Sector Five (14.65) from the mean of the Firm Score of Sector Five (36.44) producing a difference ofmeans of21.79. This Board Score translates to a an average board of one CEO and nearly thirteen directors for a counted score nearing 15, the directors and CEO of a given firm on average hold collectively nearly 22 other board seats on average. 45 A comparison of the efficiency of Sector Five 2007 (1.4595) and Sector Five 2008 (1.2646) with the other sectors and their efficiencies and t-test scores for both gives the following table: 2007 Efficiency 2008 Efficiency t-test 2007 t-test 2008 Sector Zero 0.4347 0.4548 (up 0.0201) 0.0000 0.0000 Sector One 0.4919 0.5322 (up 0.0403) 0.0000 0.0000 Sector Two 1.1576 1.1665 (up 0.0089) 0.0642 0.4744 Sector Three 1.1677 1.1633 (dn 0.0044) 0.2262 0.6155 Sector Four 0.3838 0.39200 (up 0.0082) 0.0000 0.0000 Sector Five 1.4595 1.2646 (dn 0.1949) -- -- Sector Six 0.6482 0.8421 (up 0.1759) 0.1981 0.3387 Sector Seven 0.2728 0.3438 (up 0.071) 0.0002 0.0003 Sector Eight 0.3959 0.41480 (up 0.0189) 0.0000 0.0000 Sector Nine 1.1628 1.17360 (up 0.0108) 0.1675 0.6031 Table 18 -Sector Five- Mean Efficiencies and t-tests The t-test scores show that the efficiencies are not likely similar to Sector Five for any of the other sectors and that Sector Five efficiencies are most like those of S.ector Two, Sector Three and Sector Nine and considerably more so in a bear market. 46 4.2.7 SECTOR SIX DISCUSSION- TELECOMMUNICATIONS Sector Six has a sample set size of n=9. It is one of the more interconnected sectors but the upper decile can not be calculated for obvious reasons. The highest efficiency firm is marked on the plot as the upper decile. 2007 Board Score 2008 Board Score t-test t-test 2007 2008 Sector Zero 13.91 same .0201 same Sector One 12.73 same .0035 same Sector Two 13.40 same .0302 same Sector Three 14.27 14.30 (up 0.03) .1404 .1487 Sector Four 13 .39 13.23 (dn 0.16) 0.0130 0.0054 Sector Five 14.65 same 0.2563 same Sector Six 16.89 same -- -- Sector Seven 13.88 same 0.0895 same Sector Eight 13.10 same 0.0709 same Sector Nine 12.89 same 0.0070 same Table 19- Sector Six- Mean Board Scores and t-tests 47 2007 Firm Score 2008 Firm Score t-test 2007 t-test 2008 Sector Zero 33.80 same .1117 same Sector One 30.68 same .0249 same Sector Two 30.44 same .0395 same Sector Three 30.86 30.72 (dn 0.14) .0263 .0258 Sector Four 29.10 29.08 (dn 0.02) 0.0047 0.0018 · Sector Five 36.44 same 0.6154 same Sector Six 40.39 same -- -- Sector Seven 38.24 same 0.7484 same Sector Eight 31.42 same 0.1400 same Sector Nine 28.16 same 0.0054 same Table 20 - Sector Six -Mean Firm Scores and t-tests Sector Six is highest of ten sectors for Board Score and highest of ten sectors for Firm Score. Strangely it is the fifth highest for efficiency. If we consider the treatment of averages to be representative of the sector subtracting the mean of the Board Score of Sector Six (16.89) from the mean ofthe Firm Score of Sector Zero (40.39) producing a difference of means of23.5. This Board Score translates to a an average board of one CEO and roughly Fifteen directors for a counted score of nearly 17, the directors and CEO then hold collectively 23.5 other board seats on average. 48 A comparison ofthe efficiency of Sector Six 2007 (.6482) and Sector Six 2008 (.8421) with the remaining nine sectors and their efficiencies and t-test scores gives the following table: 2007 Efficiency 2008 Efficiency t-test 2007 t-test 2008 Sector Zero 0.4347 0.4548 (up 0.0201) 0.1866 0.0068 Sector One 0.4919 0.5322 (up 0.0403) 0.4121 0.1257 Sector Two 1.1576 1.1665 (up 0.0089) 0.0988 0.2059 Sector Three 1.1677 1.1633 (dn 0.0044) 0.0397 0.1793 Sector Four 0.3838 0.39200 (up 0.0082) 0.0811 0.0074 Sector Five 1.4595 1.26460 (dn 0.1949) 0.1981 0.3387 Sector Six 0.6482 0.8421 (up 0.1759) -- -- Sector Seven 0.2728 0.3438 (up 0.071) 0.0001 0.0014 Sector Eight 0.3959 0.41480 (up 0.0189) 0.2139 0.0348 Sector Nine 1.1628 1.17360 (up 0.01 08) 0.1257 0.2501 Table 21 - Sector Six- Mean Efficiencies and t-tests The t-test scores show that the efficiencies are least likely similar to Sector Six for Sector Seven and became less likely similar to Sector One, Sector Four, Sector Eight as Sector Six efficiency rose in 2008. Sector Six efficiencies are most like those of Sector One in 2007 and Sector Five in 2008. 49 4.2.8 SECTOR SEVEN DISCUSSION -UTILITIES Sector Seven has only three firms in the upper decile for efficiency and this is a warning about using the log regression for a small data set. While 2007 and 2008 efficiencies have log trend lines that are concave down, similar though slightly flatter in 2007 comparing the upper decile trend lines is bizarre because of a sharp change and an outlier in 2008 2007 Board Score 2008 Board Score t -test t-test 2007 2008 Sector Zero 13.91 same .9682 same Sector One 12.73 same .1539 same Sector Two 13.40 same .6064 same Sector Three 14.27 14.30 (up 0.03) .7187 .7011 Sector Four 13.39 13.23 (dn 0.16) 0.5761 0.4200 Sector Five 14.65 same 0.5062 same Sector Six 16.89 same 0.0895 same Sector Seven 13.88 same -- -- Sector Eight 13.10 same 0.5101 same Sector Nine 12.89 same 0.2682 same Table 22- Sector Seven- Mean Board Scores and t-tests 50 2007 Firm Score 2008 Firm Score t-test 2007 t-test 2008 Sector Zero 33.80 same .0926 same Sector One 30.68 same .0036 same Sector Two 30.44 same .0107 same Sector Three 30.86 30.72 (dn 0.14) .0313 .0301 Sector Four 29.10 29.08 (dn 0.02) 0.0045 0.0015 Sector Five 36.44 same 0.7033 same Sector Six 40.39 same 0.7484 same Sector Seven 38.24 same -- -- Sector Eight 31.42 same 0.0643 same Sector Nine 28.16 same 0.0015 same Table 23- Sector Seven- Mean F1rm Scores and t-tests Sector Seven is fifth highest of ten sectors for Board Score and second highest of ten sectors for Firm Score. Strangely it is the lowest mean efficiency. If we consider the treatment of averages to be representative of the sector subtracting the mean of the Board Score of Sector Zero (13 .88) from the mean ofthe Firm Score of Sector Zero (38.24) producing a difference of means of 24.36 . This Board Score translates to a an average board of one CEO and nearly 12 directors for a counted Board Score approaching 14, the directors and CEO then hold collectively over 24 other board seats on average. This does show a sector with the second highest interconnectivity and a median average board size with lowest efficiency. 51 A comparison of the efficiency of Sector Seven 2007 (.2728) and Sector Seven 2008 (.3438) with the other sectors gives the following table: 2007 Efficiency 2008 Efficiency t-test 2007 t-test 2008 Sector Zero 0.4347 0.4548 (up 0.0201) 0.0428 0.1667 Sector One 0.4919 0.5322 (up 0.0403) 0.0203 0.0965 Sector Two 1.1576 1.1665 (up 0.0089) 0.0000 0.0000 Sector Three 1.1677 1.1633 (dn 0.0044) 0.0000 0.0000 Sector Four 0.3838 0.39200 (up 0.0082) 0.1399 0.6082 Sector Five 1.4595 1.26460 (dn 0.1949) 0.0002 0.0003 Sector Six 0.6482 0.8421 (up 0.1759) 0.0001 0.0014 Sector Seven 0.2728 0.3438 (up 0.071) -- -- Sector Eight 0.3959 0.41480 (up 0.0189) 0.2184 0.5294 Sector Nine 1.1628 1.17360 (up 0.0108) 0.0000 0.0000 Table 24- Sector Seven- Mean Efficiencies and t-tests The t-test scores show that the efficiencies are not likely similar to Sector Seven for Sector Two, Sector Three or Sector Nine; and that Sector Four and Sector Eight efficiencies are only somewhat more like those of Sector Seven. Sector Four and Sector Eight both become more like sector seven through 2008. 52 4.2.9 SECTOR EIGHT DISCUSSION- FINANCIALS The Sector Eight log trend lines remained concave up for the entire data set and for the upper decile efficiency in 2007. The log trend upper decile efficiency was concave down in 2008. This leads us to believe that the upper decile efficient firms with lower Governance Scores performed better in the bull market than in the bear market. The log trend lines show poor correlation to the data. 2007 Board Score 2008 Board Score t-test t-test 2007 2008 Sector Zero 13.91 same .1612 same Sector One 12.73 same .4781 same Sector Two 13.40 same .6485 same Sector Three 14.27 14.30 (up 0.03) .2447 .2382 Sector Four 13.39 13.23 (dn 0.16) 0.7475 0.8722 Sector Five 14.65 same 0.0664 same Sector Six 16.89 same 0.0709 same Sector Seven 13.88 same 0.5101 same Sector Eight 13.10 same -- -- Sector Nine 12.89 same 0.8068 same Table 25- Sector Eight- Mean Board Scores and t-tests 53 2007 Firm Score 2008 Firm Score t-test 2007 t-test 2008 Sector Zero 33.80 same .1775 same Sector One 30.68 same .6345 same Sector Two 30.44 same .6252 same Sector Three 30.86 30.72 (dn 0.14) .2186 .2491 Sector Four 29.10 29.08 (dn 0.02) 0.3837 0.3218 Sector Five 36.44 same 0.0777 same Sector Six 40.39 same 0.1400 same Sector Seven 38.24 same 0.0643 same Sector Eight 31.42 same -- -- Sector Nine 28.16 same 0.1768 same Table 26- Sector Eight- Mean Fi1m Scores and t-tests Sector Eight is ranked eighth of ten sectors for Board Score and fifth of ten sectors for Firm Score. It is eighth place in terms for efficiency. The mean of the Board Score of Sector Eight (13 .1 0) from the mean of the Firm Score of Sector Eight (31.42) producing a r difference of means of 18.32. This mean Board Score, equivalent to one CEO and roughly 11 directors for a counted score of just over 13, the directors and CEO then hold collectively over 18 other board seats on average. 54 2007 Efficiency 2008 Efficiency t-test 2007 t-test 2008 Sector Zero 0.4347 0.4548 (up 0.0201) 0.5469 0.5371 Sector One 0.4919 0.5322 (up 0.0403) 0.1895 0.1561 Sector Two 1.1576 1.1665 (up 0.0089) 0.0000 0.0000 Sector Three 1.1677 1.1633 (dn 0.0044) 0.0000 0.0000 Sector Four 0.3838 0.39200 (up 0.0082) 0.8836 0.8010 Sector Five 1.4595 1.26460 (dn 0.1949) 0.0000 0.0000 Sector Six 0.6482 0.8421 (up 0.1759) 0.2139 0.0348 Sector Seven 0.2728 0.3438 (up 0.071) 0.2184 0.5294 Sector Eight 0.3959 0.4148 (up 0.0189) -- -- Sector Nine 1.1628 1.1736 (up 0.0108) 0.0000 0.0000 Table 27- Sector Eight- Mean Efficiencies and t-tests The t-test scores show that the efficiencies are not likely similar to Sector Eight for Sector Two, Sector Three, Sector Five and Sector Nine; and that Sector Eight efficiencies are most like those of Sector Four and to a lesser extent Sector Zero. In light of the Firm Scores and Board Scores and the Shifts observed in Sector Three and Sector Four the change in efficiencies are small and compared to Sector Eight. 55 4.2.10 SECTOR NINE DISCUSSION- TECHNOLOGY Sector Nine maintained nearly flat, slight concave up, log trend lines for 2007 and 2008 for Governance Score vs. efficiency. The upper decile performers changed little and trend lines remained concave down and limited to Governance scores between 5 and 27 as opposed to the governance scores for the whole of Sector Nine which extend as high as 44.6. 2007 Board Score 2008 Board Score t-test t-test 2007 2008 Sector Zero 13.91 same .0590 same Sector One 12.73 same .7647 same Sector Two 13.40 same .4371 same Sector Three 14.27 14.30 (up 0.03) .0941 .0905 Sector Four 13.39 13.23 (dn 0.16) 0.4746 0.5987 Sector Five 14.65 same 0.0319 same Sector Six 16.89 same 0.0070 same Sector Seven 13.88 same 0.2682 same Sector Eight 13 .10 same 0.8068 same Sector Nine 12.89 same -- -- Table 28- Sector Nine- Mean Board Scores and t-tests 56 2007 Firm Score 2008 Firm Score t-test 2007 t-test 2008 Sector Zero 33.80 same .0012 same Sector One 30.68 same .1374 same Sector Two 30.44 same .2507 same Sector Three 30.86 30.72 (dn 0.14) .2186 .2491 Sector Four 29.10 29.08 (dn 0.02) 0.6444 0.6151 Sector Five 36.44 same 0.0079 same Sector Six 40.39 same 0.0054 same Sector Seven 38.24 same 0.0015 same Sector Eight 31.42 same 0.1768 same Sector Nine 28.16 same -- -- Table 29- Sector Nine- Mean Firm Scores and t-tests Sector Nine is ranked ninth often sectors for Board Score and lowest often sectors for Firm Score. It moves from third place to second place in terms of efficiency. The mean of the Board Score of Sector Nine (12.89) from the mean of the Firm Score of Sector Nine (28.16) producing a difference of means of 15.27. This mean Board Score, equivalent to one CEO and roughly 11 directors for a counted score of just under 13, the directors and CEO then hold collectively over 15 other board seats on average. 57 2007 Efficiency 2008 Efficiency t-test 2007 t-test 2008 Sector Zero 0.4347 0.4548 (up 0.0201) 0.0000 0.0000 Sector One 0.4919 0.5322 (up 0.0403) 0.0000 0.0000 Sector Two 1.1576 1.1665 (up 0.0089) 0.9646 0.9487 Sector Three 1.1677 1_.1633 (dn 0.0044) 0.9728 0.9426 Sector Four 0.3838 0.39200 (up 0.0082) 0.0000 0.0000 Sector Five 1.4595 " 1.26460 (dn 0, 1949) 0.1675 0.6031 Sector Six 0.6482 0.8421 (up 0.1759) 0.1257 0.2501 Sector Seven 0.2728 0.3438 (up 0.071) 0.0000 0.0000 Sector Eight 0.3959 0.41480 (up 0.0189) 0.0000 0.0000 Sector Nine 1.1628 1.17360 (up 0.0 108) -- -- Table 30- Sector Nme- Mean Effictenc1es and t-tests The t-test scores show that the efficiencies are not likely similar to Sector Nine for Sector Zero, Sector One, Sector Four, Sector Seven and Sector Eight; and that Sector Nine efficiencies are most like those of Sector Three and Sector Two. 58 CHAPTER FIVE- CONCLUSION Capturing potential shirking behavior of directors as an Agency Cost caused by an overabundance of board interconnections proves to be an incomplete assessment of inefficiency and perhaps agency costs as well. It is readily observed from the plots of Governance Score vs. Firm Efficiency that there are four statements that can be made. First, there is a pronounced lack of high efficiency firms with Governance Scores at or even near zero where agency costs from shirking would be hypothetically minimized and where efficiencies would be thought to be high. Firms with upper decile efficiencies have governance scores that are as low as 4 and as high as 30 and the breadth of the upper decile sets varies from sector to sector. There is a lack of high efficiency firms with Governance Scores over 30. What is missing from this study is perhaps an adequate way to capture information on ownership, control and voting shares and market capitalization. Agency Costs from shirking and excessively high Governance Scores are more likely dictated by owners and voting shareholders than dictated by the lack of attention to firm management by an overly connected board. This places the emphasis back on control by capital. 59 5.1 FUTURE RESEARCH A next step to explore Agency Costs and board structure would be to look at Market Capitalization, Ownership Structure and Voting Shares. Firms with excessively high Governance Scores may have a particular controlling ownership that allows shirking, perquisite consumption and over connection of the board of directors. These could indicate a systemic lack of accountability to shareholders. The current definition of Agency Costs comes back to the assignment of agency by owners; with a publicly traded firm the agency is assigned by voting shares, the prevailing will in the ownership structure, and not necessarily by owners. Trends in voting share and non voting share valuation may point to poor governance as control of the voting shares may be more apt to affect perquisite consumption. This distinction was not uncovered in the literature review. 60 6.0 REFERENCES Jensen, Michael C. and William H. Meckling 1976 Theory ofthe Firm: Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics 3: 305-360. Ang, James S., Rebel A. Cole, and James Wuh Lin 2000 Agency Costs and Ownership Structure. The Journal of Finance LV ( 1): 81-106. Conyon, Martin J. and Mark R. Muldoon 2006 The Small World of Corporate Boards. Journal of Business Finance and Accounting 33(9) & (10): 1321-1343. Jensen, Michael C. and William H. Meckling 1976 Theory ofthe Firm: Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics 3: 305-360. Kiel, Geoffrey C. and Gavin J. Nicholson 2006 Multiple Directorships and Corporate Performance in Australian Listed Companies. Corporate Governance 14(6): 530-546. Li, Joanne and James S. Ang 2000 Quanitity versus Quality of Directors' Time: Effectiveness of directors and number of outside directorships. Managerial Finance 26(1 0): 1-21. Rhyu, Sang-Young 2008 Determining the Existence of Amakudari in Publicly-Traded Japanese Companies: A Poisson regression approach. Applied Economics Letters 15(14): 1097-1103. Industry Classification Benchmark 17/ 12/2004 © 2004 Industry Classification Benchmark (ICB) All Rights Reserved ICB Universe- US. Accessed from http://www.icbenchmark.com/docs/ProductSpec_ 06_ 30_ 05 _ V2.1.pdf on 2009/08/07 61 Appendix I- Director Position Scores Actual Directorship Titles and Assigned Governance Scores ACTING CHIEF FINANCIAL OFFICER ACTING CHIEF OPERATING OFFICER ACTING CORPORATE SECRETARY ASSISTANT CORPORATE SECRETARY ASSISTANT CORPORTE SECRETARY ASSISTANT SECRETARY ASSIST ANT TREASURER ASSISTANT VICE PRESIDENT ASSOCIATE CORPORATE SECRETARY ASSOCIATE GENERAL COUNSEL ' C.E.O. CEO CFO CHAIRMAN CHAIRMAN - BOARD OF DIRECTORS CHAIRMAN - BOARD OF TRUSTEES CHAIRMAN - STONEHAM ADMINISTRATION INC. CHAIRMAN & CEO CHAIRMAN & CO-CHIEF EXECUTIVE OFFICER CHAIRMAN & PRESIDENT CHAIRMAN AND CEO CHAIRMAN AND CHIEF EXECUTIVE OFFICER, NATIONAL BANK FINANCIAL GROUP, CHAIRMAN, NATCAN INVESTMENT MANAGEMENT INC. AND SENIOR VICE PRESIDENTE, NBC CHAIRMAN AUDIT COMMITTEE CHAIRMAN EXECUTIVE COMMITTEE CHAIRMAN OF ARBOR MEMORIAL CHAIRMAN OF BOARD CHAIRMAN OF BOARD DIRECTOR CHAIRMAN OF BOARD OF DIRECTORS CHAIRMAN OF STONEHAM DRILLING INC CHAIRMAN OF TEH BOARD CHAIRMAN OF THE AUDIT COMMITTEE CHAIRMAN OF THE BOARD CHAIRMAN OF THE BOARD (INDEPENDENT TRUSTEE) CHAIRMAN OF THE BOARD DIRECTOR CHAIRMAN OF THE BOARD DIRECTORS CHAIRMAN OF THE BOARD OF DIRECTORS CHAIRMAN OF THE BOARD OF TRUSTEE CHAIRMAN OF THE BOARD OF TRUSTEES CHAIRMAN OF THE TRUSTEES Table Al 62 1 1 0 0 0 0 0 1 0 0 2 2 1 1 1 1 1 2 2 1 2 2 1 1 1 1 1 1 1 1 1 1 0 1 1 1 1 1 1 CHAIRPERSON OF THE BOARD CHElF EXECUTIVE OFFICER CHIE FINANCIAL OFFICER CHIEF EXECUITVE OFFICER CHIEF EXECUTIVE CHIEF EXECUTIVE DIRECTOR CHIEF EXECUTIVE OFFCIER CHIEF EXECUTIVE OFFFICER CHIEF EXECUTIVE OFFICER CHIEF EXECUTIVE OFFICER- MEAT PRODUCTS GROUP CHIEF EXECUTIVE OFFICER, CHIEF EXECUTIVE OFFICERS CHIEF FINANCIAL OFFFICER CHIEF FINANCIAL OFFICER CHIEF FINANCIAL OFFICER, EXECUTIVE VICE PRESIDENT CHIEF FINANCIAL OFFICER, SENIOR VICE PRESIDENT CHIEF FINANCIAL OFFICER, TREASURER, SECRETARY CHIEF LEGAL OFFICER CHIEF OPERATING OFFICER CHIEF OPERATING OFFICER- BAKERY PRODUCTS GROUP CHIEF OPERATING OFFICER (UNDERGROUND OPERATIONS) CHIEF OPERATING OFFICER, DIRECTOR CHIEF OPERATING OFFICER, OPERATIONS & REFINING CHIEF OPERATING OFFICER-BLACKBERRY CHIEF OPERATING OFFICER-DOWNSTREAM CHIEF OPERATING OFFICER-ELECTRICITY NAD MARKETING CHIEF OPERATING OFFICER-PRODUCT DEVELOPMENT & MANUFACTURING CHIEF OPERATING OFFICER-UPSTREAM CHIEF OPERATIONG OFFICER CHIEF TECHNICAL I TECHNOLOGY OFFICER CHIEF TECHNOLOGY OFFICER CO- CHAIRMAN CO -CHIEF EXECUTIVE OFFICER CO-CHAIRMAN CO-CHAIRMAN OF THE BOARD CO-CHIEF EXECUTIVE OFFICER COMPANY SECRETARY COMPTROLLER CONTROLLER CONTROLLER/COMPTROLLER COPORATE SECRETARY & DIRECTOR OF FINANCE CO-PRESIDENT & CEO CO-PRESIDENT AND CEO CORP SECRETARY 63 1 2 1 1 2 2 2 2 2 2 2 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 1 1 2 0 0 0 0 1 2 2 0 CORPORATE CONTROLLER CORPORATE COUNSEL CORPORATE DIRECTOR CORPORATE SECRETARY CORPORATE TREASURER CORPORATE VICE PRESIDENT CORPORATE VICE PRESIDENT-FINANCE & ADMINISTRATION CORPORTESECRETARY CORPROATE DIRECTOR DEPUTY CHAIRMAN DIRECETOR DIRECTO DIRECTOR DIRECTOR - INVESTOR RELATIONS DIRECTOR - STONEHAM ADMINISTRATION INC DIRECTOR- STONEHAM ADMINISTRATION INC DIRECTOR- STONEHAM ADMINISTRATION INC. DIRECTOR- STONEHAM ADMINISTRATION INC. DIRECTOR- STONEHAM DRILLING INC DIRECTOR- STONEHAM DRILLING INC DIRECTOR- STONEHAM DRILLING INC & STONEHAM ADMINISTRATION INC DIRECTOR - STONEHAM DRILLING INC & STONEHAM ADMINISTRATION INC DIRECTOR - STONEHAM DRILLING INC. DIRECTOR AND CHAIRMAN OF THE BOARD DIRECTOR EMERITUS DIRECTOR OF FINANCE DIRECTOR OF FINANCIAL REPORTING DIRECTOR OF INVESTOR RELATIONS DIRECTOR OF OPERATIONS DIRECTOR, BUSINESS EXECUTIVE DIRECTOR, INVESTOR RELATIONS DIRECTOR,CORPORATE DEVELOPMENT DIRECTOR/ DIRECTOR/MEMBER OF THE BOARD DIRECTOR' DIRECTORS DIREECTOR DIRERCTOR DIRESTOR DIRETOR ENGINEER EXCECUTIVE VICE PRESIDENT-FINANCE EXECUTIVE CHAIRMAN 64 0 1 1 0 0.5 1 1 0 1 0.5 1 1 1 1 1 1 1 1 1 1 1 1 1 2 0.5 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 EXECUTIVE CHAIRMAN OF THE BOARD EXECUTIVE DEPUTY CHAIRMAN EXECUTIVE DIRECTOR EXECUTIVE VICE CHAIRMAN EXECUTIVE VICE CHAIRMAN OF THE BOARD EXECUTIVE VICE PRECIDENT EXECUTIVE VICE PRESIDENT EXECUTIVE VICE PRESIDENT- AEROSPACE DIVISION EXECUTIVE VICE PRESIDENT- CORPORATE SERVICES EXECUTIVE VICE PRESIDENT - EXPLORATION EXECUTIVE VICE PRESIDENT - FINANCE EXECUTIVE VICE PRESIDENT - FINANCE & INFORMATION TECHNOLOGY EXECUTIVE VICE PRESIDENT- FRONTIER AND INTERNATIONAL OPERATIONS EXECUTIVE VICE PRESIDENT- GLOBAL RESEARCH AND DEVELOPMENT EXECUTIVE VICE PRESIDENT - OPERATIONS EXECUTIVE VICE PRESIDENT - SALES & MARKETING EXECUTIVE VICE PRESIDENT & CHIEF FINANCIAL OFFICER EXECUTIVE VICE PRESIDENT DOWNSTREAM EXECUTIVE VICE PRESIDENT FINANCE EXECUTIVE VICE PRESIDENT FINANCE & CORPORATE DEVELOPMENT EXECUTIVE VICE PRESIDENT, CORPORATE EXECUTIVE VICE PRESIDENT, CORPORATE DEVELOPMENT EXECUTIVE VICE PRESIDENT, CORPORATE SERVICES EXECUTIVE VICE PRESIDENT, ENGINEERING & CORPORATE DEVELOPMET EXECUTIVE VICE PRESIDENT, EXPLORATION EXECUTIVE VICE PRESIDENT, FINANCE & ADMINISTRATION EXECUTIVE VICE PRESIDENT, FINANCE AND ADMINISTRATION EXECUTIVE VICE PRESIDENT, LEGAL AFFAIRS EXECUTIVE VICE PRESIDENT,OPERATIONS EXECUTIVE VICE PRESIDENT-CORPORATE SERVICES EXECUTIVE VICE PRESIDENT-FINANCE EXECUTIVE VICE PRESIDENT-NORTH AMERICAN SALES EXECUTIVE VICE-PRESIDENT EXECVP, CORPORATE DEVELOPMENT EXECVP, FINANCE EXPLORATION MANAGER FINANCE & CORPORATE AFFAIRS MANAGER FINANCIAL CONTROLLER FOUNDING CHAIRMAN GENERAL COUNSEL 65 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 1 1 .....------- GENERAL MANAGER GENERAL MANAGER- SYSTEMS DIVISION GENERAL MANAGER- THE SCORE TELEVISION NETWORK LTD GENERAL MANAGER, MINING __GENERAL _M_ANAGER . NEJ_WORK-COM.Ml l ~ GENRAL MANAGER GROUP CHAIRMAN GROUP HEAD WEALTH MANAGEMENT GROUP PRESIDENT GROUP SENIOR VICE PRESIDENT - PULP AND PAPER MANUFACTURING GROUP TREASURER GROUP VICE PRESIDENT GROUP VICE PRESIDENT GROUP VICE PRESIDENT - CORPORATE LAW GROUP VICE PRESIDENT, CORPORATE RESOURCES INDEPENDENT CHAIRMAN INDEPENDENT DIRECTOR INDEPENDENT GEOLOGIST CONSULTANT INDEPENDENT OUTSIDE DIRECTOR INDEPENDENT TRUSTEE INTERIM CHIEF EXECUTIVE OFFICER INTERIM CHIEF FINANCIAL OFFICER INTERIM CHIEF FINANCIAL OFFICER AND SECRETARY INTERIM PRESIDENT INTERIM SECRETARY INVESTOR RELATIONS JOINT CORPORATE SECRETARY JOINT SECRETARY LEAD DIRECTOR LEAD INDEPENDENT TRUSTEE MANAGEMENT CONSULTANT MANAGER- BUSINESS DEVELOPMENT MANAGER- FINANCIAL REPORTING & ANALYSIS MANAGER - INFORMATION SYSTEMS MANAGER, INVESTOR RELATIONS MANAGING DIRECTOR MANAGING DIRECTOR- CORPORATE DEVELOPMENT MANAGING DIRECTOR UTILITIES MANAGING DIRECTOR, CORPORATE DEVELOPMENT MEMBER MEMBEROFTHEBOARD MEMBER OF THE BOARD OF DIRECTORS MEMBER OF THE EXECUTIVE COMMITTEE MEMBRE DU CONSEIL D'ADMINISTRATION 66 0.5 0.5 0.5 0.5 - ()_ 'i. 0.5 1 1 1 1 1 1 1 1 1 1 1 0 1 0.5 2 1 1 1 0 0 0 0 1 0.5 0.7 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 1 1 1 1 1 MINING EXECUTIVE NON EXECUTIVE DIRECTOR NON-EXECUTIVE CHAIRMAN NON-EXECUTIVE CHAIRMAN OF THE BOARD NON-EXECUTIVE DIRECTOR oFFICER OPERATIONS MANAGER OUTSIDE DIRECTOR PREMIER VICE PRESIDENT EXCUTIF, FINANCES, ADMINISTRATION ET DEVELOPPEMENT STRATEGIQUE ET CHEF DE LA DIRECTION FINANCIERE PRESIDENT - ADB TECHNOLOGY GROUP PRESIDENT- DISTRIBUTION PRODUCTS PRESIDENT - MEAT PRODUCTS GROUP PRESIDENT & CEO PRESIDENT & CHIEF EXECUTIVE OFFICER PRESIDENT & CO-CHIEF EXECUTIVE OFFICER PRESIDENT & VICE-CHANCELLOR PRESIDENT I DIRECTOR PRESIDENT AND CEO PRESIDENT AND CHIEF EXECUTIVE OFFICER PRESIDENT, CHIEF EXECUTIVE OFFICER, DIRECTOR PRESIDENT, RBC INSURANCE PRESIDENT, RBC INVESTMENTS PRESIDENT-ELECTRICITY AND MARKETING PRESIDENT-TERRA GRAIN FUELS PRINCIPAL FINANCIAL OFFICER, PRINCIPAL ACCOUNTING OFFICER PROPOSED DIRECTOR PROPOSED DIRECTOR SECRETARY SECRETARY OF THE BOARD SECRETARY TREASURER SENIOR EXECUTIVE VICE PRESIDENT SENIOR VICE PRESIDENT SENIOR VICE PRESIDENT- ADMINISTRATION SENIOR VICE-PRESIDENT- BUSINESS AND CORPORATE DEVELOPMENT SENIOR VICE PRESIDENT- COMMERCIAL PRINTING PAPERS SENIOR VICE PRESIDENT- CORPORATE AFFAIRS, CHIEF LEGAL OFFICER SENIOR VICE PRESIDENT- CORPORATE AND REGULATORY AFFAIRS SENIOR VICE PRESIDENT- CORPORATE DEVELOPMENT SENIOR VICE PRESIDENT- CORPORATE DEVELOPMENT 67 0.5 0 0 0 0 1 0.5 0.7 1 1 1 1 2 2 2 1 1 2 2 2 1 1 1 1 1 0 0 0 0 0 1 1 1 1 1 1 1 1 1 SENIOR VICE PRESIDENT- ENGINEERING SENIOR VICE PRESIDENT - EXPLORATION SENIOR VICE PRESIDENT - FINANCE SENIOR VICE PRESIDENT - FINANCE & ADMINISTRATION SENIOR VICE PRESIDENT - FOREST PRODUCTS SENIO-R VICE PRESIDENT - HUMAN RESOURCES SENIOR VICE PRESIDENT - HUMAN RESOURCES AND COMMUNICATIONS SENIOR VICE PRESIDENT- INFORMATION TECHNOLOGY SENIOR VICE PRESIDENT - MARKETING AND BUSINESS DEVELOPMENT SENIOR VICE PRESIDENT- NETWORK EXPLORATION SENIOR VICE PRESIDENT- NORTH AMERICAN NEWSPRINT SENIOR VICE PRESIDENT - OPERATIONS SENIOR VICE PRESIDENT- PLANNING SENIOR VICE PRESIDENT- PLANNING AND PUBLIC AFFAIRS SENIOR VICE PRESIDENT- PURCHASING & CORPORATE OPERATIONS SENIOR VICE PRESIDENT- PURCHASING AND MARKETING SENIOR VICE PRESIDENT- QUALITY CONTROL SENIOR VICE PRESIDENT - RENTAL OPERATIONS SENIOR VICE PRESIDENT- RESOURCES DIVISION SENIOR VICE PRESIDENT- SALES AND MARKETING SENIOR VICE PRESIDENT- SOUTHERN REGION MILLS SENIOR VICE PRESIDENT- SPECIALTY MILLS AND CONVERTING OPERATIONS SENIOR VICE PRESIDENT - SUPPLY CHAIN SENIOR VICE PRESIDENT- THE SCORE TELEVISION NETWORK LTD SENIOR VICE PRESIDENT- TRANSACTIONS AND ADMINISTRATION SENIOR VICE PRESIDENT- WOOD PRODUCTS ---SENIOR VICE PRESIDENT (DEVELOPMENT) SENIOR VICE PRESIDENT AND CHIEF FINANCIAL OFFICER SENIOR VICE PRESIDENT CORPORATE SENIOR VICE PRESIDENT FINANCE SENIOR VICE PRESIDENT FINANCE AND CORPORATE AFFAIRS SENIOR VICE PRESIDENT HUMAN RESOURCES AND CORPORATE COMMUNICATIONS SENIOR VICE PRESIDENT- NORTHERN REGION MILLS SENIOR VICE PRESIDENT OF MARKETING AND SALES SENIOR VICE PRESIDENT -SCIENTIFIC AFFAIRS & CHIEF SCIENTIFIC OFFICER SENIOR VICE PRESIDENT, BUSINESS DEVELOPMENT ~ VICE PRESIDENT, CLIENT SERVICES SENIOR VICE PRESIDENT, COMMERCIAL LENDING ~ VICE PRESIDENT, FINANCE 68 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 SENIOR VICE PRESIDENT, FINANCE & ADMINISTRATION SENIOR VICE PRESIDENT, GENERAL COUNSEL SENIOR VICE PRESIDENT, HUMAN RESOURCES SENIOR VICE PRESIDENT, INFORMATION TECHNOLOGY SENIOR VICE PRESIDENT, LEASING SENIOR VICE PRESIDENT, LEGAL AFFAIRS SENIOR VICE-PRESIDENT, REAL ESTATE FINANCE SENIOR VICE PRESIDENT, RESEARCH & DEVELOPMENT SENIOR VICE PRESIDENT, RISK MANAGEMENT SENIOR VICE PRESIDENT, SCIENTIFIC AFFAIRS SENIOR VICE PRESIDENT, STRATEGIC PLANNING AND VENTURE INVESTMENTS SENIOR VICE PRESIDENT, SUPPLY CHAIN SENIOR VICE PRESIDENT,MARKETING,OPERATION&CONSTRUCTIONS&DEVELOP SENIOR VICE PRESIDENT,OPERATIONS SENIOR VICE PRESIDENT-FINANCE SENIOR VICE PRESIDENT-WEST CANADA SENIOR VICE-PRESIDENT SENIOR VICE-PRESIDENT- DISTRIBUTION SENIOR VICE-PRESIDENT FINANCE SENIOR VICE-PRESIDENT, CORPORATE SERVICES SENIOR VICE-PRESIDENT, HUMAN RESOURCES AND OPERATIONS SENIOR VICE-PRESIDENT, PERSONAL BANKING AND WEALTH MANAGEMENT SENIOR VICE-PRESIDENT, SPECIAL PROJECTS SENIOR VICE-PRESIDENT-TECHNOLOGY SENIORVICE PRESIDENT-FINANCE SPECIAL ADVISOR TO BOARD TECHNICAN DIRECTOR TREASURER TRUSTEE TRUSTEE OF THE FUND TRUSTEES UNRELATED OUTSIDE DIRECTOR VICE CHAIR VICE CHAIR OF THE BOARD VICE CHAIRMAN VICE CHAIRMAN - BOARD OF DIRECTOR VICE CHAIRMAN & CFO VICE CHAIRMAN OF THE BOARD VICE CHAIRMAN OF THE BOARD DIRECTORS VICE CHAIRMAN OF THE BOARD OF DIRECTORS VICE PRESIDENT VICE PRESIDENT - ADMINISTRATION 69 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 0.5 0.5 0.5 0.7 1 1 1 1 1 1 1 1 1 1 VICE PRESIDENT - BUSINESS DEVELOPMENT VICE PRESIDENT - CHIEF ACCOUNTING OFFICER VICE PRESIDENT - CORPORATE AFFAIRS VICE PRESIDENT - CORPORATE AND LEGAL AFFAIRS VICE PRESIDENT- CORPORATE DEVELOPMENT VICE PRESIDENT - EASTERN OPERATIONS VICE PRESIDENT - ENVIRONMENT & SUSTAINABLE DEVELOPMENT VICE PRESIDENT-EXPLORATION VICE PRESIDENT- INDUSTRIAL & COMMERCIAL PROPERTIES VICE PRESIDENT - LEGAL VICE PRESIDENT- LEGAL AFFAIRS VICE PRESIDENT - MARINE VICE PRESIDENT- NORTH AMERICA SILICONS VICE PRESIDENT - OPERATIONS VICE PRESIDENT- PERFORMANCE & RISK MANAGEMENT VICE PRESIDENT - PRODUCT MANAGEMENT VICE PRESIDENT - PUBLIC AND LEGAL AFFAIRS VICE PRESIDENT- REGULATORY AFFAIRS VICE PRESIDENT- REGULATORY AFFAIRS AND COMPLIANCE VICE PRESIDENT - RESEARCH & DEVELOPMENT VICE PRESIDENT - SALES AND MARKETING VICE PRESIDENT - STRATEGY & CORPORATE DEVELOPMENT . VICE PRESIDENT - TREASURER VICE PRESIDENT- WESTERN OPERATIONS VICE PRESIDENT & SECRETARY VICE PRESIDENT AND ASSISTANT SECRETARY VICE PRESIDENT AND CHIEF FINANCIAL OFFICER VICE PRESIDENT AND CONTROLLER VICE PRESIDENT AND GM VICE PRESIDENT AND SECRETARY '----· VICE PRESIDENT BUSINESS DEVELOPMENT VICE PRESIDENT CONTROLLER f--VICE PRESIDENT ENGINEERING VICE PRESIDENT EXPLORATIONS VICE PRESIDENT FINANCE VICE PRESIDENT FINANCE AND ADMINISTRATION VICE PRESIDENT HUMAN RESOURCES VICE PRESIDENT INVESTMENTS f--VICE PRESIDENT INVESTOR RELATIONS f---· VICE PRESIDENT INVESTOR RELATIONS AND CORPORATE DEVE LOPMENT, CORPORATE SECRETARY VICE PRESIDENT LAW f--VICE PRESIDENT LEGAL AFFAIRS AND CORPORATE SECRETARY f - - -· VICE PRESIDENT MANUFACTURING VICE PRESIDENT NUNAVUT AFFAIRS ' - - - - -· 70 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1. 