| Whole sample | Rationality (OC = 0) (1) | Overconfidence (OC = 1) (2) | Difference (3) = (1) − (2) | |||
Max | Min | STD | Mean | ||||
Incentive | 8.347 | 0 | 1.685 | 0.507 | 0.537 | 0.356 | 0.181*** |
separation | 1.000 | 0 | 0.443 | 0.731 | 0.7410 | 0.619 | 0.122*** |
Research | 25.300 | 0 | 4.077 | 3.921 | 3.952 | 3.616 | 0.337** |
Growth | 234.300 | −100.000 | 40.830 | 16.686 | 16.892 | 14.376 | 2.517* |
ROA | 23.250 | −22.460 | 6.383 | 3.795 | 4.034 | 1.117 | 2.917*** |
PB | 51.060 | −1.246 | 6.438 | 5.016 | 5.038 | 4.766 | 0.272 |
Return | 15.210 | −0.838 | 0.633 | 0.218 | 0.218 | 0.211 | 0.007 |
Value | 19.110 | 9.398 | 0.944 | 13.226 | 13.248 | 12.979 | 0.269*** |
Firm age | 26.050 | 0.997 | 6.227 | 9.3983 | 9.692 | 6.105 | 3.586*** |
Fixasset | 18.040 | −2.013 | 1.739 | 10.772 | 10.773 | 10.769 | 0.004 |
Lev | 102.800 | 4.635 | 22.460 | 43.958 | 43.829 | 45.412 | −1.583* |
State | 1.000 | 0 | 0.473 | 0.337 | 0.355 | 0.136 | 0.219*** |
COCEN | 98.550 | 1.320 | 15.670 | 57.416 | 57.394 | 57.668 | −0.275 |
Age | 60.630 | 32.330 | 3.611 | 46.417 | 46.493 | 45.569 | 0.924*** |
Tenure | 8.743 | −0.266 | 1.842 | 3.419 | 3.428 | 3.317 | 0.111* |