Table 5

	Proportion of Outside		(1)		(2)		(3)
Group	Directors in Succession		Total Number of CEO		Number of Outside CEO		Percent of Outside CEO
Number	Year		Appointments		Appointments		Appointments

1	0-40%		35		2		5.7%
2	40-50%		54		7		13.0%
3	50-60%		109		16		14.7%
4	60-70%		198		35		17.7%
5	70-80%		253		49		19.4%
6	80-90%		261		61		23.4%
7	90-100%		59		17		28.8%
	Total		969		187		19.3%

	Tests of differences in the proportions in column (3):

				Chi - square statistic		P - value
		H₀(1 through 7)^a			10.96	0.092
		H₀ (1:7)^b			5.80	0.018

	Tests of differences in the proportions in column (3) excluding financial
	(SIC 60-69), communication (SIC 48), and gas and electric firms (SIC 49):

				Chi - square statistic		P - value
		H₀ (1 through 7)^a			18.88	0.004
		H₀ (1:7)^b			7.50	0.007