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 VICE PRESIDENT OF ADMINISTRATION VICE PRESIDENT OF EXPLORATIONS VICE PRESIDENT OF FINANCE AND ADMINISTRATION VICE PRESIDENT OF MARKETING VICE PRESIDENT OPERATIONS VICE PRESIDENT SALES AND MARKETING VICE PRESIDENT STEVEDOING VICE PRESIDENT -VISUALISATION AND NEW TECHNOLOGIES VICE PRESIDENT, ACQUISITIONS VICE PRESIDENT, CAPITAL MARKETS VICE PRESIDENT, CONTROLLER VICE PRESIDENT, CORPORATE DEVELOPMENT VICE PRESIDENT, CORPORATE FINANCE VICE PRESIDENT, CUSTOMER & CORPORATE BUSINESS DEVELOPMENT VICE PRESIDENT, DEVELOPMENT VICE PRESIDENT, DEVELOPMENT & INVESTMENT VICE PRESIDENT, EASTERN DIVISION VICE PRESIDENT, ENGINEERING VICE PRESIDENT, EXPLORATION VICE PRESIDENT, FINANCE VICE- PRESIDENT, FORESTRY AND ENVIRONMENT VICE PRESIDENT, GEOSCIENCES AND LAND VICE PRESIDENT, HEAVY OIL VICE PRESIDENT, HUMAN RESOURCES VICE- PRESIDENT, INVESTOR RELATIONS VICE PRESIDENT, INVESTOR RELATIONS AND COMMUNICATIONS VICE PRESIDENT, LEGAL ~ PRESIDENT, LEGAL AFFAIRS VICE PRESIDENT, MARKETING & PRODUCT DEVELOPMENT 1 - - - -VICE PRESIDENT, MINING AND EXTRACTION VICE PRESIDENT, OPERATIONS VICE PRESIDENT, PA YROLLI HUMAN RESOURCE MANAGEMENT VICE PRESIDENT, PRODUCT DEVELOPMENT- VERNAKALANT 1 - - - -· VICE PRESIDENT, PRODUCTION VICE PRESIDENT, PUBLIC & INVESTOR RELATIONS VICE PRESIDENT, RESOURCE DEVELOPMENT & BUSINESS STRATEGY 1 - - - -VICE PRESIDENT, TREASURY VICE PRESIDENT, WESTERN DIVISION -VICE - PRESIDENT,DEVELOPMENT VICE PRESIDENT -CORPORATE DEVELOPMENT VICE PRES IDENT-CORPORATE FINANCE VICE PRESIDENTE EXECUTIVE, AFFAIRES CORPORATIVES ET SECRETAIRE 71 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 VICE PRESIDENT-FINANCE VICE PRESIDENT-FINANCE & ADMINISTRATION VICE PRESIDENT-FINANCE AND ADMINISTRATION VICE PRESIDENT-INVESTOR RELATIONS VICE PRESIDENT-OPERATION VICE PRESIDENT -OPERATIONS VICE PRESIDENT-OPERATIONS, PRESIDENT- SOUTH AMERICAN OPERATIONS VICE PRESIDENT -SALES VICE-CHAIRMAN VICE-CHAIRMAN & CFO VICE-CHAIRMAN & CHIEF INFORMATION OFFICER VICE-CHAIRMAN RBC CAPITAL MARKETS VICE-PRESIDENT VICE-PRESIDENT I FINANCE I TREASURY I DIRECTOR VICE-PRESIDENT EXECUTIF VICE-PRESIDENT EXECUTIF ET TRESORIER VICE-PRESIDENT EXECUTIF SERVICES FINANCIERS AUX PARTICULIERS VICE-PRESIDENT OPERATIONS VICE-PRESIDENT, FINANCE VICE-PRESIDENT, QUALITY AND TECHNICAL AFFAIRS VIVE PRESIDENT OF OPERATION VP FINANCE AND ADMINSTRATION VP INVESTOR RELATIONS t - - - -· ~ 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Note that any novel directorship names or titles or spelling errors originating in the OSIRIS database have been preserved in the spreadsheet and allocated a position score based on best reasonable approximation. 72 Appendix II - Reinserted firms after April 2009 FIRM No. 47 52 64 70 90 128 151 259 263 326 327 334 363 442 447 482 494 499 501 514 573 579 625 668 744 746 764 766 769 787 790 795 806 818 902 922 930 970 FIRM NAME NOREX EXPLORATION SERVICES INC. CU INC DETOUR GOLD CORPORATION MIGAO CORPORATION MEGA URANIUM LTO. CHESSWOOD INCOME FUND ZINCORE METALS INC. ANVIL MINING LIMITED AZURE DYNAMICS CORPORATION YUKON-NEVADA GOLD CORP. ATLANTIC POWER CORPORATION CML HEAL THCARE INCOME FUND EQUINOX MINERALS LIMITED COMPUTER MODELLING GROUP-LTD HEROUX-DEVTEK INC. SOUTH AMERICAN GOLD AND COPPER COMPANY LIMITED INDUSTRIAL-ALLIANCE INSURANCE AND FINANCIAL SERVICES INC FORMATION CAPITAL CORPORATION PEMBINA PIPELINE INCOME FUND HOME CAPITAL GROUP INC CANADIAN HYDRO DEVELOPERS, INC. VASOGEN INC INSCAPE CORPORATION BOYD GROUP INCOME FUND l\LTAGAS INCOME TRUST CANADIAN ZINC CORPORATION TRANSAT AT. DENISON MINES CORP. GREYSTAR RESOURCES LIMITED REKO INTERNATIONAL GROUP INC QUEBECOR WORLD INC. SUNCOR ENERGY INC. OPPENHEIMER HOLDINGS INC EMERA INC. JAGUAR MINING INC. MINCO GOLD CORPORATION TIMBERWEST FOREST CORP MAPLE LEAF FOODS INC Note: This is a list of firms that were missed in the April2009 data capture. They are recorded in case there is an anomaly generated by the late addition of this data. 73 Appendix III - Raw Results from the sector to sector comparisons The following data tables are "screen capture" outputs from EViews. EViews is a Statistical package that has an unalterable font. The following 138 pages are image outputs. 74 Count 158 287 445 Variable BOAR DO BOARD1 All Meari 13.91266 12.72787 13.1 4854 444 Total Category Statistics 1 443 Between Within Std . Dev. 3.596154 4.135991 3.989246 7065 .852 143.0399 6922 .812 Sum of Sq . Std. Err. of Mean 0.286095 0.244140 0.189108 15.91408 75 Variable BOAR DO BOARD2 All Category Statistics Total 143.0399 Between 15.62711 Within Mean Sq . Count 158 128 286 df Mean 13.91266 13.40391 13.68497 285 1 284 Source ofVariation df Source ofVariation 284 238 .1391 (1' 284) (1' 238 .1 39) Analysis ofVariance 0.0026 t-test 0.0018 Satterthwaite-Weich t-test* 0.0026 Anova F-test 0.001 8 Welch F-test*' Analysis ofVariance 3.025444 3.150147 9.153313 9.923426 df Series '*Test allows for unequal cell variances 443 363 .1886 (1' 443) (1' 363 .189) ~ '*Test allows for unequal cell variances t-test Satterthwaite-Weich t-test* Anova F-test Welch F-test*' Probability Method Value Method df Test for Equality of Means Date: 01/18/1 0 Time: 00 :27 Sample : 1 288 Included observations : 288 Test for Equality of Means Between Series Date : 01/1811 0 Time: 00:28 Sample : 1 288 Included observations : 288 2007 Board Scores-Sector to Sector Compared Averages Std. Dev. 3.596154 4.564247 4.058513 4694 .385 18.30262 4676 .083 Sum of Sq . 1.054325 1.028668 1.111602 1.058158 Value Std . Err. of Mean 0.286095 0.403426 0.239985 16.4 71 53 18.30262 16.46508 Mean Sq . 0.2926 0.304 7 0.2926 0.3047 Probability . I I 202 Count 158 44 Variable BOAR DO 80ARD3 All Category Statistics Mean 1 3.91266 14.27273 1 3.991 09 201 Total ~ 1 200 Between Within Std . Dev. 3.596154 4.6661 26 3.844660 2971 .064 4.462004 2966 .602 Sum of Sq. Std. Err. of Mean 0.286095 0.703445 0.270509 14.78141 4.462004 14.83301 Mean Sq. 76 Variable BOAR DO BOARD4 All Category Statistics Total Between Within Count 158 50 208 df Mean 13.91266 13.39000 13.78702 207 1 206 Source ofVariation df df 206 85.44198 (1, 206) (1, 85.442) Source ofVariation t-test Satterthwaite-Weich t-test* Anova F-test Welch F-test* Method Analysis ofVariance 0.5840 0.6372 0.5840 0.6372 Probability Analysis ofVariance -0 .548467 -0 .474151 0.300816 0.22481 9 Value *Test allows for unequal cell variances 200 57 .96729 (1, 200) (1, 57 .!3673) df Testfor Equality of Means Between Series Date: 0111811 o Time: 00 :25 Sarnple : 1 288 Included observations: 288 *Test allows for unequal cell variances t-test Satterthwaite-Weich t-test* Anova F-test Welch F-test* Method Test for Equality of Means Betvveen Series Date : 01/18/1 0 Time: 00:26 Sample : 1 288 Included observations : 288 2007 Board Scores-Sector to Sector Compared Averages Std . Dev. 3.596154 3.445331 3.559294 Std. Err. of Mean 0.286095 0.487243 0.246793 1 2.66857 1 0.37527 12.67971 1 0.37527 2612 .020 2622 .395 Mean Sq. 0.3667 0.3576 0.3667 0.3576 Probability Sum of Sq. 0.904576 0 .925014 0.818258 0.855650 Value Count 158 82 240 Variable BOAR DO BOARDS All Mean 13.91266 14.64634 14.16333 239 Total Category Statistics 1 238 Between Within Std . Dev. 3.5 96154 5.614492 4.393204 4612 .757 29.05875 4583.699 Sum of Sq . Std. Err. of Mean 0.286095 0.62001 7 0.283580 1 9.30024 29.05875 19.25924 Mean Sq . 77 Variable BOAR DO BOARDS All Category Statistics Total Between Within Count 158 9 167 df Mean 13.91266 16.88889 14.07305 166 1 165 Source ofVariation df df 165 8.420692 (1, 1 65) (1, 8.42069) Source ofVariation t-test Satterthwaite-Weich t-test* Anova F-test Welch F-test* Analysis ofVariance 0.2205 0.2848 0.2205 0.2848 Analysis ofVariance -1.228341 -1.074458 1.508821 1.154460 *Test allows for unequal cell variances 238 11 6.441 3 (1, 238) (1, 116.441) *Test allows for unequal cell variances t-test Satterthwaite-Weich t-test" Anova F-test Welch F-test* Probability Method Value Method df Test for Equality of Means Betvl/een Series Date : 01/18/1 0 Time : 00:23 Sarnple : ·1 288 Included observations : 288 Test for Equality of Means Between Series Date : 01/18/1 0 Time : 00 :24 Sample : 1 288 Included observations : 288 2007 Board Scores-Sector to Sector Compared Averages Std . Dev. 3.596154 5.325515 3.748645 2332.689 75 .4251 7 2257 .264 Sum of Sq. -2 .3 48059 -1 .655229 5.513381 2.739783 Value 0.290079 1.775172 Std. Err. of Mean 0.286095 14.05234 75 .42517 13.68039 Mean Sq . 0.0201 0.13 46 0.0201 0.1346 Probability t-test Satterthwaite-Weich t-test* Anova F-test Welch F-test* Method Variable BOAR DO BOARD7 All Category Statistics Count 158 29 187 Mean 13.91266 13.88276 13.90802 Std. Dev. 3.596154 4.253828 3.693250 Std . Err. of Mean 0.286095 0.789916 0.270077 1 3.6401 0 2537 .058 186 Total 78 Variable BOAR DO · BOARDS All Category Statistics Total Between Within 0.021905 13.71371 0.021905 2537 .036 Source ofVariation Mean Sq . Sum ofSq . 1 185 df Between Within Source ofVariation Count 158 123 281 df Mean 13.91266 13.09512 13.55480 280 1 279 df 279 186.8202 (1, 279) (1, 186.82) Analysis ofVariance 0.9682 0.9718 0.9682 0.9718 Probability Series Analysis ofVariance 0.039966 0.035589 0.001597 0.001267 Value ~ "*Test allows for unequal cell variances 185 35 .71811 (1,185) (1, 35 .7181) df Test for Equality of Means Date : 0111811 0 Time: 00:19 Sample : 1 288 Included observations: 288 "*Test allows for unequal cell variances t-test Satterthwaite-Weich t-test* Anova F-test Welch F-test* Method Test for Equality of Means Between Series Date : 0111811 0 Time : 00:20 Sample : 1 288 Included observations : 288 2007 Board Scores-Sector to Sector Compared Averages Std . Dev. 3.596154 6.075803 4.847782 6580 .276 46 .22426 6534 .052 Sum of Sq . 1.404901 1 .322786 1.973747 1.749762 Value Std . Err. of Mean 0.286095 0.54 7837 0.289194 23 .50099 46 .22426 23 .41954 Mean Sq . 0.1612 0.1875 0.1612 0.1875 Probability I I I Variable BOAR DO BOARD9 All Category Statistics Count 158 67 225 · Mean 13.91266 12.89403 13.60933 Std. Err. of Mean 0.286095 0.473776 0.246876 13.71326 - - - - · - Std . Dev. 3.596154 3.878022 3.703142 3071 .770 224 Total 48 .81810 13.55584 48 .81 81 0 3022 .952 1 223 BeM!een Within Mean Sq . Sum of Sq . 79 Variable 80ARD1 BOARD2 All Category Statistics Total Between Within Count 287 128 415 df Mean 12.72787 13.40391 12.93639 414 1 413 Source ofVariation df df 413 223 .7300 (11 41 3) (11 223 .73) Source ofVariation t-test Satterthwaite-Weich t-test* Anova F-test Welch F-test* Method Analysis ofVariance 0.0590 0.0682 0.0590 0.0682 Probability Analysis ofVariance 1.897699 1.840486 3.601260 3.387390 Value '"Test allows for unequal cell variances 223 116.4028 . (11 223) (11 116.403) df Test for Equality of Means Between Series Date : 01/18/1 0 Time: 00 :11 Sample: 1 288 Included observations : 288 '"Test allows for unequal cell variances t-test Satterthwaite-Weich t-test* Anova F-test Welch F-test* Method Test for Equality of Means Between Series Date: 0111 8/1 0 Time : 00 :18 Sample : 1 288 Included observations : 288 2007 Board Scores-Sector to Sector Compared Averages Std. Dev. 4.135991 4.564247 4.278528 7578 .601 40 .45553 7538 .145 Sum of Sq. -1 .488784 -1 .433645 2.216478 2.055338 Value Std. Err. of Mean 0.244140 0.403426 0.21 0025 18.30580 40 .45553 18.25217 Mean Sq. 0.1373 0.1531 0.1373 0.1531 Probability Count 287 44 331 Variable 80ARD1 80ARD3 All Mean 12.72787 14.27273 12.93323 330 Total Category Statistics 1 329 Between Within Std . Dev. 4.135991 4.666126 4.235390 5919 .714 91 .05016 5828 .664 Sum of Sq . Std . Err. of Mean 0.244140 0.703445 0.232798 17.93853 91 .0501 6 17.71630 Mean Sq . 80 Variable BOARD1 BOARD4 All Category Statistics Total Between Within Count 287 50 337 18.66820 5474.082 1 Mean 12.72787 1 3.39000 12.82611 336 Std . Dev. 4.135991 3.445331 4.043201 5492.750 Sum ofSq. -1 .068853 -1 .214939 1.142447 1.476077 Value df 335 Source of Variation df Source afVariatian 335 75 .87357 (1, 335) (1, 75 .8736) Analysis ofVariance t-test Satterthwaite-Weich t-test* Anova F-test Welch F-test* Analysis ofVariance 0.0240 0.0428 0.0240 0.0428 -2 .267012 -2 .07 4 723 5.139343 4.304477 df Series *Test allows for unequal cell variances 329 53 .86533 (1, 329) (1, 53.8653) ~ *Test allows for unequal cell variances t-test Satterthwaite-Weich t-test* Anova F-test Welch F-test* Method - Probability Value Method df Test for Equality of Means Date : 01/18110 Time: 00:14 Sar-nple: 1 288 Included observations: 288 Test for Equality of Means Between Series Date : 01/1811 0 Time: 00:12 Sat-nple : ·1 288 Included observations: 288 2007 Board Scores-Sector to Sector Compared Averages Std. Err. of Mean 0.244140 0.487243 0.220247 16.34747 18.66820 16.34054 Mean Sq . 0.2859 0.2282 0.2859 0.2282 Probability Count 287 82 369 Variable BOARD1 BOARDS All Mean 12.72787 14.64634 13.15420 368 Total Category Statistics 1 367 Between Within Source ofVariation Std . Dev. 4.135991 5.614492 4.568469 7680 .496 234 .7351 7 445.761 Sum of Sq . t-test Satterthwaite-Weich t-test* Anova F-test Welch F-test* Variable BOARD1 80ARD6 All Category Statistics Total Between Within Source ofVariation 81 Std . Err. of Mean 0.244140 0.620017 0.237825 _ 20.87091 234 .7351 20 .28818 Mean Sq . 0.0007 0.0048 0.0007 0.0048 Method Value -2 .945661 -2 .322148 8.676922 5.392373 df 294 8.305412 (1, 294) (1, 8.30541) 9 296 Count 287 5270.414 295 Std. Dev. 4.135991 5.325515 4.226797 151 .0884 5119 .326 1 294 Mean 12.72787 1 6.88889 12.85439 Sum ofSq. df Analysis ofVariance df - Probability Analysis ofVariance -3 .4014 77 -2 .879059 11.57004 8.288978 Value *Test allows for unequal cell variances 367 107.3345 (1, 367) (1, 1 07 .334) df Test for Equality of Means Between Series Date: 01/18/1 0 Time: 00 :16 Sample : 1 288 Included observations: 288 "'Test allows for unequal cell variances t-test Satterthwaite-Weich t-test* An ova F-test Welch F-test* Method Test for Equality of Means Between Series Date : 01/18/10 Time: 00:15 Sample : 1 288 Included observations : 288 2007 Board Scores-Sector to Sector Compared Averages Std . Err. of Mean 0.244140 1.775172 0.245678 17.86581 151 .0884 17.41267 Mean Sq . 0.0035 0.0476 0.0035 0.0476 Probability Variable BOARD1 BOARD? All Category Statistics Count 287 29 316 Mean 12 .72787 13.88276 12.83386 Std. Dev. 4.135991 4.253828 4.153494 5434 .228 Std . Err. of Mean 0.244140 0.789916 0.233652 82 Variable BOARD1 BOARDS All Category Statistics Count 287 123 410 Mean 12.72787 13. 09512 12.83805 409 Total 315 Total 17.25152 1 408 1 314 Between Within 35.12931 5399 .098 Between Within df 35 .12931 17.19458 allows for unequal cell variance s 408 172.3697 (1, 408) (1, 172.37) Source ofVariation ~ t-test Satterthwaite-Weich t-tesrAnova F-test Welch F-tesr- df Mean Sq . 0.1539 0.1716 0.1539 0.1716 Method Source ofVariation df - Probability Analysis ofVariance allows for unequal cell variances Sum of Sq. -1 .429351 -1 .396839 2.043045 1.951160 314 33.57489 (1, 31 4) (1, 33.5749) Value df Test for Equality of Means Between Series Date : 01/18/1 0 Time : 00:09 Sanwle : ·1 288 Included observations: 288 Analysis ofVariance ~ t-test S atte rthwa ite-We Ich t-te srAnova F-test Welch F-tesr- Method Test for Equality of Means Between Series Date : 01/1411 0 Time: 12:15 Sample : 1 288 Included observations: 288 2007 Board Scores-Sector to Sector Compared Averages 23 .00178 9407 .726 Std . Err. of Mean 0.244140 0.547837 0.236858 11 .61 236 23.02969 11 .61 236 9396 .114 Std . Dev. 4.135991 6.075803 4.796017 Mean Sq . 0.4781 0.5411 0.4781 0.5411 Probability Sum of Sq . -0 .710095 -0 .612309 0.504234 0.374923 Value I I I t-test Satterthwaite-Weich t-test* Anova F-test Welch F-test* Count 287 67 354 Variable 80ARD1 80ARD9 All Mean 12.72787 1 2.89403 12.75932 Std . Dev. 4.135991 3.878022 4.083586 Std . Err. of Mean 0.2441 40 0.473776 0.21 7040 353 Total 83 Variable BOARD2 80ARD3 All Category Statistics Total 16.67568 5886 .514 352 Category Statistics Between Within 1.499622 16.71879 1.499622 5885.015 1 Source ofVariation Between Within Mean Sq . Sum ofSq . df Source ofVariation Count 128 44 172 df Mean 13.40391 14.27273 13.62616 171 1 170 df 170 73.25422 (1' 1 70) (1' 73.2542) Analysis ofVariance 0.7647 0.7559 0.7647 0.7559 -0.299494 -0 .311748 0.089697 0.097187 Method Analysis ofVariance Probability Value *Test allows for unequal cell variances 352 1 04 .0127 (1' 352) (1' 1 04.01 3} df Test for Equality of Means Betvl/een Series Date : 01/18/1 0 Time : 00 :05 SatYiple : 1 288 Included observations: 288 '*Test allows for unequal cell variances t-test Satte rthwa ite-We Ic h t-test* Anova F-test Welch F-test* Method Test for Equality of Means Between Series Date: 01/18/1 0 Time: 00 :07 Sample : 1 288 Included observations : 288 2007 Board Scores-Sector to Sector Compared Averages Std. Dev. 4.564247 4.666126 4.592552 3606 .652 24 .71695 3581 .935 Sum of Sq. -1.083086 -1 .071405 1.173076 1 .147908 Value Std . Err. of Mean 0.403426 0.703445 0.350179 21 .09153 24 .71695 21 .07021 Mean Sq. 0.2803 0.2875 0.2803 0.2875 Probability I I I I I ------ Count 128 50 178 Variable 80ARD2 80ARD4 All -· Std. Dev. 4.564247 3.445331 4.270090 3227 .360 0.006953 3227.353 Sum of Sq. -------- Mean 13.40391 13.39000 '13.40000 177 Total Category Statistics 1 176 Between Within Source ofVariation df t-test Satterthwaite-Weich t-test"' Anova F-test Welch F-test" Method Std . Err. of Mean 0.403426 0.487243 0.320057 Total 18.23367 84 Variable BOARD2 80ARD5 All Category Statistics Between Within 0.006953 18.33723 Mean Sq. Source ofVariation Count 128 82 210 df Mean 13.40391 14.64634 13.88905 209 1 208 df 208 147.2690 (1, 208) (1, 147.269) Analysis ofVariance 0.9845 0.9825 0.9845 0.9825 Probability Analysis ofVariance 0.019473 0.021983 0.000378 0.000483 Value "Test allows for unequal cell variances 176 117.8437 (1, 176) (1, 117.844) df Test for Equality of Means Between Series Date: 01/1 4/1 0 Time: 15:26 Sample 1 288 Included observations: 288 "Test allows for unequal cell variances t-test Satterthwaite-Weich t-test"' Anova F-test Welch F-test" Method Test for Equality of Means Between Series Date: 01/18/10 Time: 00:04 Sample: ·1 288 Included observations : 288 2007 Board Scores-Sector to Sector Compared Averages Std . Dev. 4.564247 5.61 4492 5.024431 5276 .185 77 .15286 5199 .032 Sum of Sq. -1 .756898 -1 .679620 3.086689 2.821125 Value Std. Err. of Mean 0.403426 0.620017 0.34671 g 25.24490 77.15286 24 .99535 Mean Sq. 0.0804 0.0952 0.0804 0.0952 Probability I 9 Count 128 Variable BOARD2 BOARDS All 137 Mean 13.40391 16.88889 13.63285 136 Total Category Statistics 1 135 Between Within Std . Err. of Mean 0.403426 1.775172 0.399571 21 .87296 2974.722 Std . Dev. 4.56424 7 5.325515 4.676853 102.1253 21 .27850 Mean Sq . 1 02 .1253 2872 .597 Sum of Sq . 85 Variable BOARD2 BOARD? All Category Statistics Total Between Within Count 128 29 "157 df Mean 13.40391 13.88276 13.49236 156 1 155 Source ofVariation df Source ofVari ation 155 43 .85396 (1 , 155) (1, 43.854) Analysis of Variance t-test Satterthwaite-Weich t-test* Anova F-test Welch F-test* Analysis ofVariance 0.0302 0.0884 0.0302 0.0884 -2 .190767 -1 .914367 4.799458 3.664801 "*Test allows for unequal cell variances 135 8.84621 0 (1 , 135) (1, 8.84621) *Test allows for unequal cell variances t-test Satterthwaite-Weich t-test* Anova F-test Welch F-test* df Method Probability Value Method df Test for Equality of Means Betvveen Series Date : 01/14/1 0 Time : 15:31 Sample : 1 288 Included obsei"Y'ations: 288 Test for Equality of Means Between Series Date : 01/14/1 0 Time : 15:29 Sample : 1 288 Included obseJilations : 288 2007 Board Scores-Sector to Sector Compared Averages Std . Dev. 4.564247 4.25 3828 4.499139 3157 .791 5.421402 3152 .369 Sum ofSq. -0 .516301 -0 .539873 0.266567 0.291463 Value Std . Err. of Mean 0.403426 0.789916 0.359070 20 .24225 5.421402 20 .33787 Mean Sq . 0.6064 0.5920 0.6064 0.5920 Probability Count 128 123 251 Variable BOARD2 BOARDS All Mean 13.40391 13.09512 13.25259 250 Total Category Statistics 1 249 df Between Within Source ofVariation Std. Dev. 4.564247 6.075803 5.349903 7155 .366 5.980697 7149 .385 Sum of Sq. Std. Err. of Mean 0.403426 0.547837 0.337683 86 Variable BOARD2 BOARD9 All Category Statistics 28.621 46 Total 5.980697 Between 28.71239 Within Mean Sq . Source ofVariation -- Count 128 67 195 df Mean 13.40391 12.89403 13.22872 194 1 193 df 193 154.2615 (1 ' 193) (1' 1 54 .262) Analysis ofVariance 0.6485 t-test 0.6504 Satte rthwa ite-We Ich t-test* 0.6485 Anova F-test 0.6504 Welch F-test* Probability Method Analysis ofVariance 0.456395 0.453860 0.208297 0.205989 Value ""Test allows for unequal cell variances 249 226.2731 (1' 249) (1' 226.273) df Test for Equality of Means Between Series Date: 01/1411 o Time : 15:39 Sample: 1 288 Included observations: 288 ""Test allows for unequal cell variances t-test s atte rthwa ite-We Ich t-test* Anova F-test Welch F-test* Method Test for Equality of Means Between Series Date: 01/1411 0 Time : 15:33 Sanwle: ·1 288 Included observations: 288 2007 Board Scores-Sector to Sector Compared Averages Std . Dev. 4.564247 3.878022 4.337394 3649.719 11.43352 3638 .286 Sum of Sq. 0.778790 0.81 9385 0.606514 0.671392 Value Std. Err. of Mean 0.403426 0.473776 0.31 0607 18.81299 11.43352 18.85122 Mean Sq . 0.4371 0.4138 0.4371 0.4138 Probability I Variable BOARD3 BOARD4 All Category Statistics Count 44 50 94 Mean 14.27273 13.39000 13.8031 9 Std. Dev. 4.666126 3.445331 4.064148 1536.109 Std . Err. of Mean 0.703445 0.487243 0.419185 16.51730 87 Variable BOARD3 BOARDS All Category Statistics Total Count 44 82 126 df Mean 14.2727 3 14.64634 14.51587 125 1 124 93 Between Within Total 18.23677 16.49861 1 92 Between Within 18.23677 1517.872 Source ofVariation Mean Sq. df Sum of Sq . df 124 1 02.81 98 (1,124) (1, 102 .82) Source ofVariation t-test Satte rthwa ite-We Ich t-test" Anova F-test Welch F-test" Analysis ofVariance 0.2958 0.3054 0.2958 0.3054 Analysis ofVariance 1.051357 1.031572 1.105352 1 .064141 *Test allows for unequal cell variances 92 78 .33470 (1, 92) (1, 78.334 7) *Test allows for unequal cell variances t-test· Satterthwaite-Weich t-test" Anova F-test Welch F-test" Probability Method Value Method df Test for Equality of Means Beween Series Date : 01/14/1 0 Time : 15:44 Sample : ·1 288 Included observations: 288 Test for Equality of Means Betvy'een Series Date : 01/14/1 0 Time : 15:42 Sample : 1 288 Included observations : 288 2007 Board Scores-Sector to Sector Compared Averages Std . Dev. 4.666126 5.614492 5.286623 3493 .548 3.997079 3489.551 Sum of Sq. -0 .376875 -0 .398443 0.142035 0.158757 Value Std . Err. of Mean 0.703445 0.620017 0.470970 27 .94839 3.997079 28.14154 Mean Sq. 0.7069 0.6911 0.7069 0.6911 Probability II I I I I ! I Variable BOARD3 BOARDS All Category Statistics Count 44 9 53 Mean 14.27273 16.88889 14.71698 Std : Vev. 4.666126 5.325515 4.832293 1214.255 --- Std . Err. of Mean 0.703445 1.775172 0.663766 23.35105 88 Variable BOARD3 BOARD? All Category Statistics Total 73 Count 44 29 72 1 71 df Mean 14.27273 13.88276 14.11781 52 Between Within Total 51 .13856 22 .80620 1 51 Between Within 51.13856 1163.116 Source ofVariation Mean Sq. df Sum of Sq . df 71 63 .86551 (1, 71) (1, 63 .8655) Source ofVariation t-test Satterthwaite-Weich t-tesrAnova F-test Welch F-tesr- Analysis ofVariance 0.1404 0.1 988 0.1404 0.1988 Analysis ofVariance -1 .497434 -1 .3701 00 2.242309 1.877173 *Test allows for unequal cell variances 51 1 0.66082 {1, 51) (1, 1 0.6608) *Test allows for unequal cell variances t-test Satterthwaite-Weich t-test* Anova F-test Welch F-tesr- Probability Method Value Method df Test for Equality of Means Between Series Date : 01114/1 0 Time : 15:48 Sarnple : 1 288 Included observations : 288 Test for Equality of Means Betvv-een Series Date: 01/1411 0 Time : 1 5:46 Sample : 1 288 Included observations : 288 2007 Board Scores- Sector to Sector Compared Averages Std. Dev. 4.666126 4.253828 4.480741 1 445.54 7 2.658197 1442.889 Sum ofSq . 0.361665 0.368683 0.130802 0.135927 Value Std. Err. of Mean 0.703445 0.789916 0.524431 20.07704 2.658197 20.32238 Mean Sq . 0.7187 0.7136 0.7187 0.7136 Probability t-test Satterthwaite-Weich t-test*' Anova F-test Welch F-test*' Method Count 44 123 167 Variable BOARD3 BOARDS All Mean 14.27273 13.09512 13.40539 166 Total Category Statistics 1 165 df Between Within Source ofVariation Std. Dev. 4.666126 6.075803 5.748151 Std. Err. of Mean 0.703445 0.547837 0.444805 Count 44 67 111 89 Variable BOARD3 BOAR DB All Mean 14.27273 12.89403 13.44054 11 0 Total 33 .04124 5484 .845 Cate gory Statistics 1 109 Between Within 44 .94080 32 .96912 44.94080 5439 .904 df Source ofVariation Mean Sq . Sum of Sq. df 109 80 .11807 (1, 1 09) (1, 80.1181) Analysis ofVariance 0.2447 0.1896 0.2447 0.1896 Probability Analysis ofVariance 1.167527 1.320770 1.363118 1.744433 Value *Test allows for unequal cell variances 165 98 .24088 (1, 1 65) (1, 98.2409) df Test for Equality of Means Between Series Date : 01/14110 Time : 16:47 Sample: 1 288 Included obse111ations: 288 *Test allows for unequal cell variances t-test Satte rthwa ite-We Ich t-te srsAnova F-test Welch F-tesfk Method Test for Equality of Means Between Se ries Date: 01J1 411 0 Time : 1 6:45 Sample: 1 288 Included obse111ations: 288 2007 Board Scores-Sector to Sector Compared Averages Std. Dev. 4.666126 3.878022 4.241877 1979.288 50.48268 1 928 .805 Sum of Sq. 1.689041 1.625603 2.852861 2.642585 Value Std. Err. of Mean 0.703445 0.473776 0.402621 17.99352 50.48268 17.69546 Mean Sq. 0.0941 0.1080 0.0941 0.1080 Probability I Count 50 82 132 Variable BOARD4 BOARDS All Mean 13 .39000 14 .64634 14.17045 131 Total Category Statistics 1 130 Betvveen Within Std . Dev. 3.445331 5.614492 4.930P41 3183 .995 49.02587 3134 .969 Sum ofSq. Std. Err. of Mean 0.487243 0.62001 7 0.429105 24 .30530 49 .02587 24 .11515 Mean Sq. 90 Variable BOARD4 BOAR DB All Category Statistics Total Betvveen Within Count 50 9 59 58 1 57 df Mean 13.39000 16.88889 13.92373 Source ofVariation df I df 57 9.242242 (1 57) (1 1 9.24224) Source ofVariation t-test Satterthwaite-Weich t-test* Anova F-test Welch F-test* Analysis ofVariance 0.1563 0.1135 0.1563 0.1135 Analysis ofVariance -1 .425830 -1 .593209 2.032991 2.538316 "'Test allows for unequal cell variances 130 129.9869 (1 130) (1 1 129.987) "'Test allows for unequal cell variances t-test Satterthwaite-Weich t-test* Anova F-test Welch F-test* Probability Method Value Method df Test for Equality of Means Between Series Date: 01/1411 0 Time : 16:51 Sarnple : 1 288 Included observations : 288 Test for Equality of Means Betvveen Series Date : 01/14/10 Time : 16:49 Sample: 1 288 Included observations : 288 2007 Board Scores-Sector to Sector Compared Averages Std. Dev. 3.445331 5.325515 3.943364 901 .9068 93.37289 808.5339 Sum of Sq . -2 .565658 -1 .900717 6.582600 3.612724 Value Std . Err. of Mean 0.487243 1.775172 0.513382 15.55012 93 .37289 14.18481 Mean Sq. 0.0130 0.0889 0.0130 0.0889 Probability -0.561532 -0 .530932 0.315318 0.281 888 77 t-test Satterthwaite-Weich t-tesF Anova F-test Welch F-tesF 78 Total Variable BOARD4 BOARD7 All Mean 13.39000 13.88276 13.57089 1 Count 50 29 79 77 Between Within Category Statistics df Source ofVariation Std . Err. of Mean 0.487243 0.789916 0.421116 14.00978 1092.763 Std . Dev. 3.445331 4.253828 3.742964 Between Within 4.456659 14.13385 4.456659 1088.306 - 9) Variable BOARD4 BOAR DB All Category Statistics Total -- Source ofVariation Mean Sq. Sum of Sq . Count 50 123 173 df Mean 13.39000 13.09512 13.18035 172 1 171 Analysis ofVariance - df 1 71 152.9949 (1, 1 71) (1, 1 52 .995) Analysis ofVariance t-test Satterthwaite-Weich t-tesF Anova F-test Welch F-tesF Method "'Test allows for unequal cell variances 0.5761 0.5979 0.5761 0.5979 Probability Test for Equality of Means Between Series Date : 01/14/10 Time : 17:55 Sample : 1 288 Included observations: 288 "'Test allows for unequal cell variances 49 .28336 (1, 77) (1, 49.2834) Value df Method Test for Equality of Means Between Series Date: 01/14/1 0 Time: 1 7:53 Sample : 1 288 Included observations: 288 2007 Board Scores-Sector to Sector Compared Averages Std. Dev. 3.445331 6.075803 5.439099 5088 .41 3 3.0911 06 5085 .322 Sum of Sq. 0.322401 0.402199 0.103942 0.161764 Value Std . Err. of Mean 0.487243 0.547837 0.413527 29 .58380 3.091106 29.73873 Mean Sq . 