Top 10 Ethics amp Compliance

Trends for 2019

Carrie Penman | Chief Compliance Officer amp SVP NAVEX GlobalKristy Grant-Hart | CEO Spark Compliance Consulting

2018 ndash A Quick Look at Last Yearrsquos Trends

Shift in Power of Voice in the Story of Harassment

The Glassdoor Effect When the Virality of Social Media Mixes with the Fragility of Trust

Moving from Vicious Compliance to a Culture of Compliance

Cyber Security Is Evolving amp so Is Compliancersquos Role in Prevention amp Mitigation

The New Voice of the Whistleblower

Managing Culture amp Free Speech in Polarizing Times

Data Privacy Has Become a Bigger Blip on the CCO Radar

Agenda

1 Consumers not Regulators Are the New Enforcers of Global Business Practices

2 The Cost of Incivility in the Workplace

3 GDPR Enforcement and Regulation May Be Slow But Itrsquos Coming

4 Groundbreaking Evidence on the ROI of Compliance Program Hotline Reporting

5 Blurred Lines Between Protected Activity amp Corporate Governance

6 Incentivizing Ethics What Does the Future Hold for Paying for Ethical Behavior

7 Third-Party Risk Is NOT Just About FCPA Anymore

8 Moving from Speculative to Realistic Conversations on Artificial Intelligence

9 MeToo From Hashtag to Movement to New Normal

10 Old Compliance Lessons Apply to New Compliance Trends

Carrie PenmanChief Compliance Officer amp SVP NAVEX Global

Carrie oversees NAVEX Globalrsquos internal ethics and compliance activities In 2017 Carrie received the Ethics amp Compliance Initiative (ECI) Carol R Marshall Award for Innovation in Corporate Ethics for an extensive career contributing to the advancement of the ethics and compliance field worldwide Prior to joining NAVEX Global she served four years as deputy director of the Ethics and Compliance Officer Association (ECOA) Carrie was one of the earliest ethics officers in America

Presented By

Kristy Grant-HartCEO Spark Compliance Consulting

Kristy Grant-Hart is the author of ldquoHow to be a Wildly Effective Compliance Officerrdquo and CEO of Spark Compliance Consulting an international consulting group She is also a former adjunct professor at Delaware Law School Widener University teaching Global Compliance and Ethics Before launching Spark Compliance Ms Grant-Hart was the Chief Compliance Officer at United International Pictures the joint distribution company for Paramount Pictures and Universal Pictures in 65+ countries

Trust amp Transparency

The Underlying Themes of the Top Trends

Trust amp Transparency Underlying Themes of Top Trends

bull ldquoBelief Economyrdquo

minus Employees consumers and public at large are the new arbiters of business success

bull Byproduct of Abuse of Privacy

minus NDA personal data management corporate cover-ups

bull Culture of Accountability

minus ldquoTrust but verifyrdquo is now ldquoverify then trustrdquo

New Enforcers of Global Business Practices

bull The Social Economy

Social networks catalyst for amplifying consumer sentiment

bull Consumer Sentiment

minus Sales intertwined with politics ethics and corporate representatives

bull Consumer as Enforcer

minus Modern Slavery Act

minus Regulatory compliance simple appeasing stakeholders hard

New Enforcers of Global Business Practices (Cont)

bull ldquoA World of Distrustrdquo

Global trust index at ldquodistrusterrdquo level

bull Regaining Trust Uphill Battle

minus Global financial crisis resulted in a fundamental breakdown in consumer faith

bull Personal Digital amp Data Security

minus GDPR

minus Cambridge Analytica

Source 2018 Edelman Trust Barometer

Key Steps for Organizations

bull Aggressively Avoid Lip-Service

Recalibrate business model against an ethical yardstick

bull Align Leadership

minus Policies incentives and accolades should reinforce ethical mission

minus Do not over-promise and under-deliver

bull Follow the Money

minus ldquoBelief economyrdquo is rewarding ethical business practices and authentic brands

bull Be Clear amp Calm

Transparency resolves ethical breaches more quickly

Have well-defined response processes for responding to ethical breaches

bull Audaciously Live Your Standards

minus Donrsquot be shy about showcasing orgleadership commitment to ethics

minus Publicly raising ethical standards puts pressure on competitors and industry to follow suit

minus Regard it as a competitive advantage

The Cost of Incivility in the Workplacebull Cost of Incivility

minus Acceptance of rude abusive harassing and bullying behavior has been happening for decades

minus Decreased productivity loss of top talent decline in innovation increased sick time poor customer service serious compliance violations

bull Decrease in Ethical Agency

Only 22 believe integrity is the individualrsquos responsibility

Majority think integrity is the responsibility of management board HR compliance

bull Vicious Compliance

minus Organizational ownership of personal values is more expensiveless effective

The Cost of Incivility in the Workplace

Source EY 15th Global Fraud Survey 2018

ldquohellipsignificantly more likely to act inappropriately including making cash payments to win or retain business These same

respondents are also more likely to extend the monthly reporting period or change assumptions that determine

valuations or reserves in order to meet financial targetsrdquo

Groups who did not believe integrity was an individualrsquos responsibility were

Over-Abundance of HR-Related Reports

1 Employees have always framed these concerns as matters of respect and fair treatment

2 Employees dissatisfied with interpersonal experiences with others in the workplace are the majority of HL reports

3 HR-related reports comes with a significant amount of emotional weight

4 Investigating claims takes time and money68

68

69

70

71

72

73

2014 2015 2016 2017

Report of HR Diversity amp Workplace Respect

Key Steps for Organizations bull Define amp Commit to Core Values

minus Hire and fire based on corporate values

minus Make civility a requisite professional qualification at all levels

minus Rethink the value placed on HR related reports

bull Provide Integrity amp Civility Training to Supervisors

minus Train on having hardcritical conversations in respectful ways

minus Understand how personal ethics are interpreted by employees

bull 360-Degree View of Managers

Gather feedback on managers from all levels of their orbit

Anonymous reviews can be key for honestaccurate evaluations

bull Be Present ndash Professionally Personally Emotionally Mentally Physically

minus Rampant tech usage can undermine general civility

minus Re-humanizing business can reinvigorate integrity and civility

3 GDPR Enforcement amp Regulation May Be Slow But Itrsquos Coming

GDPR Enforcement amp Regulation May Be Slow But Itrsquos Coming

bull Slow Rollout of GDPR Enforcement

minus Regulators may not have been as prepared as companies for May 25

bull Foreshadowing of Compliance Reporting in first ~30 Days

minus United Kingdom ndash 1124 GDPR violation complaints

minus Ireland ndash 547 breach notifications 386 complaints

minus France ndash 426 complaints

ldquoICO receiving more than 8000 such reports since

May 25rdquo

UK Information Commissioner Elizabeth DenhamAs of Dec 10 2018

bull The Nature of Enforcement

minus euro400000 fine against hospital

minus Infringement of integrity and confidentiality

minus Excessive access to sensitive data

minus Feels more preventive than punitive

minus Embedding privacy by design is just as important as avoiding a data breach

Key Steps for Organizations bull Know the Events that Start the Clock

minus Identify events that require immediate action

minus Be prepared to complete necessary actions within allotted timeframes

bull 72-hour disclosure window

bull 30-Day Subject Access Request response window

bull Understand

minus The type and location of your data

minus Your obligations under GDPR

minus Which vendors process your data and the clauses that must be included in processor contracts

minus Which cloud systems you use and the data security they employ

bull Prepare for new laws including California Consumer Privacy Act (2020)

ROI of Compliance Program Hotline Reporting

bull New research provides statistical evidence for what many compliance professionals already believed to be true

bull Increased hotline usage correlates with

minus Greater profitability and workforce productivity as measured by Return on Assets (ROA)

minus Fewer material lawsuits brought against the company overall and lower settlement costs if a lawsuit does occur

minus Fewer external whistleblower reports to regulatory agencies and other authorities

