The means and standard deviations of the main variables are presented in Table 1. The
number of observations at the bottom of the table indicates the maximum number of observations
for each variable; however, the actual regressions generally used fewer observations because of
missing data. Note that there appear to be substantial differences across variable means for the
levels of ownership concentration. This justifies the separate analysis of each category of
ownership concentration. It should be noted that average compensation per board member is
lower for the higher concentration ownership categories 3-5.