AUSTRIA BELGIUM DENMARK
1 www.agrana.com www.agfa.com www.alk-abello.com
2 www.andritz.com www.barco.com www.bang-olufsen.com
3 www.ba-ca.com www.bekaert.com www.carlsberg.com
4 www.betandwin.com www.belgacom.com www.codan.dk/
5 www.bohler-uddeholm.com www.cofinimmo.com www.coloplast.com
6 www.bwt.at www.colruyt.be www.cph.dk
7 www.sparkasse.at www.delhaize.com www.danisco.com
8 www.evn.at www.dexia.com www.danskebank.com
9 www.viennaairport.com www.dieteren.com www.demant.com
10 www.mayr-melnhof.com www.fortis.com www.dsv.dk
11 www.omv.com www.gbl.be www.eac.dk
12 www.ri.co.at www.inbev.com www.flsmidth.com
13 www.rhi-ag.com www.kbc.com www.g4s.com
14 www.sber.at www.mobistar.be www.gn.com
15 www.telekom.at www.omega-pharma.be www.iccompanys.com
16 www.uniqa.at www.solvay.com www.jyskebank.dk
17 www.verbund.at www.ucb-group.com www.lundbeck.com
18 www.voestalpine.com www.umicore.com www.maersk.com
19 www.wienerstaedtische.at www.nkt.dk
20 www.wienerberger.com www.novonordisk.com
21 www.novozymes.com
22 www.sas.com
23 www.sydbank.com
24 www.tdc.com
25 www.topdanmark.dk
26 www.torm.dk
27 www.trygvesta.com
27 www.vestas.com
FINLAND FRANCE GERMANY
1 www.amersports.com www.accor.com www.adidas-group.com
2 www.cargotec.com www.afg.fr www.allianz.com
3 www.elisa.com www.airliquide.com www.altana.com
4 www.fortum.com www.alcatel.fr www.basf.com
5 www.huhtamaki.com www.axa.com www.bayer.com
6 www.kesko.fi www.bnpparibas.com www.bmwgroup.com
7 www.kone.com www.bouygues.com www.commerzbank.com
8 www.metso.com www.capgemini.com www.conti-online.com
9 www.m-real.com www.carrefour.com www.daimlerchrysler.com
10 www.nesteoil.fi www.credita-gricole.fr www.db.com
11 www.nokia.com www.eads.com www.deutsche-boerse.com
12 www.nokiantyres.fi www.edf.com www.dpwn.de
13 www.oko.fi www.essilor.com www.telekom.de
14 www.orion.fi www.francetelecom.com www.eon.com
15 www.outokumpu.com www.gazdefrance.com www.fresenius.de
16 www.rautaruukki.fi www.danone.com www.henkel.com
17 www.sampo.fi www.loreal.fr www.hyporealestate.com
18 www.storaenso.com www.lafarge.com www.infineon.com
19 www.sanomawsoy.fi www.lagardere.com www.linde.com
20 www.tietoenator.com www.lvmh.com www.lufthansa.com
21 www.upm-kymmene.com www.michelin.com www.man.de
22 www.wartsila.com www.pernod-ricard.fr www.metrogroup.de
23 www.yit.fi www.psa-peugeot-citroen.com www.munichre.com
24 www.ppr.com www.rwe.com
25 www.publicis.com www.sap.com
26 www.renault.com www.schering.de
27 www.saintgobain.com www.siemens.com
28 www.sanofi-aventis.com www.thyssenkrupp.com
29 www.schneiderelectric.com www.tui-group.com
30 www.socgen.com www.volkswagen.com
31 www.st.com
32 www.suez.com
33 www.thalesgroup.com
34 www.thomson.net
35 www.total.com
36 www.veoliaenvironnement.com
37 www.vinci.com
38 www.vivendiuniversal.com
GREECE IRELAND ITALY
1 www.alpha.gr www.aib.ie www.alleanzaassicurazioni.it
2 www.ate.gr www.angloirishbank.ie www.autostrade.it
3 www.viohalco.gr www.boi.ie www.bpubanca.it
4 www.cosmote.gr www.crh.ie www.fideuram.it
5 www.coca-colahbc.com www.candcgroupplc.com www.bancaintesa.it
6 www.hellenicpetroleum.gr www.dcc.ie www.mps.it
7 www.ethniki.gr www.eircom.ie www.bancapopolareitaliana.it
8 www.eurobank.gr www.elan.com www.bpm.it
9 www.follifollie.com www.fbd.ie www.bpv.it & www.bpn.it
10 www.germanos.gr www.fyffes.com www.bnl.it
11 www.dutyfreeshops.gr www.graftonplc.com www.capitalia.it
12 www.ote.gr www.greencore.ie www.enel.it
13 www.hyatt.gr www.iaws.ie www.eni.it
14 www.intracom.gr www.independentnewsmedia. www.fiatgroup.com
15 www.moh.gr com www.finmeccanica.it
16 www.opap.gr www.irishlifepermanent.ie www.generali.com
17 www.dei.gr www.kerrygroup.com www.luxottica.it
18 www.emporiki.gr www.kingspan.com www.mediaset.it
19 www.titan-cement.com www.paddypowerplc.com www.mediobanca.it
20 www.piraeusbank.gr www.ryanair.com www.bancamediolanum.it
21 www.united-drug.ie www.pirelli.com
22 www.rasholding.it
23 www.saipem.eni.it
24 www.sanpaolo.com
25 www.snamretegas.it
26 www.telecomitalia.it
27 www.tenaris.com
28 www.terna.it
29 www.unicredit.it
SPAIN SWEDEN UK
1 www.abertis.com www.abb.com www.angloamerican.co.uk
2 www.acciona.com www.alfalaval.com www.astrazeneca.com
3 www.grupoacs.com www.autoliv.com www.aviva.com
4 www.altadis.com www.assaabloy.se www.baesystems.com
5 www.antena3tv.com www.atlascopco-group.com www.barclays.com
6 www.bancopopular.es www.electrolux.com www.bg-group.com
7 www.bancsabadell.com www.eniro.com www.bhpbillition.com
8 www.ebankinter.com www.ericsson.com www.bp.com
9 www.bbva.es www.fabege.se www.bat.com
10 www.gruposantander.com www.fsb.se www.btplc.com
11 www.cintra.es www.hm.com www.cadburyschweppes.com
12 www.enagas.com www.holmen.com www.diageo.com
13 www.endesa.es www.investorab.com www.gsk.com
14 www.fcc.es www.nordea.com www.hbosplc.com
15 www.ferrovial.es www.oldmutual.com www.hsbc.com
16 www.gamesa.es www.sandvik.com www.imperial-tobacco.com
17 http://portal.gasnatural.com www.sca.com www.lloydstsb.com
18 www.iberdrola.es www.sebgroup.com ww.marksandspencer.com
19 www.iberia.es www.securitasgroup.com www.nationalgrid.com
20 www.inditex.com www.handelsbanken.se www.o2.com
21 www.indra.es www.skanska.se www.prudential.co.uk
22 www.metrovacesa.es www.skf.com www.reckittbenckiser.com
23 www.nh-hotels.com www.swedishmatch.com www.rbs.com
24 www.prisa.es www.tele2.com www.riotino.com
25 www.ree.es www.teliasonera.se www.sabmiller.com
26 www.repsolypf.com www.volvo.com www.standardchartered.com
27 www.gruposyv.com www.scottishpower.com
28 www.sogecable.es www.tesco.com
29 www.telecinco.es www.vodafone.com
30 www.telefonica.es
31 www.telefonicamoviles.com
32 www.tpi.es
33 www.unionfenosa.es
APPENDICES
TABLE 1: COMPANIES IN THE SAMPLE
AUSTRIA – ATX BELGIUM – BEL 20 DENMARK – OMX
www.Wienerboerse.at www.Euronext.com www.omxgroup.com Copenhagen 20
1 Agrana Beteiligungs AG Agfa-Gevaert TDC
2 Andritz AG Barco A.P. Møller – Mærsk B
3 Bank Austria Creditanstalt AG Bekaert Novo Nordisk B
4 BETandWIN.com AG Belgacom Danske Bank
5 Bohler Uddeholm AG Cofinimmo Vestas Wind Systems
6 BWT AG Colruyt Danisco
7 Erste Bank der O. Sparkassen
AG Delhaize Group GN Store Nord
8 EVN AG Dexia Carlsberg B
9 Flughafen Wien AG D’Ieteren H. Lundbeck
10 Mayr-Melnhof Karton AG Fortis DSV
11 OMV AG Groupe Bruxelles Lambert D/S Torm
12 Raiffeisen In. Bank-Hldg AG InBev Østasiatiske Kompagni
13 RHI AG KBC Groep Novozymes B
14 Schoeller-Bleckmann AG Mobistar TrygVesta
15 Telekom Austria AG Omega Pharma Coloplast B
16 Uniqa Versicherungen AG Solvay Group 4 Securior
17 Verbundgesellschaft AG UCB Topdanmark
18 Voestalpine AG Umicore Københavns Lufthavne
19 Wiener Stadtische William Demant Holding
20 Wienerberger AG Jyske Bank
21 Bang & Olufson B
22 Alk-Abelló
23 FLSmidth & Co B.
24 NKT Holding
25 IC Companys
26 SAS
27 Codan
28 Sydbank
GERMANY – DAX SPAIN – IBEX 35 ITALY – MIB 30 www.berlinerboerse.de www.bolsamadrid.es www.borsaitalia.it