0.7475 0.6881 0.7475 0.6881 Probability I I I t-test Satterthwaite-Weich t-test*' Anova F-test Welch F-test*' Variable BOARD4 80ARD9 All C ategory Statistics Count 50 67 117 Mean 13.39000 12.89403 13.10598 Std . Err. of Mean 0.487243 0.473776 0.341335 ------ Std . Dev. 3.445331 3.878022 3.6921 DO 92 Variable BOARDS 80ARD6 All Category Statistics Total 13.63160 1581 .266 116 Total Between Within 7.04 3200 13.68889 7.043200 157 4.223 1 115 Between Within Source ofVariation Mean Sq . Sum of Sq . df Source ofVariation 9 91 Count 82 df Mean 14.64634 16.88889 14.86813 90 1 89 df 89 1 0.05612 (1, 89) (1, 1 0.0561) Analysis ofVariance 0.4746 0.4671 0.4746 0.4671 0.717300 0.729787 0.514519 0.532588 Method Series Analysis ofVariance Probability Value ~ *Test allows for unequal cell variances 115 111 .4759 (1, 11 5) (1, 111 .4 7 6) df Test for Equality of Means Date : 01/1 4/1 0 Time : 1 7:57 Sample : 1 288 Included observations : 288 *Test allows for unequal cell variances t-test S atte rthwa ite-We Ic h t-te st*' Anova F-test Welch F-test*' Method Test for Equality of Means Between Series Date : 01/1411 0 Time : 17:56 Sample : 1 288 Included obseJVations : 288 2007 Board Scores-Sector to Sector Compared Averages Std . Dev. 5.614492 5.325515 5.598609 2820.998 40.78479 2780 .21 3 Sum ofSq . -1.142629 -1 .192633 1.305600 1.422372 Value Std . Err. of Mean 0.620017 1.775172 0.586894 31 .34442 40.78479 31.23835 Mean Sq . 0.2563 0.2604 0.2563 0.2604 Probability Count 82 29 111 Variable BOARDS BOARD? All Mean 14.64634 13.88276 1 4.44685 11 0 Total C ategory Statistics 1 109 Between Within Std . Dev. 5.61 4492 4.253828 5.285036 3072.476 12.49111 3059.985 Sum of Sq . Std. Err. of Mean 0.620017 0.789916 0.501633 27 .93160 12.49111 28 .07326 Mean Sq . 93 Variable BOARDS BOARDS All Category Statistics Total Between Within Count 82 123 205 df Mean 14.64634 13.09512 13.71561 204 1 203 Source ofVariation df df 203 182.8512 (1, 203) (1, 182.851) Source ofVariation t-test Satterthwaite-Weich t-test*" Anova F-test Welch F-test*" Method Analysis ofVarianc.e 0.5062 0.4498 0.5062 0.4498 Probability Analysis ofVariance 0.667044 0.760400 0.444947 0.578209 Value *Test allows for unequal cell variances 109 64 .64681 (1, 1 09) (1, 64 .6468) df Test for Equality of Means Between Series Date : 01114/1 0 Time : 18:01 Sample: 1 288 Included observations: 288 *Test allows for unequal cell variances t-test Satterthwaite-Weich t-tesrAnova F-test Welch F-tesr- Method Test for Equality of Means Between Series Date: 01/1 411 0 Time : 17:59 Sample : ·1 288 Included observations: 288 2007 Board Scores-Sector to Sector Compared Averages Std . Dev. 5.614492 6.075803 5.930723 7175 .390 118.3891 7057 .001 Sum of Sq . 1.845414 1.87 4873 3.405552 3.515150 Value Std . Err. of Mean 0.620017 0.547837 0.414220 35 .17348 - 11 8.3891 34 .76355 Mean Sq . 0.0664 0.0624 0.0664 0.0624 Probability - Count 82 67 149 Variable BOARDS BOARD9 All Mean 14.64634 12.89403 13.85839 148 Total Category Statistics 1 147 Between Within Std. Dev. 5.614492 3.878022 4.972303 3659 .122 113.2205 3545 .902 Sum of Sq . Std. Err. of Mean 0.620017 0.473776 0.40734 7 Total 24 .72380 94 Variable BOARD6 BOARD? All Category Statistics Between Within 113.2205 24 .12178 Mean Sq . Count 9 29 38 62.06868 733 .5503 795 .6189 1 36 37 Std . Dev. 5.325515 4.253828 4.637156 Sum of Sq . 1.745310 1.547169 3.0461 07 2.393731 Value df Mean 16.88889 13.88276 14.59474 Source ofVariation df df 36 11.35458 (1' 36) (1' 11.3546) Source ofVariation t-test Satterthwaite-Weich t-test* Anova F-test Welch F-test* Method Analysis ofVariance 0.0319 0.0263 0.031 9 0.0263 Probability Analysis ofVariance 2.166496 2.245659 4.693704 5.042986 Value *Test allows for unequal cell variances 147 143.2630 (1' 14 7) (1' 143.263) df Testfor Equality of Means Between Series Date : 01/14/1 0 Time : 1 8:41 Sample : 1 288 Included observations: 288 *Test allows for unequal cell variances t-test Satterthwaite-Weich t-test* Anova F-test Welch F-test* Method Test for Equality of Means Between Series Date : 01/1411 0 Time : 18:40 Sample : 1 288 Included observations : 288 2007 Board Scores-Sector to Sector Compared Averages Std. Err. of Mean 1.775172 0.789916 0.752246 21 .50321 62 .06868 20 .37640 Mean Sq . 0.0895 0.1492 0.0895 0.1492 Probability 9 Count Variable BOARD6 BOAR DB All 123 132 Mean 16.88889 13.09512 13.35379 1 31 Total Category Statistics 1 130 Between Within Std . Dev. 5.325515 6.075803 6.085440 4851 .268 120.7021 4730 .566 Std . Err. of Mean 1.775172 0.547837 0.529670 37 .03258 120.7021 36 .38897 Mean Sq . 2.771943 2.174301 7.683666 4.727585 74 9.174633 (1 , 7 4) (1, 9.17463) 95 Variable BOARD6 BOARD9 All C ate gory Statistics Mean 16.88889 12.89403 13.36711 75 Total Std . Dev. 5.325515 3.878022 4.236489 Std . Err. of Mean 1.775172 0.473776 0.485959 17.94784 126.6213 16.47928 126.621 3 121 9.467 1 74 Between Within 1346.088 Mean Sq . Sum of Sq . 0.0070 0.0571 0.0070 0.0571 Probability df Count 9 67 76 Source ofVariation Sum ofSq. t-te st Satterthwaite-Weich t-test* Anova F-test Welch F-test* Value df Source ofVariation 0.0709 0.0696 0.0709 0.0696 Method Analysis ofVariance df - Probability Analysis ofVariance 1.821263 2.042093 3.316998 4.170144 Value *Test allows for unequal cell variances 130 9.590709 (1, 13 D) (1,9 .59071) df Test for Equality of Means Between Series · Date : 0111 411 0 Time : 18:44 Barnple : ·1 288 Included observations: 288 *Test allows for unequal cell variances t-test Satterthwaite-Weich t-test* Anova F-test Welch F-test* Method Test for Equality of Means Between Series Date : 0111411 0 Time : 18:43 Sample : 1 288 Included observations : 288 2007 Board Scores-Sector to Sector Compared Averages I II I t-test Satterthwaite-Weich t-tesF Anova F-test Welch F-tesF Method Count 29 123 152 Variable BOARD? BOAR DB All Mean 13.88276 1 3.09512 13.24539 151 Total Category Statistic s 1 150 df Between Within Source ofVariation Std . Err. of Mean 0.789916 0.547837 0.467900 33 .27746 5024 .897 Std . Dev. 4.253828 6.075803 5.768662 14.55832 33 .40226 Mean Sq . 14.55832 5010 .338 Sum of Sq . 96 All Variable BOARD? BOARDS Category Statistics Mean 13.88276 12.89403 13.19271 95 1 94 Between Within Total df Source ofVariation Count 29 67 96 df 94 49 .07445 (1' 94) (1' 49 .07 45) Analysis ofVariance 0.51 01 0.4159 0.51 01 0.4159 Probability Analysis ofVariance 0.660188 0.819348 0.435849 0.671331 Value *Test allows for unequal cell variances 150 58 .31716 (1' 150) (1' 58 .3172) df Test for Equality of Means Between Series Date : 01/14/1 0 Time : 18:48 Sample : 1 288 Included observations: 288 *Test allows for unequal cell variances t-test Satterthwaite-Weich t-test* Anova F-test Welch F-test* Method Test for Equality of Means Between Series Date : 01/14/1 0 Time : 1 8:46 Sample : ·1 288 Included observations : 288 2007 Board Scores- Sector to Sector Compared Averages Std . Dev. 4.253828 3.878022 3.99871 7 1519.025 19.78590 1498.239 Sum of Sq . 1.113798 1.073418 1.240546 1.152227 Value Std. Err. of Mean 0.789916 0.473776 0.408117 15.98974 19.78590 15.94935 Mean Sq. 0.2682 0.2883 0.2682 0.2883 Probability Count 123 67 190 Variable BOARDS 80ARD9 All Mean 13.09512 12 .89403 13.02421 189 Total Category Statistics 1 188 df Between Within Source ofVariation -- Analysis ofVariance df 188 183.2530 (1, 188) (1, 183.253) *Test allows for unequal cell variances t-test Satterthwaite-Weich t-test* Anova F-test Welch F-test* Method Test for Equality of Means Between Series Date: 01/14/1 0 Time : 19:04 Sample: 1 288 Included observations : 288 Std. Dev. 6.075803 3.878022 5.393514 5498 .009 1.753946 5496 .255 Sum of Sq. 0.244937 0.277642 0.059994 0.077085 Value Std. Err. of Mean 0.547837 0.473776 0.391287 29 .08999 1.753946 29 .23540 Mean Sq . 0.8068 0.7816 0.8068 0.7816 Probability 2007 Board Scores-Sector to Sector Compared Averages 97 I ! I I I I Count 158 287 445 Variable FIRMO FIRM1 All Mean 33 .80380 30 .68293 31 .79101 Std . Dev. 11 .85616 12.65185 12.45185 68841 .60 444 Total Category Statistics 992.5000 67849.10 1 443 Between Within Sum of Sq . Std. Err. of Mean 0.943225 0.746815 0.590274 Total 155.0487 98 Variable FIRMO FIRM2 All Category Statistics Between Within 992 .5000 153.1582 Mean Sq. Count 158 128 286 df Mean 33 .80380 30.44141 32 .29895 285 1 284 Source ofVariation df df 284 251 .4126 (1, 284) (1, 251 .413) Source ofVariation t-test Satterthwaite-Weich t-tesrAnova F-test Welch F-tesr- Analysis ofVariance 0.0112 0.0099 0.0112 0.0099 Analysis ofVariance 2.545629 2.594062 6.480225 6.729159 *Test allows for unequal cell variances 443 341.8059 (1, 443) (1, 341 .806) *Test allows for unequal cell variances t-test Satterthwaite-Weich t-tesrAnova F-test Welch F-test*' Probability Method Value Method df Test for Equality of Means BetvtJeen Series Date : 01/1411 0 Time : 19:14 Sample : 1 288 Included observations: 288 Sector to Sector Compared Averages Test for Equality of Means Bet#een Series Date: 01/14/1 0 Time : 19:12 Sarnple : 1 288 Included observations: 288 2007 Firm Scores - Std. Dev. 11 .85616 13.81167 1 2.85486 47095 .53 799 .4614 46296.07 Sum of Sq . 2.214552 2.179512 4.904240 4.750274 Value Std . Err. of Mean 0.943225 1.220791 0.760124 165.2475 799.4614 163.0143 Mean Sq . 0.0276 0.0302 0.0276 0.0302 Probability ....... Count 158 44 202 Variable FIRMO FIRM3 All Mean 33 .80380 30 .86364 33.16337 201 Total Category Statistics 1 200 Between Within Source ofVariation df Std . Dev. 11 .85616 1 0.61392 11.63520 27210 .95 297 .5094 26913.44 Sum of Sq . Std . Err. of Mean 0.943225 1.600109 0.81 8650 Total 135.3779 99 Variable FIRMO FIRM4 All Category Statistics Between Within Source ofVariation 297.5094 134.5672 Mean Sq . t-test Satterthwaite-Weich t-test* Anova F-test Welch F-test* Method Count 158 50 208 df Mean 33 .80380 29 .10400 32 .67404 207 1 206 df 206 99 .00660 (1 0206) (1 099.0066) Analysis ofVariance 0.1386 0.1176 0.1386 0.1176 Probability Series Analysis ofVariance 1.486896 1.582924 2.21 0861 2.505648 Value ~ "'Test allows for unequal cell variances 200 75 .57609 (10 200) (1 075.5761) df o Test for Equality of Means Date : 01/14/1 Time : 19:37 Sample : 1 288 Included observations : 288 "'Test allows for unequal cell variances t-test Satterthwaite-Weich t-test* Anova F-test Welch F-test* Method Test for Equality of Means Between Series Date : 01/14/1 0 Time : 19:35 Sample : 1 288 Included observations : 288 2007 Firm Scores - Sector to Sector Compared Averages Std. Dev. 11 .85616 9.733279 11 .53660 27550 .28 838 .9229 26711 .36 Sum of Sq . 2.543587 2.816519 6.469837 7.932778 Value Std . Err. of Mean 0.943225 1.376494 0.799919 133.0931 838 .9229 129.6668 Mean Sq . 0.0117 0.0059 0.0117 0.0059 Probability : I I I I Count 158 82 240 Variable FIRMO FIRMS All Mean 33 .80380 36.44756 34 .70708 239 Total Category Statistics 1 238 Between Within Std. Dev.. 11 .85616 22 .86629 16.46587 64798.82 377 .3157 64421 .50 Sum of Sq . Std . Err. of Mean 0.943225 2.525159 1.062867 271 .1248 377.3157 270 .6786 Mean Sq. 100 Variable FIRMO FIRM6 All Category Statistics Total Between Within Count 158 9 167 df Mean 33 .80380 40.38889 34 .15868 166 1 165 Source ofVariation df df 165 8.594104 (1, 165) (1, 8.5941) Source ofVariation t-test Satterthwaite-Weich t-test* Anova F-test Welch F-test* Analysis ofVariance 0.2389 0.3290 0.2389 0.3290 Method Analysis ofVariance -1 .180662 -0 .980780 1.393962 0.961930 Probability "'Test allows for unequal cell variances 238 104.1341 (1, 238) (1, 1 04.134) df - Test for Equality of Means Between Series Date : 01/14/10 Time: 19:43 Sample : 1 288 Included observations: 288 "'Test allows for unequal cell variances t-test Satterthwaite-Weich t-test* Anova F-test Welch F-test* Method Value Sector to Sector Compared Averages Test for Equality of Means Betw-een Series Date : 01/14/1 0 Time : 1 9:39 Sample : 1 288 Included observations : 288 2007 Firm Scores - Std . Dev. 11 .85616 1 4.81 084 12.07242 24193.38 369 .2383 23824 .15 Sum of Sq. -1 .599141 -1 .31 0142 2.557251 1.716471 Value Std . Err. of Mean 0.943225 4.936948 0.934192 145.7433 369 .2383 144.3888 Mean Sq. 0.1117 0.2241 0.1117 0.2241 Probability Variable FIRMO FIRM7 All Category Statistics Mean 33 .80380 38 .24138 34 .49198 Std. Dev. 11 .85616 18.08592 13.05707 Std . Err. of Mean 0.943225 3.358470 0.954827 170.4870 3171 0.58 186 Total Count 158 29 187 482 .5099 168.8004 482 .5099 31228 .07 1 185 Between Within Mean Sq. Sum of Sq . df Source ofVariation 101 Variable FIRMO FIRMS All Category Statistics Total Between Within Source ofVariation Count 158 123 281 Mean 33.80380 31 .41789 32 .75943 280 1 279 df 279 203.2228 (1, 279) (1, 203 .223) Analysis ofVariance t-test Satterthwaite-Weich t-tesF Anova F-test Welch F-tesF Analysis ofVariance 0.0926 0.2124 0.0926 0.2124 -1.690699 -1 .272093 2.858465 1 .61 8221 *Test allows for unequal cell variances 185 32 .55517 (1 , 185) (1, 32 .5552) *Test allows for unequal cell variances t-test Satterthwaite-Weich t-tesF Anova F-test Welch F-tesF df Method Probability Value Method df Test for Equality of Means Between Series Date : 01/14/1 0 Time: 19:53 Sarnple : 1 288 Included observations: 288 Sector to Sector Compared Averages Test for Equality of Means Between Series Date : 01/14/1 0 Time : 1 9:51 Sample : 1 288 Included observations : 288 2007 Firm Scores - Std . Dev. 11 .85616 17.65644 1 4.69894 60496.46 393 .6991 60102.76 Sum of Sq . 1.351877 1.289357 1.827571 1.662440 Value Std . Err. of Mean 0.943225 1.592028 0.876865 216.0588 393 .6991 215.4221 Mean Sq . 0.1775 0.1987 0.1775 0.1987 Probability I I I I I t-test Satterthwaite-Weich t-tesrAnova F-test Welch F-tesr- Count 158 67 225 Variable FIRMO FIRM9 All Category Statistics Mean 33 .80380 28 .16418 32 .12444 Std. Dev. 11 .85616 11 .63524 12.04542 32500.66 224 Total Std . Err. of Mean 0.943225 1.421470 0.803028 102 Variable FIRM1 FIRM2 All Category Statistics Total Betvi"een Within 1496.404 139.0325 1 496.404 31 004 .25 1 223 Between Within 145.0922 Source ofVariation Mean Sq. Sum of Sq. df Source ofVariation Count 287 128 415 df Mean 30.68293 30.44141 30.60843 414 1 413 df 413 225 .7995 (1, 413) (1, 225. 799) Analysis ofVariance 0.0012 0.0012 0.0012 0.0012 3.280698 3.305860 10.76298 10.92871 Method Analysis ofVariance Probability *Test allows for unequal cell variances 223 126.5982 (1, 223) (1, 126.598) df Test for Equality of Means Between Series Date: 01/1411 0 Time: 1 9:57 Sample: 1 288 Included observations : 288 *Test allows for unequal cell variances t-test Satterthwaite-Weich t-tesrAnova F-test Welch F-tesr- Method Value Sector to Sector Compared Averages Test for Equality of Means Between Series Date : 01114/1 0 Time : 1 9:55 ~ l 1 288 Included observations : 288 2007 Firm Scores - . Std . Oev. 1 2.65185 13.81167 1 3.00426 70011.82 5.163594 70006.66 Sum ofSq. 0.174535 0.168765 0.030462 0.028482 Value Std . Err. of Mean 0.746815 1.220791 0.638354 169.1107 5.163594 169.5076 Mean Sq . 0.8615 0.8661 0.8615 0.8661 Probability I I t-test Satterthwaite-Weich t-test* Anova F-test Welch F-test* Count 287 44 331 Variable FIRM1 FIRM3 All Mean 30.68293 30 .86364 30.70695 330 Total Category Statistics 1 329 df Between Within Source ofVariation Std . Dev. 1 2.65185 1 0.61382 12.38588 Std. Err. of Mean 0.746815 1.6001 09 0.680789 103 Variable FIRM1 FIRM4 All Category Statistics Total 153.4099 50625.27 Between Within 1.245858 153.8724 1.245858 50624 .03 Source ofVariation Mean Sq . Sum of Sq. Count 287 50 337 df Mean 30.68293 29 .10400 30 .44866 336 1 335 df 335 80 .89210 (1, 335) (1, 80.8921) Analysis ofVariance 0.9284 0.9188 0.9284 0.9188 -0.089982 -0 .102338 0.008097 0.010473 Method Analysis ofVariance Probability Value ""Test allows for unequal cell variances 329 63 .32245 (1, 329) (1, 63.3225) df Test for Equality of Means Between Series Date : 01/1411 0 Time : 20 :15 Sample : 1 288 Included observations: 288 ""Test allows for unequal cell variances t-test Satterthwaite-Weich t-test* Anova F-test Welch F-test* Method Test for Equality of Means Betw-een Series Date: 0111411 0 Time : 19:59 Sample : 1 288 Included observations: 288 2007 Firm Scores- Sector to Sector Compared Averages Std. Dev. 1 2.65185 9.733279 12.26300 50528.10 1 06 .1564 50421 .95 Sum ofSq . 0.839819 1.008232 0.705296 1.016531 Value Std . Err. of Mean 0.746815 1.376494 0.668008 150.381 3 106.1564 150.5133 Mean Sq . 0.4016 0.3163 0.4016 0.3163 Probability : Count 287 82 369 Variable FIRM1 FIRM5 All Mean 30 .68293 36.44756 31 .96396 368 Total Category Statistics 1 367 Between Within df Std . Dev. 12.65185 22 .86629 15.66042 90251 .49 2119 .400 88132 .09 Sum of Sq . Std . Err. of Mean 0.746815 2.5251 59 0.815249 245.2486 2119.400 240.1419 Mean Sq. 104 Variable FIRM1 FIRM6 All Category Statistics Total Betvveen Within Count 287 9 296 df Mean 30 .68293 40 .38889 30.97804 295 1 284 Source ofVariation 294 8.370191 (1, 294) (1, 8.37019) Source ofVariation t-test Satterthwaite-Weich t-tesrAnova F-test Welch F-tesr- Analysis ofVariance 0.0032 0.0310 0.0032 0.0310 Analysis ofVariance -2 .970793 -2 .189146 8.825613 4.792361 df Series *Test allows for unequal cell variances 367 95 .58240 (1, 367) (1, 95 .5824) ~ *Test allows for unequal cell variances t-test Satterthwaite-Weich t-tesrAnova F-test Welch F-tesr- Probability Method Value Method df Test for Equality of Means Date : 01/14/1 0 Time : 20:24 Sample : 1 288 Included observations: 288 Test for Equality of Means Between Series Date : 01/1411 0 Time : 20 :20 Sample : 1 288 Included observations : 288 2007 Firm Scores - Sector to Sector Compared Averages Std . Dev. 12.65185 14.81084 12.80318 48356.81 822 .0720 47534 .74 Sum of Sq . -2.254878 -1 .943869 5.084475 3.778628 Value Std. Err. of Mean 0.746815 4.936848 0.744170 163.9214 822 .0720 161 .6828 Mean Sq . 0.0249 0.0862 0.0249 0.0862 Probability I I I I I I -2 .932615 -2 .196904 8.600233 4.826386 314 Method 29 Count 287 Variable FIRM1 FIRM7 All 316 Mean 30 .68293 38 .24138 31 .37658 315 Total Category Statistics 1 314 Between Within Std . Dev. 12.65185 18.08592 13.38601 56443.39 1504.730 54938.66 Std . Err. of Mean 0.746815 3.358470 0.753022 179.1854 1504.730 17 4.9639 Mean Sq. 105 Variable FIRM1 FIRMS All Category Statistics Total Between Within Count 287 123 410 df Mean 30.68293 31 .41789 30 .90341 409 1 408 Source ofVariation Sum ofSq. Source ofVariation df Analysis ofVariance 408 177.9250 (1, 408) (1, 1 77 .925) df Series Analysis ofVariance 0.0036 t-test 0.0357 Satterthwaite-Weich t-test"' 0.0036 Anova F-test 0.0357 · Welch F-test*' Probability ~ '*Test allows for unequal cell variances 30 .83014 (1, 31 4) (1, 30.8301) Value df Test for Equality of Means Date : 01/18/1 0 Time : 02 :59 Sar·nple: 1 288 Included observations: 288 '*Test allows for unequal cell variances t-test Satterthwaite-Weich t-test"' Anova F-test ~ Welch Method Test for Equality of Means Between Series Date: 01/1411 0 Time : 20:30 Sample : 1 288 Included observations: 288 2007 Firm Scores- Sector to Sector Compared Averages . Std. Dev. 12.65185 17.65644 1 4.31909 83859 .86 46 .50823 83813.35 Sum of Sq. -0 .4 75815 -0.417949 0.226400 0.174682 Value Std . Err. of Mean 0.746815 1.592028 0.707169 205 .0363 46.50823 205 .4249 Mean Sq . 0.6345 0.6765 0.6345 0.6765 Probability l I I Variable FIRM1 FIRM9 All Category Statistics Count 287 67 354 Mean 30 .68293 28 .16418 30 .20621 Std . Dev. 12.65185 11 .63524 12.48903 55059 .45 Std. Err. of Mean 0.746815 1.421470 0.663784 106 Variable FIRM2 FIRM3 All Category Statistics Total 155.9758 Count 128 44 172 353 Total df Mean 30.44141 30.86364 30 .54942 171 1 170 1 Between Within 344 .6060 54714 .84 352 Between Within 344.6060 155.4399 Source ofVariation Sum of Sq . df Mean Sq. df 170 96 .55189 (1' 1 70) (1' 96 .5519) Source ofVariation t-test Satterthwaite-Weich t-test*' Anova F-test Welch F-test*' Analysis ofVariance 0.1374 0.1197 0.1374 0.1197 Method Analysis ofVariance 1.488950 1.568617 2.216973 2.460561 Probability *Test allows for unequal cell variances 352 105.6073 (1' 352) (1' 1 05.607) df Test for Equality of Means Betvveen Se ries Date : 01/15/1 0 Time: 01 :39 Sample : 1 288 Included observations: 288 *Test allows for unequal cell variances t-test Satterthwaite-Weich t-test* Anova F-test Welch F-test*' Method Value Sector to Sector Compared Averages Test for Equality of Means Between Series Date : 01/14110 Time: 20 :40 Sample : ·1 288 Included observations : 288 2007 Firm Scores - Std . Dev. 1 3.811 67 1 0.61392 1 3.03994 29076.83 5.837577 29070.99 Sum of.Sq . -0 .184761 -0 .209790 0.034137 0.044012 Value Std . Err. of Mean 1.220791 1.6001 09 0.994286 170.0399 5.837577 171 .0058 Mean Sq . 0.8536 0.8343 0.8536 0.8343 Probability ~ Count 128 50 178 Variable FIRM2 FIRM4 All Mean 30 .44141 29 .10400 30 .06573 177 Total Category Statistics 1 176 Between Within Source ofVariation df t-test Satterthwaite-Weich t-test* Anova F-test Welch F-test* Std . Dev. 1 3.811 67 9.733279 12.78532 Std . Err. of Mean 1.220791 1.376494 0.958301 163.4645 64 .31121 164.0279 64.31121 28868.91 28933 .22 Mean Sq. Sum ofSq . 107 Variable FIRM2 FIRMS All Category Statistics Total Between Within Source ofVariation Count 128 82 210 df Mean 30 .44141 36.44756 32 .78667 209 1 208 df 208 119.1374 (1, 208) (1, 119.137) Analysis ofVariance 0.5320 0.4686 0.5320 0.4686 0.626159 0.726909 0.392075 0.528396 Method Analysis ofVarian ce 176 126.2600 (1, 176) (1, 126.26) Probability *Test allows for unequal cell variances l h t-test* df Testfor Equality of Means Between Series Date : 01 1151'1 0 Time : 01 :42 Sample : 1 288 Included observations: 288 *Test allows for unequal cell variances Anova F-test Welch F-test* t-test Method Value Sector to Sector Compared Averages Test for Equality of Means Between Series Date : 01/1 511 0 Time : 01 :40 Sample : 1 288 Included observations: 288 2007 Firm Scores - Std . Dev. 13.81167 22.86629 1 8.08831 68382.06 1803.008 66579.06 Sum of Sq . -2.373349 -2.141404 5.632786 4.585610 Value Std . Err. of Mean 1.220791 2.525159 1.248212 327.1869 1803.008 320.0916 Mean Sq . 0.0185 0.0343 0.0185 0.0343 Probability t-test Satterthwaite-Weich t-tesrAnova F-test Welch F-tesr- All Variable FIRM2 FIRM6 Count 128 9 137 Mean 30 .44141 40 .38889 31 .09489 136 Total Category Statistics 1 135 df Between Within Source ofVariation Std . Err. of Mean 1.220791 4.936948 1.199635 197.1600 26813 .77 Std . Dev. 13.81167 14.81 084 14.04137 Between Within 832 .0670 192.4570 832 .0670 25981 .70 108 Variable FIRM2 FIRM7 All Category Statistics Total Source ofVariation Mean Sq. Sum of Sq . Count 128 29 157 df Mean 30 .44141 38 .24138 31 .88217 156 1 155 df 155 35 .75047 (1' 155) (1' 35.7505) Analysis ofVariance 0.0395 0.0822 0.0395 0.0822 -2 .079277 -1 .955992 4.323391 3.825906 Method Analysis ofVariance Probability *Test allows for unequal cell variances 135 9.006119 (1 ' 1 35) (1' 9.00612) df Test for Equality of Means Between Series Date: 01/15/1 0 Time : 01 :45 Sample : 1 288 Included observations : 288 *Test allows for unequal cell variances t-test Satterthwaite-Weich t-tesrAnova F-test Welch F-test" Method Value Sector to Sector Compared Averages Test for Equality of Means Between Series Date: 01/1 511 0 Time : 01 :43 Sarnple : 1 288 Included observations : 288 2007 Firm Scores - Std . Dev. 13.81167 18.08592 "14.94092 Std. Err. of Mean 1.220791 3.358470 1.192416 223.2312 1438.449 215 .3911 1438.449 33385 .62 34824.07 Mean Sq. 0.01 07 0.0357 0.0107 0.0357 Probability Sum ofSq. -2 .584243 -2 .182748 6.678313 4.764388 Value I I t-test Satterthwaite-Weich t-test" Anova F-test Welch F-test" Method Variable FIRM2 FIRMS All Std. Dev. 1 3.81167 1 7.65644 1 5.78862 250 Total Mean 30 .44141 31 .41789 30 .91 992 62320 .12 1 Count 128 123 251 59 .80920 62260.31 249 Between Within Category Statistics Sum of Sq . df Sourc.e ofVariation Std . Err. of Mean 1.220791 1.592028 0.996569 249.2805 59 .80920 250.0414 Mean Sq . Count 128 67 ., 95 109 Variable FIRM2 FIRM9 All Mean 30 .44141 28 .16418 29.65897 194 Total Category Statistics 1 193 df Between Within Source ofVariation df 193 155.3461 (1 , 193) (1, 155.346) Analysis ofVariance 0.6252 0.6269 0.6252 0.6269 Probability Analys is ofVariance -0 .488078 -0 .486728 0.239197 0.236905 Value '*Test allows for unequal cell variances 249 230.9482 (1, 249) (1, 230.948) df Test for Equality of Means Between Series Date : 01/15/10 Time : 01 :47 Sarnple : 1 288 Included observations : 288 '*Test allows for unequal cell variances t-test Satterthwaite-Weich t-test" Anova F-test Welch F-test* Method Test for Equality of Means Between Series Date: 01/1511 0 Time : 01 :45 Sample : 1 288 Included observ'ations : 288 2007 Firm Scores - Sector to Sector Compared Averages Std . Dev. 13.81167 11.63524 13.11917 33389.87 228 .0672 33161 .80 Sum of Sq . 1.152102 1 .215337 1 .327339 1.477043 Value Std. Err. of Mean 1.220791 1.421470 0.939484 172.1127 228.0672 171 .8228 Mean Sq . 0.2507 0.2261 0.2507 0.2261 Probability - t-test Satterthwaite-Weich t-test* Anova F-test Welch F-test* Method Variable FIRM3 FIRM4 All Mean 30 .86364 29 .10400 29 .92766 93 Total Count 44 50 94 1 92 Between Within Category Statistics df Source ofVariation Std . Dev. 10.61392 9.733278 10.13816 9558 .748 72 .46707 9486 .281 Sum of Sq. Total 102.7822 Std. Err. of Mean 1.600109 1.376494 1.045671 Between Within 72 .46707 103.1118 110 Variable FIRM3 FIRM5 All Category Statisti cs Source ofVariation Mean Sq . Count 44 82 126 df Mean 30 .86364 36 .44756 34 .49762 125 1 124 df 124 122.0424 (1, 1 24) (1, 1 22.042) Analysis ofVariance 0.4040 0.4067 0.4040 0.4067 Probability Analysis ofVariance 0.838332 0.833672 0.702801 0.695008 Value 'Test allows for unequal cell variances 92 87.93226 (1, 92) (1, 87 .9323) df Test for Equality of Means Between Series Date : 01/1 5/1 0 Time: 01 :55 Sample : 1 288 Included observations: 288 'Test allows for unequal cell variances t-test Satterthwaite-Weich t-test* Anova F-test Welch F-test* Method Test for Equality of Means Between Series Date : 01/1511 o Time : 01 :54 Sample : 1 288 Included observations : 288 2007 Firm Scores- Sector to Sector Compared Averages Std. Dev. 1 0.61392 22.86629 19.61413 48089.27 892 .8430 47196 .43 Sum of Sq . -1.531595 -1 .867880 2.345782 3.488977 Value Std. Err. of Mean 1.6001 09 2.525159 1.747356 384.7142 892.8430 380 .6163 Mean Sq . 