Hotline Usage Associated with Fewer Lawsuits

bull Material Lawsuits decline as hotline usage increases

bull Larger firms benefit more from becoming a ldquopower userrdquo of their hotline

bull A one standard deviation increase in the use of an internal WB system is associated with 69 fewer material pending lawsuits and 204 less in aggregate settlement amounts

-110

-075

-040

-005

030

065

100

110

120

130

140

150

160

170

Low Medium HighD

emea

ned

Use

of

Whi

stle

blow

ing

Syst

em

Aver

age

of

Mat

eria

l Law

suits

Whistleblowing System Use and Material Lawsuits

LEGALt+1 to t+3USAGE

Chart3

Whistleblowing System Use

and Material Lawsuits

LEGALt+1 to t+3LowMediumHigh1658185119619999999999991005085USAGELowMediumHigh-103423015090333333333331093000499999999997

Average of Material Lawsuits

Demeaned Use of

Whistleblowing System

NAVEX Descr

and OSHA Reports

OSHAt+1 to t+31234501663699999999999991509999999999994E-201376999999999999974649999999999994E-2012672USAGE12345-163287-043558999999999998020823068006999999999995117994

Quintile

Demeaned Use of

LEGALt+1 to t+312345201556999999999991300813520509357499999999999710744199999999999USAGE12345-163287-043558999999999998020823068006999999999995117994

Quintile

Demeaned Use of

and ROA

LEGALt+1 to t+31234521441999999999999E-2-44429999999999999E-316537E-223418999999999999E-232364999999999998E-2USAGE12345-163287-043558999999999998020823068006999999999995117994

Quintile

ROA

Demeaned Use of

NAVEX Descr (2)

and OSHA Reports

OSHAt+1 to t+3LowMediumHigh0128940101286666666666650100685

LEGALt+1 to t+3LowMediumHigh1658185119619999999999991005085

and ROA

ROALowMediumHigh84995000000000001E-311837666666666668E-227892E-2

ROA

NAVEX Descr (3)

and OSHA Reports

OSHAt+1 to t+3LowMediumHigh0128940101286666666666650100685USAGELowMediumHigh-103423015090333333333331093000499999999997

Demeaned Use of

and ROA

ROALowMediumHigh84995000000000001E-311837666666666668E-227892E-2USAGELowMediumHigh-103423015090333333333331093000499999999997

ROA

Demeaned Use of

NAVEX Descr__ChartUsageAssets

Usage by Size (Assets $bn)

Demeaned Usage

034611720000000001041233920000000002052043010000000001303036709999999992724370600000000328796972999999997292802831000000023582939379999999829093753400000001-10216799999999999010042090195000000000003-10926800000000001039922000000000002109195-14736787029999999999996E-210065599999999999

Demeaned Usage

Usage by Size (Assets in $bn) and

Litigation (t+1 to t+3)

Demeaned Usage

034611720000000001041233920000000002052043010000000001303036709999999992724370600000000328796972999999997292802831000000023582939379999999829093753400000001-10216799999999999010042090195000000000003-10926800000000001039922000000000002109195-14736787029999999999996E-210065599999999999LEGALt+1 to t+3

064732000000000001069335999999999998067452999999999996151116000000000011135207198099999999999528810899999999999224461999999999981625

Demeaned Usage

of Material Lawsuites

OSHA (t+1 to t+3)

Demeaned Usage

034611720000000001041233920000000002052043010000000001303036709999999992724370600000000328796972999999997292802831000000023582939379999999829093753400000001-10216799999999999010042090195000000000003-10926800000000001039922000000000002109195-14736787029999999999996E-210065599999999999OSHAt+1 to t+3

32469999999999999E-255050000000000002E-232840000000000001E-272289999999999993E-269769999999999999E-287190000000000004E-2027245000000000003024789018059

Demeaned Usage

of OSHA Reports

Usage by Size (Assets in $bn) and ROA

Demeaned Usage

034611720000000001041233920000000002052043010000000001303036709999999992724370600000000328796972999999997292802831000000023582939379999999829093753400000001-10216799999999999010042090195000000000003-10926800000000001039922000000000002109195-14736787029999999999996E-210065599999999999ROA

-60650999999999997E-2-31608999999999998E-2-76350000000000003E-339156000000000003E-228538000000000001E-236477999999999997E-254934999999999998E-257286999999999998E-244892000000000001E-2

Demeaned Hotline Usage

ROA

NAVEX Descr__ChartUsageEmploy

Usage by Size ( Employees)

Demeaned Usage

076670000000000005098109999999999997115009999999999996579900000000000362432999999999996634290000000000025153499999999999756993099999999998481295-1019230000000000133279999999999997E-2085382000000000002-09766200000000000403955199999999999810785899999999999-15882700000000001016908000000000001105488

Demeaned Usage

Usage by Size ( Emp) and Litigation (t+1 to t+3)

Demeaned Usage

076670000000000005098109999999999997115009999999999996579900000000000362432999999999996634290000000000025153499999999999756993099999999998481295-1019230000000000133279999999999997E-2085382000000000002-09766200000000000403955199999999999810785899999999999-15882700000000001016908000000000001105488LEGALt+1 to t+3

064732000000000001069335999999999998067452999999999996151116000000000011135207198099999999999528810899999999999224461999999999981625

Demeaned Usage

Usage by Size ( Emp) and OSHA (t+1 to t+3)

Demeaned Usage

076670000000000005098109999999999997115009999999999996579900000000000362432999999999996634290000000000025153499999999999756993099999999998481295-1019230000000000133279999999999997E-2085382000000000002-09766200000000000403955199999999999810785899999999999-15882700000000001016908000000000001105488OSHAt+1 to t+3

32469999999999999E-255050000000000002E-232840000000000001E-272289999999999993E-269769999999999999E-287190000000000004E-2027245000000000003024789018059

Demeaned Usage

of OSHA Reports

NAVEX ROA Simple

Quintile

Average ROA

Demeaned Use of

NAVEX ROA Simple (2)

USAGE12345-10216799999999999010042090195000000000003-10926800000000001039922000000000002109195-14736787029999999999996E-210065599999999999LEGALt+1 to t+312345-59816000000000001E-2-28531000000000001E-227980000000000001E-346628000000000003E-230956000000000001E-241846000000000001E-243323E-244578E-238977999999999999E-2

Average ROA

Demeaned Use of

NAVEX ROA Complex

USAGELOWMEDIUMHIGHLOWMEDIUMHIGHLOWMEDIUMHIGHSMALLSMALLSMALLMEDIUMMEDIUMMEDIUMLARGELARGELARGE-10216799999999999010042090195000000000003-10926800000000001039922000000000002109195-14736787029999999999996E-210065599999999999ROALOWMEDIUMHIGHLOWMEDIUMHIGHLOWMEDIUMHIGHSMALLSMALLSMALLMEDIUMMEDIUMMEDIUMLARGELARGELARGE-59816000000000001E-2-28531000000000001E-227980000000000001E-346628000000000003E-230956000000000001E-241846000000000001E-243323E-244578E-238977999999999999E-2

NAVEX Descr (4)

LEGALt+1 to t+312345201556999999999991300813520509357499999999999710744199999999999USAGE12345-163287-043558999999999998020823068006999999999995117994