1 Adidas-Salomon Abertis Alleanza
2 Allianz Acciona Autostrade
3 Altana ACS BPU Banca
4 BASF Altadis Banca Fideuram
5 Bayer AG Antena 3 TV Banca Intesa
6 BMW Banco Popular Espagnol Banca MPS
7 Commerzbank Banco de Sabadell Banca Popolare Italiana
8 Continental Bankinter Banca Popolare di Milano
9 DaimlerChrysler Banco Bilbao Vizcaya Argentaria
Banca Popolare di Verona e Novara
10 Deutsche Bank Banco Santader Central
Hispano Bnl
11 Deutsche Börse Cintra Capitalia
12 Deutsche Post Enegas Enel
13 Deutsche Telekom Endesa Eni
14 E.ON FCC Fiat
15 Fresenius Ferrovial Finmeccanica
16 Henkel Gamesa Generali
17 Hypo Real Estate Gas Natural Luxottica Group
18 Infineon Technologies Iberdrola Mediaset
19 Linde Iberia Mediobanca
20 Lufthansa Inditex Mediolanum
21 MAN Indra A Pirelli & C
22 METRO Metrovacesa Ras
23 Munich Re (Münchener Rück) NH Hoteles Saipem
24 RWE Prisa Sanpaolo Imi
25 SAP R.E.E. Snam Rete Gas
26 Schering Repsol YPF Telecom Italia
27 Siemens Sacyr Vallehermoso Tenaris
28 ThyssenKrupp Sogecable Terna
29 TUI Telecinco Unicredito
30 Volkswagen (VW) Telefonica
31 Telefonica Moviles
32 TPI
33 Union Fenosa
FRANCE – CAC 40 IRELAND – ISEQ20 Index GREECE – ASE 20
www.euronext.com www.ise.ie www.ase.gr
1 Accor Allied Irish Bank PLC Alpha Bank
2 AGF Anglo Irish Bank Corporation PLC Ate Bank
3 Air Liquide Bank of Ireland Viohalco S.A.
4 Alcatel CRH PLC Cosmote
5 AXA C&C Group PLC Coca-Cola HBC
6 BNP Paribas DCC PLC Hellenic Petroleum
7 Bouygues Eircom Group PLC National Bank of Greece
8 Capgemini Elan Corporation PLC Eurobank EFG
9 Carrefour F.B.D. Holdings PLC Folli Follie
10 Crédit Agricole Fyffes PLC Germanos
11 EADS Grafton Group PLC Hellenic – Duty Free Shops
12 EDF Greencore Group PLC OTE
13 Essilor Iaws Group PLC Hyatt Regency
14 France Télécom Independent News & Media PLC Intracom
15 Gaz de France Irish Life and Permanent PLC Motor Oil (Hellas)
16 Groupe Danone Kerry Group PLC OPAP SA
17 L’Oréal Kingspan Group PLC Public Power Corporation SA
18 Lafarge Paddy Power PLC Emporiki Bank
19 Lagardère Ryanair Holdings PLC Titan
20 LVMH United Drug PLC Piraeus Bank
21 Michelin 22 Pernod Ricard 23 PSA Peugeot Citroën 24 PPR
25 Publicis
26 Renault 27 Saint-Gobain
28 Sanofi-Aventis 29 Schneider Electric 30 Société Générale 31 STMicroelectronics 32 SUEZ
33 Thales Group 34 Thomson SA 35 Total
36 Veolia Environnement 37 VINCI
38 Vivendi Universal
FINNLAND – OMX UK –FTSE 100 SWEDEN – OMX www.omxgroup.com www.londonstockexchange.com www.omxgroup.com
Helsinki 25 Stockholm 30
1 Amer Group Plc Anglo American ABB Ltd
2 Cargotec Corporation AstraZeneca Alfa Laval AB
3 Elisa Corporation Aviva Autoliv Inc. SDB
4 Fortum Corporation BAE Systems ASSA ABLOY AB
5 Huhtamäki Oyj Barclays Bank Atlas Copco AB
6 Kesko Corporation BG Group Electrolux, AB
7 KONE Corporation BHP Billiton Eniro AB
8 Metso Corporation BP Ericsson, Telefonab. L M
9 M-real Corporation British American Tobacco Fabege AB
10 Neste Oil BT Group FöreningsSparbanken AB
11 Nokia Corporation Cadbury Schweppes Hennes & Mauritz AB, H & M
12 Nokian Tyres plc Diageo Holmen AB
13 OKO Bank GlaxoSmithKline Investor AB
14 Orion Corporation HBOS Nordea Bank
15 Outokumpu Oyj HSBC Old Mutual Plc
16 Rautaruukki Corporation Imperial Tobacco Group Sandvik AB
17 Sampo Plc Lloyds TSB Svenska Cellulosa AB SCA
18 Stora Enso Oyj Marks & Spencer Skandinaviska Enskilda Banken
19 SanomaWSOY Corporation National Grid Securitas AB
20 Tietoenator Oyj O2 Svenska Handelsbanken
21 UPM-Kymmene Corporation Prudential Plc Skanska AB 22 Wärtsilä Corporation Reckitt Benckiser SKF, AB
23 YIT Corporation Royal Bank of Scotland Group Swedish Match AB
24 Rio Tino Group Tele2 AB
25 SABMiller TeliaSonera AB
26 Standard Chartered Volvo, AB
27 Scottish Power
28 Tesco
29 Vodafone Group
LUXEMBOURG – BdL PORTUGAL – PSI 20 NETHERLANDS – AEX www.bourse.lu www.euronext.com www.euronext.com
1 Arcelor Altri ABN AMRO holding
2 SES Global S.A. Banco Comercial Portugues AEGON 3 Quilmes Industrial S.A. Banco Espirito Santo Ahold 4 BIP Investment Partners S.A. Banco BPI Akzo Nobel
5 Brisa-Auto Estradas de Portugal ASML
6 Cimpor – Cimentos de Portugal Buhrmann
7 Cofina DSM
8 EDP – Energias de Portugal, S.A. Fortis (zie BE)
9 Impresa Getronics
10 Jeronimo Martins Hagemeyer