0.1 292 0.0642 0.1 292 0.0642 Probability I Variable FIRM3 FIRMS All Category Statistics 9 53 Count 44 Mean 30 .86364 40 .38889 32 .48113 Std. Dev. 10.61392 14.81084 11 .82971 7276.981 Std . Err. of Mean 1.6001 09 4.936948 1.824935 139.9419 Ill .1\11 Variable FIRM3 FIRM? Category Statistics Total Between Within Count 44 29 73 951 .4256 14002.99 14954.42 1 71 72 Std . Dev. 1 0.61392 18.08592 14.41181 Sum of Sq. -2 .196373 -1 .983173 4.824056 3.932975 Value df Mean 30 .86364 38 .24138 33 .79452 52 677.9104 129.3935 Total 677.9104 6599 .071 1 51 Between Within Mean Sq . Source ofVariation Sum of Sq . df Source ofVariation 71 40 .78600 (1 ' 71) (1 ' 40 .786) Analysis afVariance t-test Satterthwaite-Weich t-test*' Anova F-test Welch F-test*' Analysis ofVariance 0.0263 0.0971 0.0263 0.0971 -2.288916 -1 .835387 5.239136 3.368645 "Test allows for unequal cell variances 51 9.749010 (1 ' 51) (1' 9.74901) "Test allows for unequal cell variances t-test Satterthwaite-Weich t-test" Anova F-test Welch F-test*' df Method Probability Value Method df Test for Equality of Means Between Series Date : 01/15/1 0 Time : 01 :57 Sample: 1 288 Included observations: 288 Test for Equality of Means Between Series Date : 01/1511 0 Time : 01 :56 Sample : 1 288 Included observations : 288 2007 Firm Scores- Sector to Sector Compared Averages Std. Err. of Mean 1.600109 3.358470 1.686775 207 .7002 951 .4256 197.2252 Mean Sq. 0.0313 0.0541 0.0313 0.0541 Probability I I I I 167 Count 44 123 Variable FIRM3 FIRMS Al l Mean 30 .86364 31 .41789 31 .27186 166 Total Category Statistics 1 165 Betvveen Within Std. Dev. 1 0.61392 17.65644 1 6.07356 42887 .64 9.955256 42877 .68 Sum of Sq . Std . Err. of Mean 1 .6001 09 1.592028 1.243809 258 .3593 9.955256 259 .8647 Mean Sq . 112 Variable FIRM3 FIRM9 All Category Statistics Total Between Within Count 44 67 111 df Mean 30 .86364 28 .16418 29 .23423 11 0 1 109 Source ofVariation df df 109 97 .91816 (1, 1 09) (1, 97.9182) Source ofVariation t-test Satterthwaite-Weich t-tesF Anova F-test Welch F-tesrr Method Analysis ofVariance 0.8451 0.8064 0.8451 0.8064 Probability Analysis ofVariance -0 .195728 -0.245549 0.038309 0.060294 Value *Test allows for unequal cell variances 165 126.5589 . (1, 165) (1 , 1 26 .559) df Test for Equality of Means Betvl/een Series Date : 01/1 5/1 0 Time : 02 :00 Sample : 1"288 Included observations : 288 '*Test allows for unequal cell variances t-test Satterthwaite-Weich t-tesrr Anova F-test Welch F-tesF Method Test for Equality of Means Between Series Date: 01/15/10 Time : 01 :59 Sample : 1 288 Included observations: 288 2007 Firm Scores- Sector to Sector Compared Averages Std . Dev. 10.61392 11 .63524 11.27052 Std . Err. of Mean 1.600109 1.421470 1.069750 127.0246 193.5341 126.4145 193.5341 13779.18 13972.71 Mean Sq . 0.2186 0.2102 0.2186 0.2102 Probability Sum of Sq . 1.237315 1.261246 1.530949 1.590741 Value 0 0 0.0332 0.0119 0.0332 0.0119 t-test Satterthwaite-Weich t-test*' Anova F-test Welch F-test*' Method 0 0 Count 50 82 132 Variable FIRM4 FIRMS All Mean 29 .10400 36 .44756 33 .66591 131 Total Category Statistics 1 130 Between Within Source ofVariation Std . Dev. 9.733279 22 .86629 19.27490 Std . Err. of Mean 1.376494 2.525159 1.677665 113 Variable FIRM4 FIRM6 All Category Statistics Total 371 .5220 48669 .38 Between Within 1675.033 361.4950 1675.033 46994 .34 Source ofVariation Mean Sq . Sum of Sq. Count 50 9 59 df Mean 29. .1 0400 40 .38889 30 .82542 58 1 57 df 57 9.282988 (1 57) (1 9.2 8299) Analysis ofVariance df - Probability Analysis ofVariance -2.152586 -2 .553427 4.633627 6.519988 Value *Test allows for unequal cell variances 130 118.9307 (1 130) (1 118.931) df Test for Equality of Means Between Series Date : 01/15/1 0 Time : 02 :09 Sample : 1 288 Included observations : 288 '*Test allows for unequal cell variances t-test Satterthwaite-Weich t-test*' Anova F-test Welch F-test*' Method Testfor Equality of Means Between Series Date : 01/15/1 0 Time : 02 :02 Sample : 1 288 Included obse!Vations : 288 2007 Firm Scores - Sector to Sector Compared Averages Std . Dev. 9.733279 1 4.81 084 11 .27118 7368 .292 971 .3 038 6396.988 Sum ofSq . -2 .941895 -2 .201822 8.654747 4.848020 Value Std. Err. of Mean 1.37649.4 4.936948 1.467383 127.0395 971 .3038 112.2279 Mean Sq . 0.0047 0.0543 0.0047 0.0543 Probability I I Variable FIRM4 FIRM7 All Category Statistics Count 50 29 79 Mean 29.10400 38 .24138 32 .45823 Std . Dev. 9.733279 18.08592 14.02075 15333.35 Std. Err. of Mean 1.376494 3.358470 1.577458 196.5814 I 14 Variable FIRM4 FIRMS All Category Statistics Total Count 50 123 173 78 Total df Mean 29 .10400 31.41789 30 .74913 172 1 171 1 Between Within 77 Between Within 1532.443 179.2326 Source ofVariation df Source ofVariation 1532.443 1 3 800.91 Analysis ofVariance Mean Sq . df 171 155.8007 (1, 1 71) (1, 155.801) Analysis ofVariance s t-test atte rthwa ite-We Ich t-test* Anova F-test Welch F-test* "*Test allows for unequal cell variances 0.0045 0.0162 0.0045 0.0162 Method Test for Equality of Means Between Series Date : 01/15/10 Time : 02 :12 Sample: 1 288 Included observations: 288 "*Test allows for unequal cell variances Sum of Sq. -2 .924042 -2 .517456 8.550022 6.337584 77 t-test S atte rthwa ite-We Ich t-test* Anova F-test Welch F-test* 37 .59101 (11 77) (1, 37 .591) Value df Method Probability Sector to Sector Compared Averages Test for Equality of Means Between Series Date : 01/1511 0 Time : 02 :1 0 Sample : 1 288 Included observations: 288 2007 Firm Scores - Std . Dev. 9.733279 17.65644 15.78672 42865.93 190.3325 42675 .60 Sum ofSq . -0 .873303 -1 .099449 0.762657 1.208788 Value Std . Err. of Mean 1.376494 1.592028 1.200242 249.2205 190.3325 249.5649 Mean Sq. 0.3837 0.2733 0.3837 0.2733 Probability .. ! . t-test Satterthwaite-Weich t-test*' Anova F-test Welch F-test*' Method Variable FIRM4 FIRM9 All Category Statistics Mean 29 .10400 28 .16418 28 .56581 Std . Dev. 9.733279 11 .63524 10.82875 Std . Err. of Mean 1.376494 1.421470 1.001119 117.2619 13602.38 116 Total Count 50 67 117 25 .29002 118.0617 25.29002 13577.09 1 115 Between Within Mean Sq . Sum of Sq. df Source ofVariation 115 Variable FIRM5 FIRM6 All Category Statistics Total Between Within Source ofVariation Count 82 9 91 df Mean 36 .44756 40 .38889 36 .83736 90 1 89 df 89 12.64 786 (1, 89) (1, 1 2.64 79) Analysis ofVariance 0.6444 0.6357 0.6444 0.6357 Probability Analysis ofVariance 0.462828 0.474965 0.21421 0 0.225592 Value '*Test allows for unequal cell variances 115 113.4478 (1, 115) (1, 113 .448) df Test for Equality of Means Between Series Date : 01/15l1 0 Time: 02 :15 Sarnple : 1 288 Included observations: 288 '*Test allows for unequal cell variances t-test Satterthwaite-Weich t-test*' Anova F-test Welch F-test*' Method o Test for Equality of Means Between Series Time : 02:14 Date : 01/1511 Sample : 1 288 Included observations: 288 2007 Firm Scores- Sector to Sector Compared Averages Std. Dev. 22.86629 14.81 084 22.16933 44233 .11 125.9796 44107 .13 Sum ofSq . -0.504186 -0 .710756 0.254203 0.505175 Value Std . Err. of Mean 2.525159 4.936948 2.323977 491.4790 125.9796 495.5858 Mean Sq . 0.6154 0.4901 0.6154 0.4901 Probability I I I I I t-test Satterthwaite-Weich t-test* Anova F-test Welch F-test* Variable FIRM5 FIRM7 All Category Statistics Std . Dev. 22.86629 18.08592 21 .65431 51579.99 11 0 Total Mean 36.44756 38 .24138 36 .91622 68.93595 51511 .05 1 109 Between Within Count 82 29 111 Sum of Sq . df Source ofVariation Std . Err. of Mean 2.525159 3.358470 2.055336 116 Variable FIRM5 FIRMS All Category Statistics Mean 36 .44756 31 .41789 33.42976 204 Total 468 .9090 1 203 Between Within 68 .93595 472 .5785 df Source ofVariation Mean Sq . Count 82 123 205 df 203 143.1721 (1, 203) (1, 143.172) Analysis ofVariance 0.7033 0.6709 0.7033 0.6709 -0 .381932 -0 .426909 0.145872 0.182251 Method Analysis ofVariance Probability *Test allows for unequal cell variances 109 61 .78113 (1, 109) (1, 61 .781 1) df Test for Equality of Means Betvl/een Series Date: 01/15/1 0 Time : 02 :43 Sample : 1 288 Included observations : 288 *Test allows for unequal cell variances t-test Satterthwaite-Weich t-test*' Anova F-test Welch F-test* Method . Value Sector to Sector Compared Averages Test for Equality of Means Between Series Date: 01/15110 Time : 02 :41 Sample: 1 288 Included observations : 288 2007 Firm Scores - Std . Dev. 22 .86629 17.65644 20 .00372 81 630.39 1 244 .643 80385.75 Sum ofSq . 1.772887 1.684912 3.143127 2.838927 Value Std . Err. of Mean 2. 525159 1.592028 1.397121 400.1490 1244.643 395 .9889 Mean Sq . 0.0777 0.0942 0.0777 0.0942 Probability I I I I I I I I Count 82 67 149 Variable FIRMS FIRM9 All - Mean 36 .44756 28 .16418 32 .72282 148 Total Category Stati stics 1 147 Between Within Std. Dev. 22.86629 11 .63524 1 9.06908 53817 .22 2529 .984 51287.24 Sum of Sq. Std. Err. of Mean 2.525159 "1 .421470 1 .562200 363.6299 2529 .984 348.8928 Mean Sq . 117 Variable FIRM6 FIRM7 All Category Statistics Total Between Within Count 9 29 38 37 1 36 df Mean 40 .38889 38 .24138 38 .75000 Source ofVariation df df 36 16.13059 (11 36) (11 16.1306) Source ofVariation t-test Satterthwaite-Weich t-test*" Anova F-test Welch F-test*" Analysis ofVariance 0.0079 0.0050 0.0079 0.0050 Analysis ofVariance 2.692854 2.858548 7.251465 8.171294 147 125.0570 (11 14 7) (11 125.057) Method *Test allows for unequal cell variances Value df Test for Equality of Means Between Series Date : 01/15/1 0 Time : 02 :46 Sample : 1 288 Included observations : 288 *Test allows for unequal cell variances t-test Satterthwaite-Weich t-test*" Anova F-test Welch F-test*" Method Probability Sector to Sector Compared Averages Test for Equality of Means Between Series Date : 01/15/1 0 Time : 02:44 Sample : 1 288 Included observations: 288 2007 Firm Scores - Std . Dev. 14.81 084 1 8.08592 17.19945 10945.37 31 .67577 10913.70 Sum of Sq . 0.323243 0.359657 . 0.104486 0.129353 Value Std . Err. of Mean 4.936948 3.358470 2.790119 295.8209 31. 67577 303.1583 Mean Sq . 0.7484 0.7238 0.7484 0.7238 Probability g Count Variable FIRM6 FIRMS . All 123 132 Mean 40 .38889 31 .41789 32.02955 131 Total Categorv Statistics 1 130 Between Within Std . Dev. 14.81 084 17.65644 17.57499 40463.31 674.9252 39788.39 Sum of Sq . Std . Err. of Mean 4.936948 1.592028 1.529707 308.8803 674 .9252 306 .0645 Mean Sq. 118 Variable FIRM6 FIRM9 All Category Statistics Total Between Within Count 9 67 76 75 1 74 df Mean 40 .38889 28 .16418 29 .61184 Source ofVariation df df 74 9.373584 (1, 7 4) (1, 9.37358) Source ofVariation t-test Satterthwaite-Weich t-test* Anova F-test Welch F-test* Analysis ofVariance 0.1400 0.1152 0.1400 0.1152 Method Analysis ofVariance 1.484982 1.729419 2.205173 2.990890 Probability *Test allows for unequal cell variances 130 9.743411 (1, 130) (1, 9.74341) df Test for Equality of Means Betvveen Series Date: 01/15/1 0 Time : 02:50 Sample : 1 288 Included observations : 288 *Test allows for unequal cell variances t-test Satterthwaite-Weich t-test* Anava F-test Welch F-test* Method Value Sector to Sector Compared Averages Test for Equalii'l/ of Means Between Series Date: 01/15/1 0 Time : 02 :48 Sample: 1 288 Included observations : 288 2007 Firm Scores - Std . Dev. 14.81 084 11 .63524 12.58337 11875.60 1185.716 10689.88 Bum of Sq . 2.864968 2.379500 8.208043 5.662019 Value Std . Err. of Mean 4.936948 1.421470 1.443412 158.3413 1185.716 144.4579 Mean Sq . 0.0054 0.0402 0.0054 0.0402 Probability I I I I Count 29 123 152 Variable FIRM7 FIRMS All Mean 38 .24138 31.41 789 32 .7197 4 151 Total Category Statistics 1 150 Between Within Source ofVariation df Std . Dev. 18.08592 17.65644 17.88205 48284.94 1092.630 47192.31 Sum ofSq . Std. Err. of Mean 3.358470 1.592028 1.450426 319.7678 1092.630 314.6154 Mean Sq . t-test Satterthwaite-Weich t-test* Anova F-test Welch F-test* I 19 Variable FIRM7 FIRM9 All Category Statistics Total Between Within Source ofVariation Count 29 67 96 df Mean 38.24138 28.16418 31 .20833 95 1 94 df 94 38.40749 (1, 94) (1, 38.4075) Analysis ofVariance 0.0643 0.0735 0.0643 0.0735 Analysis ofVariance 1.863574 1.835900 3.472906 3.370528 "*Test allows for unequal cell variances 150 41.51634 (1, 150) (1, 41 .5163) *Test allows for unequal cell variances s t-test atte rthwa ite-We Ich t-test*' Anova F-test Welch F-test*' Probability Method Value Method df Test for Equality of Means Between Series Date : 01/15/10 Time: 10:39 Sarnple : 1 288 Included observations : 288 Sector to Sector Compared Averages Test for Equality of Means Between Series Date : 01/15/10 Time : 10:37 Sample: 1 288 Included observations: 288 2007 Firm Scores - Std . Dev. 18.08592 11 .63524 1 4.56352 20149.13 2055 .329 18093.80 Sum ofSq . 3.267681 2.763221 10.67774 7.635393 Value Std . Err. of Mean 3.358470 1.421470 1.486383 21 2.0961 2055 .329 192.4873 Mean Sq. 0.0015 0.0087 0.0015 0.0087 Probability Count 123 67 190 Variable FIRMS FIRM9 All Mean 31.41789 28.16418 30 .27053 189 Total Category Statistics 1 188 df Between Within Source ofVariation Analysis ofVariance df 188 181 .1921 (1,188) {1, 181 .19 2) '*Test allows for unequal cell variances t-test Satterthwaite-Weich t-test*" Anova F-test Welch F-test*" Method Std. Dev. 1 7.65644 11.63524 15.84109 47427.67 459.1803 46968.49 Sum of Sq. 1 .355711 1 .524502 1.837953 2.324107 Value Std. Err. of Mean 1 .592028 1.421470 1.149233 250.9401 459.1803 249.8324 Mean Sq. 0.1768 0.1291 0.1768 0.1291 Probability Sector to Sector Compared Averages Test for Equality of Means Betvveen Series Date: 01/1511 0 Time : 10:42 Sarnple: ·1 288 Included observations: 288 2007 Firm Scores - 120 I I II ' I I I II Count 150 136 286 Variable EFFO EFF1 All Mean 0.434678 0.491932 0.461903 285 Total Category Statistics 1 284 Between Within Source ofVariation df Std . Dev. 0.390402 0.461187 0.425738 51 .65709 0.233816 51 .42328 Sum ofSq . Std. Err. of Mean 0.031876 0.039546 0.025174 0.181253 0.233816 0.181068 Mean Sq . t-test Satterthwaite-Weich t-tesrAnova F-test Welch F-test" 121 Variable EFFO EFF2 All Category Statistics Total Between Within Source ofVariation Count 150 124 274 df Mean 0.434678 1.157560 0.761822 273 1 272 df 272 177.4883 (1 , 272) (1, 177 .488) Analysis ofVariance 0.2568 0.2607 0.2568 0.2607 Analysis ofVariance -1 .136361 -1.127181 1 .291316 1.270538 *Test allows for unequal cell variances 284 265 .7639 (1, 284) (1 , 265.764) *Test allows for unequal cell variances t-test Satterthwaite-Weich t-tesrAnova F-test Welch F-test" Probability Method Value Method df Test for Equality of Means Between Series Date : 01/15/1 0 Time: 1 0:53 Sarnple : 1 288 Included observations: 288 Test for Equality of Means Between Series Date : 01/1511 0 Time : 1 0:51 Sample : 1 288 Included observations : 288 2007 Efficiency Scores-Sector to Sector Compared Averages Std . Dev. 0.390402 0.746005 0.681076 126.6351 35 .47294 91.16213 Sum of Sq . -10 .28788 -9 .743628 105.8404 94.93829 Value Std . Err. of Mean 0.031876 0.066993 0.041145 0.463865 35 .47294 0.335155 Mean Sq . 0.0000 0.0000 0.0000 0.0000 Probability I I I i Probability t-test Satterthwaite-Weich t-test'" Anova F-test Welch F-test'" Variable EFFO EFF3 All Category Statistics Mean 0.434678 1.167696 0.600929 Std . Dev. 0.390402 0.590628 0.53861 "1 Std . Err. of Mean 0.031876 0.089041 0.038670 0.290102 55 .98972 193 Total Count 150 44 194 18.27981 0.196406 1 8.27981 37 .70991 1 192 Between Within Mean Sq . Sum of Sq . df Source ofVariation 122 Variable EFFO EFF4 All Category Statistics Total Between Within Source ofVariation Count 150 50 200 Mean 0.434678 0.383776 0.421952 199 1 198 df 198 92 .08530 (1, 198) (1, 92 .0853) Analysis ofVariance 0.0000 0.0000 0.0000 0.0000 Analysis ofVariance -9 .647366 -7 .750698 93 .07168 60 .07332 *Test allows for unequal cell variances 192 54.46996 (1, 192) (1, 54.47) *Test allows for unequal cell variances t-test Satterthwaite-Weich t-test'" Anova F-test Welch F-test'" df Method df Method o Test for Equality of Means Betvveen Series Date : 01/15/1 0 Time: 11 :1 Sample : 1 288 Included observations : 288 Test for Equality of Means Between Series Date : 01/15/1 0 Time : 1 0:54 Sample : 1 288 Included observations: 288 Value 2007 Efficiency Scores-Sector to Sector Compared Averages Std . Dev. 0.390402 0.352931 0.381153 28 .91028 0.097164 28.81312 Sum of Sq . 0.817128 0.859510 0.667698 0.738757 Value Std . Err. of Mean 0.031876 0.049912 0.026952 0.145278 0.097164 0.145521 Mean Sq . 0.4148 0.3923 0.4148 0.3923 Probability I I I t-test Satterthwaite-Weich t-testr Anova F-test Welch F-testr Variable EFFO EFF5 All Category Statistics Mean 0.434678 1.459492 0.767050 221 Total Count 150 72 222 51.09300 186.7889 1 220 Between Within ------- Std . Dev. 0.390402 1 .5201 89 1.037492 237 .8819 Sum of Sq . df Source ofVariation Total 1.076389 Std . Err. of Mean 0.031876 0.179156 0.069632 Between Within 51 .09300 0.849041 123 Variable EFFO EFF6 All Category Statistics Source ofVariation Mean Sq . Count 150 6 156 df Mean 0.434678 0.648150 0.442888 155 1 154 df 154 6.077958 (1 ' 1 54) (1' 6.07796) Analysis ofVariance 0.0000 0.0000 0.0000 0.0000 -7 .757405 -5.631787 60.17734 31 .71703 Method Analysis ofVariance Probability Value '*Test allows for unequal cell variance s 220 75.53039 (1' 220) (1' 75 .5304) df Test for Equality of Means Betvveen Series Date : 01/1511 0 Time : 11 :1 3 Sample : 1 288 Included observations: 288 '*Test allows for unequal cell variances t-test Satterthwaite-Weich t-testr Anova F-test Welch F-testr Method Test for Equalitv of Means Between Series Date : 01/15/1 0 Time : 11 :11 Sample : ·1 288 Included observations: 288 2007 Efficiency Scores-Sector to Sector Compared Averages Std. Dev. 0.390402 0.243605 0.387459 23.26930 0.262906 23 .00639 Sum of Sq. - 1.326590 -2 .044073 1.759841 4.178236 Value Std . Err. of Mean 0.031876 0.099451 0.031 022 0.150125 0.262906 0.149392 Mean Sq . 0.1866 0.0863 0.1866 0.0863 Probability I I I I I I Variable EFFO EFF7 All Category Statistics Count 150 25 175 Mean 0.434678 0.272819 0.411555 Std . Dev. 0.390402 0.160885 0.370556 23 .89229 Std . Err. of Mean 0.031876 0.032177 0.028011 0.137312 124 Variable EFFO EFF8 All Category Statistics Total Count 150 59 209 174 Total df Mean 0.434678 0.395867 0.423722 208 1 207 173 Betvveen Within 0.561392 23 .33090 1 Between Within 0.561392 0.134861 Source ofVariation Sum of Sq . df Mean Sq. df 207 89 .29082 (1, 207) (1, 88.2908) Source ofVariation t-test Satterthwaite-Weich t-test* Anova F-test Welch F-test* Method Analysis ofVariance 0.0428 0.0006 0.0428 0.0006 Probability Analysis ofVariance 2.040284 3.573598 4.162757 12.77060 Value ""Test allows for unequal cell variances 173 81.56781 (1, 173) (1, 81 .5678) df Test for Equality of Means Betvveen Series Date : 01/1 5/1 0 Time : 11 :17 Sample : 1 288 Included observations: 288 *Test allows for unequal cell variances t-test Satterthwaite-Weich t-test*" Anova F-test Welch F-test* Method Test for Equality of Means Between Series Date : 01/1 511 o Time : 11 :15 Sample : 1 288 Included observations : 288 2007 Efficiency Scores-Sector to Sector Compared Averages Std . Dev. 0.390402 0.483391 0.417905 36 .32613 0.063781 36 .26235 Sum of Sq . 0.603387 0.550153 0.364088 0.302668 Value Std . Err. of Mean 0.031876 0.062932 0.028907 0.174645 0.063781 0.175180 Mean Sq . 0.5469 0.5836 0.5469 0.5836 Probability I I I \ Variable EFFO EFF9 All Category Statistics Count 150 63 213 Mean 0.434678 1.162827 0.650046 Std . Dev. 0.390402 0.804555 0.638268 86.36578 . Std . Err. of Mean 0.031876 0.101364 0.043733 0.407386 125 Variable EFF1 EFF2 All Category Statistics Total Count 136 124 260 212 Total df Mean 0.491932 1.157560 0.809385 259 1 258 1 Between Within 23.52298 62 .84280 211 Between Within 23 .52298 0.297833 Source ofVariation Sum of Sq. df Mean Sq . df 258 201 .3777 (1, 258) (1, 201 .378) Source ofVariation t-test Satterthwaite-Weich t-test* Anova F-test Welch F-test* Analysis ofVariance 0.0000 0.0000 0.0000 0.0000 Analysis ofVariance -8.887092 -6.852628 78.98040 46 .95852 *Test allows for unequal cell variances 211 74 .56556 (1, 211) (1, 7 4.5656) *Test allows for unequal cell variances t-test Satterthwaite-Weich t-test* Anova F-test Welch F-test* Probability Method Value Method df Test for Equality of Means Between Series Date : 01/15/1 0 Time : 15:26 Sample: 1 288 Included observations: 288 Test for Equality of Means Between Series Date : 01/1511 0 Time : 15:25 Sample : 1 288 Included observations : 288 2007 Efficiency Scores-Sector to Sector Compared Averages Std . Dev. 0.461187 0.746005 0.69721 g 125.9037 28 .73760 97.16605 Sum ofSq . -8 .735300 -8.556212 76.30547 73.20876 Value Std . Err. of Mean 0.039546 0.066993 0.043240 0.48611 4 28 .73760 0.37661 3 Mean Sq . 0.0000 0.0000 0.0000 0.0000 Probability .J I I Count 136 44 180 Variable EFF1 EFF3 All Mean 0.491932 1.167696 0.65711 9 179 Total Category Statistics 1 178 Between Within Std . Dev. 0.461187 0.590629 0.573605 58.89515 1 5.1 81 32 43 .71383 Sum ofSq . Std . Err. of Mean 0.039546 0.089041 0.042754 0.329023 15.18132 0.245583 Mean Sq . 126 Variable EFF1 EFF4 All Category Statistics Total Between Within Count 136 50 186 0.427659 34 .81704 1 Mean 0.491932 0.383776 0.462857 185 Std . Dev. 0.461187 0.352931 0.436477 35.24470 Sum of Sq . 1.503357 1.698436 2.260081 2.884684 Value df 184 Source ofVariation df I df 184 113.5855 (1 1 184) (1 113.586) Source ofVariation t-test Satte rthwa ite-We Ich t-test" Anova F-test Welch F-test" Analysis ofVariance 0.0000 0.0000 0.0000 0.0000 Analysis ofVariance -7 .862405 -6 .936059 61 .81741 48.10891 *Test allows for unequal cell variances 178 60 .88294 (1 1 178) (1 1 60.8829) *Test allows for unequal cell variances t-test Satterthwaite-Weich t-test* Anova F-test Welch F-test" Probability Method Value Method df Test for Equality of Means Between Series Date : 01/15/1 0 Time : 15:29 Sarnple : 1 288 Included observations: 288 Test for Equality of Means BetoNeen Series Date : 01/15/1 0 Time : 15:27 Sample : 1 288 Included observations: 288 2007 Efficiency Scores-Sector to Sector Compared Averages Std . Err. of Mean 0.039546 0.04991 2 0.032004 0.190512 0.427659 0.189223 Mean Sq . 0.1345 0.0922 0.1345 0.0922 Probability I I I I I I I : I I I I I I I 72 Count 136 Variable EFF1 EFF5 All 208 Mean 0.491 932 1.459492 0.826857 207 Total Category Statistics 1 206 Between Within Std. Dev. 0.461187 1.520189 1.069708 236 .8650 44 .07218 192.7928 Sum of Sq. Std . Err. of Mean 0.039546 0.179156 0.074171 1.144275 44 .07218 0.935888 Mean Sq . 127 Variable EFF1 EFF6 All Category Statistics Total Between Within 6 142 Count 136 df Mean 0.491932 0.648150 0.498533 141 1 140 Source ofVariation df df 140 6.700041 (1, 1 40) (1, 6.70004) Source ofVariation t-test Sattertr1waite-Welch t-tesF Anova F-test Welch F-tesF Method Analysis ofVariance 0.0000 0.0000 0.0000 0.0000 Probability Analysis ofVariance -6.862311 -5.273707 47.09132 27 .81199 Value *Test allows for unequal cell variances 206 77 .99014 (1, 206) (1,77 .9901) df Test for Equality of Means Betvl/een Series Date : 01115/1 0 Time : 15:31 Sarnple : 1 288 Included observations: 288 *Test allows for unequal cell variances t-test Satterthwaite-Weich t-tesF Anova F-test Welch F-tesF Method Test for Equality of Means Between Series Date : 01/1 511 0 Time : 1 5:30 Sample : 1 288 Included observations : 288 2007 Efficiency Scores-Sector to Sector Compared Averages Std . Dev. 0.461187 0.243605 0.454688 29 .15055 0.140238 29 .01032 Sum of Sq. -0 .822661 -1.459638 0.676772 2.130544 Value ' Std . Err. of Mean 0.039546 0.099451 0.038157 0.206742 0.140238 0.207217 Mean Sq . 0.4121 0.1896 0.4121 0.1 896 Probability I I I I I II Count 136 25 161 Variable EFF1 EFF7 All Mean 0.491 932 0.272819 0.457908 160 Total Category Statistics 1 159 Between Within Source ofVariation df Std . Dev. 0.461187 0.160885 0.435522 30.34870 1.013884 29 .33482 Sum ofSq . Std. Err. of Mean 0.039546 0.032177 0.034324 0.189679 1.013884 0.184496 Mean Sq . t-test Satterthwaite-Weich t-test*' Anova F-test Welch F-test*' Method Count 136 59 195 128 Variable EFF1 EFFB All Mean 0.491 932 0.395867 0.462866 194 Total Category Statistics 1 193 df Between Within Source ofVariation df 193 105.7652 (11 1 93) (11 1 05 .765) Analysis ofVariance 0.0203 0.0000 0.0203 0.0000 Probability Analysis ofVariance 2.344235 4.297748 5.495436 18.47064 Value '*Test allows for unequal cell variances 159 107.6132 (11 1 59) (11 1 07 .613) df Test for Equality of Means Betvl/een Series Date : 01/15/1 0 Time : 15:4 7 Sample : 1 288 Included observations : 288 '*Test allows for unequal cell variances t-test Satterthwaite-Weich t-test*' Anova F-test Welch F-test*' Method Test for Equality of Means Between Series Date : 01/15110 Time : 15:32 Sample : 1 288 Included observations : 288 2007 Efficiency Scores-Sector to Sector Compared Averages Std. Dev. 0.461187 0.483391 0.468855 42 .64600 0.379734 42.26627 Sum of Sq. 1.316805 1.292469 1.733976 1.670476 Value Std . Err. of Mean 0.039546 0.062932 0.033575 0.219825 0.379734 0.218996 Mean Sq . 0.1895 0.1990 0.1895 0.1990 Probability Method Variable EFF1 EFF9 All " Category Statistics Std . Dev. 0.4611 87 0.804555 0.667522 Std . Err. of Mean 0.039546 0.101364 0.04 7319 88 .22589 198 Total Mean 0.491932 1.162827 0.704326 0.445585 1 9.37918 68 .84672 1 197 Between Within Count 136 63 199 19.37918 0.349476 Sum of Sq . Source ofVariation df Mean Sq . Satterthwaite-Weich t-test*' Anova F-test Welch F-test*' 129 Variable EFF2 EFF3 All Category Statistics Total Between Within Source ofVariation Count 124 44 168 df Mean 1.157560 1.167696 1 .1 60215 167 1 166 df 166 94.83866 (1, 1 66) (1, 94 .8387) Analysis ofVariance 0.0000 0.0000 0.0000 o.oooo t-test Probability Analys is ofVariance -7 .446619 -6 .165996 55.45214 38 .01951 Value *Test allows for unequal cell variances 197 81.44393 (1, 1 97) (1, 81 .4439) df Test for Equality of Means Between Series Date: 01/15/1 0 Time : 15:50 Sample : 1 288 Included observations: 288 *Test allows for unequal cell variances t-test Satterthwaite-Weich t-test*' Anova F-test Welch F-test*' Method Test for Equality of Means Between Series Date : 01/15/1 0 Time : 15:49 Sample : 1 288 Included observations: 288 2007 Efficiency Scores-Sector to Sector Compared Averages Std . Dev. 0.746005 0.590629 0.706921 83.45602 0.003337 83.45268 Sum of Sq . -0.081469 -0.090967 0.006637 0.008275 Value Std . Err. of Mean 0.066993 0.089041 0.054540 0.499737 0.003337 0.502727 Mean Sq . 0.8352 0.9277 0.9352 0.9277 Probability Variable EFF2 EFF4 All Category Statistics Count 124 50 174 Mean 1.157560 0.383776 0.935208 Std . Dev. 0.746005 0.352931 0.744500 95 .88038 Std . Err. of Mean 0.066993 0.04991 2 0.056440 0.55.4280 130 Variable EFF2 EFF5 All Category Statistics Total Count 124 72 196 173 Total df Mean 1.157560 1.459492 1.268474 195 1 194 1 Between Within 21 .33449 74.55589 172 Between Within 21 .33449 0.433464 Source ofVariation Sum of Sq . df Mean Sq . df 194 91 .21456 (1,194) (1, 91 .21 46) Source ofVariation t-test Satterthwaite-Weich t-test*' Anova F-test Welch F-test*' Analysis ofVariance 0.0000 0.0000 0.0000 0.0000 Analysis ofVariance 7.015592 9.262197 49 .21853 85 .78830 *Test allows for unequal cell variances 172 167.7252 (1, 172) (1, 167.725) *Test allows for unequal cell variances t-test Satterthwaite-Weich t-test*' Anova F-test Welch F-test* Probability Method Value Method df Test for Equality of Means Between Series Date: 01/15/1 0 Time : 15:54 Sample : 1 288 Included observations: 288 Test for Equalitv of Means Between Series Date : 01/15f1 0 Time : 15:52 Sarnple : 1 288 Included observations : 288 2007 Efficiency Scores- Sector to Sector Compared Averages Std . Dev. 0.746005 1.5201 89 1.101710 236.6843 4.152582 232 .5317 Sum ofSq . -1.861311 -1.578551 3.464478 2.491824 Value Std . Err. of Mean 0.066993 0.179156 0.078694 1.213766 4.152582 1.198617 Mean Sq. 0.0642 0.1179 0.0642 0.1179 Probability ' I I I I I II ! I I Count 124 6 130 Variable EFF2 EFF6 All Mean 1.157560 0.648150 1.134049 129 Total Category Statistics 1 128 Between Within Source ofVariation df Std . Dev. 0.746005 0.243605 0.737870 70 .23430 1.485128 68.74917 Sum of Sq . Std . Err. of Mean 0.066993 0.099451 0.064715 0.544452 1.485128 0.5371 03 Mean Sq . t-test Satterthwaite-Weich t-test* Anova F-test Welch F-test*' Method I 131 Variable EFF2 EFF7 All Category Statistics Total Between Within Source ofVariation Count 124 25 149 df Mean 1.157560 0.272819 1.009113 148 1 147 df 147 146.3734 (1 14 7) (1 1 146.373) Analysis ofVariance 0.0988 0.0015 0.0988 0.0015 Probability Analysis ofVariance 1.662850 4.248234 2.765072 18.04749 Value '*Test allows for unequal cell variances 128 10.47962 (1 128) (1 1 0.4796) df Test for Equality of Means Between Series Date : 01/15/1 0 Time: 20:34 Sample : 1 288 Included obse!Vations : 288 '*Test allows for unequal cell variances t-test Satterthwaite-Weich t-test*' Anova F-test Welch F-test* Method Test for Equality of Means Between Series Date: 01/1511 0 Time : 15:56 Sample : 1 288 Included obse!Vations : 288 2007 Efficiency Scores-Sector to Sector Compared Averages Std . Dev. 0.746005 0.160885 0.759442 85.35941 16.28574 69 .07367 Sum of Sq . 