Quintile

Demeaned Use of

Quintile

Demeaned Use of

USAGE1 Quintile2 Quintile3 Quintile4 Quintile5 Quintile-163287-043558999999999998020823068006999999999995117994OSHAt+1 to t+31 Quintile2 Quintile3 Quintile4 Quintile5 Quintile01663699999999999991509999999999994E-201376999999999999974649999999999994E-2012672

bull Generate the Raw Material for Internal Reporting

minus The most important step is actually getting employee reports

minus Train employees on what needs to be reported and how to report

minus Train managers on how to properly receive and process reports

bull Focus on Compliance from the Start-up

minus Accelerated growth often comes at the expense of compliance and culture

minus Establish a culture of reporting from the start

minus Temper pressures for growth with realities of sustainable cultures

bull Educate the C-suite and the Board

minus Add new research data to your board reports

minus Show HR and legal colleagues the value of encouraging higher rates of internal reporting

minus Build new data into your story of effectiveness

Blurred Lines Between Protected Activity amp Corporate Governance

bull Is someone a whistleblower when they raise concerns that are a part of their defined job responsibilities

bull Trend of CCOs COO and HR reps becoming external reporters against their companies

bull Are you ever legally allowed to step outside your role as an HR or compliance professional or are you able to engage in protected activity

bull No clarity from the courts

bull Apply extra sensitivity to employee complaints from HR Compliance Risk and Legal

minus Consult counsel before administering any adverse action

bull Take Every Concern Seriously

minus Even when protected activity is ambiguous all reports should be taken seriously

minus Ensure every investigation follows pre-planned and documented protocols

bull Offer Strong Reporting Mechanism

minus Complaints are best managed when multiple reporting channels are available

minus Accessible comfortable reporting channels empower all employees to raise issues

minus Reporting channels can document when organizations receive formal complaints

bull Prioritize Awareness

minus Effective policies ensure employees understand reporting expectations

minus Awareness campaigns communicate orgrsquos commitment to listening up

Incentivizing Ethics

bull Employee grading programs are back in the news reviving the conversation around ethical incentives

minus Grading employees on ethical behavior

minus Linking the grade to bonus eligibility

bull Not a new topic but a heated topic

bull More and more companies will have to make a case one way or the other

Incentivizing Ethics Pros amp Cons

Pros

minus Seems like common sense to reward ethics

minus Incentives drive human behavior

minus Signals corporate commitment to ethics and compliance

minus Stimulates discussion around corporate values and ethical behavior

minus Acts as reinforcement for awareness efforts

Cons

minus ldquoIf you have to be paid to be ethical yoursquore notrdquo

minus Implies itrsquos OK to be unethical you just wonrsquot get a bonus

minus Should be a basic condition of employment

minus Could suppress incident reporting for fear of hurting managerrsquos bonus eligibility

minus Legal implications if history of negative manager evaluations come to light

Source Trust Across Americarsquos Trust Council

Incentivizing Ethics Measure Value not Tasks

bull Which Standards to Assess Ethics

minus Subjective value-based criteria

bull Hard to measure

bull Best for identifying extreme behaviors but harder for subtleties

bull Often result in inconsistencies or grade inflation to meet goals

minus Objective value-based criteria

bull Easier to measure (eg ldquoabove average scoresrdquo)

bull Understandable and achievable to employees

bull Align with compliance activities like completing training engagement surveys and attesting to policies

bull Review Existing Corporate Incentive Plans

minus Examine role-based incentives like sales goals revenue targets or conversion metrics

minus Do they promote aggressive or compromised performance methods

minus Talk to the Board about their responsibilities to ask hard questions about the financial targets

bull Consider Alternatives to Monetary Incentives

minus Feature employees on company website or newsletter Acknowledgement from the CEO or other leaders

minus Consider a company donation to a charity of the employeersquos choosing in the employeersquos name

bull Understand the Power of Promotions

Third-Party Risk Is NOT Just About FCPA Anymore

bull Third-party risk no longer limited to wrath of DOJ or SFO

minus Reputation risk relating to third parties has increased exponentially

minus OFAC sanctions raise the bar

minus GDPR adds data privacy to the list of public trust demands

bull Third-party risk has broadened in three substantial ways

1 Expanded risk of prosecution for sanctions violations

2 Increased reputational risk of association with controversial companies and CEOs

3 Heightened risk of a data breach exposure

Third-Party Risk is NOT Just About FCPA Anymore

bull Rising Risk of Working with Sanctioned Parties

minus OFAC fines $90K for failure to raise red flags through search software

minus Software needs to be supplemented by human oversight

bull Rising Reputational Risk of Association

minus Companies feeling pressure to react to political events

minus Any political stance will breed polarized responses

bull Rising Risk of Third Parties Holding Personal Data

minus EU data protection authorities now showing their teeth

minus California Consumer Privacy Act raises ante in US

bull Implement a Sanction Screening Protocol that Involves People

minus Optimize software to identify potentially problematic third parties accommodating fuzzy matches

minus Perform regular spot checks to stress test software

bull Have Back-up Plan for Critical Third Parties

bull Check Contracts with Companies with Personal Data

minus Ensure third parties are required to notify data breaches immediately

minus Put in safeguards requiring minimum levels of data security

minus Delete or amend data that is no longer activeaccurate

Realistic Conversations on Artificial Intelligencebull Donrsquot Succumb to Analysis Paralysis

bull Identify the Compliance Problems that AI Can Solve for Your Organization

minus Automating manual data entry

minus Filtering for errors or patterns

minus Continual monitoring of regularly updated lists

minus Predictive analytics

bull Some Areas to Consider for AI Applications

minus Keeping pace with regulatory changes with real-time notifications changes to policies and training updates

minus Monitoring third-party sanction screenings

minus Triggering preventive measure with predictive hotline analytics

minus Sending relevant compliance awareness materials based on travel reservations

Realistic Conversations on Artificial Intelligence

bull Adopt Technology while Remaining an Employee Advocate

minus Compliance needs to consider the cultural implications of any new technology

bull Understand the Full Scope of Cognitive Computing

minus Errors like benefits can proliferate exponentially

minus Unconscious bias ban be built into ill-vetted AI solutions

bull Apply Human Expertise to Digital Solutions

minus Always remember best practices for risk mitigation change management and corporate culture

bull Create a Framework for Evaluating the ROI of Your Solution

minus Create roadmap for implementation that clearly outlines measures of success and timelines for adoption

minus Check three boxes in your AI framework 1 Real time 2 Reliable 3 Single source of truth

bull Strive for Digital Harmony

minus Integrate with existing solutions rather than bolt on to current tech stack

minus Create efficiencies not challenges for teams you work with

bull Make Sure ldquoGarbagerdquo Cannot Describe Any of Your Data

minus Thoroughly vet the data you are feeding into your AI solution

minus Monitor technology to ensure initial data assumptions prove correct

MeToo From Hashtag to Movement to New Normal

bull Sexual Harassment not Going Away

minus 2018 harassment complaints have gone up

minus Increased internal complaints

bull Action Is Being Taken

minus Removal of harassers ldquoWeinstein Clauserdquo banned NDAs

bull Not All Action Is Beneficial

minus Fueled by corporate damage control

minus Lack of understanding of root of problem

minus No enough to achieve real change

Image Source New York Times ldquoWe Asked 615 Men About How They Conduct Themselves at Workrdquo

Two Foundational Elements for Change

1 Cultures of Understanding

minus Empathy for victims and their experiences

minus Does not isolate or exclude women from professional interactions

minus Eliminates retaliation and encourages an open culture

2 Transparency to Restore Trust

minus Find the right balance of transparency to protect confidentiality while disclosing progress to stakeholders

minus Remove any appearance of abuse of privacy or inaction

minus Be part of the solution or be part of the story

1 Decide who is in charge of complaint-handling before you get complaints

2 Provide bystander training and communications

3 Add a question to your engagement or compliance and ethics survey

4 Prepare metrics for the board

5 Review the new laws

Old Compliance Lessons Apply to New Compliance Trends

bull Fundamentals Never Go out of Style

minus EampC will always be about shaping human behavior

minus Behavioral research has now helped develop behavioral ethics

bull Localizing Compliance Always Resonates Better

minus Consider regional hierarchical and departmental characteristics when deploying training policies and messaging

bull EampC Is Exciting amp Getting More So

minus Humor can be risky on sensitive subjects but interesting and engaging content should always be a goal

minus Compliance professionals are at the forefront of a constantly evolving and demanding industry ndash be open to new opportunities