11 Grupo Media Capital Heineken
12 Mota-Engil ING Group
13 Novabase KPN
14 Portugal Telecom Numico
15 ParaRede Philips
16 PT Multimedia Reed Elsevier
17 Reditus Rodamco Europe
18 Semapa Royal Dutch Shell
19 Sonae SBM Offshore
20 Sonaecom TNT
21 Tom Tom
22 Unilever
23 Vedior
24 VNU
25 Wolters Kluwer
TABLE 2: COMPANY LEVEL VARIABLES
Name Label Values
1 Compid Number of the Company
Left unchanged from the existing data file – randomly assigned
2 Compname Official name of the Company 1. UK
2. The Netherlands 3. Germany 4. Belgium 5. France 6. Italy
7. Luxembourg 8. Denmark 9. Ireland 10. Greece 11. Portugal 12. Spain 13. Austria 14. Finland 15. Sweden 3 Industry Classification based on US SIC & NAICS
http://www.census.gov/epcd/www/sic.html
1. sMining 2. Utilities 3. Construction 4. Manufacturing 5. Wholesale 6. Retail
7. Transportation &
Warehousing 8. Information
9. Finance, Insurance & Real Estate 10. Services 11. Miscellaneous
4 No_execs Number of executives in each TMT 5 No_offor Number of Foreigners in each TMT 6 Propfor Proportion of foreigners per TMT
= Variable 5 / Variable 4
7 HomHet Homogenous or Heterogeneous TMT 1. Heterogeneous 2. Homogeneous 8 Nat_div Nationality score based on Hofstedes’
dimensions
0 = No diversity 9 Rel_nat Relative nationality diversity score
= Variable 8 / Variable 4
based on annual reported figures 11 ROE Return on Equity
Main Source: Datastream; otherwise based on annual reported figures
999.00 is missing
12 ROS Return on Sales
Main Source: Datastream; otherwise based on annual reported figures
999.00 is missing
13 Meanperf Arithmetic Mean of Financial Performance indicators
= Variable (11 + 12 + 13)/ 3
999.00 is missing
14 Empl Number of Worldwide employees Main Source: Datastream; otherwise based on annual reported figures
999 is missing
15 Log_empl Logarithm of Employees for control purposes
= LOG (Variable 14)
999 is missing
16 Sales Annual Worldwide sales/ revenue/
turnover in thousands of euros for 2005 Values in other currencies other than euro were translated @ the historical exchange rate of 31st of December 2005;
http://www.oanda.com/convert/fxhistory
Main Source: Datastream; otherwise based on annual reported figures
999 is missing
17 Log_sale Logarithm of Sales for control purposes
= LOG (Variable 16)
999 is missing
18 Tot_asset Total assets in thousands of euros reported for financial year 2005 Values in other currencies other than euro were translated @ the historical exchange rate of 31st of December 2005;
http://www.oanda.com/convert/fxhistory
Main Source: Datastream; otherwise based on annual reported figures
999 is missing
19 Log_asst Logarithm of Total Assets for control purposes
= LOG (Variable 18)
999 is missing
20 Mean_log Arithmetic Mean of control variables
= (Variable 15 + 17 + 19)/ 3
999 is missing
21 Innov Reported R&D expenditures in euros for the year 2005
Values in other currencies other than euro were translated @ the historical exchange rate of 31st of December 2005;
http://www.oanda.com/convert/fxhistory
0 = no expenditures reported & industry category 9. Finance, Insurance
& Real Estate 999 is missing
Main Source: Datastream; otherwise based on annual reported figures 22 Innov_em R&D expenditures per employee
= Variable 21/ Variable 14
0 = no ratio because no R&D
999 is missing 23 countact Number of countries active complete 24 Ten2_res Average Tenure per team/ no. of execs
excluding missing values; entry board – 2006
In case tenure data was missing of execs of a team; it was assumed these
individuals have the same tenure as the average of the rest
BOARD LEVEL VARIABLES
Name Label Values
1 Name Last name of the executive 2 National Nationality of the executive
Left unchanged from the existing data file – randomly assigned
1. UK
2. The Netherlands 3. Germany 4. Belgium 5. France 6. Italy
7. Luxembourg 8. Denmark 9. Ireland 10. Greece 11. Portugal 12. Spain 13. Austria 14. Finland 15. Sweden 16. Cyprus
17. Czech Republic 18. Estonia
19. Hungary 20. Latvia 21. Lithuania 22. Malta 23. Poland 24. Slovakia 25. Slovenia 26. Norway 27. Switzerland
31. Brazil 32. South-Africa 33. Antigua and Barbuda 34. Australia 35. Uganda 36. India 37. Singapore 38. Cananda 39. Tunis 40. Colombia 41. Israel
