| . | LTIREM (%) . | GDPGR (%) . | INVRATIO (%) . | LEGAL . | LABOR . | EDUCATION . | INDIVCOLLECT . | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Country . | Mean . | Std. dev. . | Mean . | Std. dev. . | Mean . | Std. dev. . | Mean . | Std. dev. . | Mean . | Std. dev. . | Mean . | Std. dev. . | Mean . | Std. dev. . |
| Panel A: Individualist countries with INDIVCOLLECT > 65 (N = 11) | ||||||||||||||
| Australia | 88.3 | 2.9 | 3.3 | 0.6 | 33.5 | 2.7 | 8.86 | 0.17 | 6.54 | 0.38 | 11.86 | 0.04 | 90.00 | 0.00 |
| Belgium | 88.3 | 11.5 | 1.9 | 0.9 | 29.1 | 0.9 | 7.53 | 0.32 | 4.83 | 0.25 | 10.40 | 0.09 | 75.00 | 0.00 |
| Canada | 100.0 | 0.0 | 2.7 | 0.5 | 27.8 | 2.2 | 8.46 | 0.16 | 6.85 | 0.34 | 11.86 | 0.28 | 80.00 | 0.00 |
| France | 93.3 | 2.9 | 1.7 | 0.6 | 26.9 | 0.7 | 7.53 | 0.11 | 5.31 | 0.32 | 9.83 | 0.13 | 71.00 | 0.00 |
| Germany | 75.0 | 13.2 | 0.9 | 1.2 | 23.8 | 0.8 | 8.80 | 0.14 | 3.39 | 0.77 | 11.39 | 0.49 | 67.00 | 0.00 |
| Italy | 71.7 | 18.9 | 0.7 | 0.8 | 31.4 | 0.4 | 6.29 | 0.70 | 4.58 | 1.09 | 9.08 | 0.11 | 76.00 | 0.00 |
| Netherlands | 96.7 | 5.8 | 1.4 | 1.2 | 25.6 | 1.1 | 8.95 | 0.27 | 5.58 | 0.59 | 10.80 | 0.03 | 80.00 | 0.00 |
| Sweden | 65.0 | 5.0 | 3.0 | 1.2 | 22.2 | 0.6 | 8.71 | 0.46 | 3.82 | 0.66 | 11.40 | 0.12 | 71.00 | 0.00 |
| Switzerland | 81.7 | 18.9 | 1.7 | 1.5 | 31.0 | 0.2 | 8.75 | 0.17 | 7.12 | 0.79 | 9.63 | 0.04 | 68.00 | 0.00 |
| U.K. | 96.7 | 2.9 | 2.6 | 0.6 | 23.2 | 0.4 | 8.82 | 0.32 | 6.99 | 0.38 | 9.26 | 0.13 | 89.00 | 0.00 |
| U.S. | 96.7 | 2.9 | 2.7 | 0.8 | 27.0 | 0.7 | 7.84 | 0.22 | 7.72 | 0.54 | 12.87 | 0.06 | 91.00 | 0.00 |
| Panel B: Collectivist countries with INDIVCOLLECT ≤ 65 (N = 11) | ||||||||||||||
| Argentina | 53.3 | 11.5 | 4.9 | 8.8 | 15.8 | 3.0 | 3.86 | 0.61 | 4.46 | 0.65 | 9.04 | 0.12 | 46.00 | 0.00 |
| Brazil | 55.0 | 13.2 | 3.2 | 1.7 | 13.5 | 1.0 | 4.86 | 0.43 | 4.37 | 0.50 | 7.00 | 0.22 | 38.00 | 0.00 |
| China | 26.7 | 7.6 | 10.1 | 0.7 | 32.4 | 1.3 | 5.44 | 0.44 | 4.24 | 0.57 | 7.52 | 0.16 | 20.00 | 0.00 |
| Hong Kong, SAR | 65.0 | 15.0 | 5.6 | 2.9 | 26.8 | 1.8 | 7.68 | 0.39 | 8.51 | 0.22 | 9.74 | 0.19 | 25.00 | 0.00 |
| India | 16.7 | 5.8 | 7.6 | 2.0 | 18.4 | 2.2 | 6.23 | 0.30 | 5.76 | 0.58 | 4.59 | 0.15 | 48.00 | 0.00 |
| Japan | 28.3 | 11.5 | 1.7 | 0.9 | 32.9 | 0.9 | 7.74 | 0.45 | 6.73 | 0.60 | 11.19 | 0.11 | 46.00 | 0.00 |
| Mexico | 40.0 | 21.8 | 2.8 | 1.7 | 24.9 | 0.8 | 4.73 | 0.79 | 5.18 | 0.66 | 8.23 | 0.24 | 30.00 | 0.00 |
| Singapore | 80.0 | 10.0 | 6.1 | 2.4 | 31.3 | 5.3 | 8.36 | 0.21 | 6.74 | 1.11 | 8.40 | 0.14 | 20.00 | 0.00 |
| South Africa | 65.0 | 8.7 | 4.3 | 0.9 | 10.3 | 0.9 | 6.76 | 0.28 | 5.52 | 0.26 | 8.13 | 0.17 | 65.00 | 0.00 |
| South Korea | 65.0 | 5.0 | 4.8 | 1.4 | 43.0 | 0.3 | 6.71 | 0.56 | 4.67 | 0.74 | 11.38 | 0.13 | 18.00 | 0.00 |
