| Frequency of CEO Turnover and Firm Size by Board Composition for Regulated and Unregulated Sub-Samples | ||||||||||||||
| Total Sample | Unregulated Firmsa | Regulated Firms | ||||||||||||
| Proportion | Number | Median | Number | Median | Number | Median | ||||||||
| of Outside | of CEO | Employment | of CEO | Employment | of CEO | Employment | ||||||||
| Directorsb | Successions | (thousands) | Successions | (thousands) | Successions | (thousands) | ||||||||
| 0-40% | 35 | 32.84 | 30 | 36.20 | 5 | 7.00 | ||||||||
| 40-50% | 54 | 13.52 | 51 | 15.79 | 3 | 8.96 | ||||||||
| 50-60% | 109 | 24.24 | 103 | 26.74 | 6 | 5.53 | ||||||||
| 60-70% | 198 | 21.45 | 158 | 28.09 | 40 | 4.62 | ||||||||
| 70-80% | 253 | 16.62 | 158 | 24.65 | 95 | 6.72 | ||||||||
| 80-90% | 261 | 10.22 | 114 | 26.86 | 147 | 5.65 | ||||||||
| 90-100% | 59 | 4.64 | 8 | 36.80 | 51 | 3.94 | ||||||||
| Total/Median | 969 | 16.09 | 622 | 25.80 | 347 | 5.64 | ||||||||
| aExcludes 347 observations from regulated firms. Regulated firms are defined as those whose principal business is in the | ||||||||||||||
| communication (SIC48), gas and electric (SIC 49), and financial (SIC 60-69) industries. | ||||||||||||||
| bThe ranges include the lower bound. For example, the 28 firms with exactly 50% outside directors are included in the 50-60% | ||||||||||||||
| group rather than the 40-50% group. | ||||||||||||||