42. New Zealand 43. Argentina 44. Egpyt 45. Malaysia 46. Namibia 47. Mozambique 48. Lebanon
49. Bosnia-Herzegov.
50. Zimbabwe 999. Missing
3 Gender Gender
Left unchanged from the existing data file
1. Male 2. Female
4 Yearbrth Year of birth (4 digits)
Left unchanged from the existing data file
9 is missing
5 entrycom Year of entry company (4 digits)
Left unchanged from the existing data file
9 is missing
6 entrybrd Year of entry board
Left unchanged from the existing data file
9 is missing
TABLE 3: FORMULA’S FOR FINANCIAL PERFORMANCE
Formulas*
1 Return on Assets Earnings available for common stockholders/
Total Assets
2 Return on Equity Earnings available for common stockholders/
Common Stock Equity
3 Return on Sales Earnings available for common stockholders/
Total Sales
* Source: Principles of Managerial Finance; Gitman, L.J. 2003
COMPANY
NAME EXECUTIVE CODE PDI IDV MAS UAI PDI SQ IDV SQ MAS SQ UAI SQ SUM SQRT Factor TOT NAT Count
NL 38 80 14 53 of SQ
Philips Kleisterlee, G. NL 38 80 14 53 0 0 0 0 0 0 0 0 0 0 0 NL 3
Philips Dutine, G. GER 35 67 66 65 NL 3 9 13 169 -52 2704 -12 144 3026 55 3 165 GER 1
FR -33 1089 -4 16 23 529 -21 441 2075 46 1 46 FR 1
IT -15 225 -9 81 -4 16 -10 100 422 21 1 21 IT 1
BE -30 900 -8 64 12 144 -29 841 1949 44 1 44 BE 1
FI 2 4 4 16 40 1600 6 36 1656 41 1 41 FI 1
0 TOT 8
Philips Sivignon, P-J. FR 68 71 43 86 NL -30 900 9 81 -29 841 -33 1089 2911 54 3 162
IT 18 324 -5 25 -27 729 11 121 1199 35 1 35
BE 3 9 -4 16 -11 121 -8 64 210 14 1 14
FI 35 1225 8 64 17 289 27 729 2307 48 1 48
0
Philips Van Houten, F. NL 38 80 14 53 0 0 0 0 0 0 0 0 0 0 0
Philips Ragnetti, A. IT 50 76 70 75 NL -12 144 4 16 -56 3136 -22 484 3780 61 3 184
BE -15 225 1 1 16 256 -19 361 843 29 1 29
FI 17 289 13 169 44 1936 16 256 2650 51 1 51
0
Philips Provoost, R. BE 65 75 54 94 NL -27 729 5 25 -40 1600 -41 1681 4035 64 3 191
FI 32 1024 12 144 28 784 35 1225 3177 56 1 56
0
Philips Karvinen, J. FI 33 63 26 59 5 25 17 289 -12 144 -6 36 494 22 3 67
Philips Van Deursen, T. NL 38 80 14 53 0 0 0 0 0 0 0 0 0 0 0
1154
Country PDI IDV MAS UAI
1 Arab World 80 38 52 68
2 Argentina 49 46 56 86
3 Australia 36 90 61 51
4 Austria 11 55 79 70
5 Belgium 65 75 54 94
6 Brazil 69 38 49 76
7 Canada 39 80 52 48
8 Colombia 67 13 64 80
9 Czech Republic 35 58 45 74
10 Denmark 18 74 16 23
11 East Africa 64 27 41 52
12 Finland 33 63 26 59
13 France 68 71 43 86
14 Germany 35 67 66 65
15 Greece 60 35 57 112
16 India 77 48 56 40
17 Ireland 28 70 68 35
18 Israel 13 54 47 81
19 Italy 50 76 70 75
20 Malaysia 104 26 50 36
21 Netherlands 38 80 14 53
22 New Zealand 22 79 58 49
23 Norway 31 69 8 50
24 Poland* 68 60 64 93
25 Portugal 63 27 31 104
26 South Africa 49 65 63 49
27 Spain 57 51 42 86
28 Sweden 31 71 5 29
29 Switzerland 34 68 70 58
30 Turkey 66 37 45 85
31 United Kingdom 35 89 66 35
32 United States 40 91 62 46
33 West Africa 77 20 46 54
TABLE 6: DESCRIPTIVE STATISTICS
COMPANY DISTRIBUTION
Frequency Percent Valid
Percent
Cumulative Percent
Valid UK 29 4,0 8,0 8,0
The Netherlands 25 3,4 6,9 14,9
Germany 30 4,1 8,3 23,1
Belgium 18 2,5 5,0 28,1
France 38 5,2 10,5 38,6
Italy 29 4,0 8,0 46,6
Luxembourg 4 ,6 1,1 47,7
Denmark 28 3,9 7,7 55,4
Ireland 20 2,8 5,5 60,9
Greece 20 2,8 5,5 66,4
Portugal 20 2,8 5,5 71,9
Spain 33 4,5 9,1 81,0
Austria 20 2,8 5,5 86,5
Finland 23 3,2 6,3 92,8
Sweden 26 3,6 7,2 100,0
Total 363 50,0 100,0
Missing System 363 50,0
Total 726 100,0
TABLE 7: DESCRITPIVE STATISTICS
TEAM DISTRIBUTION
N Minimum Maximum Mean
Std.