Kristy Grant-Hart kgranthartsparkcompliancecom

Carrie Penmancpenmannavexglobalcom

Thank You

Top 10 Ethics amp Compliance Trends for 2019
Agenda
Presented By
Thank You

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017		1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009		2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014		3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007		4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013		5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA

									1		-163		0021

					LEGALt+1			OSHAt+1			2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		021		0017

									4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA				$ Assets		USAGE		Nobs	Assets ($mm)	USAGE	ROA	$ Assets	USAGE	USAGE	ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060				SMALL		LOW		636	34612	-102	-0060	SMALL	LOW	-102	-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029				SMALL		MEDIUM		637	41234	010	-0029	SMALL	MEDIUM	010	-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003				SMALL		HIGH		636	52043	090	0003	SMALL	HIGH	090	0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047				MEDIUM		LOW		636	303037	-109	0047	MEDIUM	LOW	-109	0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031				MEDIUM		MEDIUM		637	272437	040	0031	MEDIUM	MEDIUM	040	0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042				MEDIUM		HIGH		636	287970	109	0042	MEDIUM	HIGH	109	0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043				LARGE		LOW		636	2928028	-147	0043	LARGE	LOW	-147	0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045				LARGE		MEDIUM		637	3582939	009	0045	LARGE	MEDIUM	009	0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039				LARGE		HIGH		636	2909375	101	0039	LARGE	HIGH	101	0039

All		5727		1156927		000		043		137		004		012		0018							0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017		1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009		2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014		3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007		4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013		5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA

									1		-163		0021

					LEGALt+1			OSHAt+1			2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		021		0017

									4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA				$ Assets		USAGE		Nobs	Assets ($mm)	USAGE	ROA	$ Assets	USAGE	USAGE	ROA

																		USAGE		USAGE		ROA

SMALL	LOW		636		34612		-102		019		058		000		002		-0060				SMALL		LOW		636	34612	-102	-0060	SMALL	LOW	-102	-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029				SMALL		MEDIUM		637	41234	010	-0029	SMALL	MEDIUM	010	-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003				SMALL		HIGH		636	52043	090	0003	SMALL	HIGH	090	0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047				MEDIUM		LOW		636	303037	-109	0047	MEDIUM	LOW	-109	0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031				MEDIUM		MEDIUM		637	272437	040	0031	MEDIUM	MEDIUM	040	0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042				MEDIUM		HIGH		636	287970	109	0042	MEDIUM	HIGH	109	0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043				LARGE		LOW		636	2928028	-147	0043	LARGE	LOW	-147	0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045				LARGE		MEDIUM		637	3582939	009	0045	LARGE	MEDIUM	009	0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039				LARGE		HIGH		636	2909375	101	0039	LARGE	HIGH	101	0039

All		5727		1156927		000		043		137		004		012		0018							0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017			1 Quintile		-163		017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009			2 Quintile		-044		009

3	1145		021		043		135		004		014		0017			3		3		021		135		014			3 Quintile		021		014

4	1146		068		031		094		003		007		0023			4		4		068		094		007			4 Quintile		068		007

5	1145		118		035		107		004		013		0032			5		5		118		107		013			5 Quintile		118		013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA				USAGE		ROA

									1		-102		-0060		-0044		1		-163		0021

					LEGALt+1			OSHAt+1			2		010		-0029		-0013		2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		090		0003		0017		3		021		0017

									4		-109		0047		0023		4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		040		0031			5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032			109		0042

SMALL	HIGH		638		115		085		022		067		001		003		-0008			-147367		0043

MEDIUM	LOW		634		658		-098		048		151		002		007		0039			008703		0045

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029			100656		0039

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017			1 Quintile		-163		017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009			2 Quintile		-044		009

3	1145		021		043		135		004		014		0017			3		3		021		135		014			3 Quintile		021		014

4	1146		068		031		094		003		007		0023			4		4		068		094		007			4 Quintile		068		007

5	1145		118		035		107		004		013		0032			5		5		118		107		013			5 Quintile		118		013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA				USAGE		ROA

									1		-163		0021		0008		1		-163		0021

					LEGALt+1			OSHAt+1			2		-044		-0004		0006		2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		021		0017		0017		3		021		0017

									4		068		0023		0023		4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		118		0032			5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018

								demeaned

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


1	1145		-163		063		202		005		017		002

2	1146		-044		043		130		003		009		-000

3	1145		021		043		135		004		014		002

4	1146		068		031		094		003		007		002

5	1145		118		035		107		004		013		003

All	5727		000		043		137		004		012		002


Means by Usage within Employees tercile

					LEGALt+1			OSHAt+1									LEGALt+1			OSHAt+1

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA						USAGE			to t+3			to t+3

												Emp (000s)		Demeaned Usage			LEGALt+1 to t+3			OSHAt+1 to t+3

SMALL	LOW		638		077		-102		023		065		000		003		-0060651		24		Compliance User		SMALL		08		-102		Compliance User		065		Compliance User		003

SMALL	MEDIUM		639		098		003		026		069		001		006		-0031609		27		Moderate User		SMALL		10		003		Moderate User		069		Moderate User		006

SMALL	HIGH		638		115		085		022		067		001		003		-0007635		32		Power User		SMALL		12		085		Power User		067		Power User		003

MEDIUM	LOW		634		658		-098		048		151		002		007		0039156

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0028538		133		Compliance User		MEDIUM		66		-098		Compliance User		151		Compliance User		007

MEDIUM	HIGH		634		634		108		025		072		003		009		0036478		128		Moderate User		MEDIUM		62		040		Moderate User		114		Moderate User		007

LARGE	LOW		636		5154		-159		091		288		009		027		0054935		138		Power User		MEDIUM		63		108		Power User		072		Power User		009

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057287

LARGE	HIGH		636		4813		105		051		163		006		018		0044892		692		Compliance User		LARGE		515		-159		Compliance User		288		Compliance User		027

All		5727		1985		000		043		137		004		012		0017861		737		Moderate User		LARGE		570		017		Moderate User		224		Moderate User		025

									708		Power User		LARGE		481		105		Power User		163		Power User		018


Means by Usage within $ Assets tercile

					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA				$ Assets		USAGE		Assets ($mm)		USAGE


SMALL	LOW		636		34612		-102		019		058		000		002		-0059816				SMALL		LOW		9671079		-073586

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0028531				SMALL		MEDIUM		10463027		012459

SMALL	HIGH		636		52043		090		022		064		002		004		0002798				SMALL		HIGH		11805909		069878

MEDIUM	LOW		636		303037		-109		046		140		003		010		0046628				MEDIUM		LOW		57312214		-10509

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0030956				MEDIUM		MEDIUM		56860544		014806

MEDIUM	HIGH		636		287970		109		024		074		003		008		0041846				MEDIUM		HIGH		58318638		080995

LARGE	LOW		636		2928028		-147		095		309		008		025		0043323				LARGE		LOW		406915901		-092156

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0044578				LARGE		MEDIUM		454727145		011543

LARGE	HIGH		636		2909375		101		055		175		006		020		0038978				LARGE		HIGH		361468643		079595

All		5727		1156927		000		043		137		004		012		0017861


Means by Employees quintile

				LEGALt+1			OSHAt+1

Quintile	Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


1	627		145		002		030		081		001		006

2	628		562		006		035		121		003		010

3	628		1267		004		053		171		004		012

4	628		2874		-006		061		190		005		017

5	627		9717		-006		104		330		012		038

All	3138		2912		-000		057		186		005		016




Means by Assets ($mm) quintile

				LEGALt+1			OSHAt+1

Quintile	Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


1	627		54621		002		027		083		001		005

2	628		220334		003		033		101		002		010

3	628		546734		-003		047		166		005		014

4	628		1379930		001		066		212		005		018

5	627		5733372		-002		112		351		012		037

All	3138		1586165		-000		057		186		005		016

								demeaned

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


1	1145		-163		063		202		005		017		002

2	1146		-044		043		130		003		009		-000

3	1145		021		043		135		004		014		002

4	1146		068		031		094		003		007		002

5	1145		118		035		107		004		013		003

All	5727		000		043		137		004		012		002


Means by Usage within Employees tercile

					LEGALt+1			OSHAt+1									LEGALt+1			OSHAt+1

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA						USAGE			to t+3			to t+3