| Spain | 63.3 | 11.5 | 3.3 | 0.5 | 35.7 | 1.0 | 6.64 | 0.28 | 5.31 | 0.51 | 9.66 | 0.14 | 51.00 | 0.00 |
| Panel C: Whole sample (N = 22), individualist (N = 11), and collectivist (N = 11) countries | ||||||||||||||
| Whole sample | 68.7 | 25.7 | 3.5 | 3.1 | 26.8 | 7.5 | 7.3 | 1.5 | 5.7 | 1.43 | 9.7 | 1.9 | 57.5 | 23.9 |
| Individualist | 86.7 | 14.1 | 2.1 | 1.2 | 27.7 | 3.9 | 8.2 | 0.9 | 5.7 | 1.49 | 10.8 | 1.2 | 78.0 | 8.5 |
| Collectivist | 50.8 | 21.8 | 5.0 | 3.6 | 25.9 | 9.9 | 6.3 | 1.4 | 5.7 | 1.37 | 8.6 | 1.9 | 37.0 | 14.9 |
| Panel D: Tests of equality of mean between individualist and collectivist countries | ||||||||||||||
| t-test value | −7.951 | 5.638 | −1.285 | −8.740 | −0.412 | −7.160 | −17.748 | |||||||
| p-value | 0.0000 | 0.0000 | 0.2014 | 0.0000 | 0.6809 | 0.0000 | 0.0000 | |||||||
| ANOVA F-test | 63.218 | 31.787 | 1.652 | 76.394 | 0.170 | 51.268 | 314.989 | |||||||
| p-value | 0.0000 | 0.0000 | 0.2014 | 0.0000 | 0.6809 | 0.0000 | 0.0000 | |||||||
| . | LTIREM (%) . | GDPGR (%) . | INVRATIO (%) . | LEGAL . | LABOR . | EDUCATION . | INDIVCOLLECT . | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Country . | Mean . | Std. dev. . | Mean . | Std. dev. . | Mean . | Std. dev. . | Mean . | Std. dev. . | Mean . | Std. dev. . | Mean . | Std. dev. . | Mean . | Std. dev. . |
| Panel A: Individualist countries with INDIVCOLLECT > 65 (N = 11) | ||||||||||||||
| Australia | 88.3 | 2.9 | 3.3 | 0.6 | 33.5 | 2.7 | 8.86 | 0.17 | 6.54 | 0.38 | 11.86 | 0.04 | 90.00 | 0.00 |
| Belgium | 88.3 | 11.5 | 1.9 | 0.9 | 29.1 | 0.9 | 7.53 | 0.32 | 4.83 | 0.25 | 10.40 | 0.09 | 75.00 | 0.00 |
| Canada | 100.0 | 0.0 | 2.7 | 0.5 | 27.8 | 2.2 | 8.46 | 0.16 | 6.85 | 0.34 | 11.86 | 0.28 | 80.00 | 0.00 |
| France | 93.3 | 2.9 | 1.7 | 0.6 | 26.9 | 0.7 | 7.53 | 0.11 | 5.31 | 0.32 | 9.83 | 0.13 | 71.00 | 0.00 |
| Germany | 75.0 | 13.2 | 0.9 | 1.2 | 23.8 | 0.8 | 8.80 | 0.14 | 3.39 | 0.77 | 11.39 | 0.49 | 67.00 | 0.00 |
| Italy | 71.7 | 18.9 | 0.7 | 0.8 | 31.4 | 0.4 | 6.29 | 0.70 | 4.58 | 1.09 | 9.08 | 0.11 | 76.00 | 0.00 |
| Netherlands | 96.7 | 5.8 | 1.4 | 1.2 | 25.6 | 1.1 | 8.95 | 0.27 | 5.58 | 0.59 | 10.80 | 0.03 | 80.00 | 0.00 |
| Sweden | 65.0 | 5.0 | 3.0 | 1.2 | 22.2 | 0.6 | 8.71 | 0.46 | 3.82 | 0.66 | 11.40 | 0.12 | 71.00 | 0.00 |
| Switzerland | 81.7 | 18.9 | 1.7 | 1.5 | 31.0 | 0.2 | 8.75 | 0.17 | 7.12 | 0.79 | 9.63 | 0.04 | 68.00 | 0.00 |
| U.K. | 96.7 | 2.9 | 2.6 | 0.6 | 23.2 | 0.4 | 8.82 | 0.32 | 6.99 | 0.38 | 9.26 | 0.13 | 89.00 | 0.00 |
| U.S. | 96.7 | 2.9 | 2.7 | 0.8 | 27.0 | 0.7 | 7.84 | 0.22 | 7.72 | 0.54 | 12.87 | 0.06 | 91.00 | 0.00 |
| Panel B: Collectivist countries with INDIVCOLLECT ≤ 65 (N = 11) | ||||||||||||||
| Argentina | 53.3 | 11.5 | 4.9 | 8.8 | 15.8 | 3.0 | 3.86 | 0.61 | 4.46 | 0.65 | 9.04 | 0.12 | 46.00 | 0.00 |