Deviation
TMT size 363 1 20 6,16 3,445
Number of foreigners 363 0 10 ,87 1,466
Homogeneous or heterogeneous teams 363 0 1 ,40 ,491
Proportion foreigners per TMT 363 ,00 1,00 ,1426 ,22251
Valid N (listwise) 363
TMT SIZE * NUMBER OF FOREIGNERS CROSSTABULATION
Count Number of foreigners Total
0 1 2 3 4 5 6 7 10
TMT size 1 7 2 9
2 23 7 1 31
3 30 12 5 47
4 32 6 8 2 48
5 32 10 3 3 48
6 19 8 6 1 3 1 38
7 30 8 3 1 2 1 1 46
8 10 2 2 2 2 1 19
9 7 5 1 2 1 1 1 18
10 4 5 2 1 1 1 14
11 6 2 1 1 1 11
12 5 1 1 1 1 9
13 4 1 3 1 9
14 4 1 1 1 7
15 1 3 1 1 6
16 1 1
18 1 1
20 1 1
Total 216 70 35 18 11 7 1 4 1 363
TABLE 8: FINANCIAL PERFORMANCE INDICATORS
N Minimum Maximum Mean Std. Deviation Variance
Return on Assets 357 -.185 .707 .06001 .080319 ,006
Return on equity 356 -.541 1.505 .20997 .196390 ,039
Return on Sales 353 -,219 2,472 ,18590 ,216627 ,047
Mean performance of ROA, ROE, ROS 351 -,254 ,959 ,14794 ,119846 ,014
Valid N (listwise) 351
TABLE 9: TESTS OF NORMALITY
Kolmogorov- Smirnov (a)
Shapiro- Wilk
Statistic df Sig. Statistic df Sig.
Mean performance of ROA, ROE,
ROS ,129 351 ,000 ,840 351 ,000
a Lilliefors Significance Correction
Normal Q-Q Plot of Mean perfor - mance: ROA, ROE & ROS
Observed Value
1,0 ,8
,6 ,4
,2 0,0
-,2
Expected Normal
3
2
1
0
-1
-2 -3
TABLE 10: DIVERSITY MIX PER COUNTRY
Recoded Nationality score Total Amount of TMTs
Relative Homogen
eous (0)
Heterogeneous (1)
Company country of origin UK 8 21 29 72,41%
The Netherlands 4 21 25 84,00%
Germany 8 22 30 73,33%
Belgium 10 8 18 44,44%
France 17 21 38 55,26%
Italy 23 6 29 20,69%
Denmark 24 4 28 14,29%
Ireland 14 6 20 30,00%
Greece 16 4 20 20,00%
Portugal 17 3 20 15,00%
Spain 29 4 33 12,12%
Austria 15 5 20 25,00%
Finland 19 4 23 17,39%
Sweden 17 9 26 34,62%
Total 221 138 359
N Minimum Maximum Mean Std.
Deviation Nationality diversity divided by number of
team members 359 0 291 23,60 41,525
Valid N (listwise) 359
Nationality diversity divided by number of
team members 138 9 291 61,40 46,561
Valid N (listwise) 138
TABLE 11: REGRESSION TABLES
MODEL 1 & 2 SUMMARY(c)
Model R R Square Adjusted R Square
Std. Error of the Estimate
R Square Change
F Change df1 df2 Sig. F Change
Durbin- Watson
1 ,432 ,187 ,143 ,091075 ,187 4,292 17 318 ,000
2 ,435 ,190 ,143 ,091056 ,003 1,132 1 317 ,288 1,93 a Predictors: (Constant), Size, Industry, Capital Structure, TMT size, Country Dummies
b Predictors: (Constant), Size, Industry, Capital Structure, TMT size, Country Dummies, Nationality diversity
c Dependent Variable: Mean performance of ROA, ROE, ROS ANOVA(c)
Model Sum of
Squares
df Mean Square
F Sig.
1 Regression ,605 17 ,036 4,292 ,000
Residual 2,638 318 ,008
Total 3,243 335
2 Regression ,615 18 ,034 4,118 ,000
Residual 2,628 317 ,008
Total 3,243 335
a Predictors: (Constant), Size, Industry, Capital Structure, TMT size, Country Dummies
b Predictors: (Constant), Size, Industry, Capital Structure, TMT size, Country Dummies, Nationality diversity
c Dependent Variable: Mean performance of ROA, ROE, ROS
COEFFICIENTS(a)
Model Unstandardized
Coefficients
Standardized Coefficients
t Sig.
B Std. Error Beta
1 (Constant) ,520 ,069 7,510 ,000
Size -3,845E-02 ,011 -,255 -3,498 ,001
Capital Structure -8,025E-02 ,031 -,158 -2,590 ,010
Industry -3,685E-02 ,012 -,178 -3,125 ,002
TMT size 1,210E-03 ,002 ,043 ,693 ,489
Netherlands -7,461E-02 ,026 -,192 -2,836 ,005
Germany -8,970E-02 ,025 -,260 -3,610 ,000
Belgium -9,767E-02 ,029 -,224 -3,353 ,001
France -,103 ,025 -,328 -4,100 ,000
Italy -7,125E-02 ,026 -,200 -2,790 ,006
Denmark -7,292E-02 ,026 -,202 -2,782 ,006
Ireland -8,832E-02 ,031 -,197 -2,886 ,004
Greece -9,634E-02 ,032 -,209 -3,055 ,002
Portugal -9,384E-02 ,031 -,215 -3,003 ,003
Spain -5,343E-02 ,026 -,160 -2,057 ,040
Austria -,123 ,030 -,290 -4,173 ,000
Finland -,134 ,029 -,338 -4,571 ,000
Sweden -8,516E-02 ,028 -,219 -3,004 ,003
2 (Constant) ,515 ,069 7,421 ,000
Size -3,767E-02 ,011 -,250 -3,420 ,001
Capital Structure -8,126E-02 ,031 -,160 -2,622 ,009
Industry -3,593E-02 ,012 -,174 -3,039 ,003
TMT size 1,990E-03 ,002 ,071 1,052 ,294
Netherlands -6,871E-02 ,027 -,177 -2,556 ,011
Germany -8,875E-02 ,025 -,258 -3,571 ,000
Belgium -9,612E-02 ,029 -,220 -3,296 ,001
France -,104 ,025 -,331 -4,134 ,000
Italy -7,308E-02 ,026 -,206 -2,855 ,005
Denmark -7,343E-02 ,026 -,203 -2,801 ,005
Ireland -8,966E-02 ,031 -,200 -2,928 ,004
Greece -9,748E-02 ,032 -,211 -3,090 ,002
Portugal -9,580E-02 ,031 -,220 -3,061 ,002
Spain -5,588E-02 ,026 -,167 -2,144 ,033
Austria -,124 ,030 -,291 -4,196 ,000
Finland -,138 ,030 -,348 -4,663 ,000
Sweden -8,603E-02 ,028 -,221 -3,034 ,003
Nationality diversity -1,530E-04 ,000 -,064 -1,064 ,288 a Dependent Variable: Mean performance of ROA, ROE, ROS
MODEL 3 SUMMARY(c)
Model R R Square Adjusted R Square
Std. Error of the Estimate
R Square Change
F Change df1 df2 Sig. F Change
Durbin- Watson
1 ,432 ,187 ,143 ,091075 ,187 4,292 17 318 ,000
2 ,439 ,193 ,144 ,091010 ,006 1,228 2 316 ,294 1,939 a Predictors: (Constant), Size, Industry, Capital Structure, TMT size, Country Dummies
b Predictors: (Constant), Size, Industry, Capital Structure, TMT size, Country Dummies, Nationality diversity, Nationality Diversity Squared
c Dependent Variable: Mean performance of ROA, ROE, ROS
ANOVA(c)
Model Sum of
Squares
df Mean Square
F Sig.