5.887165 11 .90448 34.65871 141 .7167 Value Std . Err. of Mean 0.066993 0.032177 0.0822 '18 0.576753 16.28574 0.469889 Mean Sq. 0.0000 0.0000 0.0000 0.0000 Probability ,, '"" I I I I t-test Satterthwaite-Weich t-test" Anova F-test Welch F-test* Variable EFF2 EFF8 All Category Statistics 59 Count 124 183 Mean 1.157560 0.395867 0.911987 Std. Dev. 0.746005 0.483391 0.760276 Std. Err. of Mean 0.066993 0.062932 0.056201 132 Variable EFF2 EFF9 All Category Statistics Total 0.578019 105.1995 182 Total Between Within 23 .19433 0.453067 23 .19433 82.00512 Source ofVariation Mean Sq . Sum of Sq . 1 181 df Between Within Sourc.e ofVariation Count 124 63 187 df Mean 1.157560 1.162827 1.159334 186 1 185 df 185 116.7641 (1, 1 85) (1, 116.764) Analysis afVariance 0.0000 0.0000 0.0000 0.0000 7.155001 8.286831 51 .19403 68.67157 Method Analysis ofVariance Probability Value *Test allows for unequal cell variances 181 164.3902 (1,181) (1, 164.39) df Test for Equality of Means Between Series Date : 01/15/10 Time: 20 :43 Sample : 1 288 Included observations : 288 *Test allows for unequal cell variances t-test Satterthwaite-Weich t-test" Anova F-test Welch F-test" Method Test for Equality of Means Between Series Date: 01/1511 0 Time : 20 :39 Sample : 1 288 Included observations : 288 2007 Efficiency Scores-Sector to Sector Compared Averages Std . Dev. 0.746005 0.804555 0.764068 108.5867 0.001159 108.5856 Sum of Sq. -0 .044433 -0 .043347 0.001974 0.001879 Value Std . Err. of Mean 0.066993 0.101364 0.055874 0.583800 0.001159 0.586949 Mean Sq . 0.9646 0.9655 0.9646 0.9655 Probability I I : I Variable EFF3 EFF4 All Category Statistics Count 44 50 94 Mean 1.167696 0.383776 0.750717 Std . Dev. 0.590629 0.352931 0.617716 Std . Err. of Mean 0.089041 0.049912 0.06371 3 0.381573 35.48632 133 Variable EFF3 EFF5 All Category Statistics Total Count 44 72 1'16 df Mean 1.167696 1.459482 1.348811 115 1 114 93 Between Within Total 14.38265 0.229388 14.38265 21 .10367 1 92 Between Within Mean Sq. Source ofVariation Sum of Sq . df 114 100.3025 (1 ' 11 4) (1' 1 00 .303) Source ofVariation t-test Satterthwaite-Weich t-test* Anova F-test Welch F-test*' Analysis ofVariance 0.0000 0.0000 0.0000 0.0000 Analysis ofVariance 7.918344 7.679799 62.70017 58 .97931 '*Test allows for unequal cell variances 92 68.34655 (1. 92) (1' 68.3465) Method '*Test allows for unequal cell variances t-test Satterthwaite-Weich t-test* Anova F-test Welch F-test*' Probability df Value df Method Test for Equality of Means Betvveen Series Date : 01/15/1 0 Time : 21 :08 Sample : 1 288 Included observations: 288 Test for Equality of Means Between Series Date : 01/15/1 0 Time: 21 :07 Sample : 1 288 Included observations : 288 2007 Efficiency Scores-Sector to Sector Compared Averages Std . Dev. 0.590629 1.520189 1.255959 181 .4048 2.325342 179.0795 Sum ofSq . -1 .216670 -1 .458524 1.480287 2.127292 Value Std . Err. of Mean 0. 089041 0.179156 0.116613 1.577433 2.325342 1.570873 Mean Sq . 0.2262 0.1478 0.2262 0.14 78 Probability r II I .. Hest Satterthwaite-Weich Hest*' Anova F-test Welch F-test*' Method Variable EFF3 EFF6 All Mean 1.167696 0.648150 1.105351 49 Total Count 44 6 50 1 48 Between Within Category Statistics df Source ofVariation 0.341269 16.72216 Std . Err. of Mean 0.089041 0.099451 0.082616 1.42521 9 0.318686 1 .42521 9 15.29694 Std. Dev. 0.590629 0.243605 0.584182 Mean Sq . Sum of Sq . 134 Variable EFF3 EFF7 All Category Statistics Total Between Within Source ofVariation Count 44 25 69 df Mean 1.167696 0.272819 0.843465 68 1 67 df 67 53 .33454 (1, 67) (1, 53.3345) Analysis ofVariance 0.0397 0.0014 0.0397 0.0014 Probability Analysis ofVariance 2.114751 3.8921 09 4.472170 15.14852 Value *Test allows for unequal cell variances 48 15.10053 (1 , 48) (1 , 15.1 005) df Test for Equality of Means Between Series Date: 01/1511 0 Time : 21 :1 0 Sample: 1 288 Included observations : 288 *Test allows for unequal cell variances t-test Satterthwaite-Weich t-test*' Anova F-test Welch F-test*' Method Test for Equality of Means Between Series Date : 01/15/1 0 Time : 21 :09 Sample : 1 288 Included obselilations: 288 2007 Efficiency Scores-Sector to Sector Compared Averages Std . Dev. 0.590629 0.160885 0.64611 g 28.38790 12.76646 15.62144 Sum of Sq. 7.399664 9.451967 54.75503 89.33968 Value Std . Err. of Mean 0.089041 0.032177 0.077784 0.417469 12.76646 0.233156 Mean Sq. 0.0000 0.0000 0.0000 0.0000 Probability I I I I I : Count 44 59 103 Variable EFF3 EFF8 All Mean 1.167696 0.395867 0.725581 102 Total Category Statistics 1 101 Between Within Std . Dev. 0.590629 0.483391 0.653552 43.56734 15.01444 213 .55290 Sum ofSq . Std . Err. of Mean 0.089041 0.062932 0.064396 0.427131 15.01444 0.282702 Mean Sq . 135 Variable EFF3 EFF9 All Category Statistics Total Between Within Count 44 63 107 df Mean 1.167696 1.162827 1.164829 106 1 105 Source ofVariation df df 105 104.7068 (11 1 05) (1, 1 04 .707) Source ofVariation t-test Satterthwaite-Weich t-test* Anova F-test Welch F-test* Analysis ofVariance 0.0000 0.0000 0.0000 0.0000 7.287695 7.078705 53 .11050 50 .10807 Method Analysis ofVariance Probability Value *Test allows for unequal cell variances 101 81 .59509 (11 1 01) (1,81 .5951) df Test for Equality of Means Between Series Date : 01/15/1 0 Time: 22 :1 0 Sample : 1 288 Included observations : 288 *Test allows for unequal cell variances t-test Satterthwaite-Weich t-test* Anova F-test Welch F-test* Method Test for Equality of Means Betvoteen Series Date : 01/1711 0 Time: 17:18 Sample : 1 288 Included observations : 288 2007 Efficiency Scores-Sector to Sector Compared Averages Std . Dev. 0.590629 0.804555 0.721202 55.13396 0.000614 55.13335 Sum ofSq . 0.034204 0.036092 0.001170 0.001303 Value Std . Err. of Mean 0.089041 0.101364 0.068721 0.52013 2 0.00061 4 0.525079 Mean Sq . 0.9728 0.9713 0.9728 0.9713 Probability I I ! Count 50 72 122 Variable EFF4 EFF5 All - -·-- Mean 0.383776 1.459492 1.01 8625 121 Total Category Statistics 1 120 Between Within Std. Dev. 0.352931 1.520189 1 .299487 204.3286 34.14590 170.1827 Sum of Sq . Std. Err. of Mean 0.049912 0.179156 0.117650 1.688666 34 .14590 1.418189 Mean Sq . 136 Variable EFF4 EFF6 All Category Statistics Total Betvveen Within 56 Count 50 6 55 1 54 df Mean 0.383776 0.648150 0.4121 01 Source ofVariation df df 54 7.785582 (1, 54) (1, 7.78558) Source ofVariation t-test S atte rthwa ite-We Ich t-test* Anova F-test Welch F-test* Method Analysis ofVariance 0.0000 0.0000 0.0000 0.0000 Probability Analysis ofVariance -4 .906844 -5 .784086 24 .07712 33.45565 Value "*Test allows for unequal cell variances 120 81 .73559 (1, 1 20) (1, 81.7356) df Test for Equality of Means BetvtJeen Series Date : 01/15/1 0 Time: 22:14 Sample : 1 288 Included observations: 288 "*Test allows for unequal cell variances t-test Satterthwaite-Weich t-test* Anova F-test Welch F-test* Method Test for Equality of Means Between Series Date : 01/1 5/1 0 Time : 22:1 3 Sample : 1 288 Included observations: 288 2007 Efficiency Scores-Sector to Sector Compared Averages Std. Dev. 0.352931 0.243605 0.350962 6.774588 0.37443 2 6.400156 Sum of Sq . -1.777411 -2 .375905 3.159191 5.644923 Value Std . Err. of Mean 0.049912 0.099451 0.046899 0.123174 0.374432 0.118521 Mean Sq . 0.0811 0.0457 0.0811 0.0457 Probability I I 1.492465 1.868434 2.227451 3.491 044 73 t-test Satterthwaite-Weich t-test'" Anova F-test Welch F-test'" Variable EFF4 EFF7 All Category Statistics Count 50 25 75 Mean 0.383776 0.272819 0.346790 Std. Dev. 0.352931 0.160885 0.306017 6.929846 Std . Err. of Mean 0.049912 0.032177 0.035336 0.093647 137 Variable EFF4 EFF8 All Category Statistics Total Count 50 59 109 74 Total df Mean 0.383776 0.395867 0.390321 108 1 107 0.205190 6.724656 1 73 Between Within Between Within Source ofVariation Sum ofSq . df Source ofVariation 0.205 190 0.092 119 Analysis ofVariance Mean Sq . df 107 104.8224 (1, 1 07) (1, 1 04.822) Analysis ofVariance t-test Satterthwaite-Weich t-test'" Anova F-test Welch F-test* Method ""Test allows for unequal cell variances 0.1399 0.0657 0.1399 0.0657 Probability Test for Equality of Means Betvl/een Series Date : 01/15/1 0 Time : 22:17 Sample : 1 288 Included observations: 288 ""Test allows for unequal cell variances 72 .59293 (1, 73) (1, 72.5929) Value df Method Test for Equality of Means Between Series Date : 01/1511 o Time : 22:16 Sample : 1 288 Included observations: 288 2007 Efficiency Scores-Sector to Sector Compared Averages Std . Dev. 0.352931 0.483391 0.426659 19.66007 0.003957 19.65611 Sum ofSq . -0.146769 -0 .150542 0.021541 0.022663 Value Std . Err. of Mean 0.049912 0.062932 0.040866 0.182038 11003957 0.183702 Mean Sq . 0.8836 0.8806 0.8836 0.8806 Probability I Variable EFF4 EFF9 All Category Statistics Count 50 63 113 Mean 0.383776 1.162827 0.818114 Std. Dev. 0.352931 0.804555 0.750923 Std . Err. of Mean 0.04991 2 0.101384 0.070841 0.563885 138 Variable EFF5 EFF6 All I Category Statistics Total Count 72 8 78 168.0218 77 Std. Dev. 1.520189 0.243805 ·1 .477194 3.645837 1 64.3760 Sum of Sq . 1 .298334 3.959538 1.685670 15.67794 Value 1 76 df Mean 1.459492 0.648150 1.397081 112 Total 63.15513 1 Between Within 16.91858 46 .23656 111 Between Within 16.91858 0.416546 Source ofVariation Sum of Sq. df Mean Sq. df 76 51.73786 (1, 76) (1, 51.7379) Source ofVariation t-test Satterthwaite-Weich t-test* Anova F-test Welch F-test*' Analysis ofVariance 0.0000 0.0000 0.0000 0.0000 Analysis ofVariance -6.373099 -6.895084 40 .61639 47.54218 '*Test allows for unequal cell variances 111 89.08338 (1, 111) (1, 89.0834) '*Test allows for unequal cell variances t-test Satterthwaite-Weich t-test* Anova F-test Welch F-test* Probability Method Value Method df Test for Equality of Means Between Series Date: 01/15/10 Time: 22 :24 Sarnple: 1 288 Included observations: 288 Test for Equality of Means Between Series Date: 01/15/1 0 Time : 22 :19 Sarnple : 1 288 Included observations: 288 2007 Efficiency·Scores-Sector to Sector Compared Averages Std . Err. of Mean 0.179156 0.099451 0.167259 2.182101 3.645837 2.162842 Mean Sq. 0.1 981 0.0002 0.1981 0.0002 Probability Ill I I II I t-test Satterthwaite-Weich t-tesrAnova F-test Welch F-tesr- Variable EFF5 EFF7 All Mean 1.459492 0.272819 1.153649 96 Total Count 72 25 97 1 95 Between Within Category Statistics df Source ofVariation Std . Dev. 1 .520189 0.160885 1.409905 1 90 .8319 26.13143 164.7005 Sum ofSq . Std. Err. of Mean 0.179156 0.032177 0:143154 1.987832 26 .13143 1.733689 Mean Sq . 139 Variable EFF5 EFF8 All Category Statistics Total Between Within Source ofVariation Count 72 59 131 df 129 87 .96302 (1, 129) (1, 87 .963) Mean 1.459492 0.395867 0.980455 Std . Dev. 1.520189 0.483391 ·1.283975 214 .3171 36.68514 177.6319 1 129 130 Sum of Sq. 5.161542 5.601337 26.64152 31.37498 Value df Analysis ofVariance 0.0002 0.0000 0.0002 0.0000 3.882362 6.519373 15.07273 42 .50223 Method Analysis ofVariance Probability Value "*Test allows for unequal cell variances 95 75 .42225 (1, 95) (1, 75 .4223) df Test for Equality of Means Between Series Date : 01115/1 0 Time: 22:30 Sarnple : 1 288 Included observations: 288 "*Test allows for unequal cell variances t-test Satterthwaite-Weich t-tesrAnova F-test Welch F-tesr- Method Test for Equality of Means Between Series Date : 01/15/1 0 Time: 22 :29 Sample : 1 288 Included observations: 288 2007 Efficiency Scores-Sector to Sector Compared Averages Std. Err. of Mean 0.179156 0.062932 0.112181 1.648593 36 .68514 1.376992 Mean Sq. 0.0000 0.0000 0.0000 0.0000 Probability I Count 72 63 135 Variable EFF5 EFF9 All Mean 1.459492 1.162827 1 .321 048 134 Total Category Statistics 1 133 Between Within Std. Dev. 1.520189 0.804555 1.243399 207.1695 2.9571 57 204 .2124 Sum afSq. Std . Err. of Mean 0.179156 0.101364 0.107015 1.546041 2.957157 1.535431 Mean Sq. 140 Variable EFF6 EFF7 All Category Statistics Total Between Within Count 6 25 31 30 1 29 df Mean 0.648150 0.272819 0.345464 Source ofVariation df df 29 6.087713 (1, 29) (1, 6.08771) Source ofVariation t-test Satterthwaite-Weich t-test* Anova F-test Welch F-test* Method Analysis ofVariance 0.1675 0.1523 0.1675 0.1523 Probability Analysis ofVariance 1.387784 1.441219 1.925946 2.077113 Value *Test allows for unequal cell variances 133 110.7372 (1,133) (1, 11 0.737) df : Test for Equality of Means Between Series Date : 01115/1 0 Time : 22:32 Sample : 1 288 Included observations: 288 *Test allows for unequal cell variances t-test Satterthwaite-Weich t-test* Anova F-test Welch F-test* Method Test for Equality of Means Between Series Date : 01/15/1 0 Time: 22 :31 Sample : 1 288 Included observations: 288 2007 Efficiency Scores-Sector to Sector Compared Averages Std . Dev. 0.243605 0.160885 0.23091 0 1.599579 0.681646 0.917932 Sum of Sq . 4.640590 3.590759 21 .53507 12.89355 Value Std. Err. of Mean 0.099451 0.032177 0.041473 0.053319 0.681646 0.031653 Mean Sq . 0.0001 0.011 2 0.0001 0.0112 Probability t-test Satterthwaite-Weich t-test" Anova F-test Welch F-test" Method Variable EFF6 EFFB All Mean 0.648150 0.395867 0.419155 64 Total Count 6 59 65 1 63 Between Within Category Statistics df Source ofVariation Std . Dev. 0.243605 0.483391 0.470970 Std . Err. of Mean 0.099451 0.062932 0.058417 141 Variable EFF6 EFF9 All Category Statistics Total 6 Count 63 69 Mean 0.648150 1.162827 1.118072 68 0.221813 14.19602 . 1 67 0.346629 0.219832 0.346629 13.84939 Between Within df = Mean Sq . . Source ofVariation Sum of Sq . df 67 19.12037 (1, 67) (1, 19.1204) Analysis ofVariance 0.2139 0.0586 0.2139 0.0586 Probability Series Analysis ofVariance 1.255704 2.143617 1.576794 4.595093 Value ~ *Test allows for unequal cell variances 63 9.672306 (1, 63) (1, 9.67231) df Test for Equality of Means Date : 01/15/1 0 Time : 22 :36 Sample: 1 288 Included observations : 288 *Test allows for unequal cell variances t-test S atte rthwa ite-We Ich t-test" Anova F-test Welch F-test" Method Test for Equality of Means Between Series Date : 01/15/1 0 Time : 22 :34 Sample : 1 288 Included observations: 288 2007 Efficiency Scores-Sector to Sector Compared Averages Std. Dev. 0.243605 0.804555 0.784791 41.88098 1.451146 40.42983 Sum of Sq . -1 .550751 -3 .624368 2.404828 13.13604 Value Std. Err. of Mean 0.099451 0.101364 0.094478 0.615897 1.451146 0.603430 Mean Sq . 0.1257 0.0018 0.1257 0.0018 Probability Variable EFF7 EFF8 All Mean 0.272819 0.395867 0.359246 83 Total Count 25 59 84 1 Category Statistics 0.265868 14.17389 82 Between Within Std. Dev. 0.160885 0.483391 0.417101 14.43976 Sum ofSq . df Source ofVariation Std . Err. of Mean 0.032177 0.062932 0.045509 0.173973 0.265868 0.172852 Mean Sq. t-test Satterthwaite-Weich t-tesrAnova F-test Welch F-test*" Method 142 Variable EFF7 EFF9 All Category Statistics Total Between Within Source ofVariation Count 25 63 88 df Mean 0.272819 1.182827 0.909983 87 1 86 df 86 73.20448 (1, 86) (1, 73.2045) Analysis ofVariance 0.2184 0.0856 0.2184 0.0856 Probability Analysis ofVariance -1 .240210 -1 .740898 1.538121 3.030726 Value *Test allows for unequal cell variances 82 79 .20715 (1, 82) (1, 79 .2071) df Test for Equality of Means Between Series Date : 01/15/1 0 Time : 22 :41 Sample : 1 288 Included observations: 288 *Test allows for unequal cell variances t-test Satterthwaite-Weich t-tesrAnova F-test Welch F-tesr- Method Test for Equality of Means Between Series Date: 01/15/1 0 Time : 22 :38 Sarnple : 1 288 Included observations : 288 2007 Efficiency Scores-Sector to Sector Compared Averages Std . Dev. 0.160885 0.804555 0.794604 54 .93137 14.17703 40 .75433 Sum ofSq . -5.469593 -8.368750 29.91644 70.03597 Value Std . Err. of Mean 0.032177 0.101364 0.084705 0.631395 14.17703 0.473888 Mean Sq. 0.0000 0.0000 0.0000 0.0000 Probability Count 59 63 122 Variable EFF8 EFFB All Mean 0.395867 1.162827 0. 791 920 121 Total Category Statistics 1 120 df Between Within Source ofVariation Analysis ofVariance df 120 1 02 .6975 (1, 1 20) (1, 1 02 .698) *Test allows for unequal cell variances t-test Satterthwaite-Weich t-test*" Anova F-test Welch F-test*" Method Test for Equality of Means Between Series Date : 0111511 0 Time: 22:43 Sarnple : 1 288 Included observations : 288 Std . Dev. 0.483391 0.804555 0.769283 71 .607 40 17.92161 53 .68579 Sum ofSq . -6 .32921 0 -6 .428218 40 .05890 41 .32198 Value . Std . Err. of Mean 0.062932 0.101364 0.069648 0.591797 17.92161 0.447382 Mean Sq. 0.0000 0.0000 0.0000 0.0000 Probability 2007 Efficiency Scores-Sector to Sector Compared Averages 143 I I I t-test Satterthwaite-Weich t-test* Anova F-test Welch F-test* Method Count 158 287 445 Variable BOAR DO BOARD1 All Mean 13.91266 12.72787 13.14854 Std . Dev. 3.596154 4.135991 3.989246 7065 .852 444 Total C ategory Statistics 143.0399 6922 .812 Sum of Sq . 1 443 df Between Within Source ofVariation Total 15.91408 Std . Err. of Mean 0.286095 0.244140 0.189108 Between Within 143.0399 15.62711 144 Variable BOAR DO BOARD2 All Category Statistics Source ofVariation Mean Sq . Count 158 128 286 df Std . Dev. 3.596154 4.564247 4.058513 " 4694 .385 285 Mean 13.91266 13.40391 13.68497 18.30262 4676.083 Sum of Sq . 1.054325 1.028668 1.111602 1.058158 Value 1 284 df 284 238 .1391 (1, 284) (1, 238 .139) Analysis ofVariance 0.0026 0.0018 0.0026 0.0018 Probability Series Analysis ofVariance 3.025444 3.150147 9.153313 9.923426 Value ~ *Test allows for unequal cell variances 443 363 .1886 (1, 443) (1, 363 .1 89) df Test for Equality of Means Date: 01/16/1 0 Time : 02 :05 Sample : 1 288 Included observations: 288 *Test allows for unequal cell variances t-test Satterthwaite-Weich t-test* Anova F-test Welch F-test* Method Te st for Equality of Means Between Series Date : 01/16/1 0 Time : 00:33 Sample : 1 288 Included observations : 288 2008 Board Scores-Sector to Sector Compared Averages Std. Err. of Mean 0.286095 0.403426 0.239985 16.47153 18.30262 16.46508 Mean Sq . 0.2926 0.3047 0.2926 0.3047 Probability "'" • t-test Satterthwaite-Weich t-test* Anova F-test Welch F-test* Method Variable BOAR DO BOARD3 All Category Statistics Mean 13.91 266 14.30233 13.99602 200 Total Count 158 43 201 5.132365 2960.944 1 199 Between Within Std. Dev. 3.5961 54 4.707061 3.851 024 2966.077 Sum of Sq. df Source ofVariation Std. Err. of Mean 0.286095 0.71 7820 0.271630 14.83038 145 Variable BOAR DO BOARD4 All Category Statistics Total 5.132365 Bet\oveen 14.87912 Within Mean Sq. Source ofVariation Count 158 64 222 df Mean 13.91266 13.22656 13.71486 221 1 220 df 220 126.5444 (1' 220) (1' 126.544) Analysis ofVariance 0.5577 0.6160 0.5577 0.6160 Probability Analysis ofVariance -0 .587314 -0 .504272 0.344937 0.254290 Value "*Test allows for unequal cell variances 199 56 .02505 (1' 199) (1' 56 .025) df Test for Equality of Means Between Series Date: 01/16/1 0 Time : 02 :08 Sarnple: 1 288 Included observations : 288 "*Test allows for unequal cell variances t-test Satterthwaite-Weich t-test* Anova F-test Welch F-test" Method Test for Equality of Means Between Series Date: 01/16/1 0 Time : 02:06 Sample: ·1 288 Included observations : 288 2008 Board Scores- Sector to Sector Compared Averages Std. Dev. 3.596154 3.297341 3.519037 2736.781 21 .44142 2715.340 Sum of Sq. 1.318032 1.367 462 1.737209 1.869952 Value Std. Err. of Mean 0.286095 0.412168 0.2361 82 12.38362 21 .44142 12.34245 Mean Sq . 0.1889 0.1739 0.1889 0.1739 Probability Count 158 82 240 Variable BOAR DO BOARD5 All Mean 13.91266 14.64634 14.16333 239 Total Category Statistics 1 238 Between Within Std . Dev. 3.596154 5.614492 4.393204 4612 .757 29.05875 4583.699 Std . Err. of Mean 0.286095 0.620017 0.283580 19.30024 29.05875 19.25924 146 Variable BOAR DO BOARD6 All Category Statistics Total Between Within Count 158 9 "167 df Mean 13.91 266 16.88889 14.07305 166 1 165 Source ofVariation Mean Sq . Source ofVariation Sum of Sq. df 165 8.420692 (1, 1 65) (1, 8.42069) Analysis ofVariance df Method 0.2205 t-test 0.2848 Satterthwaite-Weich t-test"" 0.2205 ·Anova F-test 0.2848 Welch F-test* Probability Analysis ofVariance -1 .228341 -1 .074458 1.508821 1.154460 Value *Test allows for unequal cell variances 238 116.4413 (1, 238) (1, 116.441) df Test for Equality of Means Between Series Date : 01/16/1 0 Time: 02 :1 0 Sarnple : 1 288. Included observations: 288 *Test allows for unequal cell variances t-test Satterthwaite-Weich t-test"" Anova F-test Welch F-test* Method Test for Equality of Means Between Series Date: 01/1611 0 Time : 02 :09 Sarnple: 1 288 Included observations : 288 2008 Board Scores-Sector to Sector Compared Averages Std . Dev. 3.596154 5.325515 3.748645 Std . Err. of Mean 0.286095 1.775172 0.290079 14.05234 75.42517 13.68039 75.42517 2257 .264 2332.689 Mean Sq . 0.0201 0.1346 0.0201 0.1346 Probability Sum of Sq. -2 .348059 -1 .655229 5.513381 2.739783 Value II I I I ! I I I I I I I I I I I Count 158 29 187 Variable BOAR DO BOARD7 All Mean 13.91266 13.88276 13.90802 186 Total Category Statistics 1 185 Between Within Source ofVariation df Std . Dev. 3.596154 4.253828 3.693250 2537 .058 0.021905 2537 .036 Sum of Sq . Std . Err. of Mean 0.286095 0.789916 0.270077 Total 13.6401 0 147 Variable BOAR DO BOAR DB All Category Statistics Between Within Source ofVariation 0.021905 13.71371 Mean Sq. t-test Satterthwaite-Weich t-test*' Anova F-test Welch F-test*' Method Count 158 123 281 df Mean 13.91266 13.09512 13.55480 280 1 279 df 279 186.8202 (1, 279) (1, 186.82) Analysis ofVariance 0.9682 0.9718 0.9682 0.971 8 Probability Series Analysis ofVariance 0.039966 0.035589 0.001597 0.001267 Value ~ "'Test allows for unequal cell variances 185 35 .71811 (1, 185) (1, 35 .7181) df Test for Equality of Means Date: 01/1 6/1 0 Time : 02 :13 Sarnple: 1 288 Included observations: 288 "'Test allows for unequal cell variances t-test Satterthwaite-Weich t-test*' Anova F-test Welch F-test*' Method Test for Equality of Means Between Series Date : 01/18/1 0 Time : 02:12 Sarnple : 1 288 Included observations: 288 2008 Board Scores-Sector to Sector Compared Averages Std. Dev. 3.5961 54 6.075803 4.847782 6580 .276 46.22426 6534 .052 Sum of Sq . 1.404901 1.322786 1.973747 1.749762 Value ;~ ~ ~ ~~~ Std . Err. of Mean 0.286095 0.547837 0.289194 23 .50099 48 .22426 23.41954 Mean Sq . 0.1612 0.1875 0.1612 0.1875 Probability ~~ ~ I I I !I ! I I I I I I 223 116.4028 (1' 223) (1' 116.403) Variable BOAR DO BOARD9 All J Mean 13.91266 12.89403 13.60933 224 Total Count 158 67 225 1 Category Statistics 48 .8181 0 3022 .952 223 Between Within Std . Dev. 3.596154 3.878022 3.703142 3071 .770 Sum of Sq. df 1.897699 1.840486 3.601260 3.387390 Source ofVariation Analysis ofVariance *Test allows for unequal cell variances t-test Satterthwaite-Weich t-test"' Anova F-test Welch F-test"' Std . Err. of Mean 0.286095 0.473776 0.246876 13.71326 48 .8181 0 13.55584 Mean Sq . 0.0590 0.0682 0.0590 0.0682 Probability 148 Variable BOARD1 BOARD2 All Category Statistics Total Between Within Source ofVariation Analysis ofVariance Count 287 128 415 Std . Dev. 4.135991 4.564247 4.278528 7578 .601 414 Mean 12.72787 13.40391 12.93639 40 .45553 7538.145 Sum of Sq. -1 .488784 -1.433645 2.216478 2.055338 Value 1 413 df 413 223 .7300 (1' 413) (1' 223 .73) *Test allows for unequal cell variances t-test Satterthwaite-Weich t-test"' Anova F-test Welch F-test"' df Method Value Method df Test for Equality of Means Between Series Date : 01116/1 0 Time : 02:18 Sample: 1 288 Included observations: 288 Test for Equality of Means Between Series Date : 01/1611 0 Time : 02 :14 Sample : 1 288 Included observations: 288 2008 Board Scores-Sector to Sector Compared Averages Std . Err. of Mean 0.244140 0.403426 0.21 0025 18.30580 40.45553 18.25217 Mean Sq . 0.1373 0.1531 0.1373 0.1 531 Probability '""" Count 287 43 330 Variable BOARD1 BOARD3 All Mean 12.72787 14.30233 12.93303 329 Total Category Statistics 1 328 Between Within Std . Dev. 4.135991 4.707061 4.240387 Std . Err. of Mean 0.244140 0.717820 0.233426 17.98088 92.70320 17.75307 92 .70320 5823 .007 5915 .710 Mean Sq . Sum ofSq . 149 Variable 80ARD1 80ARD4 All Category Statistics Total Betw'een Within Count 287 64 351 Std . Dev. 4.135991 3.297341 3.996576 5590.416 350 Mean 12.72787 13.22656 12.81 880 13.01405 5577 .402 1 349 Std . Err. of Mean 0.244140 0.412168 0.213321 15.97262 13.01405 15.98109 Mean Sq . 0.3675 0.3001 0.3675 0.3001 -0.902408 -1 .040999 0.814340 1.083679 Sum ofSq . Probability Value df Source ofVariation df df 349 111 .9281 (1, 349) (1, 111 .928) Source ofVariation t-test Satterthwaite-Weich t-test"' Anova F-test Welch F-test"' Analysis ofVariance 0.0229 0.0428 0.0229 0.0428 Method Analysis ofVariance -2 .285129 -2 .076559 5.221 812 4.312099 328 52 .17633 (1, 328) (1, 52 .1763} Probability *Test allows for unequal cell variances Value df Test for Equality of Means Between Series Date : 01116/1 0 Time: 02:20 Sample : 1 288 Included observations: 288 *Test allows for unequal cell variances t-test Satterthwaite-Weich t-test"' Anova F-test Welch F-test"' Method Test for Equality of Means Between Series Date : 01/1 611 0 Time : 02 :1 9 Sample : 1 288 Included observations: 288 2008 Board Scores-Sector to Sector Compared Averages """ I ' I I Count 287 82 369 Variable BOARD1 BOARDS All Mean 12.72787 14.64634 13.15420 368 Total Category Statistics 1 367 Between Within Source ofVariation df Std . Dev.. 4.135991 5.614492 4.568469 7680 .496 234 .7351 7445.761 Sum of Sq. Std . Err. of Mean 0.244140 0.62001 7 0.237825 20.87091 234.7351 20.28818 Mean Sq . t-test Satterthwaite-Weich t-tesrAnova F-test Welch F-tesr- !50 Variable BOARD1 BOARD6 All Category Statistics Total Between Within Source ofVariation 9 296 Count 287 df 294 8.305412 (1' 294) (1' 8.30541) Mean 12.72787 16.88889 12.85439 Std . Dev. 4.135991 5.325515 4.226797 5270 .414 151 .0884 5119 .326 1 294 295 Sum of Sq . -2 .945661 -2 .322148 8.676922 5.392373 Value df Analysis ofVariance 0.0007 0.0048 0.0007 0.0048 -3 .401477 -2 .879059 11 .57004 8.288978 Method Analysis ofVariance Probability Value "*Test allows for unequal cell variances 367 107.3345 (1' 367) (1' 1 07 .334) df Test for Equality of Means Betvl/een Series Date : 01/16/1 0 Time : 02 :22 * Sample: 1 288 Included observations : 288 "*Test allows for unequal cell variances t-test Satterthwaite-Weich t-tesrAnova F-test Welch F-tesr- Method Test for Equality of Means Between Series Date : 01/1611 0 Time : 02:21 Sample : 1 288 Included observations: 288 2008 Board Scores-Sector to Sector Compared Averages Std . Err. of Mean 0.244140 1.775172 0.245678 17.86581 151 .088.4 17.41267 Mean Sq. 0.0035 0.0476 0.0035 0.0476 Probability I I I I Count 287 29 316 Variable BOARD1 80ARD7 All Mean 12.72787 13.88276 12.83386 315 Total Category Statistics 1 314 Between Within Std . Dev. 4.135991 4.253828 4.153494 5434 .228 35 .12931 5399 .098 Sum of Sq . Std . Err. of Mean 0.244140 0.789916 0.233652 17.25152 35 .12931 17.19458 Mean Sq . ~ 151 Variable BOARD1 BOAR DB All Category Statistics Total Between Within Count 287 123 410 df Mean 12.72787 13.09512 12.83805 409 1 408 df 408 172.3697 (11 408) (11 172.37) Source ofVariation df t-test Satte rthwa ite-We Ich t-te Anova F-test Welch F-test* Source ofVariation 0.1539 0.1716 0.1539 0.1716 Method Analysis ofVariance -1 .429351 -1 .396839 2.043045 1 .951160 Probability Analysis ofVariance 314 33.57489 (11 31 4) (11 33 .5749) Value *Test allows for unequal cell variances ~ df Test for Equality of Means Between Series Date : 01/16/1 0 Time : 02:24 Sa rnple : 1 288 Included observations: 288 *Test allows for unequal cell variances t-test Satterthwaite-Weich Anova F-test Welch F-test* Method Test for Equality of Means Between Series Date : 01/19/1 0 Time : 04 :31 Sample : 1 288 Included observations : 288 2008 Board Scores- Sector to Sector Compared Averages Std . Dev. 4.135991 6.075803 4.796017 9407 .726 11 .61236 9396.114 Sum ofSq . -0 .710095 -0.612309 0.504234 0.374923 Value Std . Err. of Mean 0.244140 0.547837 0.236858 23 .00178 11 .61236 23 .02969 Mean Sq . 