# Disentangling Director Attributes: Human Capital versus Social Capital of Directors
## 3 Data, Variables, and Descriptive Statistics
\begin{table}
\begin{tabular}{l c c c c c} \hline \hline \multicolumn{1}{c}{_Panel A: Director Connectivity Measures_} & & & & & \\ \hline  & Mean & Median & SD & P25 & P75 \\ \hline DEG & 0.0089 & 0.0078 & 0.0051 & 0.0062 & 0.0105 \\ CLO & 0.1015 & 0.1274 & 0.0696 & 0.0099 & 0.1556 \\ BET & 0.0026 & 0.0000 & 0.0101 & 0.0000 & 0.0000 \\ EIG & 0.0125 & 0.0001 & 0.0497 & 0.0000 & 0.0025 \\ AGG & 0.0000 & \(-\)0.2635 & 1.4929 & \(-\)0.9105 & 0.2697 \\ \hline \multicolumn{1}{c}{_Panel B: Director Characteristics and Human Capital_} & & & & & \\ \hline  & Mean & Median & SD & P25 & P75 \\ \hline Female (0/1) & 0.0875 & 0.0000 & 0.2826 & 0.0000 & 0.0000 \\ Age (years) & 56.2443 & 56.0000 & 9.4518 & 50.0000 & 63.0000 \\ New Zealand (0/1) & 0.7038 & 1.0000 & 0.4566 & 0.0000 & 1.0000 \\ Undergraduate (0/1) & 0.3548 & 0.0000 & 0.4785 & 0.0000 & 1.0000 \\ Postgraduate (0/1) & 0.3470 & 0.0000 & 0.4760 & 0.0000 & 1.0000 \\ No Degree (0/1) & 0.2982 & 0.0000 & 0.4575 & 0.0000 & 1.0000 \\ Director Experience (years) & 6.5321 & 5.0000 & 6.5685 & 2.0000 & 10.0000 \\ Thoredorschips (N) & 1.2125 & 1.0000 & 0.5742 & 1.0000 & 1.0000 \\ Directorships (2+) (0/1) & 0.1521 & 0.0000 & 0.3591 & 0.0000 & 0.0000 \\ NZX10 (0/1) & 0.0909 & 0.0000 & 0.2875 & 0.0000 & 0.0000 \\ NZX50 (0/1) & 0.3951 & 0.0000 & 0.4889 & 0.0000 & 1.0000 \\ Prior CEO Experience (0/1) & 0.4088 & 0.0000 & 0.4916 & 0.0000 & 1.0000 \\ Current CEO (listed) (0/1) & 0.1413 & 0.0000 & 0.3483 & 0.0000 & 0.0000 \\ Current CEO (non-listed) (0/1) & 0.1172 & 0.0000 & 0.3217 & 0.0000 & 0.0000 \\ International Experience (0/1) & 0.4445 & 0.0000 & 0.4969 & 0.0000 & 1.0000 \\ M\&A Experience (N deals) & 2.1300 & 0.0000 & 5.4599 & 0.0000 & 2.0000 \\ \hline \multicolumn{1}{c}{**Professional Expertise (0/1)**} & & & & & \\ \hline Accountant & 0.1803 & 0.0000 & 0.3845 & 0.0000 & 0.0000 \\ Banker & 0.1560 & 0.0000 & 0.3629 & 0.0000 & 0.0000 \\ Consultant & 0.0949 & 0.0000 & 0.2931 & 0.0000 & 0.0000 \\ Financial Expert & 0.2363 & 0.0000 & 0.4248 & 0.0000 & 0.0000 \\ General Executive & 0.3161 & 0.0000 & 0.4650 & 0.0000 & 1.0000 \\ Lawyer & 0.0736 & 0.0000 & 0.2612 & 0.0000 & 0.0000 \\ Prof Director & 0.1078 & 0.0000 & 0.3101 & 0.0000 & 0.0000 \\ \hline \multicolumn{1}{c}{**Industry Experience**} & & & & & \\ \hline Banking and Finance (0/1) & 0.4465 & 0.0000 & 0.4971 & 0.0000 & 1.0000 \\ Consumer Goods and Services (0/1) & 0.4120 & 0.0000 & 0.4922 & 0.0000 & 1.0000 \\ Industry Experience (N) & 1.4866 & 1.0000 & 0.9017 & 1.0000 & 2.0000 \\ \hline \end{tabular}
\end{table} 
Table 1: Descriptive statistics of director human capital and social capital variables. Table 2 presents correlation coefficients between the variables employed in our study. As expected, we see reasonably strong positive correlations among the connectivity measures _DEG_, _CLO_, _BET_, and _EIG_, although the correlations are low enough to suggest that the four individual connectivity measures are measuring different aspects of connectivity. _AGG_ has a strong correlation with the individual components, ranging between 0.9 and 0.6. The correlation between _HCI_ and _AGG_ is 0.3, indicating a moderately strong positive relationship between human capital and connectivity. As discussed above, the number of directorships (DIR) is highly correlated with _AGG_ (0.69). We also observe that _DIR_ is positively related to _HCI_, indicating that high human capital directors are more likely to hold multiple directors. To ensure that multicollinearity is not an issue given the strong correlations between some variables, we generate variance inflation factors. None exceed 2.03, well below the maximum accepted value of 10 ([PERSON] et al. 2010).