1 Regression ,605 17 ,036 4,292 ,000
Residual 2,638 318 ,008
Total 3,243 335
2 Regression ,625 19 ,033 3,975 ,000
Residual 2,617 316 ,008
Total 3,243 335
a Predictors: (Constant), Size, Industry, Capital Structure, TMT size, Country Dummies b Predictors: (Constant), Size, Industry, Capital Structure, TMT size, Country Dummies, Nationality diversity, Nationality Diversity Squared
c Dependent Variable: Mean performance of ROA, ROE, ROS
COEFFICIENTS(a)
Model Unstandardized
Coefficients
Standardized Coefficients
t Sig.
B Std. Error Beta
1 (Constant) ,520 ,069 7,510 ,000
Size -3,845E-02 ,011 -,255 -3,498 ,001
Capital Structure -8,025E-02 ,031 -,158 -2,590 ,010
Industry -3,685E-02 ,012 -,178 -3,125 ,002
TMT size 1,210E-0 1,210E-0 ,043 ,693 ,489
Netherlands 1,210E-03 ,002 ,043 ,693 ,489
Germany -7,461E-02 ,026 -,192 -2,836 ,005
Belgium -8,970E-02 ,025 -,260 -3,610 ,000
France -9,767E-02 ,029 -,224 -3,353 ,001
Italy -,103 ,025 -,328 -4,100 ,000
Denmark -7,125E-02 ,026 -,200 -2,790 ,006
Ireland -7,292E-02 ,026 -,202 -2,782 ,006
Greece -8,832E-02 ,031 -,197 -2,886 ,004
Portugal -9,634E-02 ,032 -,209 -3,055 ,002
Spain -9,384E-02 ,031 -,215 -3,003 ,003
Austria -5,343E-02 ,026 -,160 -2,057 ,040
Finland -,123 ,030 -,290 -4,173 ,000
Sweden -,134 ,029 -,338 -4,571 ,000
Netherlands -8,516E-02 ,028 -,219 -3,004 ,003
2 (Constant) ,515 ,069 7,422 ,000
Size -3,697E-02 ,011 -,245 -3,353 ,001
Capital Structure -8,199E-02 ,031 -,162 -2,646 ,009
Industry -3,613E-02 ,012 -,174 -3,058 ,002
TMT size 2,008E-03 ,002 ,071 1,062 ,289
Netherlands -6,470E-02 ,027 -,166 -2,388 ,018
Germany -8,698E-02 ,025 -,252 -3,495 ,001
Belgium -,101 ,029 -,231 -3,426 ,001
France -,104 ,025 -,330 -4,121 ,000
Italy -7,507E-02 ,026 -,211 -2,928 ,004
Denmark -7,574E-02 ,026 -,210 -2,882 ,004
Ireland -9,088E-02 ,031 -,203 -2,967 ,003
Greece -9,871E-02 ,032 -,214 -3,129 ,002
Portugal -9,733E-02 ,031 -,223 -3,108 ,002
Spain -5,808E-02 ,026 -,174 -2,223 ,027
Austria -,125 ,030 -,294 -4,237 ,000
Finland -,140 ,030 -,353 -4,726 ,000
Sweden -8,876E-02 ,028 -,228 -3,121 ,002
Nationality diversity -4,333E-04 ,000 -,181 -1,531 ,127 Nationality Diversity ² 1,777E-06 ,000 ,128 1,150 ,251 a Dependent Variable: Mean performance of ROA, ROE, ROS
MODEL 4 SUMMARY(d)
Model R R Square Adjusted R Square
Std. Error of the Estimate
R Square Change
F Change df1 df2 Sig. F Change
Durbin- Watson
1 ,499 ,249 ,179 ,084452 ,249 3,537 17 181 ,000
2 ,501 ,251 ,176 ,084608 ,001 ,334 1 180 ,564
3 ,528 ,279 ,194 ,083691 ,028 2,321 3 177 ,077 2,038
a Predictors: (Constant), Size, Industry, Capital Structure, TMT size, Country Dummies
b Predictors: (Constant), Size, Industry, Capital Structure, TMT size, Country Dummies, Nationality diversity
c Predictors: (Constant), Size, Industry, Capital Structure, TMT size, Country Dummies, Nationality diversity, Tenure, Innovation (R&D), Complexity
d Dependent Variable: Mean performance of ROA, ROE, ROS
ANOVA(d)
Model Sum of
Squares
df Mean Square
F Sig.
