Persistence of the Effect of Managers
| Total Revenue (1) | Program Expenditures (2) | |
|---|---|---|
| Panel A: Baseline | ||
| Adj. SD | 0.516 | 0.635 |
| Panel B: Three-Year Decay | ||
| Adj. SD | 0.442 | 0.581 |
| Difference from baseline | −0.074 | −0.054 |
| Panel C: Four-Year Decay | ||
| Adj. SD | 0.431 | 0.571 |
| Difference from baseline | −0.085 | −0.063 |
| Number of managers | 1,103 | 1,103 |
| Number of charities | 460 | 460 |
Notes: Coefficients are measured in standard deviations. Standard errors are clustered at the charity level. The baseline estimates are from Table 4.