Baseline Estimates of Manager Fixed Effects
| Full Sample | Top 10 Percent Cutoff | |||
|---|---|---|---|---|
| Total Revenue (1) | Program Expenditures (2) | Total Revenue (3) | Program Expenditures (4) | |
| SD | 0.558 | 0.672 | 0.592 | 0.611 |
| Adj. SD | 0.516 | 0.635 | 0.516 | 0.535 |
| 10th percentile | −0.313 | −0.319 | −0.566 | −0.629 |
| Median | −0.018 | −0.010 | −0.062 | −0.068 |
| 75th percentile | 0.121 | 0.144 | 0.218 | 0.271 |
| 90th percentile | 0.405 | 0.474 | 0.658 | 0.683 |
| 75th-median | 0.139 | 0.155 | 0.279 | 0.339 |
| p-value on F-test | 0.0000 | 0.0000 | 0.0000 | 0.0000 |
| Number of managers | 1,103 | 1,103 | 1,005 | 1,005 |
| Number of charities | 460 | 460 | 409 | 409 |
Notes: Coefficients are measured in standard deviations. The F-test is of the joint significance of all the manager fixed effects. Standard errors are clustered at the charity level.