1 Regression ,429 17 ,025 3,537 ,000
Residual 1,291 181 ,007
Total 1,720 198
2 Regression ,431 18 ,024 3,346 ,000
Residual 1,289 180 ,007
Total 1,720 198
3 Regression ,480 21 ,023 3,263 ,000
Residual 1,240 177 ,007
Total 1,720 198
a Predictors: (Constant), Size, Industry, Capital Structure, TMT size, Country Dummies b Predictors: (Constant), Size, Industry, Capital Structure, TMT size, Country Dummies, Nationality diversity
c Predictors: (Constant), Size, Industry, Capital Structure, TMT size, Country Dummies, Nationality diversity, Tenure, Innovation (R&D), Complexity
d Dependent Variable: Mean performance of ROA, ROE, ROS COEFFICIENTS(a)
Model Unstandardized
Coefficients
Standardized Coefficients
t Sig.
B Std. Error Beta
1 (Constant) ,547 ,084 6,505 ,000
Size -4,448E-02 ,013 -,319 -3,301 ,001
Capital Structure -6,178E-02 ,038 -,132 -1,605 ,110
Industry -4,375E-02 ,014 -,234 -3,067 ,002
TMT size 2,777E-03 ,002 ,097 1,179 ,240
France -,104 ,028 -,351 -3,789 ,000
Italy -7,218E-02 ,028 -,217 -2,554 ,011
Denmark -9,511E-02 ,029 -,278 -3,289 ,001
Ireland -,125 ,038 -,264 -3,319 ,001
Greece -,168 ,046 -,282 -3,613 ,000
Portugal -8,129E-02 ,046 -,137 -1,777 ,077
Spain -3,947E-02 ,041 -,073 -,962 ,337
Austria -,122 ,031 -,334 -3,874 ,000
Finland -,153 ,031 -,483 -4,976 ,000
Sweden -9,866E-02 ,036 -,232 -2,765 ,006
2 (Constant) ,542 ,085 6,395 ,000
Size -4,369E-02 ,014 -,314 -3,219 ,002
Capital Structure -6,303E-02 ,039 -,134 -1,632 ,104
Industry -4,295E-02 ,014 -,229 -2,991 ,003
TMT size 3,351E-03 ,003 ,117 1,309 ,192
Netherlands -4,112E-02 ,028 -,124 -1,445 ,150
Germany -9,024E-02 ,025 -,332 -3,601 ,000
Belgium -,112 ,034 -,276 -3,339 ,001
France -,105 ,028 -,353 -3,793 ,000
Italy -7,285E-02 ,028 -,219 -2,571 ,011
Denmark -9,561E-02 ,029 -,280 -3,299 ,001
Ireland -,127 ,038 -,268 -3,346 ,001
Greece -,168 ,046 -,283 -3,617 ,000
Portugal -8,230E-02 ,046 -,139 -1,794 ,074
Spain -4,035E-02 ,041 -,074 -,981 ,328
Austria -,122 ,031 -,335 -3,873 ,000
Finland -,155 ,031 -,489 -5,000 ,000
Sweden -,100 ,036 -,235 -2,792 ,006
Nationality diversity -9,937E-05 ,000 -,045 -,578 ,564
3 (Constant) ,529 ,086 6,178 ,000
Size -4,819E-02 ,014 -,346 -3,450 ,001
Capital Structure -3,009E-02 ,040 -,064 -,748 ,456
Industry -5,476E-02 ,016 -,293 -3,513 ,001
TMT size 2,799E-03 ,003 ,098 1,100 ,273
Netherlands -3,829E-02 ,028 -,115 -1,355 ,177
Germany -8,574E-02 ,025 -,316 -3,438 ,001
Belgium -,106 ,034 -,260 -3,137 ,002
France -9,433E-02 ,028 -,318 -3,368 ,001
Italy -6,102E-02 ,029 -,183 -2,117 ,036
Denmark -8,750E-02 ,029 -,256 -2,991 ,003
Ireland -,115 ,039 -,243 -2,969 ,003
Greece -,151 ,047 -,254 -3,233 ,001
Portugal -7,273E-02 ,046 -,122 -1,570 ,118
Spain -1,965E-02 ,042 -,036 -,471 ,638
Austria -,107 ,033 -,293 -3,237 ,001
Finland -,137 ,032 -,433 -4,323 ,000
Sweden -8,695E-02 ,036 -,204 -2,429 ,016
Nationality diversity -4,509E-05 ,000 -,021 -,261 ,795
Complexity 2,046E-02 ,032 ,052 ,631 ,529
Innovation (R&D) 1,399E-03 ,001 ,187 2,548 ,012
Tenure 2,580E-04 ,002 ,009 ,126 ,900
a Dependent Variable: Mean performance of ROA, ROE, ROS
MODEL 5 SUMMARY(e)
Model R R Square Adjusted R Square
Std. Error of the Estimate
R Square Change
F Change df1 df2 Sig. F Change
Durbin- Watson
1 ,499 ,249 ,179 ,084452 ,249 3,537 17 181 ,000
2 ,501 ,251 ,176 ,084608 ,001 ,334 1 180 ,564
3 ,528 ,279 ,194 ,083691 ,028 2,321 3 177 ,077
4 ,543 ,295 ,198 ,083459 ,016 1,329 3 174 ,267 2,047
a Predictors: (Constant), Size, Industry, Capital Structure, TMT size, Country Dummies
b Predictors: (Constant), Size, Industry, Capital Structure, TMT size, Country Dummies, Nationality diversity
c Predictors: (Constant), Size, Industry, Capital Structure, TMT size, Country Dummies, Nationality diversity, Tenure, Innovation (R&D), Complexity
d Predictors: (Constant), Size, Industry, Capital Structure, TMT size, Country Dummies, Nationality diversity, Tenure, Innovation (R&D), Complexity, Nationality diversity times innovation, Nationality diversity times tenure, Nationality diversity times complexity
e Dependent Variable: Mean performance of ROA, ROE, ROS ANOVA(e)
Model Sum of
Squares
df Mean Square
F Sig.
1 Regression ,429 17 ,025 3,537 ,000
Residual 1,291 181 ,007
Total 1,720 198
2 Regression ,431 18 ,024 3,346 ,000
Residual 1,289 180 ,007
Total 1,720 198
3 Regression ,480 21 ,023 3,263 ,000
Residual 1,240 177 ,007
Total 1,720 198
4 Regression ,508 24 ,021 3,037 ,000
Residual 1,212 174 ,007
Total 1,720 198
a Predictors: (Constant), Size, Industry, Capital Structure, TMT size, Country Dummies b Predictors: (Constant), Size, Industry, Capital Structure, TMT size, Country Dummies,
Nationality diversity
c Predictors: (Constant), Size, Industry, Capital Structure, TMT size, Country Dummies, Nationality diversity, Tenure, Innovation (R&D), Complexity
d Predictors: (Constant), Size, Industry, Capital Structure, TMT size, Country Dummies, Nationality diversity, Tenure, Innovation (R&D), Complexity, Nationality
diversity times innovation, Nationality diversity times tenure, Nationality diversity times complexity
e Dependent Variable: Mean performance of ROA, ROE, ROS
COEFFICIENTS(a)
Model Unstandardized
Coefficients
Standardized Coefficients
t Sig.