									Assets ($mm)				Assets ($bn)		Demeaned Usage			LEGALt+1 to t+3			OSHAt+1 to t+3		ROA

SMALL	LOW		638		077		-102		023		065		000		003		-0060651		34612		Compliance User		SMALL		035		-102		Compliance User		065		Compliance User		003		-006

SMALL	MEDIUM		639		098		003		026		069		001		006		-0031609		41234		Moderate User		SMALL		041		010		Moderate User		069		Moderate User		006		-003

SMALL	HIGH		638		115		085		022		067		001		003		-0007635		52043		Power User		SMALL		052		090		Power User		067		Power User		003		-001

MEDIUM	LOW		634		658		-098		048		151		002		007		0039156

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0028538		303037		Compliance User		MEDIUM		303		-109		Compliance User		151		Compliance User		007		004

MEDIUM	HIGH		634		634		108		025		072		003		009		0036478		272437		Moderate User		MEDIUM		272		040		Moderate User		114		Moderate User		007		003

LARGE	LOW		636		5154		-159		091		288		009		027		0054935		287970		Power User		MEDIUM		288		109		Power User		072		Power User		009		004

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057287

LARGE	HIGH		636		4813		105		051		163		006		018		0044892		2928028		Compliance User		LARGE		2928		-147		Compliance User		288		Compliance User		027		005

All		5727		1985		000		043		137		004		012		0017861		3582939		Moderate User		LARGE		3583		009		Moderate User		224		Moderate User		025		006

									2909375		Power User		LARGE		2909		101		Power User		163		Power User		018		004

									158616521

Means by Usage within $ Assets tercile

					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA				Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


SMALL	LOW		636		34612		-102		019		058		000		002		-0059816				9671079		-073586		036271		134503		0010309		007059		007059

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0028531				10463027		012459		032646		086885		0023973		00625		00625

SMALL	HIGH		636		52043		090		022		064		002		004		0002798				11805909		069878		022654		067249		0017065		005797		005797

MEDIUM	LOW		636		303037		-109		046		140		003		010		0046628

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0030956				57312214		-10509		052308		165926		0053498		016495		016495

MEDIUM	HIGH		636		287970		109		024		074		003		008		0041846				56860544		014806		037838		129121		0042345		012371		012371

LARGE	LOW		636		2928028		-147		095		309		008		025		0043323				58318638		080995		038944		135577		0060403		016749		016749

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0044578

LARGE	HIGH		636		2909375		101		055		175		006		020		0038978				406915901		-092156		12963		392164		0095023		030994		030994

All		5727		1156927		000		043		137		004		012		0017861				454727145		011543		086986		295028		0085443		027919		027919

											361468643		079595		071812		207805		0078498		025		025


Means by Employees quintile

				LEGALt+1			OSHAt+1

Quintile	Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


1	627		145		002		030		081		001		006

2	628		562		006		035		121		003		010

3	628		1267		004		053		171		004		012

4	628		2874		-006		061		190		005		017

5	627		9717		-006		104		330		012		038

All	3138		2912		-000		057		186		005		016




Means by Assets ($mm) quintile

				LEGALt+1			OSHAt+1

Quintile	Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


1	627		54621		002		027		083		001		005

2	628		220334		003		033		101		002		010

3	628		546734		-003		047		166		005		014

4	628		1379930		001		066		212		005		018

5	627		5733372		-002		112		351		012		037

All	3138		1586165		-000		057		186		005		016

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3		ROA		Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017		0021		1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009		-0004		2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014		0017		3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007		0023		4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013		0032		5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3		ROA

									Low		-103		166		013		0008

					LEGALt+1			OSHAt+1			Medium		015		120		010		0012

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		High		093		101		010		0028


SMALL	LOW		638		077		-102		023		065		000		003		-0061

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3		ROA		Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017		0021		1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009		-0004		2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014		0017		3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007		0023		4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013		0032		5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3		ROA

									Low		-103		166		013		0008

					LEGALt+1			OSHAt+1			Medium		015		120		010		0012

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		High		093		101		010		0028


SMALL	LOW		638		077		-102		023		065		000		003		-0061

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017	1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009	2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014	3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007	4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013	5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA

									1		-163		0021

					LEGALt+1			OSHAt+1			2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		021		0017

									4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018

Page 2: Top 10 Ethics & Compliance Trends for 2019 · ─Recalibrate business model against an ethical yardstick • Align Leadership − Policies, incentives and accolades should reinforce

Shift in Power of Voice in the Story of Harassment

The Glassdoor Effect When the Virality of Social Media Mixes with the Fragility of Trust

Moving from Vicious Compliance to a Culture of Compliance

Cyber Security Is Evolving amp so Is Compliancersquos Role in Prevention amp Mitigation

The New Voice of the Whistleblower

Managing Culture amp Free Speech in Polarizing Times

Data Privacy Has Become a Bigger Blip on the CCO Radar

Agenda

Presented By

minus GDPR

68

69

70

71

72

73

2014 2015 2016 2017

May 25rdquo

bull Understand

-110

-075

-040

-005

030

065

100

110

120

130

140

150

160

170

Low Medium HighD

emea

ned

Use

of

Whi

stle

blow

ing

Syst

em

Aver

age

of

Mat

eria

l Law

suits

Chart3

Demeaned Use of

NAVEX Descr

and OSHA Reports

Quintile

Demeaned Use of

LEGALt+1 to t+312345201556999999999991300813520509357499999999999710744199999999999USAGE12345-163287-043558999999999998020823068006999999999995117994

Quintile

Demeaned Use of

and ROA

Quintile

ROA

Demeaned Use of

NAVEX Descr (2)

and OSHA Reports

and ROA

ROA

NAVEX Descr (3)

and OSHA Reports

Demeaned Use of

and ROA

ROA

Demeaned Use of

NAVEX Descr__ChartUsageAssets

Demeaned Usage

034611720000000001041233920000000002052043010000000001303036709999999992724370600000000328796972999999997292802831000000023582939379999999829093753400000001-10216799999999999010042090195000000000003-10926800000000001039922000000000002109195-14736787029999999999996E-210065599999999999

Demeaned Usage

034611720000000001041233920000000002052043010000000001303036709999999992724370600000000328796972999999997292802831000000023582939379999999829093753400000001-10216799999999999010042090195000000000003-10926800000000001039922000000000002109195-14736787029999999999996E-210065599999999999LEGALt+1 to t+3

064732000000000001069335999999999998067452999999999996151116000000000011135207198099999999999528810899999999999224461999999999981625

Demeaned Usage

OSHA (t+1 to t+3)

Demeaned Usage

034611720000000001041233920000000002052043010000000001303036709999999992724370600000000328796972999999997292802831000000023582939379999999829093753400000001-10216799999999999010042090195000000000003-10926800000000001039922000000000002109195-14736787029999999999996E-210065599999999999OSHAt+1 to t+3

32469999999999999E-255050000000000002E-232840000000000001E-272289999999999993E-269769999999999999E-287190000000000004E-2027245000000000003024789018059

Demeaned Usage

of OSHA Reports

Demeaned Usage

034611720000000001041233920000000002052043010000000001303036709999999992724370600000000328796972999999997292802831000000023582939379999999829093753400000001-10216799999999999010042090195000000000003-10926800000000001039922000000000002109195-14736787029999999999996E-210065599999999999ROA

-60650999999999997E-2-31608999999999998E-2-76350000000000003E-339156000000000003E-228538000000000001E-236477999999999997E-254934999999999998E-257286999999999998E-244892000000000001E-2