0.4781 0.5411 0.4781 0.5411 Probability - I I I I : I I I I I I t-test Satterthwaite-Weich t-test* Anova F-test Welch F-test* Method I 1 Count 287 67 354 Variable BOARD1 BOARDS All Mean 12.72787 12.89403 12.75932 353 Total Category Statistics 1 352 df Between Within Source ofVariation Std . Dev. 4.135991 3.878022 4.083586 5886 .514 1.499622 5885 .015 Sum of Sq . Std . Err. of Mean 0.244140 0.473776 0.21 7040 16.67568 1.499622 16.71879 Mean Sq . Count 128 43 171 152 Variable BOARD2 BOARD3 All Mean 13.40391 14.30233 13.62982 Std . Dev. 4.564247 4.707061 4.603233 Std. Err. of Mean 0.403426 0.717820 0.35201 8 21 .18975 3602 .258 170 Total Category Statistics 25.98008 21.16141 Mean Sq . 25.98008 3576 .278 Sum of Sq . 0.2694 0.2790 0.2694 0.2790 Probability 1 169 df -1 .108021 -1 .091084 1.22771 0 1.190465 Value Between Within Source ofVariation df 169 70.39987 (1 169) (1 70 .3999) Analysis ofVariance 0.7647 0.7559 0.7647 0.7559 Probability Analysis ofVariance -0.299494 -0.311748 0.089697 0.097187 Value ""Test allows for unequal cell variances 352 1 04 .0127 (1 352) (1 1 04 .013) df Test for Equality of Means BetvtJeen Series Date : 01/1611 0 Time: 02 :27 Sarnple : 1 288 Included observations : 288 ""Test allows for unequal cell variances t-test Satterthwaite-Weich t-test* Anova F-test Welch F-test"" Method Test for Equality of Means Between Series Date: 01/1611 0 Time : 02 :25 Sample : 1 288 Included observations: 288 2008 Board Scores-Sector to Sector Compared Averages I I I I I Count 128 64 192 Variable BOARD2 BOARD4 All Mean 13.40391 13.22656 13.344 79 191 Total Category Statistics 1 190 Between Within Std . Dev. 4.564247 3.297341 4.176734 3332 .015 ... 1.341901 3330.673 Sum of Sq . Std. Err. of Mean 0.403426 0.412168 0.301430 17.44510 1.341901 17.52986 Mean Sq . 153 Variable BOARD2 BOARD5 All Category Statistics Total Between Within Count 128 82 210 df Mean 13.40391 14.64634 13.88905 209 1 208 Source ofVariation df df 208 147.2690 (1, 208) (1, 147.269) Source ofVariation t-test Satterthwaite-Weich t-test*" Anova F-test Welch F-test*" Analysis ofVariance 0.7823 0.7589 0.7823 0.7589 Analysis ofVariance 0.276676 0.307491 0.076549 0.094551 "*Test allows for unequal cell variances 190 165.9694 (1, 190) (1, 165.969) "*Test allows for unequal cell variances t-test Satterthwaite-Weich t-test*" Anova F-test Welch F-test*" Probability Method Value Method df Test for Equality of Means Between Series Date : 01116/10 Time : 02 :30 Sample : 1 288 Included observations : 288 Test for Equality of Means Between Series Date: 01/1 611 0 Time : 02 :29 Sample : 1 288 Included observations: 288 2008 Board Scores-Sector to Sector Compared Averages Std . Dev. 4.564247 5.614492 5.024431 5276 .185 77 .15286 51 99 .032 Sum of Sq . -1 .756898 -1 .679620 3.086689 2.821125 Value Std. Err. of Mean 0.403426 0.620017 0.346719 25 .24490 77 .15286 24 .99535 Mean Sq. 0.0804 0.0952 0.0804 0.0952 Probability t-test Satterthwaite-Weich t-test*' Anova F-test Welch F-test*' Variable BOJ,\RD2 BOARD6 All g 137 Std . Dev. 4.564247 5.325515 4.676853 136 Total Mean 13.40391 16.88889 13.63285 2974 .722 1 Count 128 1 02 .1253 2872 .597 135 Between Within Category Statistics Sum of Sq . df Source ofVariation Std . Err. of Mean 0.403426 1.775172 0.399571 Total 21 .87296 154 Variable 80ARD2 BOARD7 All Category Statistics Between Within Source ofVariation 1 02.1 253 21 .27850 Mean Sq . Count 128 29 157 df Mean 13.40391 13.88276 13.49236 156 1 155 df 155 43 .85396 (1, 1 55) (1, 43.854) Analysis ofVariance 0.0302 0.0884 0.0302 0.0884 -2 .190767 -1 .914367 4.799458 3.664801 Method Analys is ofVariance Probability Value '*Test allows for unequal cell variances 135 8.84621 0 (1, 135) (1, 8.84621) df Test for Equality of Means Between Series Date : 01/16/1 0 Time : 02:33 Sample : 1 288 Included observations: 288 '*Test allows for unequal cell variances t-test S atte rthwa ite-We Ich t-te st*' Anova F-test Welch F-test*' Method Test for Equality of Means Between Series Date : 01/16/1 0 Time : 02:31 Sample : ·1 288 Included observations : 288 2008 Board Scores-Sector to Sector Compared Averages Std . Dev. 4.564247 4.253828 4.499139 3157 .791 5.421402 3152 .369 Sum of Sq . -0 .516301 -0.539873 0.266567 0.291463 Value Std . Err. of Mean 0. 403426 0.789916 0.359070 20 .24225 5.421402 20 .33787 Mean Sq . 0.6064 0.5920 0.6064 0.5920 Probability I I Count 128 123 251 Variable 80ARD2 BOARDS All Mean 13.40391 13.09512 13.25259 250 Total Category Statistics 1 249 Between Within Std . Dev. 4.564247 6.075803 5.349903 7155.366 5.980697 7149 .385 Sum of Sq . Std. Err. of Mean 0.403426 0.547837 0.337683 28 .62146 5.980697 28 .71239 Mean Sq . 155 Variable BOARD2 BOARD9 All Category Statistics Total Between Within Count 128 67 195 11 .43352 3638.286 1 Mean 13.40391 12.89403 13.22872 194 Std . Dev. 4.564247 3.878022 4.337394 3649 .719 Sum of Sq. 0.778790 0.819385 0.606514 0.671392 Value df 193 Source ofVariation df df 193 154.2615 (1, 1 93) (1, 154.262) Source ofVariation t-test Satterthwaite-Weich t-test" Anova F-test Welch F-test*' Method Analysis ofVariance 0.6485 0.6504 0.6485 0.6504 Probability Analysis ofVariance 0.456395 0.453860 0.208297 0.205989 Value *Test allows fo r unequal cell variances 249 226 .2731 (1, 249) (1, 226.273) df Test for Equality of Means Between Series Date : 01/16/10 Time : 02:35 Sample : 1 288 Included observations : 288 *Test allows for unequal cell variances t-test Satterthwaite-Weich t-test" Anova F-test Welch F-test*' Method Test for Equality of Means Between Series Date : 01/1611 0 Time: 02 :34 Sample : 1 288 Included observations: 288 2008 Board Scores-Sector to Sector Compared Averages Std . Err. of Mean 0.403426 0.473776 0.31 0607 18.81299 11 .43352 18.85122 Mean Sq. 0.4371 0.4138 0.4371 0.4138 Probability I I I i I Variable BOARD3 BOARD4 All Count 43 64 107 Mean 14.30233 13.22656 13.65888 Std. Dev. 4.707061 3.297341 3.939758 1645.299 106 Total Category Statistics 29 .76445 1615.535 1 105 Between Within Sum of Sq . Std . Err. of Mean 0.717820 0.412168 0.380871 15.52169 29 .76445 15.38604 Mean Sq . 156 Variable BOARD3 BOARD5 All Category Statistics Total Between Within Count 43 82 125 Mean 14.30233 14.64634 14.52800 Std . Dev. 4.707061 5.614492 5.303097 3487 .232 124 Std. Err. of Mean 0.717820 0.620017 0.474323 28 .12284 3.338330 28.32434 3.338330 3483 .894 1 123 0.7320 0.7176 0.7320 0.7176 -0 .343309 -0 .362688 0.117861 0.131542 Mean Sq . df Probability Value Sum of Sq . Source ofVariation df df 123 99 .36808 (1, 123) (1, 99 .3681) Source ofVariation t-test Satterthwaite-Weich t-test* Anova F-test Welch F-test* Method Analysis ofVariance 0.1672 0.1980 0.1672 0.1'980 Probability Analysis ofVariance 1.390867 1.299644 1.934510 1.689075 Value *Test allows for unequal cell variances 105 69.24229 (1, 1 05) (1, 69.2423) df Test for Equality of Means Between Series Date: 01116/10 Time: 02:37 Sarnple : 1 288 Included observations: 288 *Test allows for unequal cell variances t-test Satterthwaite-Weich t-test* Anova F-test Welch F-test* Method Testfor Equality of Means Between Series Date: 01/16/1 0 Time: 02:36 Sample : 1 288 Included observations: 288 2008 Board Scores-Sector to Sector Compared Averages I I I I Variable BOARD3 80ARD6 All Mean 1 4.30233 16.88889 14.75000 Std . Dev. 4.707061 5.325515 4.865344 51 Total Count 43 9 52 1207.250 1 50 Between Within Category Statistics 49 .79134 1157.459 df Source ofVariation Sum ofSq . Std . Err. of Mean 0.717820 1.775172 0.674702 23.67157 49.79134 23 .14917 Mean Sq . t-test Satterthwaite-Weich t-test* Anova F-test Welch F-test* !57 Variable 80ARD3 80ARD7 All Category Statistics Total Between Within Source ofVariation Count 43 29 72 df Mean 14.30233 13.88276 14.13333 71 1 70 df 70 64 .16678 (11 70) (11 64.1668) Analysis ofVariance 0.1487 0.2044 0.1487 0.2044 Analysis ofVariance -1 .466592 -1 .350819 2.150891 1.824713 *Test allows for unequal cell variances 50 10.77521 (11 50) (11 1 0.7752) *Test allows for unequal cell variances t-test S atte rthwa ite-We Ich t-te sf* Anova F-test Welch F-test* Probability Method Value Method df Test for Equality of Means Between Series Date : 01/1 611 0 Time: 03 :07 Sample: 1 288 Included observations : 288 Test for Equality of Means Between Series Date : 01/16/1 0 Time : 03:06 Sample : ·1 288 Included observations: 288 2008 Board Scores- Sector to Sector Compared Averages Std . Dev. 4.707061 4.253828 4.503958 1440.280 3.048853 1437.231 Sum ofSq . 0.385349 0.393093 0.148494 0.154522 Value Std . Err. of Mean 0.717820 0.789916 0.530796 20 .28563 3.048853 20.53187 Mean Sq . 0.6956 0.7011 0.6956 D.7011 Probability Count 43 123 166 Variable 80ARD3 BOARDS All Mean 14.30.233 13.09512 '13.40783 165 Total Category Statistics 1 164 Between Within Source ofVariation df Std. Dev. 4.707061 6.075803 5.763353 5480 .680 46.43298 5434.247 Sum of Sq . t-test Satterthwaite-Weich t-test*' Anova F-test Welch F-test*' Method Std. Err. of Mean 0.717820 0.547837 0.44 7323 Total 33 .21624 158 Variable BOARD3 BOARDS All Category Statistics Between Within 46 .43298 33 .13565 Mean Sq. Source ofVariation Count 43 67 11 0 df Mean 14.30233 12.89403 13.44455 109 1 108 df 108 77 .23578 (1, 108) (1, 77 .2358) Analysis ofVariance 0.2382 0.1845 0.2382 0.1845 Probability Analysis ofVariance 1.183765 1.336896 1.401300 1.787291 Value *Test allows for unequal cell variances 164 94.17686 (1 , 164) (1, 94.1769) df Test for Equality of Means Between Series Date: 01/1611 0 Time : 03 :10 Sample: 1 288 Included observations: 288 *Test allows for unequal cell variances t-test Satte rthwa ite-We Ich t-test*' Anova F-test Welch F-test*' Method Test for Equality of Means Between Series Date : 01/16/1 0 Time : 03 :08 Sample: 1 288 Included observations: 288 2008 Board Scores-Sector to Sector Compared Averages Std. Dev. 4.707061 3.878022 4.256772 1975.092 51 .94435 1923.147 Sum of Sq. 1.707948 1.637410 2.917088 2.681112 Value Std . Err. of Mean 0.717820 0.473776 0.405867 18.12011 51 .94435 17.80692 Mean Sq. 0.0905 0.1056 0.0905 0.1056 Probability I Count 64 82 146 Variable BOARD4 BOARDS All Mean 13.22656 14.64634 1 4.02397 145 Total Category Statistics 1 144 Between Within Std . Dev. 3.297341 5.614492 4.778361 Std . Err. of Mean 0.412168 0.62001 7 0.395460 22 .83273 72 .45735 22 .48812 72.45735 3238 .289 3310 .746 Mean Sq . Sum of Sq . !59 Variable BOARD4 BOARD6 All Category Statistics Total Between Within Count 64 9 73 72 1 71 df Mean 13.22656 16.88889 1 3.67808 Source ofVariation df df 71 8.882527 (1, 71) (1, 8.88253) Source ofVariation t-test Satterthwaite-Weich t-test*' An ova F-te st Welch F-test*' Method Analysis ofVariance 0.07 48 0.0587 0.0748 0.0587 Probability Analysis ofVariance -1 .795001 -1.906984 3.222028 3.636589 Value *Test allows for unequal cell variances 144 134.6101 (1, 144) (1, 134.61) df Test for Equality of Means Between Series Date : 01116/1 0 Time : 03 :13 Sample: 1 288 Included observations: 288 '*Test allows for unequal cell variances t-test Satterthwaite-Weich t-test*' Anova F-test Welch F-test*' Method Test for Equality of Means BetvVeen Series Date : 01/1 611 0 Time : 03:11 Sample : 1 288 Included observations : 288 2008 Board Scores-Sector to Sector Compared Averages Std . Dev. 3.297341 5.325515 3.759589 1 017 .685 105.8312 911 .8537 Sum of Sq . -2.870605 -2 .009625 8.240373 4.038592 Value Std. Err. of Mean 0.412168 1.775172 0.440027 14.13451 105.8312 12.84301 Mean Sq . 0.0054 0.0758 0.0054 0.0758 Probability ,,. I I I I I --- t-test Satterthwaite-Weich t-tesrAnova F-test Welch F-tesr- Method Value 0.161031 0.191724 . 0.025931 0.036758 df 185 184.6407 (1, 1 85) (1 , 1 84.641) Variable BOARD4 BOARD7 All Mean 13.22656 13. 88276 1 3.4311 8 92 Total Count 64 29 93 1 91 Between Within Category Statistics df Source ofVariation Std . Dev. 3.297341 4.253828 3.611 906 1200.220 8.593347 1191 .626 Sum of Sq . Std. Err. of Mean 0.412168 0.78991 6 0.374537 13.04586 8.593347 13.09479 Mean Sq . 160 Variable BOARD4 BOARDS All Category Statistics Total Between Within Source ofVariation Count 64 123 187 Std . Dev. 3.297341 6.075803 5.282029 5189 .369 186 Mean 13.22656 13.09512 13.14011 0.727281 28 .04671 0.727281 5188 .642 1 185 Std . Err. of Mean 0.412168 0.547837 0.386260 27 .89983 Mean Sq . Sum of Sq . 0.8722 0.8482 0.8722 0.8482 Probability df Analysis ofVariance 0.4200 0.4654 0.4200 0.4654 Probability Analysis ofVariance -0 .81 0087 -0 .736486 0.656241 0.542412 Value "*Test allows for unequal cell varian ces 91 43 .87665 (1, 91) (1, 43 .8767) df Test for Equality of Means Betv.Jeen Series Date : 01/16/1 0 Time : 03:21 Sample: 1 288 Included observations: 288 *Test allows for unequal cell variances t-test Satterthwaite-Weich t-test*" Anova F-test Welch F-test*" Method Test for Equality of Means Between Series Date : 01/16/1 0 Time: 03:15 Sar·nple: 1 288 Included observations: 288 2008 Board Scores-Sector to Sector Compared Averages t-test Satterthwaite-Weich t-test" Anova F-test Welch F-test" Method Count 64 67 131 Variable BOARD4 BOARD9 All Mean 13.22656 12.89403 13.05649 Std . Dev. 3.297341 3.878022 3.596111 1681 .162 130 Total Category Statistics 3.6 1 9529 1677.542 Sum ofSq. 1 129 df Between Within Source ofVariation Std . Err. of Mean 0.412168 0.473776 0.314194 161 Variable BOARDS BOARD6 All Category Statistics Total Between Within 3.619529 13.00421 12.93202 Source ofVariation Mean Sq . 9 91 Count 82 df 2820 .998 90 Std . Dev. 5.614492 5.325515 5.598609 40.78479 2780 .213 1 89 Mean 14.64634 16.88889 14.8681 3 Sum ofSq . -1 .142629 -1 .192633 1.305600 1.422372 Value df 89 10.05612 (1, 89) (1, 1 0.0561) Analysis ofVariance 0.5987 0.5974 0.5987 0.5974 Probability Analysis ofVariance 0.527575 0.529536 0.278335 0.280409 Value "'Test allows for unequal cell variances 129 127.3109 (1, 129) (1, 127.311) df Test for Equality of Means Between Series Date : 01/16/1 0 Time : 03 :27 Sample : 1 288 Included observations : 288 "'Test allows for unequal cell variances t-test s atte rthwa ite-VV eIch t-test" Anova F-test Welch F-test" Method Test for Equality of Means Between Series Date : 01/16/1 0 Time: 03:22 Sarnple : 1 288 Included observations : 288 2008 Board Scores- Sector to Sector Compared Averages Std . Err. of Mean 0.620017 1.775172 0.586894 31 .34442 40. 78479 31 .23835 Mean Sq . 0.2563 0.2604 0.2563 0.2604 Probability I I I I I I Count 82 29 111 Variable BOARD5 BOARD7 All Mean 14.64634 13.88276 14.44685 11 0 Total Category Statistics 1 109 Between Within Std. Dev. 5.614492 4.253828 5.285036 3072 .476 12.49111 3059 .985 Sum ofSq . Std . Err. of Mean Q.62001 7 0.788916 0.501633 27 .93160 12.49111 28 .07326 Mean Sq . 162 Variable BOARD5 BOAR DB All Category Statistics Total Betvl/een Within Count 82 123 205 df Mean 14.64634 13.09512 13.71561 204 1 203 Source ofVariation df df 203 182.8512 (1, 203) (1, 1 82 .851) Source ofVariation t-test Satterthwaite-Weich t-test* Anova F-test Welch F-test* Analysis ofVariance 0.5062 0.4498 0.5062 0.4498 Analysis ofVariance 0.667044 0.760400 0.444947 0.578209 '*Test allows for unequal cell variances 109 64 .64681 (1, 1 09) (1, 64 .6468) '*Test allows for unequal cell variances t-test Satterthwaite-Weich t-test* Anova F-test Welch F-test* Probability Method Value Method df Test for Equality of Means Betvl/een Series Date : 01/16/1 0 Time : 03:29 Sample : 1 288 Included observations: 288 Test for Equality of Means Betvl/een Series Date: 01/16/1 0 Time : 03 :28 Sample : ·1 288 Included observations: 288 2008 Board Scores- Sector to Sector Compared Averages Std . Dev. 5.614492 6.075803 5.930723 Std. Err. of Mean 0.620017 0.547837 0.41 4220 35 .17348 118.3891 34.76355 . 118.3891 7057.001 7175 .390 Mean Sq . 0.0664 0.0624 0.0664 0.0624 Probability Sum of Sq . 1.845414 1.874873 3.405552 3.515150 Value I I I I I I I I t-test Satterthwaite-Weich t-test* Anova F-test Welch F-test* Count 82 67 149 Variable BOARD5 BOARD9 All Mean 14.64634 12.89403 13.85839 148 Total Category Statistics 1 147 df Between Within Source ofVariation Std . Dev. 5.614492 3.878022 4.972303 3659 .122 113.2205 3545.902 Sum of Sq . Std . Err. of Mean 0.62001 7 0.473776 0.407347 Total 24.72380 163 Variable BOARD6 BOARD7 All Category Statistics Between Within Source ofVariation 113.2 205 24 .12178 Mean Sq . 29 38 Count g Mean 16.88889 13.88276 14.59474 Std . Dev. 5.325515 4.253828 4.637156 795 .6189 62.06868 733 .5503 1 36 37 Sum of Sq . 1.7453 10 1.547169 3.0461 07 2.3937 31 Value df 36 11 .35458 (11 36) (11 11 .3546) Analysis ofVariance 0.031 g 0.0263 0.0319 0.0263 Analysis ofVariance 2.166496 2.245659 4.693704 5.042986 df Series *Test allows for unequal cell varian ces 147 143.2630 (11 14 7) (11 143.263) ~ *Test allows for unequal cell variances t-test Satterthwaite-Weich t-test* Anova F-test Welch F-test* Probability Method Value Method df Test for Equality of Means Date: 01116/1 0 Time: 03:36 Sarrtple : 1 288 Included observations: 288 Test for Equality of Means Betl""een Series Date : 01/1611 0 Time : 03 :30 Sample : 1 288 Included obse!Vations: 288 2008 Board Scores- Sector to Sector Compared Averages Std . Err. of Mean 1.775172 0.789916 0.752246 21 .50321 62 .06868 20 .37640 Mean Sq . 0.0895 0.1492 0.0895 0.1492 Probability I I I I I I I I r I I L__ • g Count Variable BOARD6 BOARDS All 123 132 Mean 16.88889 13.09512 13.35379 131 Total Category Statistics 1 130 Between Within Std . Dev. 5.325515 6.075803 6.085440 4851 .268 120.7021 4730 .566 Sum of Sq . Std . Err. of Mean 1.775172 0.547837 0.529670 37 .03258 120.7021 36 .38897 Mean Sq . 164 Variable BOAR DB BOARD8 All Category Statisti cs Total Between Within Count 9 67 76 75 1 74 df Mean 16.88889 12.89403 13.36711 Source ofVariation df df 74 9.174633 (1' 7 4) (1' 9.17463) Source ofVariation t-test Satterthwaite-Weich t-test*' Anova F-test Welch F-test*' Method Analysis ofVariance 0.0709 0.0696 0.0709 0.0696 Probability Analysis ofVariance 1.821263 2.042093 3.316998 4.170144 Value *Test allows for unequal cell variance s 130 9.590709 (1' 130) (1' 9.59071) df Test for Equality of Means Between Series Date: 01/16/1 0 Time : 03:38 Sample : 1 288 Included observations: 288 *Test allows for unequal cell variances t-test S atte rthwa ite-We Ich t-test*' Anova F-test Welch F-test*' Method Test for Equality of Means Between Series Date : 01/16/1 0 Time : 03 :37 Sample : 1 288 Included observations : 288 2008 Board Scores-Sector to Sector Compared Averages Std . Dev. 5.325515 3. 878022 4.236489 1346.088 1 26 .6.213 121 9.467 Sum of Sq . 2.771943 2.174301 7.683666 4.727585 Value Std . Err. of Mean 1.775172 0.473776 0.485959 17.94784 126.6213 16.47928 Mean Sq. 0.0070 0.0571 0.0070 0.0571 Probability I t-test Satterthwaite-Weich t-test*' Anova F-test Welch F-test*' Method Count 29 123 152 Variable BOARD7 BOARDS All Mean 13.88276 13.09512 13.24539 151 Total Category Statistics 1 150 df Between Within Source ofVariation Std . Dev. 4.253828 6.075803 5.768662 5024 .897 14.55832 501 0.338 Sum of Sq. Std . Err. of Mean 0.789916 0.547837 0.467900 165 Variable BOARD? BOARD9 All Category Statistics Total Between Within 14.55832 33 .40226 33 .27746 Source ofVariation Mean Sq. Count 29 67 96 df Mean 13.88276 12.89403 13.19271 95 1 94 df 94 49 .07445 (1, 94) (1, 49 .07 45) Analysis ofVariance 0.51 01 0.4159 0.51 01 0.4159 Probability Analysis ofVariance 0.660188 0.819348 0.435849 0.671331 Value '*Test allows for unequal cell variances 150 58.31 71 6 (1, 1 50) (1, 58.3172) df Test for Equality of Means Between Series Date : 01/16/1 0 Time : 03 :42 Satr-1ple : 1 288 Included observations : 288 '*Test allows for unequal cell variances t-test Satterthwaite-Weich t-test*' Anova F-test Welch F-test*' Method Test for Equality of Means Bet\ween Series Date : 01/1611 0 Time : 03:39 Sample : ·1 288 Included observations : 288 2008 Board Scores-Sector to Sector Compared Averages Std . Dev. 4.253828 3.878022 3.998717 1519.025 19.78590 1499.239 Sum of Sq . 1.113798 1.073418 1.240546 1.152227 Value Std . Err. of Mean 0.789916 0.473776 0.408117 15.98974 19.78590 15.94935 Mean Sq . 0.2682 0.2883 0.2682 0.2883 Probability - I Analysis ofVariance Count 123 67 190 Variable BOARDS BOARDS All Mean 13.09512 12.89403 13.02421 189 Total Category Statistics 1 188 df Between Within Source ofVariation -- df 188 183.2530 (1, 188) (1, 183.253) '*Test allows for unequal cell variances t-test Satterthwaite-Weich t-tesrAnova F-test Welch F-tesr- Method Testfor Equality of Means Between Series Date : 01/16/1 0 Time : 03 :43 Sample : 1 288 Included observations: 288 Std . Dev. 6.075803 3.878022 5.393514 Std. Err. of Mean 0.547837 0.473776 0.391287 29 .08999 1.753946 29 .23540 1.753946 5496 .255 5498 .009 Mean Sq . 0.8068 0.7816 0.8068 0.7816 Probability Sum of Sq . 0.244937 0.277642 0.059994 0.077085 Value 2008 Board Scores-Sector to Sector Compared Averages 166 I I I I I I I I I Count 158 287 445 Variable FIRMO FIRM1 All Mean 33.80380 30.68293 31.79101 444 Total Category Stati stics 1 443 Between Within Source ofVariation df Std . Dev. 11.85616 12.651 85 12.45185 68841 .60 992 .5000 67849.10 Sum of Sq . Std. Err. of Mean 0.943225 0.746815 0.590274 155.0487 992 .5000 153.1582 Mean Sq . t-test Satterthwaite-Weich t-test* Anova F-test Welch F-test* Method 167 All Variable FIRMO FIRM2 Category Statisti cs Total Between Within Source ofVariation Count 158 128 286 df Mean 33.80380 30 .44141 32 .29895 Std . Dev. 11.85616 1 3.811 67 12.85486 47095.53 285 ~ Std . Err. of Mean 0.943225 1.220791 0.760124 165.2475 799 .4614 163.0143 799.4614 46296.07 1 284 0.0276 0.0302 0.0276 0.0302 Probability Mean Sq . 2.214552 2.179512 4.904240 4.750274 Value Sum of Sq . df 284 251 .4126 (1, 284) (1, 251 .41 3) Analysis ofVariance 0.011 2 0.0099 0.0112 0.0099 Probability Analysis ofVariance 2.545629 2.594062 6.480225 6.729159 Value '*Test allows for unequal cell variances 443 341.8059 (1, 443) (1, 341 .806) df Testfor Equality of Means Betvveen Series Date: 01/16/1 0 Tirne: 1 7:17 Sample : 1 288 Included observations: 288 '*Test allows for unequal cell variances t-test Satterthwaite-Weich t-test* Anova F-test Welch F-test* Method Test for Equality of Means Between Series Date : 01/1611 0 Tirne : 1 7:14 Sample : 1 288 Included observations : 288 2008 Firm Scores-Sector to Sector Compared Averages I i Count 158 43 201 Variable FIRMD FIRM3 All Mean 33 .80380 30.72093 33 .14428 200 Total Category Statistics 1 199 Between Within Std . Dev. 11 .85616 10.73230 11 .66794 27228.16 321.2470 26906.91 Sum of Sq. Std . Err. of Mean 0.943225 1.636660 0.822993 136.1408 321 .2470 135.21 06 Mean Sq . 168 Variable FIRMO FIRM4 All Category Statisti cs Total Between Within Count 158 64 222 df Mean 33 .80380 29 .08125 32.44234 221 1 220 Source ofVariation df Source ofVariation 220 153.3683 (1, 220) (1, 153.368) Analysis ofVariance t-test Satterthwaite-Weich t-test«' Anova F-test Welch F-test«' Analys is ofVariance 0.1248 0.1070 0.1248 0.1070 df Series "'Test allows for unequal cell variances 72 .39602 (1, 1 99) (1, 72 .396) 1.541396 1.632008 2.375901 2.663451 199 ~ "'Test allows for unequa l cell variances t-test Satterthwaite-Weich t-test«' Anova F-test Welch F-test«' Probability Method Value Method df Test for Equality of Means Date : 01/1611 0 Time : 1 7:19 Sarnple : 1 288 Included observations: 288 Test for Equality of Means Between Series Date : 01/1 611 0 Time : 17:18 Sarnple : ·1 288 Included observations : 288 2008 Firm Scores-Sector to Sector Compared Averages Std . Dev. 11 .85616 8.946683 11 .281 64 28127.84 1 015 .867 27111.98 Sum ofSq . 2.8711 05 3.228004 8.243246 10.42001 Value Std . Err. of Mean 0.943225 1.118335 0.757174 127.2753 1015.867 123.2363 Mean Sq . 0.0045 0.0015 0.0045 0.0015 Probability Count 158 82 240 Variable FIRMO FIRM5 All Mean 33 .80380 36.44756 34 .70708 239 Total Category Statistics 1 238 Between Within Std . Dev. 11.85616 22 .86628 16.46587 64798.82 377.3157 64421 .50 Sum of Sq . Std . Err. of Mean 0.943225 2.525159 1.062867 271.1248 377 .3157 270.6786 Mean Sq . 169 Variable FIRMO FIRMS All Category Statistics Total Between Within Count 158 9 '167 df Mean 33 .80380 40 .38889 34 .15868 166 1 165 Source ofVariation df -- df 165 8.5941 04 - (1, 1 65) (1, 8.5941) Source ofVariation t-test Satterthwaite-Weich t-test*' Anova F-test Welch F-test*' Method Analysis ofVariance 0.2389 0.3290 0.2389 0.3290 Probability Analysis ofVariance -1.180662 -0 .980780 1.393962 0.961930 Value Test for Equality of Means Between Series Date : 01/16/1 0 Time: 1 7:28 Sample : 1 288 Included observations: 288 "'Test allows for unequal cell variances 238 104.1341 (1, 238) (1, 1 04 .134) df Series "'Test allows for unequal cell variances t-test Satterthwaite-Weich t-test*' Anova F-test Welch F-test*' Method Test for Equality of Means ~ Date : 01/16/1 0 Time: 1 7:24 Sample : 1 288 Included observations: 288 2008 Firm Scores-Sector to Sector Compared Averages Std . Dev. 11 .85616 1 4.81 084 12.07242 24193.38 369.2383 23824.15 Sum of Sq . -1 .599141 -1.310142 2.557251 1.716471 Value Std . Err. of Mean 0.943225 4.936848 0.934182 145.7433 369 .2383 144.3888 Mean Sq. 0.1117 0.2241 0.1117 0.2241 Probability t-test Satterthwaite-Weich t-tesrAnova F-test Welch F-test* Method Variable FIRMO FIRM7 All Mean 33 .80380 38 .24138 34.491 98 186 Total Count 158 29 187 1 Category Statistics 482 .5099 31228 .07 185 Between Within Std. Dev. 11 .85616 18.08592 1 3.05707. 3171 0.58 Sum of Sq. df Source ofVariation Variable FIRMO FIRMS All Category Statistics Total Between Within Source ofVariation 170 Std. Err. of Mean 0.943225 3.358470 0.954827 . 1 70.4870 482 .5099 168.8004 Mean Sq . Count 158 123 281 df Mean 33 .80380 31.41789 32 .75943 280 1 279 df 279 203.2228 (1, 279) (1, 203 .223) Analysis ofVariance 0.0926 0.2124 0.0926 0.2124 Probability Analysis ofVariance -1 .690699 -1 .272093 2.858465 1.61 8221 Value "Test allows for unequal cell variances 185 32.55517 (1,185) (1, 32 .5552) df Test for Equality of Means Between Series Date: 01/16/1 0 Time: 17:30 Sat'nple : 1 288 Included observations: 288 "Test allows for unequal cell variances t-test Satterthwaite-Weich t-tesrAnova F-test Welch F-test* Method Test for Equality of Means Between Series Date : 01/1 6/1 0 Time : 1 7:29 Sample : 1 288 Included observations : 288 2008 Firm Scores-Sector to Sector Compared Averages Std . Err. of Mean 0.943225 1.592028 0.876865 216.0588 60496.46 Std. Dev. 11 .85616 17.65644 14.69894 393.6991 21 5.4221 Mean Sq . 0.1775 0.1987 0.1775 0.1987 Probability 393 .6991 60102 .76 Sum of Sq. 1.351877 1.289357 1.827571 1.662440 Value I I I I II t-test Satterthwaite-Weich t-test" Anova F-test Welch F-test" Method Count 158 67 225 Variable FIRMO FIRM9 All Mean 33 .80380 28 .16418 32 .12444 224 Total Category Statistics 1 223 df Between Within Source ofVariation Std. Dev. 11 .85616 11 .63524 12.04542 32500.66 1496.404 31 004.25 Sum ofSq. Std. Err. of Mean 0.943225 1.421470 0.803028 145.0922 1496.404 139.0325 Mean Sq . 171 Variable FIRM1 FIRM2 All Category Statistics Total Between Within Source ofVariation Count 287 128 415 df 413 225 .7995 (1, 41 3) (1, 225 .799) Mean 30 .68293 30.44141 30 .60843 Std . Dev. 12.65185 13.81167 13.00426 Std . Err. of Mean 0.746815 1.220791 0.638354 169.1107 70011.82 414 5.163594 169.5076 5.163594 70006 .66 1 413 Mean Sq . 0.8615 0.8661 0.8615 0.8661 Probability Sum of Sq . 0.174535 0.168765 0.030462 0.028482 Value df Analysis ofVariance 0.0012 0.001 2 0.0012 0.0012 Probability Analysis ofVariance 3.280698 3.305860 10.76298 1 0.92871 Value *Test allows for unequal cell variances 223 1 26 .5982 (1, 223) (1, 1 26 .598) df Test for Equality of Means Between Series Date : 01/1 6/1 0 Time : 17:32 Sample: 1 288 Included observations: 288 *Test allows for unequal cell variances t-test Satterthwaite-Weich t-test" Anova F-test Welch F-test" Method Test for Equality of Means Between Series Date : 01/16/1 0 Time : 17:31 Sample : 1 288 Included observations: 288 2008 Firm Scores-Sector to Sector Compared Averages I I I i Variable FIRM1 FIRM3 All Mean 30.68293 30.72093 30.68788 329 Total Category Statistics 1 328 Between Within Std. Dev. 1 2.65185 10.73230 12.4037 4 50617.55 0.054011 50617.50 Std . Err. of Mean 0.746815 1.636660 0.682803 153.8527 0.054011 154.321 6 172 Variable FIRM1 FIRM4 All Category Statistics Total Between Within Source ofVariation Mean Sq. Count 287 64 351 df Mean 30.68293 28 .08125 30.39088 350 1 349 df 349 126.1899 (1, 349) (1 ' 126.1 9) "'Test allows for unequal cell variances t-test Satterthwaite-Weich t-test* Anova F-test Welch F-test*" Method Source ofVariation Sum of Sq . 