B Std. Error Beta
1 (Constant) ,547 ,084 6,505 ,000
Size -4,448E-02 ,013 -,319 -3,301 ,001
Capital Structure -6,178E-02 ,038 -,132 -1,605 ,110
Industry -4,375E-02 ,014 -,234 -3,067 ,002
TMT size 2,777E-03 ,002 ,097 1,179 ,240
Netherlands -4,509E-02 ,028 -,136 -1,636 ,104
Germany -9,092E-02 ,025 -,335 -3,639 ,000
Belgium -,114 ,033 -,279 -3,399 ,001
France -,104 ,028 -,351 -3,789 ,000
Italy -7,218E-02 ,028 -,217 -2,554 ,011
Denmark -9,511E-02 ,029 -,278 -3,289 ,001
Ireland -,125 ,038 -,264 -3,319 ,001
Greece -,168 ,046 -,282 -3,613 ,000
Portugal -8,129E-02 ,046 -,137 -1,777 ,077
Spain -3,947E-02 ,041 -,073 -,962 ,337
Austria -,122 ,031 -,334 -3,874 ,000
Finland -,153 ,031 -,483 -4,976 ,000
Sweden -9,866E-02 ,036 -,232 -2,765 ,006
2 (Constant) ,542 ,085 6,395 ,000
Size -4,369E-02 ,014 -,314 -3,219 ,002
Capital Structure -6,303E-02 ,039 -,134 -1,632 ,104
Industry -4,295E-02 ,014 -,229 -2,991 ,003
TMT size 3,351E-03 ,003 ,117 1,309 ,192
Netherlands -4,112E-02 ,028 -,124 -1,445 ,150
Germany -9,024E-02 ,025 -,332 -3,601 ,000
Belgium -,112 ,034 -,276 -3,339 ,001
France -,105 ,028 -,353 -3,793 ,000
Italy -7,285E-02 ,028 -,219 -2,571 ,011
Denmark -9,561E-02 ,029 -,280 -3,299 ,001
Ireland -,127 ,038 -,268 -3,346 ,001
Greece -,168 ,046 -,283 -3,617 ,000
Portugal -8,230E-02 ,046 -,139 -1,794 ,074
Spain -4,035E-02 ,041 -,074 -,981 ,328
Austria -,122 ,031 -,335 -3,873 ,000
Finland -,155 ,031 -,489 -5,000 ,000
Sweden -,100 ,036 -,235 -2,792 ,006
Nationality diversity -9,937E-05 ,000 -,045 -,578 ,564
3 (Constant) ,529 ,086 6,178 ,000
Size -4,819E-02 ,014 -,346 -3,450 ,001
Capital Structure -3,009E-02 ,040 -,064 -,748 ,456
Industry -5,476E-02 ,016 -,293 -3,513 ,001
TMT size 2,799E-03 ,003 ,098 1,100 ,273
Netherlands -3,829E-02 ,028 -,115 -1,355 ,177
Germany -8,574E-02 ,025 -,316 -3,438 ,001
Belgium -,106 ,034 -,260 -3,137 ,002
France -9,433E-02 ,028 -,318 -3,368 ,001
Italy -6,102E-02 ,029 -,183 -2,117 ,036
Denmark -8,750E-02 ,029 -,256 -2,991 ,003
Ireland -,115 ,039 -,243 -2,969 ,003
Greece -,151 ,047 -,254 -3,233 ,001
Portugal -7,273E-02 ,046 -,122 -1,570 ,118
Spain -1,965E-02 ,042 -,036 -,471 ,638
Austria -,107 ,033 -,293 -3,237 ,001
Finland -,137 ,032 -,433 -4,323 ,000
Sweden -8,695E-02 ,036 -,204 -2,429 ,016
Nationality diversity -4,509E-05 ,000 -,021 -,261 ,795
Complexity 9,302E-05 ,000 ,052 ,631 ,529
Innovation (R&D) 1,399E-03 ,001 ,187 2,548 ,012
Tenure 2,580E-04 ,002 ,009 ,126 ,900
4 (Constant) ,517 ,086 6,023 ,000
Size -4,796E-02 ,014 -,344 -3,431 ,001
Capital Structure -2,720E-02 ,040 -,058 -,674 ,501
Industry -5,765E-02 ,016 -,308 -3,666 ,000
TMT size 3,016E-03 ,003 ,105 1,185 ,238
Netherlands -3,832E-02 ,028 -,115 -1,356 ,177
Germany -8,097E-02 ,025 -,298 -3,200 ,002
Belgium -,115 ,034 -,282 -3,369 ,001
France -9,252E-02 ,028 -,312 -3,282 ,001
Italy -5,942E-02 ,029 -,179 -2,060 ,041
Denmark -8,486E-02 ,029 -,248 -2,882 ,004
Ireland -,115 ,039 -,244 -2,934 ,004
Greece -,146 ,047 -,245 -3,116 ,002
Portugal -7,420E-02 ,046 -,125 -1,597 ,112
Spain -2,013E-02 ,042 -,037 -,484 ,629
Austria -,104 ,033 -,287 -3,132 ,002
Finland -,137 ,032 -,432 -4,326 ,000
Sweden -8,449E-02 ,036 -,199 -2,353 ,020
Nationality diversity 4,200E-04 ,000 ,192 1,376 ,171
Complexity 1,444E-04 ,000 ,081 ,750 ,454
Innovation (R&D) 1,505E-03 ,001 ,202 2,214 ,028
Tenure 1,563E-03 ,002 ,056 ,704 ,482
Nationality diversity * complexity -1,990E-04 ,001 -,036 -,271 ,787 Nationality diversity * innovation -2,205E-06 ,000 -,014 -,140 ,889 Nationality diversity * tenure -1,175E-04 ,000 -,222 -1,874 ,063 a Dependent Variable: Mean performance of ROA, ROE, ROS