ROA

NAVEX Descr__ChartUsageEmploy

Demeaned Usage

076670000000000005098109999999999997115009999999999996579900000000000362432999999999996634290000000000025153499999999999756993099999999998481295-1019230000000000133279999999999997E-2085382000000000002-09766200000000000403955199999999999810785899999999999-15882700000000001016908000000000001105488

Demeaned Usage

076670000000000005098109999999999997115009999999999996579900000000000362432999999999996634290000000000025153499999999999756993099999999998481295-1019230000000000133279999999999997E-2085382000000000002-09766200000000000403955199999999999810785899999999999-15882700000000001016908000000000001105488LEGALt+1 to t+3

064732000000000001069335999999999998067452999999999996151116000000000011135207198099999999999528810899999999999224461999999999981625

Demeaned Usage

076670000000000005098109999999999997115009999999999996579900000000000362432999999999996634290000000000025153499999999999756993099999999998481295-1019230000000000133279999999999997E-2085382000000000002-09766200000000000403955199999999999810785899999999999-15882700000000001016908000000000001105488OSHAt+1 to t+3

32469999999999999E-255050000000000002E-232840000000000001E-272289999999999993E-269769999999999999E-287190000000000004E-2027245000000000003024789018059

Demeaned Usage

of OSHA Reports

NAVEX ROA Simple

Quintile

Average ROA

Demeaned Use of

NAVEX ROA Simple (2)

Average ROA

Demeaned Use of

NAVEX ROA Complex

NAVEX Descr (4)

LEGALt+1 to t+312345201556999999999991300813520509357499999999999710744199999999999USAGE12345-163287-043558999999999998020823068006999999999995117994

Quintile

Demeaned Use of

Quintile

Demeaned Use of

Pros

Cons

Thank You

Agenda
Presented By
Thank You

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017		1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009		2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014		3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007		4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013		5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA

									1		-163		0021

					LEGALt+1			OSHAt+1			2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		021		0017

									4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA				$ Assets		USAGE		Nobs	Assets ($mm)	USAGE	ROA	$ Assets	USAGE	USAGE	ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060				SMALL		LOW		636	34612	-102	-0060	SMALL	LOW	-102	-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029				SMALL		MEDIUM		637	41234	010	-0029	SMALL	MEDIUM	010	-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003				SMALL		HIGH		636	52043	090	0003	SMALL	HIGH	090	0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047				MEDIUM		LOW		636	303037	-109	0047	MEDIUM	LOW	-109	0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031				MEDIUM		MEDIUM		637	272437	040	0031	MEDIUM	MEDIUM	040	0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042				MEDIUM		HIGH		636	287970	109	0042	MEDIUM	HIGH	109	0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043				LARGE		LOW		636	2928028	-147	0043	LARGE	LOW	-147	0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045				LARGE		MEDIUM		637	3582939	009	0045	LARGE	MEDIUM	009	0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039				LARGE		HIGH		636	2909375	101	0039	LARGE	HIGH	101	0039

All		5727		1156927		000		043		137		004		012		0018							0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017		1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009		2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014		3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007		4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013		5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA

									1		-163		0021

					LEGALt+1			OSHAt+1			2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		021		0017

									4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA				$ Assets		USAGE		Nobs	Assets ($mm)	USAGE	ROA	$ Assets	USAGE	USAGE	ROA

																		USAGE		USAGE		ROA

SMALL	LOW		636		34612		-102		019		058		000		002		-0060				SMALL		LOW		636	34612	-102	-0060	SMALL	LOW	-102	-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029				SMALL		MEDIUM		637	41234	010	-0029	SMALL	MEDIUM	010	-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003				SMALL		HIGH		636	52043	090	0003	SMALL	HIGH	090	0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047				MEDIUM		LOW		636	303037	-109	0047	MEDIUM	LOW	-109	0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031				MEDIUM		MEDIUM		637	272437	040	0031	MEDIUM	MEDIUM	040	0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042				MEDIUM		HIGH		636	287970	109	0042	MEDIUM	HIGH	109	0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043				LARGE		LOW		636	2928028	-147	0043	LARGE	LOW	-147	0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045				LARGE		MEDIUM		637	3582939	009	0045	LARGE	MEDIUM	009	0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039				LARGE		HIGH		636	2909375	101	0039	LARGE	HIGH	101	0039

All		5727		1156927		000		043		137		004		012		0018							0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017			1 Quintile		-163		017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009			2 Quintile		-044		009

3	1145		021		043		135		004		014		0017			3		3		021		135		014			3 Quintile		021		014

4	1146		068		031		094		003		007		0023			4		4		068		094		007			4 Quintile		068		007

5	1145		118		035		107		004		013		0032			5		5		118		107		013			5 Quintile		118		013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA				USAGE		ROA

									1		-102		-0060		-0044		1		-163		0021

					LEGALt+1			OSHAt+1			2		010		-0029		-0013		2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		090		0003		0017		3		021		0017

									4		-109		0047		0023		4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		040		0031			5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032			109		0042

SMALL	HIGH		638		115		085		022		067		001		003		-0008			-147367		0043

MEDIUM	LOW		634		658		-098		048		151		002		007		0039			008703		0045

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029			100656		0039

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017			1 Quintile		-163		017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009			2 Quintile		-044		009

3	1145		021		043		135		004		014		0017			3		3		021		135		014			3 Quintile		021		014

4	1146		068		031		094		003		007		0023			4		4		068		094		007			4 Quintile		068		007

5	1145		118		035		107		004		013		0032			5		5		118		107		013			5 Quintile		118		013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA				USAGE		ROA

									1		-163		0021		0008		1		-163		0021

					LEGALt+1			OSHAt+1			2		-044		-0004		0006		2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		021		0017		0017		3		021		0017

									4		068		0023		0023		4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		118		0032			5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018

								demeaned

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


1	1145		-163		063		202		005		017		002

2	1146		-044		043		130		003		009		-000

3	1145		021		043		135		004		014		002

4	1146		068		031		094		003		007		002

5	1145		118		035		107		004		013		003

All	5727		000		043		137		004		012		002


Means by Usage within Employees tercile

					LEGALt+1			OSHAt+1									LEGALt+1			OSHAt+1

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA						USAGE			to t+3			to t+3

												Emp (000s)		Demeaned Usage			LEGALt+1 to t+3			OSHAt+1 to t+3

SMALL	LOW		638		077		-102		023		065		000		003		-0060651		24		Compliance User		SMALL		08		-102		Compliance User		065		Compliance User		003

SMALL	MEDIUM		639		098		003		026		069		001		006		-0031609		27		Moderate User		SMALL		10		003		Moderate User		069		Moderate User		006

SMALL	HIGH		638		115		085		022		067		001		003		-0007635		32		Power User		SMALL		12		085		Power User		067		Power User		003

MEDIUM	LOW		634		658		-098		048		151		002		007		0039156

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0028538		133		Compliance User		MEDIUM		66		-098		Compliance User		151		Compliance User		007

MEDIUM	HIGH		634		634		108		025		072		003		009		0036478		128		Moderate User		MEDIUM		62		040		Moderate User		114		Moderate User		007

LARGE	LOW		636		5154		-159		091		288		009		027		0054935		138		Power User		MEDIUM		63		108		Power User		072		Power User		009

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057287

LARGE	HIGH		636		4813		105		051		163		006		018		0044892		692		Compliance User		LARGE		515		-159		Compliance User		288		Compliance User		027

All		5727		1985		000		043		137		004		012		0017861		737		Moderate User		LARGE		570		017		Moderate User		224		Moderate User		025

									708		Power User		LARGE		481		105		Power User		163		Power User		018


Means by Usage within $ Assets tercile

					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA				$ Assets		USAGE		Assets ($mm)		USAGE