| Brazil | 55.0 | 13.2 | 3.2 | 1.7 | 13.5 | 1.0 | 4.86 | 0.43 | 4.37 | 0.50 | 7.00 | 0.22 | 38.00 | 0.00 |
| China | 26.7 | 7.6 | 10.1 | 0.7 | 32.4 | 1.3 | 5.44 | 0.44 | 4.24 | 0.57 | 7.52 | 0.16 | 20.00 | 0.00 |
| Hong Kong, SAR | 65.0 | 15.0 | 5.6 | 2.9 | 26.8 | 1.8 | 7.68 | 0.39 | 8.51 | 0.22 | 9.74 | 0.19 | 25.00 | 0.00 |
| India | 16.7 | 5.8 | 7.6 | 2.0 | 18.4 | 2.2 | 6.23 | 0.30 | 5.76 | 0.58 | 4.59 | 0.15 | 48.00 | 0.00 |
| Japan | 28.3 | 11.5 | 1.7 | 0.9 | 32.9 | 0.9 | 7.74 | 0.45 | 6.73 | 0.60 | 11.19 | 0.11 | 46.00 | 0.00 |
| Mexico | 40.0 | 21.8 | 2.8 | 1.7 | 24.9 | 0.8 | 4.73 | 0.79 | 5.18 | 0.66 | 8.23 | 0.24 | 30.00 | 0.00 |
| Singapore | 80.0 | 10.0 | 6.1 | 2.4 | 31.3 | 5.3 | 8.36 | 0.21 | 6.74 | 1.11 | 8.40 | 0.14 | 20.00 | 0.00 |
| South Africa | 65.0 | 8.7 | 4.3 | 0.9 | 10.3 | 0.9 | 6.76 | 0.28 | 5.52 | 0.26 | 8.13 | 0.17 | 65.00 | 0.00 |
| South Korea | 65.0 | 5.0 | 4.8 | 1.4 | 43.0 | 0.3 | 6.71 | 0.56 | 4.67 | 0.74 | 11.38 | 0.13 | 18.00 | 0.00 |
| Spain | 63.3 | 11.5 | 3.3 | 0.5 | 35.7 | 1.0 | 6.64 | 0.28 | 5.31 | 0.51 | 9.66 | 0.14 | 51.00 | 0.00 |
| Panel C: Whole sample (N = 22), individualist (N = 11), and collectivist (N = 11) countries | ||||||||||||||
| Whole sample | 68.7 | 25.7 | 3.5 | 3.1 | 26.8 | 7.5 | 7.3 | 1.5 | 5.7 | 1.43 | 9.7 | 1.9 | 57.5 | 23.9 |
| Individualist | 86.7 | 14.1 | 2.1 | 1.2 | 27.7 | 3.9 | 8.2 | 0.9 | 5.7 | 1.49 | 10.8 | 1.2 | 78.0 | 8.5 |
| Collectivist | 50.8 | 21.8 | 5.0 | 3.6 | 25.9 | 9.9 | 6.3 | 1.4 | 5.7 | 1.37 | 8.6 | 1.9 | 37.0 | 14.9 |
| Panel D: Tests of equality of mean between individualist and collectivist countries | ||||||||||||||
| t-test value | −7.951 | 5.638 | −1.285 | −8.740 | −0.412 | −7.160 | −17.748 | |||||||
| p-value | 0.0000 | 0.0000 | 0.2014 | 0.0000 | 0.6809 | 0.0000 | 0.0000 | |||||||
| ANOVA F-test | 63.218 | 31.787 | 1.652 | 76.394 | 0.170 | 51.268 | 314.989 | |||||||
| p-value | 0.0000 | 0.0000 | 0.2014 | 0.0000 | 0.6809 | 0.0000 | 0.0000 | |||||||
Source: Authors’ calculations.
Notes:This table presents the mean and standard deviation of variables LTIREM (percent of firms with long-term equity-based incentive remuneration, i.e., stock options, restricted stock and performance shares), GDPGR (annual real GDP growth), INVRATIO (investment share of real GDP per capita), LEGAL (Fraser Institute legal structure index), LABOR (Fraser Institute labor market regulation index), EDUCATION (average years of total schooling for the population age 15 y and up), and INDIVCOLLECT (Hofstede's individualism index value) for each of the 22 countries as well as for the whole sample and subgroups, the 11 individualist countries, and the 11 collectivist countries. The time period for all the variables except LTIREM (2001, 2004 and 2005) is from 2002–06.