0.9851 0.9832 0.9851 0.9832 Probability Analysis ofVariance df -0 .018708 -0 .021125 0.000350 0.000446 .- Value Test for Equality of Means Between Series Date : 01/16/1 0 Time: 1 7:47 Sarnple : 1 288 Included observations: 288 Analysis ofVariance Count 287 43 330 df 328 60.92292 (1, 328) (1' 60.9229) "'Test allows for unequal cell variances t-test Satterthwaite-Weich t-test*" Anova F-test Welch F-tesr- Method Test for Equality of Means Between Series Date : 01/16/1 0 Time: 17:34 Sarnple: ·1 288 Included observations : 288 2008 Firm Scores-Sector to Sector Compared Averages Std. Dev. 12.65185 8.946683 12.0661 0 50956 .81 134.2470 50822.56 Sum of Sq . 0.960145 1.191041 0.921878 1.418579 Value Std. Err. of Mean 0.746815 1.118335 0.644041 145.5909 134.24 70 145.6234 Mean Sq . 0.3376 0.2359 0.3376 0.2359 Probability I I I I I I I r I I I I I I I I t-test Satterthwaite-Weich t-test*" Anova F-test Welch F-test*" Method Count 287 82 369 Variable FIRM1 FIRM5 All Mean 30 .68293 36 .44756 31 .96396 368 Total Category Statistics 1 367 df Between Within Source ofVariation Std . Dev. 1 2.65185 22 .86629 1 5.66042 90251 .49 2119 .400 88132 .09 Sum ofSq. Std . Err. of Mean 0.746815 2.525159 0.815249 245.2486 211 9.400 240.1419 Mean Sq. 173 Variable FIRM1 FIRM6 All Category Statistics Total Between Within Source of Variation Count 287 9 296 df Mean 30 .68293 40.38889 30.97804 295 1 294 df 294 8.3701 91 (11 294) (1, 8.3701 9) Analysis ofVariance 0.0032 0.0310 0.0032 0.0310 Probability Analysis ofVariance -2 .970793 -2 .189146 8.825613 4.792361 Value *Test allows for unequal cell variances 367 95 .58240 (11 367) (1, 95.5824) df Test for Equality of Means Between Series Date: 01116/1 0 Time : 17:50 Sample : 1 288 Included observations : 288 *Test allows for unequal cell variances t-test S atte rthwa ite-We Ic h t-te st*" Anova F-test Welch F-test*" Method Test for Equality of Means Between Series Date : 01/16/1 0 Time : 17:48 Sarnple : ·1 288 Included observations : 288 2008 Firm Scores-Sector to Sector Compared Averages Std . Dev. 12.65185 14.81 084 12.8031 B 48356.81 822 .0720 47534 .74 Sum ofSq . -2 .254878 -1.943869 5.084475 3.778628 Value Std . Err. of Mean 0.746815 4.936948 0.744170 163.9214 822 .0720 161 .6828 Mean Sq. 0.0249 0.0862 0.0249 0.0862 Probability I I Variable FIRM1 FIRM7 All Category Statistics Count 287 29 316 Mean 30 .68293 38.24138 31.37658 Std . Dev. 12.65185 18.08592 13.38601 56443.39 315 Total Std. Err. of Mean 0.746815 3.358470 0.753022 179.1854 174 Variable FIRM1 FIRMS All Category Statistics Total Count 287 123 410 Mean 30 .68293 31 .41789 30 .90341 Std . Dev. 12.65185 17.65644 14.31909 83859 .86 409 Std. Err. of Mean 0.746815 1.592028 0.707169 205 .0363 46 .50823 205.4249 46.50823 83813.35 1 408 Between Within 1504.730 174.9639 1504.730 54938 .66 1 314 Between Within Mean Sq. Sum ofSq. 0.6345 0.6765 0.6345 0.6765 Probability df Source ofVariation Sum of Sq. -0.475815 -0 .417949 0.226400 0.174682 408 177.9250 (1, 408) (1, 1 77 .925) Mean Sq . df Value df Source ofVariation t-test Satterthwaite-Weich t-test*' Anova F-test Welch F-test*' Method Analysis ofVariance 0.0036 0.0357 0.0036 0.0357 Probability Analysis ofVariance - 2.932615 - 2.196904 8.600233 4.826386 Value *Test allows for unequal cell varian ces 314 30.83014 (1, 31 4) (1, 30.8301) df Test for Equality of Means Betvy'een Series Date: 01/1 6/1 0 Time: 1 7:52 Sample : 1 288 Included observations : 288 *Test allows for unequal cell variances t-test Satterthwaite-Weich t-test*' Anova F-test Welch F-test*' Method Test for Equality of Means Betvy'een Series Date: 01/16/1 0 Time : 17:51 Sample : 1 288 Included observations: 288 2008 Firm Scores-Sector to Sector Compared Averages Count 287 67 354 Variable FIRM1 FIRM9 All Mean 30.68293 28.16418 30 .20621 353 Total Category Statistics 1 352 Between Within Std . Dev. 1 2.65185 11 .63524 1 2.48903 55059.45 344 .6060 54714 .84 Sum afSq . Std. Err. of Mean 0.746815 1.421470 0.663784 155.9758 344 .6060 155.4399 Mean Sq. 175 Variable FIRM2 FIRM3 All Category Statistics Total Between Within Count 128 43 171 df Mean 30.44141 30 .72093 30 .51170 170 1 169 Source ofVariation df df 169 92 .28873 (1, 169) (1, 92 .2887) Source ofVariation t-test Satterthwaite-Weich t-test* Anova F-test Welch F-test* Analysis o.fVariance 0.137 4 0.1197 0.1374 0.11 97 1.488950 1.568617 2.216973 2.460561 Method Analysis ofVariance Probability Value *Test allows for unequal cell variances 352 1 05.6073 (1, 352) (1, 1 05 .607) df Test for Equality of Means Between Series Date : 01/1 6/1 0 Time : 1 7:55 Sarnple : 1 288 Included observations: 288 *Test allows for unequal cell variances t-test Satterti'"Jwaite-Welch t-test* · Anova F-test Welch F-test* Method Test for Equality of Means Between Series Date : 01/16/1 0 Time : 17:53 Sarnple: 1 288 Included observations : 288 2008 Firm Scores-Sector to Sector Compared Averages Std. Dev. 13.81167 10.73230 13.07602 29066 .98 2.514899 29064.46 Sum ofSq . -0 .120927 -0 .136900 0.014623 0.0187 42 Value Std . Err. of Mean 1.220791 1.636660 0.999948 1 70 .9822 2. 514899 171 .9791 Mean Sq. 0.9039 0.8914 0.9039 0.8914 Probability Count 128 64 192 Variable FIRM2 FIRM4 All Mean 30 .44141 29 .08125 29 .98802 181 Total Category Statistics 1 190 Between Within Std . Dev. 1 3.811 67 8.846683 12.39584 . 29348.46 78 .93440 28269.53 Sum ofSq . Std. Err. of Mean 1.220791 1.118335 0.894593 153.6569 78 .93440 154.0501 Mean Sq . 176 Variable FIRM2 FIRMS All Category Statistics Total Between Within Count 128 82 210 df Mean 30.44141 36.44 756 32 .78667 209 1 208 Source ofVariation df df 208 119.1374 (1, 208) (1, 119.137) Source ofVariation t-test Satterthwaite-Weich t-test* Anova F-test Welch F-test*" Method Analysis ofVariance 0.4750 0.4124 0.4750 0.4124 Probability Analysis ofVariance 0.715817 0.821550 0.512384 0.674944 Value "*Test allows for unequal cell variances 190 177.5426 (1,180) (1, 177.543) df Test for Equality of Means Between Series Date : 01/1 6/1 0 Time : 1 8:05 Sample : 1 288 Included observations : 288 "*Test allows for unequal cell variances t-test Satterthwaite-Weich t-test*" Anova F-test Welch F-test*" Method Test for Equality of Means Between Series Date : 01/16110 Time: 17:56 Sample : 1 288 Included observations : 288 2008 Firm Scores- Sector to Sector Compared Averages Std . Dev. 1 3.811 67 22 .86628 18.08831 68382 .06 1803.008 66579 .06 Sum of Sq . -2 .373349 -2 .141404 5.632786 4.585610 Value Std . Err. of Mean 1.220781 2.525159 1.248212 327 .1869 1803.008 320 .0816 Mean Sq . 0.0185 0.0343 0.0185 0.0343 Probability I I I Count 128 8 137 Variable FIRM2 FIRM6 All Mean 30 .44141 40 .38889 31 .09489 136 Total Category Statistics 1 135 Between Within Std . Dev. 1 3.81167 14.81084 14.04137 26813 .77 832.0670 25981.70 Sum of Sq. Std . Err. of Mean 1.220791 4.936848 1.199635 197.1600 832 .0670 192.4570 Mean Sq . 177 Variable FIRM2 FIRM7 All Category Statistics Total Beiw'een Within Count 128 29 157 df Mean 30 .44141 38 .24138 31 .88217 156 1 155 Source ofVariation df 155 35 .75047 (1' 155) (1' 35.7505) Source ofVariation t-test Satterthwaite-Weich t-test* Anova F-test Welch F-test* Analysis ofVariance 0.0385 0.0822 0.0395 0.0822 Analysis ofVariance -2.078277 -1.955992 4.323381 3.825906 "*Test allows for unequal cell variances 135 9.006119 (1, 135) (1' 9.0061 2) Method "*Test allows for unequal cell variances t-test Satterthwaite-Weich t-test* Anova F-test Welch F-test* Probability df Value df Method Test for Equality of Means Between Series Date : 01/16/1 0 Time: 1 8:08 Sanwle: 1 288 Included observations : 288 Test for Equality of Means Between Series Date : 01116/1 0 Time: 18:06 Sample : 1288 Included observations: 288 2008 Firm Scores-Sector to Sector Compared Averages Std. Err. of Mean 1.220791 3.3 58470 1.192416 223 .2312 34824 .07 Std. Dev. 1 3.81167 18.08592 1 4.94092 1438.449 215 .3811 Mean Sq. 0.01 07 0.0357 0.0107 0.0357 Probability 1438.449 33385.62 Sum of Sq. -2 .584243 -2 .182748 6.678313 4.764388 Value II I I I I Count 128 123 251 Variable FIRM2 FIRM8 All Mean 30 .44141 31 .41789 30 .91992 250 Total Category Statistics 1 249 Between Within Source ofVariation df Std . Dev. 1 3.811 67 17.65644 15.78862 62320 .12 59 .80920 62260.31 Sum of Sq. Source ofVariation Std. Err. of Mean 1.220791 1.592028 0.996569 249 .2805 178 Variable FIRM2 FIRM9 All Category Statistics Total 59 .80920 Between 250.041 4 Within Mean Sq. t-test Satterthwaite-Weich t-test" Anova F-test Welch F-test" Count 128 67 195 df Mean 30 .44141 28.16418 29.65897 194 1 193 df 193 155.3461 (1' 1 93) (1' 155.346) Analysis ofVariance 0.6252 0.6269 0.6252 0.6269 -0 .489078 -0.486728 0.2391 97 0.236905 Method Analysis ofVariance Probability Value '*Test allows for unequal cell variances 249 230.9482 (1' 249) (1' 230.948) df Test for Equality of Means Between Series Date: 01116/1 0 Time: 18:1 3 Sample: 1 288 Included observations: 288 '*Test allows for unequal cell variances t-test Satterthwaite-Weich t-test" Anova F-test Welch F-test" Method Test for Equality of Means BetYVeen Series Date: 01/16/1 0 Time: 1 8:11 Sar·nple . 1 288 Included observations : 288 2008 Firm Scores-Sector to Sector Compared Averages Std. Dev. 1 3.811 67 11.63524 13.11917 33389 .87 228.0672 33161.80 Sum of Sq. 1.152102 1.215337 1.327339 1.477043 Value Std. Err. of Mean 1.220791 1.421470 0.939484 172.1127 228.0672 171 .8228 Mean Sq . 0.2507 0.2261 0.2507 0.2261 Probability t-test Satterthwaite-Weich t-test*" Anova F-test Welch F-test*" Method 0.1230 0.0594 0.1230 0.0594 -1 .552792 -1 .903062 2.411164 3.621645 123 121 .8708 (1, 1 23) (1, 121.871) Count 43 64 107 Variable FIRM3 FIRM4 All Mean 30 .72093 29 .08125 29.74019 106 Total Category Statistics 1 105 df Between Within Source ofVariation Std. Dev. 10.73230 8.946683 9.688311 Std. Err. of Mean 1.636660 1.118335 0.936604 93.86337 69 .14853 94 .09875 69.14853 9880 .369 9949 .517 Mean Sq. Sum ofSq . 179 Variable FIRM3 FIRM5 All Category Statistics Total Between Within Source ofVariation Count 43 82 125 4811 4.96 124 Std . Dev. 10.73230 22 .86629 19.69832 925 .0616 47189 .90 1 123 Mean 30 .72093 36 .44756 34.47760 Sum of Sq . df Std . Err. of Mean 1.636660 2.525159 1.761871 388.0238 925.0616 383.6577 Mean Sq. Probability Value df Analysis ofVariance 0.3933 0.41 06 0.3933 0.41 06 Probability Analysis ofVariance 0.857234 0.8271 80 0.734851 0.684227 Value "*Test allows for unequal cell variances 105 78.90796 (1, 105) (1, 78 .908) df Test for Equality of Means Between Series Date : 01/16/10 Time : 20:21 Sample : 1 288 Included observations: 288 "*Test allows for unequal cell variances t-test S atte rthwa ite-We Ich t-te st*" Anova F-test Welch F-test*" Method Test for Equality of Means Between Series Date : 01/16/1 0 Time : 20:1 9 Sample: 1 288 Included observations : 288 2008 Firm Scores-Sector to Sector Compared Averages Variable FIRM3 FIRM6 All C ategory Statistics Count 43 9 52 Mean 30 .72093 40 .38889 32 .39423 Std . Dev. 10.73230 14.81 084 11 .95430 Std. Err. of Mean 1.636660 4.936948 1.657763 180 Variable FIRM3 FIRM7 All Category Statistics Total 7288.168 142.9053 29 72 Count 43 210.8296 14976.00 71 Std . Err. of Mean 1.636660 3. 358470 1.711601 979.5385 199.9495 979 .5385 13996.46 1 70 Std . Dev. 1 0.73230 1 8.08592 14.52341 Mean Sq . 0.0301 0.0507 0.0301 0.0507 -2 .213353 -2 .012948 4.898931 4.051959 sum of Sq . Probability Value df Mean 30 .72093 38 .24138 33.75000 51 Total Between Within 695.6282 131 .8508 1 50 Bet#een Within 695 .6282 6592.540 Source ofVariation Mean Sq . df Source ofVariation Sum of Sq . df 70 41.32448 (1, 70) (1, 41 .3245) Analysis ofVariance t-test Satterthwaite-Weich t-test* Anova F-test Welch F-test*" Analysis ofVariance 0.0258 0.0932 0.0258 0.0932 -2.296927 -1 .858807 5.275874 3.455162 50 9.832413 (1, 50) (1, 9.83241) Method "*Test allows for unequal cell variances Probability Value df Test for Equality of Means Bet#een Series Date : 01/16/10 Time : 20:26 Sample : 1 288 Included observations: 288 "*Test allows for unequal cell variances t-test Satterthwaite-Weich t-test* Anova F-test Welch F-test* Method Test for Equality of Means Bet#een Series Date: 01/1 6/1 0 Time : 20:22 Sample : 1 288 Included obse!Vations : 288 2008 Firm Scores-Sector to Sector Compared Averages Variable FIRM3 FIRMS All Category Statistics Count 43 123 166 Mean 30.72093 31.41789 31 .23735 165 Total Std . Dev. 1 0.73230 17.65644 16.12200 42886.63 15.47662 42871 .15 1 164 Between Within Std . Err. of Mean 1.636660 1.592028 1.251310 259 .9190 15.47662 261 .4095 Mean Sq. 181 Variable FIRM3 FIRM9 All Category Statistics Total Between Within Count 43 67 11 0 df Mean 30.72093 28 .16418 29 .16364 109 1 108 Source ofVariation Sum afSq. df df 108 94 .89910 (1, 1 08) (1, 94 .8991) Source ofVariation s t-test atte rthwa ite-We Ic h t-test*' Anova F-test Welch F-test*' Method Analysis ofVariance 0.8081 0.7607 0.8081 0.7607 Probability Analys is ofVariance -0 .243320 -0.305248 0.059205 0.093176 Value '*Test allows for unequal cell variances 164 121 .6033 (1,164) (1, 121 .603) df Test for Equality of Means Between Series Date : 01/16/1 0 Time: 20:36 Sarnple : 1 288 Included observations: 288 '*Test allows for unequal cell variances t-test Satterthwaite-Weich t-test* Anova F-test Welch F-test* Method Test for Equality of Means Between Series Date : 01/1611 0 Time: 20 :33 Sample : 1 288 Included obsetvations : 288 2008 Firm Scores-Sector to Sector Compared Averages Std . Dev. 10.73230 11 .63524 11 .31041 Std . Err. of Mean 1.636660 1.4214 70 1 .078405 127.9253 171 .2094 127.5245 171 .2094 13772.65 13943.85 Mean Sq . 0.2491 0.2412 0.2491 0.2412 Probability Sum of Sq . 1.158689 1.179438 1.342561 1.391073 Value llllillllllll. ! Count 64 82 146 Variable FIRM4 FIRM5 All Mean 29 .08125 36 .44756 33 .21849 145 Total Category Statistics 1 144 Between Within Std . Dev. 8.946683 22.86629 18.44 758 49345.44 1950.478 47394 .96 Sum of Sq . Std . Err. of Mean 1.118335 2.525159 1.526733 340.3134 1950.4 78 329 .1317 Mean Sq. 182 Variable FIRM4 FIRM6 All Category Statistics Total Between Within 9 73 Count 64 7806.496 72 Std . Dev. 8 .946683 14.81 084 10.41266 1 008 .889 6797 .606 Sum of Sq . -3 .246182 -2 .233816 1 0.53770 4.989933 Value 1 71 df Mean 29. 08125 40 .38889 30 .47534 Source ofVariation df df 71 8.839116 (1, 71) (1, 8.83912) Source ofVariation t-test Satterthwaite-Weich t-tesr-Anova F-test Welch F-test* Analysis ofVariance 0.0161 0.0088 0.0161 0.0088 Analysis ofVariance -2 .434365 -2 .667290 5.926133 7.114436 *Test allows for unequal cell variances 144 110.4288 (1, 144) (1, 11 0.429) *Test allows for unequal cell variances t-test Satte rthwa ite-We Ich t-test* Anova F-test Welch F-test* Probability Method Value Method df Test for Equality of Means Betvl/een Series Date : 01/16/1 o Time: 20:42 Sar·nple : 1 288 Included observations : 288 Test for Equality of Means Between Series Date : 01/16/1 0 Time : 20:39 Sample : 1 288 Included observations : 288 2008 Firm Scores-Sector to Sector Compared Averages Std . Err. of Mean 1.118335 4.936948 1.218710 1 08 .4236 1008.889 95 .7 4094 Mean Sq . 0.0018 0.0529 0.0018 0.0529 Probability Variable FIRM4 FIRM? All Mean 29 .08125 38 .24138 31.93763 92 Total Count 64 29 93 1 Category Statistics 167 4.550 14201 .53 91 Between Within Std . Dev. 8.946683 18.08592 13.13644 15876.08 Sum of Sq . df Source ofVariation Std . Err. of Mean 1.118335 3.358470 ·1 .362185 1 72 .5661 1 67 4.550 156.0607 Mean Sq. 0.001 5 0.0141 0.0015 0.0141 t-test Satterthwaite-Weich Anova F-test Welch ~ ~ 183 Variable FIRM4 FIRMS All Category Statistics Total Between Within Source ofVariation Count 64 123 187 df Mean 29 .08125 31 .41789 30 .61 818 186 1 185 df 185 184.9155 (1' 1 85) (1' 184.915) Analysis ofVariance -3 .275686 -2 .587773 10.73012 6.696567 Analysis ofVariance 91 34 .36586 (1 ' 91) (1' 34.3659) '*Test allows for unequal cell variances ~ ~ '*Test allows for unequal cell variances ~ t-test Satterthwaite-Weich Anova F-test Probability Method Value Method df Test for Equality of Means Between Series Date : 01/16/1 0 Time : 20 :50 Sarnple : 1 288 Included observations: 288 Test for Equality of Means Between Series Date : 01/1611 0 Time: 20:48 Sample : 1 288 Included obseJVations : 288 2008 Firm Scores-Sector to Sector Compared Averages Std . Dev. 8.946683 17.65644 1 5.25871 43306.06 229 .8400 43076 .22 Sum of Sq. -0 .993528 -1 .201006 0.987097 1.442415 Value Std . Err. of Mean 1.118335 1.592028 1.115827 232 .8283 229.8400 232.8444 Mean Sq. 0.321 8 0.2313 0.3218 0.2313 Probability Count 64 67 131 , Variable FIRM4 FIRM9 All Mean 29 .081 25 28.16418 28.61221 Std . Dev. 8.946683 11 .63524 10.37943 14005.24 130 Total Category Statistics 27 .52893 13977.71 1 129 Between Within Sum of Sq. Std . Err. of Mean 1.118335 1 .421470 0.906855 107.7326 27 .52893 1 08 .3544 Mean Sq. 184 Variable FIRM5 FIRM6 All Category Statistics Total Between Within Count 82 9 91 44233.11 90 Std . Dev. 22.86629 14.81 084 22.16933 125.9796 44107.13 1 89 Mean 36 .44756 40 .38889 36 .83736 Sum of Sq. df Std . Err. of Mean 2.525159 4.936948 2.323977 491 .4790 125.9796 495 .5858 Mean Sq . 0.6154 0.4901 . 0.6154 0.4901 -0 .504186 -0 .710756 0.254203 0.505175 89 12.64786 (1, 89) (1, 12.6479) Source ofVariation df Probability Value df Source ofVariation t-test Satterthwaite-Weich t-test* Anova F-test Welch F-test* Method Analysis ofVariance 0.6151 0.6130 0.6151 0.6130 Probability Analysis ofVariance 0.504048 0.507044 0.254064 0.257094 Value '*Test allows for unequal cell variances 129 123.4438 (1, 129) (1, 1 23 .444) df Test for Equality of Means Betvveen Series Date : 01/16/1 0 Time: 20 :53 Sample : ·1 288 Included observations: 288 '*Test allows for unequal cell variances t-test Satterthwaite-Weich t-test* Anova F-test Welch F-test* Method Test for Equality of Means Between Series Date : 01/1611 0 Time : 20 :51 Sarnple: 1 288 Included observations: 288 2008 Firm Scores-Sector to Sector Compared Averages -.. Count 82 29 111 Variable FIRMS FIRM7 All Mean 36 .447S6 38 .24138 36 .91622 11 0 Total Category Statistics 1 109 Between Within Source ofVariation df t-test Satterthwaite-Weich t-test*" Anova F-test Welch F-test*" 468.9090 51S79.99 Std. Err. of Mean 2.525159 3.358470 2.055336 68 .93595 472.S78S 68.93595 S1511 .05 Std. Dev. 22.86629 18.08582 21 .65431 Mean Sq. Sum of Sq. 185 Variable FIRMS FIRMS All Category Statistics Total BetoNeen Within Source ofVariation Count 82 123 205 df Mean 36.44756 31.41789 33.42976 204 1 203 df 203 143.1721 (1, 203} (1, 143.172) Analysis ofVariance 0.7033 0.6709 0.7033 0.6709 Probability Method Analysis ofVariance -0 .381932 -0 .426909 0.145872 0.182251 Value *Test allows for unequal cell variances 109 61.78113 (1, 109) (1,61.7811) df Test for Equality of Means Between Series Date: 01/16/1 0 Time : 20:57 Sample: ·1 288 Included observations : 288 *Test allows for unequal cell variances t-test Satterthwaite-Weich t-test*" Anova F-test Welch F-test*" Method Test for Equality of Means BetoNeen Series Date : 01/16/1 0 Time : 20:56 Sample : 1 288 Included obser¥"ations : 288 2008 Firm Scores-Sector to Sector Compared Averages Std. Dev. 22.86629 17.65644 20.00372 81630.39 1244.643 80385.7S Sum of Sq. 1.772887 1.684912 3.143127 2.838927 Value Std. Err. of Mean 2.5251S9 1.592028 1 .397121 400.1490 1244.643 395.9889 Mean Sq . 0.0777 0.0942 0.0777 0.0942 Probability I I I I I Method Variable FIRM5 FIRM9 All Mean 36 .44756 28 .16418 32 .72282 148 Total Count 82 67 149 1 Category Statistics 2529.984 51287 .24 147 Between Within Std . Dev. 22.86629 11 .63524 19.06908 53817.22 Sum of Sq. df Source ofVariation Std. Err. of Mean 2.525159 1.4214 70 1.562200 363.6299 2529 .984 348 .8928 Mean Sq . Count 9 29 38 186 Variable FIRM6 FIRM? All Mean 40 .38889 38 .24138 38 .75000 37 Total Category Statistics 1 36. df Between Within Source ofVariation df 36 16.13059 (1, 36) (1, 16.1306) Analysis ofVariance 0.0079 • t-test 0.0050 Satterthwaite-Weich t-test* 0.0079 Anova F-test 0.0050 Welch F-test* Probability Analysis ofVariance 2.692854 2.858548 7.251465 8.171294 Value "'Test allows for unequal cell variances 14 7 125.0570 (1 , 14 7) (1, 125.057) df Test for Equality of Means Bet\oveen Series Date : 01116/1 0 Time : 21 :06 Sample : 1 288 Included observations: 288 "'Test allows for unequal cell variances t-test Satterthwaite-Weich t-test* Anova F-test Welch F-test* Method Test for Equality of Means Between Series Date : 01/16/1 0 Time : 21 :05 Sample : 1 288 Included observations: 288 2008 Firm Scores-Sector to Sector Compared Averages Std. Dev. 1 4.81 084 1 8.08592 17.19945 1 0945. 37 31 .67577 10913.70 Sum ofSq . 0.323243 0.359657 0.104486 0.129353 Value Std . Err. of Mean 4.936948 3.358470 2.790119 295.8209 31 .67577 303 .1583 Mean Sq. 0.7484 0.7238 0.7484 0.7238 Probability -'"· I I : I t-test Satterthwaite-Weich t-test* Anova F-test Welch F-test* Variable FIRMS FIRMS All Category Statistics Count 9 123 132 Mean 40 .38889 31 .41789 32 .02955 Std . Dev. 14.81 084 17.65644 17.57499 Std. Err. of Mean 4.936948 1.592028 1.529707 187 Variable FIRMS FIRM9 All Category Statistics Total 308 .8803 40463 .31 131 Total Between Within 674.9252 306 .0645 674 .9252 39788.39 Source ofVariation Mean Sq. Sum of Sq . 1 130 df Between Within Source ofVariation Count 9 67 76 df Mean 40 .38889 28 .16418 29 .61184 75 1 74 df 74 9.373584 (1, 7 4) (1, 9.37358) Analysis ofVariance 0.1400 0.1152 0.1400 0.1152 1.484982 1.129419 2.205173 2.990890 Method Analys is ofVariance Probability Value '*Test allows for unequal cell variances 130 9.743411 (1,130) (1,9.74341) df Test for Equality of Means Between Series Date : 01/16/1 0 Time : 21 :09 Sample : ·1 288 Included obsel\lations: 288 '*Test allows for unequal cell variances t-test S atte rthwa ite-We Ich t-test* Anova F-test Welch F-test* Method Test for Equality of Means Between Series Date : 0111611 0 Time : 21 :08 Sample : 1 288 Included obsel\lations: 288 2008 Firm Scores-Sector to Sector Compared Averages .,...~ ,.''. Std . Dev. 14.81 084 11 .63524 12.58337 Std . Err. of Mean 4.936948 1.421470 1.443412 158.3413 1185.716 144.4579 1185.716 1 0689.88 11 875 .60 Mean Sq . 0.0054 0.0402 0.0054 0.0402 Probability ~ ~ Sum of Sq . 2.864968 2.379500 8.208043 5.662019 Value " ~ t-test Satterthwaite-Weich t-test" Anova F-test Welch F-test" Method Count 29 123 152 Variable FIRM7 FIRMS All Mean 38 .24138 31 .41789 32 .71974 1 51 Total Category Statistics 1 150 df Between Within Source ofVariation Std . Dev. 18.08592 17.65644 17.88205 48284 .94 1 092 .630 4 7192.31 Sum of Sq . Std . Err. of Mean 3.358470 1.592028 1.450426 319.7678 1092.630 314 .6154 Mean Sq. 188 Variable FIRM? FIRM9 All Category Statistics Total Between Within Source ofVariation Count 29 67 96 df Std . Err. of Mean 3.358470 1.421470 1 .486383 212 .0961 20149.13 95 Std . Dev. 18.08592 11 .63524 14.56352 2055 .329 19.2.4873 2055.329 18093.80 1 94 Mean 38 .24138 28 .16418 31 .20833 Mean Sq . 0.0015 0.0087 0.0015 0.0087 3.267681 2.763221 10.67774 7.635393 Sum ofSq . Probability Value df 94 38 .40749 (1, 94) (1, 38.4075) Analysis ofVariance 0.0643 0.0735 0.0643 0.0735 Probability Analysis ofVariance 1.863574 1.835900 3.472906 3.370528 Value *Test allows for unequal cell variances 150 41 .51634 (1, 150) (1, 41 .5163) df Test for Equality of Means Between Se ries Date: 01/16/1 0 Time : 21 :26 Sample : 1 288 Included observations: 288 *Test allows for unequal cell variances t-test Satterthwaite-Weich t-test" Anova F-test Welch F-test" Method Test for Equality of Means Between Series Date : 01/16/1 0 Time : 21 :12 Sample : ·1 288 Included observations : 288 2008 Firm Scores-Sector to Sector Compared Averages Count 123 67 190 Variable FIRMS FIRMB All Mean 31.41789 28 .16418 30 .27053 189 Total Category Statistics 1 188 df Between Within Source ·ofVariation - Analysis of Variance df 188 181.1921 (1, 18.8) (1, 181 .192) *Test allows for unequal cell variances t-test Satterthwaite-Weich t-tesrAnova F-test Welch F-tesr- Method Test for Equality of Means Betw-een Series Date: 01/1611 0 Time : 21 :27 Sample : 1 288 Included observations : 288 Std . Dev. •17.65644 11.63524 15.84109 47427 .67 459 .1803 46968 .49 Std. Err. of Mean 1.592028 1.421470 1.149233 250.9401 459 .1803 249 .8324 Mean Sq. 0.1768 0.1291 0.1768 0.1291 1.355711 1.524502 1.837953 2.324107 Sum of Sq. Probability Value 2008 Firm Scores-Sector to Sector Compared Averages 189 I t-test Satterthwaite-Weich t-test* Anova F-test Welch F-test* Count 152 143 295 Variable EFFO EFF1 All Mean 0.454784 0.532247 0.492334 294 Total Category Statistics 1 293 df Between Within Source ofVariation Std . Dev. 0.385762 0.558007 0.477833 67.12750 0.442128 66 .68537 Sum ofSq . Total 0.228325 Std. Err. of Mean 0.031289 0.046663 0.027821 Between Within 0.442128 0.227595 190 Variable EFFO EFF2 All Category Statistics Source ofVariation Mean Sq . :, ).\ Count 152 125 277 df Mean 0.454784 1.166470 0.775942 276 1 275 df 275 182.5919 (1, 275) (1, 1 82.592) Analysis ofVariance 0.1644 0.1692 0.1644 0.1692 -1 .393774 -1 .378782 1.942606 1.901 039 Method Series Analysis ofVariance Probability Value ~ *Test allows for unequal cell variances 293 250 .7333 (1, 293) (1, 250 .733) df Test for Equality of Means Date : 01/1611 0 Time : 22 :05 Sarnple : 1 288 Included observations : 288 *Test allows for unequal cell variances t-test Satterthwaite-Weich t-test" Anova F-test Welch F-test" Method Test for Equality of Means Between Series Date : 01/16/1 0 Time : 21 :59 Sample : 1 288 Included observations: 288 2008 Efficiency Scores-Sector to Sector Compared Averages Std . Dev. 0.385762 0.710530 0.658869 11 9.8140 34 .74165 85.07239 Sum of Sq . -10.59735 -10.04684 112.3038 100.9390 Value Std . Err. of Mean 0.031289 0.063552 0.039588 0.434109 34 .74165 0.309354 Mean Sq . 0.0000 0.0000 0.0000 0.0000 Probability I I II I I t-test Satterthwaite-Weich t-test* Anova F-test Welch F-test* Variable EFFO EFF3 All Count 152 43 195 Mean 0.454784 1.163327 0.611 027 Std. Dev. 0.385762 0.633652 0.538044 Std. Err. of Mean 0.031289 0.096631 0.038530 191 Variable EFFO EFF4 All Category Statistics Total 0.289492 56 .16140 194 Total Category Statistics Between Within 16.82712 0.203805 Mean Sq. Source ofVariation 16.82712 39 .33427 Sum of Sq. 1 193 df Between Within Source ofVariation Count 152 53 205 df Mean 0.454784 0.391977 0.438546 204 1 203 df 203 84 .20033 (1. 203) (1, 84 .2003) Analysis ofVariance 0.0000 0.0000 0.0000 0.0000 -9 .086529 -6.975868 82 .56502 48.66274 Method Analysis ofVariance Probability Value "'Test allows for unequal cell variances 193 51 .11269 (1. 193) (11 51 .11 27) df Test for Equality of Means Betvl/een Series Date: 01/16/1 0 Time : 22:07 Sar·nple: 1 288 Included observations: 288 "'Test allows for unequal cell variances t-test Satte rthwa ite-VV eIch t-test* Anova F-test Welch F-test* Method Test for Equality of Means Between Series Date: 01/16/1 0 Time : 22:06 Sample: 1 288 Included observations : 288 2008 Efficiency Scores-Sector to Sector Compared Averages Std . Dev. 0.385762 0.422341 0.395446 Std. Err. of Mean 0.031289 0.058013 0.027619 0.156377 0.155019 0.156384 0.15501 g 31 .74598 31.901 DO Mean Sq . 0.3206 0.3434 0.3206 0.3434 Probability Sum of Sq. 0.995626 0.952880 0.991272 0.907981 Value t-test Satterthwaite-Weich t-test* Anova F-test Welch F-test* Count 152 75 227 Variable EFFD EFF5 All Mean 0.454784 1.264579 0.722337 226 Total Category Statistics 1 225 df Between Within Source ofVariation Std. Dev. 0.385762 1.226353 0.858830 166.6952 32.93285 133.7623 Sum of Sq . Std. Err. of Mean 0.031289 0.141607 0.057003 0.737589 32.93285 0.594499 Mean Sq . - - - - 192 Variable EFFO EFF6 All Category Statistics Total Between Within Source ofVariation Count 152 8 160 df Mean 0.454784 0.842148 0.474152 159 1 158 df 158 7.518068 (1, 1 58) (1, 7.51 807) Analysis ofVariance 0.0000 0.0000 0.0000 0.0000 -7.442846 -5 .583920 55 .39596 31 .1 801 7 Method Analysis ofVariance Probability Value *Test allows for unequal cell variances 225 81 .30723 (1, 225) (1, 81 .3072) df Test for Equality of Means Between Series Date : 01/1611 0 Time : 22 :21 Sample : 1 288. Included observations : 288 *Test allows for unequal cell variances t-test Satterthwaite-Weich t-test* Anova F-test Welch F-test* Method Test for Equality of Means Between Series Date : 01/1611 0 Time : 22:20 Sat-nple : 1 288 Included observations : 288 2008 Efficiency Scores-Sector to Sector Compared Averages Std . Dev. 0.385762 0.464017 0.397462 25.11822 1.140389 23.97783 Sum ofSq . -2.741259 -2 .319381 7.514502 5.379529 Value Std. Err. of Mean 0.031289 0.164055 0.031422 0.157976 1.140389 0.151758 Mean Sq . 