SMALL	LOW		636		34612		-102		019		058		000		002		-0059816				SMALL		LOW		9671079		-073586

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0028531				SMALL		MEDIUM		10463027		012459

SMALL	HIGH		636		52043		090		022		064		002		004		0002798				SMALL		HIGH		11805909		069878

MEDIUM	LOW		636		303037		-109		046		140		003		010		0046628				MEDIUM		LOW		57312214		-10509

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0030956				MEDIUM		MEDIUM		56860544		014806

MEDIUM	HIGH		636		287970		109		024		074		003		008		0041846				MEDIUM		HIGH		58318638		080995

LARGE	LOW		636		2928028		-147		095		309		008		025		0043323				LARGE		LOW		406915901		-092156

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0044578				LARGE		MEDIUM		454727145		011543

LARGE	HIGH		636		2909375		101		055		175		006		020		0038978				LARGE		HIGH		361468643		079595

All		5727		1156927		000		043		137		004		012		0017861


Means by Employees quintile

				LEGALt+1			OSHAt+1

Quintile	Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


1	627		145		002		030		081		001		006

2	628		562		006		035		121		003		010

3	628		1267		004		053		171		004		012

4	628		2874		-006		061		190		005		017

5	627		9717		-006		104		330		012		038

All	3138		2912		-000		057		186		005		016




Means by Assets ($mm) quintile

				LEGALt+1			OSHAt+1

Quintile	Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


1	627		54621		002		027		083		001		005

2	628		220334		003		033		101		002		010

3	628		546734		-003		047		166		005		014

4	628		1379930		001		066		212		005		018

5	627		5733372		-002		112		351		012		037

All	3138		1586165		-000		057		186		005		016

								demeaned

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


1	1145		-163		063		202		005		017		002

2	1146		-044		043		130		003		009		-000

3	1145		021		043		135		004		014		002

4	1146		068		031		094		003		007		002

5	1145		118		035		107		004		013		003

All	5727		000		043		137		004		012		002


Means by Usage within Employees tercile

					LEGALt+1			OSHAt+1									LEGALt+1			OSHAt+1

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA						USAGE			to t+3			to t+3

									Assets ($mm)				Assets ($bn)		Demeaned Usage			LEGALt+1 to t+3			OSHAt+1 to t+3		ROA

SMALL	LOW		638		077		-102		023		065		000		003		-0060651		34612		Compliance User		SMALL		035		-102		Compliance User		065		Compliance User		003		-006

SMALL	MEDIUM		639		098		003		026		069		001		006		-0031609		41234		Moderate User		SMALL		041		010		Moderate User		069		Moderate User		006		-003

SMALL	HIGH		638		115		085		022		067		001		003		-0007635		52043		Power User		SMALL		052		090		Power User		067		Power User		003		-001

MEDIUM	LOW		634		658		-098		048		151		002		007		0039156

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0028538		303037		Compliance User		MEDIUM		303		-109		Compliance User		151		Compliance User		007		004

MEDIUM	HIGH		634		634		108		025		072		003		009		0036478		272437		Moderate User		MEDIUM		272		040		Moderate User		114		Moderate User		007		003

LARGE	LOW		636		5154		-159		091		288		009		027		0054935		287970		Power User		MEDIUM		288		109		Power User		072		Power User		009		004

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057287

LARGE	HIGH		636		4813		105		051		163		006		018		0044892		2928028		Compliance User		LARGE		2928		-147		Compliance User		288		Compliance User		027		005

All		5727		1985		000		043		137		004		012		0017861		3582939		Moderate User		LARGE		3583		009		Moderate User		224		Moderate User		025		006

									2909375		Power User		LARGE		2909		101		Power User		163		Power User		018		004

									158616521

Means by Usage within $ Assets tercile

					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA				Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


SMALL	LOW		636		34612		-102		019		058		000		002		-0059816				9671079		-073586		036271		134503		0010309		007059		007059

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0028531				10463027		012459		032646		086885		0023973		00625		00625

SMALL	HIGH		636		52043		090		022		064		002		004		0002798				11805909		069878		022654		067249		0017065		005797		005797

MEDIUM	LOW		636		303037		-109		046		140		003		010		0046628

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0030956				57312214		-10509		052308		165926		0053498		016495		016495

MEDIUM	HIGH		636		287970		109		024		074		003		008		0041846				56860544		014806		037838		129121		0042345		012371		012371

LARGE	LOW		636		2928028		-147		095		309		008		025		0043323				58318638		080995		038944		135577		0060403		016749		016749

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0044578

LARGE	HIGH		636		2909375		101		055		175		006		020		0038978				406915901		-092156		12963		392164		0095023		030994		030994

All		5727		1156927		000		043		137		004		012		0017861				454727145		011543		086986		295028		0085443		027919		027919

											361468643		079595		071812		207805		0078498		025		025


Means by Employees quintile

				LEGALt+1			OSHAt+1

Quintile	Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


1	627		145		002		030		081		001		006

2	628		562		006		035		121		003		010

3	628		1267		004		053		171		004		012

4	628		2874		-006		061		190		005		017

5	627		9717		-006		104		330		012		038

All	3138		2912		-000		057		186		005		016




Means by Assets ($mm) quintile

				LEGALt+1			OSHAt+1

Quintile	Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


1	627		54621		002		027		083		001		005

2	628		220334		003		033		101		002		010

3	628		546734		-003		047		166		005		014

4	628		1379930		001		066		212		005		018

5	627		5733372		-002		112		351		012		037

All	3138		1586165		-000		057		186		005		016

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3		ROA		Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017		0021		1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009		-0004		2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014		0017		3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007		0023		4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013		0032		5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3		ROA

									Low		-103		166		013		0008

					LEGALt+1			OSHAt+1			Medium		015		120		010		0012

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		High		093		101		010		0028


SMALL	LOW		638		077		-102		023		065		000		003		-0061

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3		ROA		Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017		0021		1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009		-0004		2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014		0017		3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007		0023		4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013		0032		5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3		ROA

									Low		-103		166		013		0008

					LEGALt+1			OSHAt+1			Medium		015		120		010		0012

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		High		093		101		010		0028


SMALL	LOW		638		077		-102		023		065		000		003		-0061

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017	1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009	2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014	3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007	4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013	5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA

									1		-163		0021

					LEGALt+1			OSHAt+1			2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		021		0017

									4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018

Page 3: Top 10 Ethics & Compliance Trends for 2019 · ─Recalibrate business model against an ethical yardstick • Align Leadership − Policies, incentives and accolades should reinforce

Agenda

Presented By

minus GDPR

68

69

70

71

72

73

2014 2015 2016 2017

May 25rdquo

bull Understand

-110

-075

-040

-005

030

065

100

110

120

130

140

150

160

170

Low Medium HighD

emea

ned

Use

of

Whi

stle

blow

ing

Syst

em

Aver

age

of

Mat

eria

l Law

suits

Chart3

Demeaned Use of

NAVEX Descr

and OSHA Reports

Quintile

Demeaned Use of

LEGALt+1 to t+312345201556999999999991300813520509357499999999999710744199999999999USAGE12345-163287-043558999999999998020823068006999999999995117994

Quintile

Demeaned Use of

and ROA

Quintile

ROA

Demeaned Use of

NAVEX Descr (2)

and OSHA Reports

and ROA

ROA

NAVEX Descr (3)

and OSHA Reports

Demeaned Use of

and ROA

ROA

Demeaned Use of

NAVEX Descr__ChartUsageAssets

Demeaned Usage

034611720000000001041233920000000002052043010000000001303036709999999992724370600000000328796972999999997292802831000000023582939379999999829093753400000001-10216799999999999010042090195000000000003-10926800000000001039922000000000002109195-14736787029999999999996E-210065599999999999

Demeaned Usage

034611720000000001041233920000000002052043010000000001303036709999999992724370600000000328796972999999997292802831000000023582939379999999829093753400000001-10216799999999999010042090195000000000003-10926800000000001039922000000000002109195-14736787029999999999996E-210065599999999999LEGALt+1 to t+3