0.0068 0.0510 0.0068 0.051 0 Probability t-test Satterthwaite-Weich Anova F-test Welch ~ Method ~ Count 152 26 178 Variable EFFO EFF7 All Mean 0.454784 0.343849 0.438580 177 Total Category Statistics 1 176 df Between Within Source ofVariation Std . Dev. 0.385762 0.313948 0.377383 Std. Err. of Mean 0.031289 0.061570 0.028286 0.142418 0.273232 0.141675 0.273232 24 .93474 25 .20797 Mean Sq . Sum of Sq . 193 Variable EFFO EFF8 All Category Statistics Total Between Within Source ofVariation Count 152 65 217 df 215 93 .48494 (1, 215) (1, 93 .4849) Std. Dev. 0.385762 0.536554 0.435509 Std . Err. of Mean 0.031289 0.066551 0.029564 0.189668 40.96831 216 Mean 0.454784 0.414824 0.442814 0.072702 0.190212 0.072702 40.89561 1 215 Mean Sq . 0.5371 0.5882 0.5371 0.5882 Probability Sum of Sq. 0.618236 0.543378 0.382215 0.295260 Value df Analysis ofVariance 0.1667 0.1163 0.1667 0.1163 Probability Analysis ofVariance 1.388736 1.606243 1.928588 2.580016 Value *Test allows for unequal cell variances ~ 176 39 .14798 (1, 176) (1, 39.148) df Test for Equality of Means Betvl/een Series Date : 01/1611 0 Time : 22 :23 Sarnple: 1 288 Included observations: 288 *Test allows for unequal cell variances t-test S atte rthwa ite-We Ich t-te Anova F-test Welch ~ Method Test for Equality of Means Between Series Date: 0111611 0 Time : 22 :22 Satr1ple : 1 288 Included observations : 288 2008 Efficiency Scores-Sector to Sector Compared Averages I I Variable EFFO EFF9 All Category Statistics Count 152 68 220 Mean 0.454784 1.173646 0.676978 218 Total Std . Dev. 0.385762 0.789881 0.635880 88 .55126 24 .27847 64 .27278 1 218 Between Within Std . Err. of Mean 0.031289 0.095787 0.042871 0.404344 24 .27847 0.294829 Mean Sq. 194 Variable EFF1 EFF2 All Category Statistics Total Between Within Count 143 125 268 df Mean 0.532247 1.166470 0.828060 267 1 266 Source ofVariation Sum of Sq . df df 266 234 .2807 (1 , 266) (1, 234 .281) Source ofVariation t-test Satterthwaite-Weich t-test* Anova F-test Welch F-test* Method Analysis ofVariance 0.0000 0.0000 0.0000 0.0000 Probability Analysis ofVariance -9 .074555 -7 .133828 82.34754 50.89150 Value *Test allows for unequal cell variances 218 81 .64868 (1, 21 8) (1, 81 .6487) df Test for Equality of Means Betvveen Series Date : 01/16/1 0 Time: 22:26 Sample : 1 288 Included observations : 288 *Test allows for unequal cell variances t-test Satterthwaite-Weich t-test* Anova F-test Welch F-test* Method Test for Equality of Means Between Series Date: 01/1 6/1 o Time: 22:25 SatTtple: 1 288 Included observations : 288 2008 Efficiency Scores-Sector to Sector Compared Averages Std. Err. of Mean 0.046663 0.063552 0.04321 7 0.500543 133.6449 Std. Dev. 0.558007 0.710530 0.707490 26.82840 0.401566 Mean Sq . 0.0000 0.0000 0.0000 0.0000 Probability 26.82840 1 06 .8165 Sum ofSq . -8 .173708 -8 .044106 66.80951 64.70764 Value t-test Satterthwaite-Weich t-test'*' Anova F-test Welch F-test'*' Count 143 43 186 Variable EFF1 EFF3 All Mean 0.532247 1.163327 0.678142 185 Total Category Statistics 13.16619 61.07835 1 184 Between Within Std. Dev. 0.558007 0.633652 0.633500 74.24454 Sum ofSq . df Source ofVariation Std. Err. of Mean 0.046663 0.096631 0.046450 0.401 322 195 Variable EFF1 EFF4 All Category Statistics Total 13.16619 Between 0.331948 Within Mean Sq. Source ofVariation Count 143 53 196 df Mean 0.532247 0.391977 0.494317 195 1 194 df 194 122.3051 (1, 194) (1, 122.305) Analysis ofVariance 0.0000 0.0000 0.0000 0.0000 Analysis ofVariance -6 .297895 -5 .881 022 39.66348 34 .58642 *Test allows for unequal cell variances 184 62 .86077 (1, 184) (1, 62 .8608) *Test allows for unequal cell variances t-test Satterthwaite-Weich t-test'*' Anova F-test Welch F-test'*' Probability Method Value Method df Test for Equality of Means Between Series Date : 01/16/1 0 Time : 22:28 Sarnple: 1 288 Included observations: 288 Test for Equalitv of Means Between Series Date: 01/1 6/1 0 Time : 22:26 Sample: 1 288 Included observations : 288 2008 Efficiency Scores-Sector to Sector Compared Averages Std. Dev. 0.558007 0.422341 0.527456 54 .25089 0.760830 53.49006 Sum of Sq. 1.661148 1.884067 2.759412 3.549710 Value Std. Err. of Mean 0.046663 0.058013 0.037675 0.27821 0 0.760830 0.275722 Mean Sq. 0.0983 0.0619 0.0983 0.0619 Probability t-test Satterthwaite-Weich t-test* Anova F-test Welch F-test* Method - Count 143 75 218 Variable EFF1 EFF5 All Mean 0.532247 1.264579 0.784196 217 Total Category Statistics 1 216 df Between Within Source afVariation Std . Dev. 0.558007 1.226353 0.915538 Std . Err. of Mean 0.046663 0.141607 0.062008 0.838209 26 .38498 0.719937 26 .38498 155.5064 181 .8914 Mean Sq . Sum of Sq . 196 Variable EFF1 EFF6 All Category Statistics Total Between Within Source ofVariation Count 143 8 151 df Mean 0.532247 0.842148 0.548666 150 1 149 df 149 8.175822 (1, 149) (1, 8.1 7582) Analysis ofVariance 0.0000 0.0000 0.0000 0.0000 Probability Analysis ofVariance -6 .053843 -4 .911776 36 .64902 24 .12554 Value '"Test allows for unequal cell variances 216 90.38783 (1, 21 6) (1, 90 .3878) df Test for Equality of Means Betvveen Series Date : 01/1711 0 Tirne: 01 :29 Sample : 1 288 Included observations: 288 '"Test allows for unequal cell variances t-test Satte rthwa ite-We Ich t-test* Anova F-test Welch F-test* Method Test for Equality of Means Between Series Date : 0111611 0 Tirne : 22 :29 Sarnple : 1 288 Included observations : 288 2008 Efficiency Scores-Sector to Sector Compared Averages Std . Dev. 0.558007 0.464017 0.556474 46.44951 0.727605 45.72191 Sum of Sq . -1 .539852 -1 .816942 2.371143 3.301279 Value Std . Err. of Mean 0.046663 0.164055 0.045285 0.309663 0.727605 0.306858 Mean Sq . 0.1257 0.1059 0.1257 0.1059 Probability I 1 Count 143 26 169 Variable EFF1 EFF7 All Mean 0.532247 0.343849 0.503263 Std. Dev. 0.558007 0.313948 0.531505 47.45967 168 Total Category Statistics 0.780862 46.67881 1 167 Between Within Sum of Sq . Std. Err. of Mean 0.046663 0.061570 0.040885 Total 0.282498 197 Variable EFF1 EFF8 All Category Statistics Between Within -- 0.780862 0.278514 Mean Sq. I Count 143 65 208 df Mean 0.532247 0.414824 0.495552 207 1 206 Source ofVariation df I df 206 128.4079 (1 206) (1 1 28.408) Source ofVariation t-test Satterthwaite-Weich t-tesrAnova F-test Welch F-tesr- Analysis ofVarianc.e 0.0965 0.01"78 0.0965 0.0178 Analysis ofVariance 1.671420 2.438650 2.793644 5.947016 '*Test allows for unequal cell variances 167 58 .56519 (1 167) (1 58.5652) '*Test allows for unequal cell variances t-test Satte rthwa ite-We Ich t-te srAnova F-test Welch F-tesr- Probability Method Value Method df Test for Equality of Means Between Series Date: 01/17/1 0 Time : 01 :32 Sample: 1 288 Included observations: 288 Test for Equality of Means Between Series Date: 01/17/1 0 Time : 01 :31 Sar·nple: 1 288 Included observations : 288 2008 Efficiency Scores-Sector to Sector Compared Averages Std. Dev. 0.558007 0.536554 0.552796 63 .25584 0.616159 62.63968 Sum of Sq. 1.423492 1.444667 2.026331 2.087062 Value Std. Err. of Mean 0.046663 0.066551 0.038330 0.305584 0.616159 0.304076 Mean Sq. 0.1561 0.1510 0.1561 0.151 0 Probability Count 143 68 211 Variable EFF1 EFF9 All Mean 0.532247 1.173646 0.738954 210 Total Category Statistics 1 209 Between Within std . Dev. 0.558007 0.789881 0.707026 1 04 .9760 1 8.95917 86.01687 Sum ofSq . Std . Err. of Mean 0.046663 0.095787 0.048674 0.499886 18.9591 7 0.411564 Mean Sq. 198 Variable EFF2 EFF3 All Category Statistics Total Between Within Count 125 43 168 df Mean 1.166470 1.163327 1.165665 167 1 166 Source ofVariation df df 166 81 .05435 (1, 1 66) (1, 81.0543) · Source ofVariation t-test Satterthwaite-Weich t-test* Anova F-test Welch F-test* Analysis ofVariance 0.0000 0.0000 0.0000 0.0000 Analysis ofVariance -6.787206 -6 .019780 46.06616 36.23776 *Test allows for unequal cell variance s 209 99 .91863 (1 , 209) (1, 99 .9186) *Test allows for unequal cell variances t-test Satterthwaite-Weich t-test* Anova F-test Welch F-test* Probability Method Value Method df Test for Equality of Means Betvveen Series Date: 01/1 7/1 0 Time : 01 :34 Sarnple: ·1 288 Included observations : 288 Test for Equality of Means Between Series Date : 01/1 7/1 0 Time : 01 :34 Sat-nple : 1 288 Included observations: 288 2008 Efficiency Scores-Sector to Sector Compared Averages Std . Dev. 0.710530 0.633652 0.689813 79.46569 0.000316 79.46537 Sum of Sq . 0.025693 0.027174 0.000660 0.000738 Value Std . Err. of Mean 0.063552 0.096631 0.053220 0.475842 0.00031 6 0.478707 Mean Sq. 0.9795 0.9784 0.9795 0.9784 Probability I I I I t-test Satte rthwa ite-We Ich t-test*" Anova F-test Welch F-test*" Count 125 53 178 Variable EFF2 EFF4 All Mean 1.166470 0.391977 0.935862 177 Total Category Statistics 1 176 df Between Within Source ofVariation Std. Dev. 0.710530 0.422341 0.729533 94.20257 22.32549 71 .87708 Sum of Sq. Std . Err. of Mean 0.063552 0.05801 3 0.054681 0.532218 22.32549 0.408392 199 Variable EFF2 EFF5 All Category Statistics Total Between Within Mean Sq. Source ofVariation Count 125 75 200 df Std. Dev. 0.710530 1.226353 0.936004 17 4.3446 199 Mean 1.166470 1.264579 1.203261 0.451192 173.8934 Std. Err. of Mean 0.063552 0.141607 0.066185 0.8761 04 0.4511 92 0.878250 Mean Sq. 0.4 744 0.5287 0.4744 0.5287 -0 .716757 -0 .632091 0.513740 0.399539 Sum of Sq. Probability Value 1 198 df 198 104 .2862 (1, 198) (1, 1 04 .286) Analysis ofVariance 0.0000 0.0000 0.0000 0.0000 Analysis ofVariance 7.393697 9.000668 54.66675 81 .01202 *Test allows for unequal cell variances 176 156.9232 (1, 176) (1, 156.923) *Test allows for unequal cell variances t-test Satterthwaite-Weich t-test*" Anova F-test Welch F-test*" Probability Method Value Method df Test for Equality of Means Between Series Date: 01/17/1 0 Time : 01 :36 Sar-nple: 1 288 Included observations: 288 Test for Equality of Means Between Series Date: 01/1 7/1 0 Time: 01 :35 Sarnple : 1 288 Included observations: 288 2008 Efficiency Scores- Sector to Sector Compared Averages Variable EFF2 EFF6 All Count 125 8 133 Mean 1.166470 0.842148 1.146962 Std. Dev. 0.710530 0.464017 0.701188 Std. Err. of Mean 0.063552 0.164055 0.060801 - 0.491665 200 Variable EFF2 EFF7 All Category Statistics Total Between Within Count 125 26 151 132 Total Category Statistics 64 .89979 1 df Mean 1.166470 0.343849 1.024826 150 1 149 0.790860 64 .10893 131 Between within 0.790860 0.489381 Source ofVariation -- Sum of Sq . df Mean Sq. df 149 86 .78612 (1, 1 49) (1,86 .7861) Source ofVariation t-test Satterthwaite-Weich t-test* Anova F-test Welch F-test* Analysis ofVariance 0.2059 0.0975 0.2059 0.0975 Analysis ofVariance 1.271236 1.843426 1.616041 3.398220 "*Test allows for unequal cell variances 131 9.246778 (1, 131) (1, 9.24678) "*Test allows for unequal cell variances t-test S atte rthwa ite-We Ich t-test* Anova F-test Welch F-test* Probability Method Value Method df Test for Equality of Means Between Series Date: 01/1 7/1 0 Time: 01 :38 Sarnple : 1 288 Included observations: 288 Test for Equality of Means Between Series Date : 01/17/1 0 Time : 01 :37 Sample : 1 288 Included observations : 288 2008 Efficiency Scores-Sector to Sector Compared Averages Std. Dev. 0.710530 0.313948 0.728609 79.63067 1 4.56483 65.06583 Sum of Sq . 5.775231 9.296644 33.35330 86.42760 Value Std . Err. of Mean 0.063552 0.061570 0.059293 0.530871 14.56483 0.436683 Mean Sq. 0.0000 0.0000 0.0000 0.0000 Probability t-test Satte rthwa ite-We Ich t-test" Anova F-test Welch F-test* Method Count 125 65 190 Variable EFF2 EFFB All Mean 1.166470 0.414824 0.909328 Std . Dev. 0.710530 0.536554 0.746018 105.1867 189 Total Category Statistics 24.15996 81 .02670 Sum of Sq. 1 188 df Between Within Source ofVariation Std. Err. of Mean 0.063552 0.066551 0.054122 Total 0.556543 201 Variable EFF2 EFF9 All Category Statistics Between Within 24.15996 0.430993 Mean Sq . Source ofVariation Count 125 68 193 df Mean 1.166470 1.173646 1.168998 192 1 181 df 191 125.7973 (1, 1 91} (1, 1 25.797) Analysis ofVariance 0.0000 0.0000 0.0000 0.0000 Probability Analysis ofVariance 7.487088 8.168182 56 .05649 66.71919 Value "*Test allows for unequal cell variances 188 163.6882 (1, 188) (1, 163 .688) df Test for Equality of Means Between Series Date : 01/17/1 0 Time : 01 :42 Sarnple : 1 288 Included observations : 288 "*Test allows for unequal cell variances t-test s atte rthwa ite-We Ich t-te st" Anova F-test Welch F-test" Method Test for Equality of Means Between Series Date: 01/1711 0 Time : 01 :41 Sample: 1 288 Included observations : 288 2008 Efficiency Scores-Sector to Sector Compared Averages Std. Dev. 0.710530 0.789881 0.737416 104.4062 0.002268 104.4039 Sum of Sq. -0.064417 -0 .062431 0.004150 0.003898 Value Std. Err. of Mean 0.063552 0.095787 0.053080 0.543782 0.002268 0.546617 Mean Sq. 0.9487 0.9503 0.9487 0.9503 Probability I I i I Variable EFF3 EFF4 All Mean 1.163327 0.391977 0.737477 95 Total Count 43 53 96 1 94 Betvveen Within Category Statistics df Source ofVariation Std . Err. of Mean 0.096631 0.05801 3 0.066444 0.423827 40 .26357 Std. Dev. 0.633652 0.422341 0.651 020 14.12461 0.278074 Mean Sq . 14.12461 26.13896 Sum of Sq . 202 Variable EFF3 EFF5 All Category Statistics Total Between Within Source ofVariation Count 43 75 118 0.280192 128.1553 1 Mean 1.163327 1.264579 1.227682 117 Std . Dev. 0.633652 1.226353 1.047730 128.4355 Sum ofSq. -0.503603 -0 .590614 0.253616 0.348824 Value df 116 Analysis ofVariance Analysis ofVariance 116 115.0202 (1, 11 6} (1, 115.02) "*Test allows for unequal cell variances t-test Satterthwaite-Weich t-tesrAnova F-test Welch F-tesr- "*Test allows for unequal cell variances 0.0000 0.0000 0.0000 0.0000 7.127020 6.843802 50.79442 46.83763 94 70 .35043 (1, 94) (1, 70.3504) t-test Satterthwaite-Weich t-tesrAnova F-test Welch F-tesr- df Method Value df Method Probability Test far Equality of Means Betvveen Series Date : 01117/1 0 Time : 01 :44 Sample : 1 288 Included observations : 288 o Test for Equality of Means Between Series Date : 01/17/1 Time : 01 :43 Sample : 1 288 Included observations : 288 2008 Efficiency Scores-Sector to Sector Compared Averages Std . Err. of Mean 0.096631 0.141607 0.096451 1.097739 0.280192 1.104787 Mean Sq . 0.6155 0.5559 0.6155 0.5559 Probability - Variable EFF3 EFF6 All Count 43 8 51 Mean 1.163327 0.842148 1.112946 Std . Dev. 0.633652 0.46401 7 0.61 7521 Std . Err. of Mean 0.096631 0.164055 0.086470 0.381332 0.695795 0.374914 203 Variable EFF3 EFF7 All Category Statistics Total Count 43 26 69 68 1 67 df Mean 1.163327 0.343849 0.854538 50 Total Category Statistics 1 19.06660 0.695795 18.37081 49 Between Within Between Within Source ofVariation Sum of Sq . df Mean Sq. df 67 65 .02081 (1. 67) (1, 65 .0208) Source ofVariation t-test Satterthwaite-Weich t-test* Anova F-test Welch F-test* Analysis ofVariance 0.1 793 0.1165 0.1793 0.1165 Analysis ofVariance 1.362306 1.686877 1.855878 2.845555 "*Test allows for unequal cell variances 49 12.44998 (1, 49) (1 , 12.45) "*Test allows for unequal cell variances t-test Satterthwaite-Weich t-test* Anova F-test Welch F-test* Probability Method Value Method df Test for Equality of Means Between Series Date : 01117110 Time : 01 :47 Sarnple : 1 288 Included observations: 288 Test for Equality of Means Between Series Date : 01/1 711 0 Time : 01 :45 Sarnple : 1 288 Included observations: 288 2008 Efficiency Scores-Sector to Sector Compared Averages Std . Dev. 0.633652 0.313948 0.666517 30.20867 10.88095 1 9.32771 Sum ofSq. 6.141588 7.152045 37.71910 51.15175 Value Std. Err. of Mean 0.096631 0.061570 0.080239 0.444245 1 0.88095 0.288473 Mean Sq . 0.0000 0.0000 0.0000 0.0000 Probability i I : I i t-test Satterthwaite-Weich t-tesrAnova F-test Welch F-tesr- Method Count 43 65 1 DB Variable EFF3 EFF8 All Mean 1.163327 0.414824 0.712839 107 Total Category Statistics 1 106 df Betvl/een Within Source ofVariation Std . Dev. 0.633652 0.536554 0.682134 49.78782 14.49923 35.28858 Sum of Sq . Std . Err. of Mean 0.096631 0.066551 0.065638 Total 0.465307 204 Variable EFF3 EFF9 All Category Statistics Between Within Source ofVariation 14.49923 0.332911 Mean Sq . Count 43 68 111 df Mean 1.163327 1.173646 1.169649 11 0 1 109 df 109 102.8444 (1, 1 09) (1, 1 02.844) Analysis ofVariance 0.0000 0.0000 0.0000 0.0000 Probability Analysis ofVariance 6.599459 6.379398 43.55287 40.69671 Value *Test allows for unequal cell variances 106 79.54802 (1,106) (1, 79 .548) df Test for Equality of Means Between Series Date: 01/17/1 0 Time : 01 :48 Sample : 1 288 Included observations : 288 *Test allows for unequal cell variances t-test Satterthwaite-Weich t-tesrAnova F-test Welch F-tesr- Method Test for Equality of Means Between Series Date : 01/1711 0 Time: 01 :48 Sample : 1 288 Included observations: 288 2008 Efficiency Scores-Sector to Sector Compared Averages Std. Dev. 0.633652 0.789881 0.730309 58.66857 0.002805 58 .66577 Std . Err. of Mean 0.096631 0.095787 0.069318 0.533351 0.002805 0.53821 8 Mean Sq . 0.9426 0.8397 0.9426 0.9397 -0 .072184 -0.075843 0.005212 0.005752 Sum of Sq . Probability Value h Count 53 75 128 Variable EFF4 EFF5 All Mean 0.391977 1.264579 0.903267 127 Total Category Statistics 1 126 Between Within Std. Dev.. 0.422341 1 .226353 1 :065615 144.2131 23 .64612 120.5670 Sum of Sq . Std. Err. of Mean 0.058013 0.141607 0.094188 1.135536 23 .64612 0.956881 Mean Sq. 205 Variable EFF4 EFF6 All Category Statistics Total Between Within 8 61 Count 53 60 1 59 df Mean 0.391977 0.842148 0.451 015 Source ofVariation df Source ofVariation l ~~ t-tesr- 59 8.841501 (1, 59) (1, 8.8415) Analysis ofVariance Anova F-test Welch F-test"' t-test Analysis ofVariance 0.0000 0.0000 0.0000 0.0000 -4.971 083 -5 .702181 24.71167 32 .51486 df Series '*Test allows for unequal cell variances 126 97 .03424 (1, 126) (1, 97.0342) ~ "'Test allows for unequal cell variances t-test S atte rthwa ite-We Ich t-test"' Anova F-test Welch F-test"' Method Probability Value Method df Test for Equality of Means Date: 01/17/1 0 Time : 01 :50 Sarnple : 1 288 Included observations : 288 Test for Equality of Means Between Series Date : 01/1711 0 Time : 01 :49 Sarnple : 1 288 Included observations: 288 2008 Efficiency Scores-Sector to Sector Compared Averages Std . Dev. 0.422341 0.46401 7 0.450761 Std . Err. of Mean 0.058013 0.164055 0.057714 0.2031 86 1.408615 0.182754 1 .408615 10.78252 12.19113 Mean Sq. 0.0074 0.0298 0.0074 0.0298 Probability Sum of Sq. -2.776273 -2 .587045 7.707691 6.692803 Value Variable EFF4 EFF7 All Category Statistics Count 53 26 79 Mean 0.391977 0.343849 0.3761 37 Std . Dev. 0.422341 0.313948 0.388617 11 .77982 ------ Std . Err. of Mean 0.058013 0.061570 0.043723 0.151 023 206 All Variable EFF4 EFF8 Category Statistics Total Count 53 65 118 78 df Mean 0.391977 0.414824 0.404562 117 1 116 Total Between Within 1 0.040402 0.152460 77 Between Within 0.040402 11 .73942 Source ofVariation Mean Sq . df Sum of Sq . df 116 115.8724 (1, 11 6) (1, 11 5.872) Source ofVariation t-test Satterthwaite-Weich t-test" Anova F-test Welch F-test" Method Analysis ofVariance 0.6082 0.5714 0.6082 0.5714 Probability Analysis ofVariance 0.514785 0.568912 0.265003 0.323661 Value *Test allows for unequal cell variances 77 64.61071 (1 , 77) (1, 64.61 07) df Test for Equality of Means Betw-een Series Date: 01/17/10 Time: 02:03 Sarnple: 1 288 Included observations : 288 *Test allows for unequal cell variances t-test Satterthwaite-Weich t-test" Anova F-test Welch F-test" Method Test for Equality of Means Betw-een Series Date : 01/17/1 0 Time : 02 :02 Sarnple : 1 288 Included observations: 288 2008 Efficiency Scores-Sector to Sector Compared Averages Std . Dev. 0.422341 0.536554 0.486708 27.71553 0.015240 27.70029 Sum ofSq . -0 .252625 -0 .258785 0.063819 0.066970 Value Std . Err. of Mean 0.058013 0.066551 0.044805 0.236885 0.015240 0.238796 Mean Sq. 0.8010 0.7963 0.801 0 0.7963 Probability - Variable EFF4 EFF9 All Category Statistics Count 53 68 121 Mean 0.391977 1.173646 0.831 262 120 Total Std . Dev. 0.422341 0.789881 0.759805 69.27641 Std . Err. of Mean 0.058013 0.095787 0.069073 0.577303 18.19893 0.429222 207 Variable EFF5 EFF6 All Category Statistics Total Count 75 8 83 Mean 1.264579 0.842148 1.223863 82 1 81 18.19893 51 .07748 Mean Sq. Between Within 1 119 Between Within Sum of Sq . df df Source ofVariation 81 20.25316 (1, 81) (1, 20.2532) df Source ofVariation t-test Satterthwaite-Weich t-test* Anova F-test Welch F-test* Method Analysis ofVariance 0.0000 0.0000 0.0000 0.0000 Probability Analysis ofVariance -6.51151 0 -6 .980114 42.39976 48.72199 Value *Test allows for unequal cell variances 11 9 1 06 .6738 (1, 11 9) (1, 106.674) df Test for Equality of Means Between Series Date : 0111 7/1 0 Time : 02 :05 Sanwle : 1 288 Included observations : 288 *Test allows for unequal cell variances t-test Satterthwaite-Weich t-test* Anova F-test Welch F-test* Method Test for Equality of Means BetW"een Series Date: 01/1 711 0 Time: 02:04 Sarnple : 1 288 Included observations: 288 2008 Efficiency Scores-Sector to Sector Compared Averages 1.391327 114.0888 Std. Err. of Mean 0.141607 0.164055 0.129472 1.289983 1.392578 1.289983 112.7988 Std . Dev. 1.226353 0.464017 1.179545 Mean Sq. 0.3387 0.0653 0.3387 0.0653 0.962459 1.949222 0.926327 3.799467 Sum of Sq . Probability Value I 1 Variable EFF5 EFF7 All Category Statistics Count 75 26 1 01 Mean 1 .264579 0.343849 1.027559 std. Dev. 1.226353 0.313948 1.140715 Std. Err. of Mean 0.141607 0.061570 0.113505 1.301231 208 Variable EFF5 EFF8 All Category Statistics - Total - Count 75 65 140 130.1231 Between Within df Mean 1.264579 0.414824 0.870050 139 1 138 1 DO Total 16.36732 1.149048 16.36732 113.7557 1 99 Between Within -- Source ofVariation Mean Sq . I df Sum of Sq . I df 138 104.4098 (1 1 38) (1 1 04.41) Source ofVariation t-test Satterthwaite-Weich t-test" Anova F-test Welch F-test" Method Analysis ofVariance 0.0003 0.0000 0.0003 0.0000 Probability Analysis ofVariance 3.774155 5.962764 14.24425 35.55455 Value *Test allows for unequal cell variances 99 94 .61474 (1 99) (1 94 .61 4 7) df Test for Equality of Means Between Series Date : 01117/1 0 Time: 02 :07 Sarnple : 1 288 Included observations : 288 *Test allows for unequal cell variances t-test Satte rthwa ite-We Ich t-test" Anova F-test Welch F-test" Method Test for Equality of Means Between Series Date: 01/17/1 0 Time : 02 :07 Sample : 1 288 Included observations : 288 2008 Efficiency Scores-Sector to Sector Compared Averages Std . Dev. 1.226353 0.536554 1 .055512 154.8606 25.14398 129.7166 Sum of Sq . 5.172003 5.430922 26.74962 29.49492 Value Std . Err. of Mean 0.141607 0.066551 0.089207 1.114105 25.14398 0.939975 Mean Sq . 0.0000 0.0000 0.0000 0.0000 Probability ' ' I I Count 75 68 143 Variable EFF5 EFF9 All Mean 1.264579 1.173646 1.221338 142 Total Category Statistics 1 141 Between Within Std . Dev. 1 .226353 0.789881 1.039328 153.3887 0.294900 153.0938 Std. Err. of Mean 0.141607 0.095787 0.086913 1.080202 0.294900 1.085772 209 Variable EFF6 EFF7 All Category Statistics Total Between Within Source ofVariation Count 8 26 34 df Mean 0.842148 0.343849 0.461 096 33 1 32 df 32 9.060483 (1' 32) (1' 9.06048) "*Test allows for unequal cell variances t-test Satterthwaite-Weich t-tesrAnova F-test Welch F-tesr- Source ofVariation Mean Sq . 0.6031 0.5957 0.6031 0.5957 Analysis ofVariance Sum ofSq. 0.521157 0.531891 0.271604 0.282908 Analysis ofVariance df 141 127.6859 (1' 1 41) (1' 127.686) "*Test allows for unequal cell variances t-test Satte rthwa ite-We Ich t-te srAnova F-test Welch F-tesr- Probability Method Value Method df Test for Equality of Means Between Series Date : 01117/1 0 Time : 02 :09 San-,ple : 1 288 Included observations: 288 Test for Equality of Means Between Series Date : 01/17/1 0 Time : 02 :08 Sample : 1 288 Included observations : 288 2008 Efficiency Scores- Sector to Sector Compared Averages Std . Dev. 0.464017 0.313948 0.407888 5.490294 1 .51 9024 3.971270 Sum ofSq . 3.498586 2.843717 1 2.2401 0 8.086729 Value Std . Err. of Mean 0.164055 0.061570 0.069952 0.166373 1.519024 0.124102 Mean Sq. 0.0014 0.0192 0.0014 0.0192 Probability t-test Satterthwaite-Welc:h t-test*" An ova F-test Welch F-test*" Method Variable EFF6 EFF8 All Mean 0.842148 0.414824 0.461654 72 Total Count 8 65 73 1 71 Between Within Category Statistics df Source ofVariation Std . Dev. 0.464017 0.536554 0.543048 21.23290 1.300756 19.93214 Sum of Sq . Std . Err. of Mean 0.164055 0.066551 0.063559 210 Variable EFF6 EFF9 All Category Statistics Total Between Within 1.300756 0.280734 0.294901 Source ofVariation Mean Sq. 76 Count 8 68 df Mean 0.842148 1.173646 1.138752 Std. Dev. 0.464017 0.789881 0.766776 44.09591 75 Std . Err. of Mean 0.164055 0.095787 0.087955 0.587945 0.786587 0.585261 0.786587 43 .30932 1 74 0.2501 0.1 056 0.2501 0.1056 -1 .159308 -1 .744988 1 .343994 3.044984 Mean Sq. Probability Value Sum of Sq . df 74 12.43525 (1, 7 4) (1, 12.4352) Analysis ofVariance 0.0348 0.0377 0.0348 0.0377 Probability Analysis ofVariance 2.152534 2.413721 4.633404 5.826048 Value *Test allows for unequal cell variances 71 9.465432 (1, 71) (1, 9.46543) df Test for Equality of Means Between Series Date: 01/17/1 0 Time : 02 :11 Sample : 1 288 Included observations: 288 *Test allows for unequal cell variances t-test S atte rthwa ite-We Ic h t-test*" Anova F-test Welch F-test*" Method Test for Equality of Means Between Series Date : 01/17/1 0 Time : 02:1 0 Sample : 1 288 Included observations: 288 2008 Efficiency Scores- Sector to Sector Compared Averages I I Variable EFF7 EFF8 All Category Statistics Count 26 65 91 Mean 0.343849 0.414824 0.394545 Std . Dev. 0.31 3948 0.536554 0.482846 20 .98260 Std . Err. of Mean 0.061570 0.066551 0.05061 6 2 11 Variable EFF7 EFF9 All Category Statistics Total Count 26 68 94 Std . Dev. 0.313948 0.789881 0.784371 57 .21708 Std . Err. of Mean 0.061570 0.095787 0.080902 0.615237 12.95085 0.481155 12.95085 44.26623 1 92 93 Mean Sq. Sum ofSq. 0.0000 0.0000 0.0000 0.0000 Probability df Mean 0.343849 1.173646 0.944128 90 Total 0.233140 Between Within 0.093552 0.234708 1 89 Between Within 0.093552 20 .88905 Source ofVariation Mean Sq . Sum of Sq . -5 .188081 -7 .287312 26.91618 53 .10492 92 91 .80254 (1, 92) (1, 91 .8025) df Value df Source ofVariation t-test Satterthwaite-Weich t-test* Anova F-test Welch F-test* Method Analysis ofVariance 0.5294 0.4361 0.5294 0.4361 Probability Analysis ofVariance -0.631339 -0 .782832 0.398588 0.612826 Value *Test allows for unequal cell variances 89 76.66435 (1, 89) (1, 76.6643) df Test for Equality of Means Between Series Date : 01/17/1 0 Time : 02 :1 6 Sample : 1 288 Included observations : 288 . *Test allows for unequal cell variances t-test Satterthwaite-Weich t-test* Anova F-test Welch F-test* Method Test for Equality of Means Between Series Date : 01/17/1 0 Time : 02 :15 Sarnple : 1 288 Included obserVations: 288 2008 Efficiency Scores-Sector to Sector Compared Averages ~ Variable EFF8 EFF9 All Mean 0.414824 1.173646 0.802793 132 Total Count 65 68 133 1 Category Statistics 19.13598 60.2271 0 131 Between Within Std . Dev. 0.536554 0.789881 0.775394 79 .36308 Sum of Sq . df -6 .451565 -6 .505828 41 .62269 42.32580 Value Source ofVariation -- Analysis ofVariance df 131 118.4115 (1, 131) (1, 118.41 2) *Test allows for unequal cell variances t-test Satterthwaite-Weich t-test"" Anova F-test Welch F-test*" Method Testfor Equality of Means Bet#een Series Date : 01/1 711 0 Time : 02:17 Sample : 1 288 Included observations: 288 Std . Err. of Mean 0.066551 0.095787 0.067235 0.601235 19.13598 0.459749 Mean Sq . 0.0000 0.0000 0.0000 0.0000 Probability 2008 Efficiency Scores-Sector to Sector Compared Averages 212