064732000000000001069335999999999998067452999999999996151116000000000011135207198099999999999528810899999999999224461999999999981625

Demeaned Usage

OSHA (t+1 to t+3)

Demeaned Usage

034611720000000001041233920000000002052043010000000001303036709999999992724370600000000328796972999999997292802831000000023582939379999999829093753400000001-10216799999999999010042090195000000000003-10926800000000001039922000000000002109195-14736787029999999999996E-210065599999999999OSHAt+1 to t+3

32469999999999999E-255050000000000002E-232840000000000001E-272289999999999993E-269769999999999999E-287190000000000004E-2027245000000000003024789018059

Demeaned Usage

of OSHA Reports

Demeaned Usage

034611720000000001041233920000000002052043010000000001303036709999999992724370600000000328796972999999997292802831000000023582939379999999829093753400000001-10216799999999999010042090195000000000003-10926800000000001039922000000000002109195-14736787029999999999996E-210065599999999999ROA

-60650999999999997E-2-31608999999999998E-2-76350000000000003E-339156000000000003E-228538000000000001E-236477999999999997E-254934999999999998E-257286999999999998E-244892000000000001E-2

ROA

NAVEX Descr__ChartUsageEmploy

Demeaned Usage

076670000000000005098109999999999997115009999999999996579900000000000362432999999999996634290000000000025153499999999999756993099999999998481295-1019230000000000133279999999999997E-2085382000000000002-09766200000000000403955199999999999810785899999999999-15882700000000001016908000000000001105488

Demeaned Usage

076670000000000005098109999999999997115009999999999996579900000000000362432999999999996634290000000000025153499999999999756993099999999998481295-1019230000000000133279999999999997E-2085382000000000002-09766200000000000403955199999999999810785899999999999-15882700000000001016908000000000001105488LEGALt+1 to t+3

064732000000000001069335999999999998067452999999999996151116000000000011135207198099999999999528810899999999999224461999999999981625

Demeaned Usage

076670000000000005098109999999999997115009999999999996579900000000000362432999999999996634290000000000025153499999999999756993099999999998481295-1019230000000000133279999999999997E-2085382000000000002-09766200000000000403955199999999999810785899999999999-15882700000000001016908000000000001105488OSHAt+1 to t+3

32469999999999999E-255050000000000002E-232840000000000001E-272289999999999993E-269769999999999999E-287190000000000004E-2027245000000000003024789018059

Demeaned Usage

of OSHA Reports

NAVEX ROA Simple

Quintile

Average ROA

Demeaned Use of

NAVEX ROA Simple (2)

Average ROA

Demeaned Use of

NAVEX ROA Complex

NAVEX Descr (4)

LEGALt+1 to t+312345201556999999999991300813520509357499999999999710744199999999999USAGE12345-163287-043558999999999998020823068006999999999995117994

Quintile

Demeaned Use of

Quintile

Demeaned Use of

Pros

Cons

Thank You

Agenda
Presented By
Thank You

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017		1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009		2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014		3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007		4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013		5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA

									1		-163		0021

					LEGALt+1			OSHAt+1			2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		021		0017

									4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA				$ Assets		USAGE		Nobs	Assets ($mm)	USAGE	ROA	$ Assets	USAGE	USAGE	ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060				SMALL		LOW		636	34612	-102	-0060	SMALL	LOW	-102	-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029				SMALL		MEDIUM		637	41234	010	-0029	SMALL	MEDIUM	010	-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003				SMALL		HIGH		636	52043	090	0003	SMALL	HIGH	090	0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047				MEDIUM		LOW		636	303037	-109	0047	MEDIUM	LOW	-109	0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031				MEDIUM		MEDIUM		637	272437	040	0031	MEDIUM	MEDIUM	040	0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042				MEDIUM		HIGH		636	287970	109	0042	MEDIUM	HIGH	109	0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043				LARGE		LOW		636	2928028	-147	0043	LARGE	LOW	-147	0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045				LARGE		MEDIUM		637	3582939	009	0045	LARGE	MEDIUM	009	0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039				LARGE		HIGH		636	2909375	101	0039	LARGE	HIGH	101	0039

All		5727		1156927		000		043		137		004		012		0018							0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017		1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009		2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014		3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007		4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013		5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA

									1		-163		0021

					LEGALt+1			OSHAt+1			2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		021		0017

									4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA				$ Assets		USAGE		Nobs	Assets ($mm)	USAGE	ROA	$ Assets	USAGE	USAGE	ROA

																		USAGE		USAGE		ROA

SMALL	LOW		636		34612		-102		019		058		000		002		-0060				SMALL		LOW		636	34612	-102	-0060	SMALL	LOW	-102	-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029				SMALL		MEDIUM		637	41234	010	-0029	SMALL	MEDIUM	010	-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003				SMALL		HIGH		636	52043	090	0003	SMALL	HIGH	090	0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047				MEDIUM		LOW		636	303037	-109	0047	MEDIUM	LOW	-109	0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031				MEDIUM		MEDIUM		637	272437	040	0031	MEDIUM	MEDIUM	040	0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042				MEDIUM		HIGH		636	287970	109	0042	MEDIUM	HIGH	109	0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043				LARGE		LOW		636	2928028	-147	0043	LARGE	LOW	-147	0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045				LARGE		MEDIUM		637	3582939	009	0045	LARGE	MEDIUM	009	0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039				LARGE		HIGH		636	2909375	101	0039	LARGE	HIGH	101	0039

All		5727		1156927		000		043		137		004		012		0018							0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017			1 Quintile		-163		017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009			2 Quintile		-044		009

3	1145		021		043		135		004		014		0017			3		3		021		135		014			3 Quintile		021		014

4	1146		068		031		094		003		007		0023			4		4		068		094		007			4 Quintile		068		007

5	1145		118		035		107		004		013		0032			5		5		118		107		013			5 Quintile		118		013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA				USAGE		ROA

									1		-102		-0060		-0044		1		-163		0021

					LEGALt+1			OSHAt+1			2		010		-0029		-0013		2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		090		0003		0017		3		021		0017

									4		-109		0047		0023		4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		040		0031			5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032			109		0042

SMALL	HIGH		638		115		085		022		067		001		003		-0008			-147367		0043

MEDIUM	LOW		634		658		-098		048		151		002		007		0039			008703		0045

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029			100656		0039

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017			1 Quintile		-163		017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009			2 Quintile		-044		009

3	1145		021		043		135		004		014		0017			3		3		021		135		014			3 Quintile		021		014

4	1146		068		031		094		003		007		0023			4		4		068		094		007			4 Quintile		068		007

5	1145		118		035		107		004		013		0032			5		5		118		107		013			5 Quintile		118		013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA				USAGE		ROA

									1		-163		0021		0008		1		-163		0021

					LEGALt+1			OSHAt+1			2		-044		-0004		0006		2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		021		0017		0017		3		021		0017

									4		068		0023		0023		4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		118		0032			5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018

								demeaned

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


1	1145		-163		063		202		005		017		002

2	1146		-044		043		130		003		009		-000

3	1145		021		043		135		004		014		002

4	1146		068		031		094		003		007		002

5	1145		118		035		107		004		013		003

All	5727		000		043		137		004		012		002


Means by Usage within Employees tercile

					LEGALt+1			OSHAt+1									LEGALt+1			OSHAt+1

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA						USAGE			to t+3			to t+3

												Emp (000s)		Demeaned Usage			LEGALt+1 to t+3			OSHAt+1 to t+3

SMALL	LOW		638		077		-102		023		065		000		003		-0060651		24		Compliance User		SMALL		08		-102		Compliance User		065		Compliance User		003

SMALL	MEDIUM		639		098		003		026		069		001		006		-0031609		27		Moderate User		SMALL		10		003		Moderate User		069		Moderate User		006

SMALL	HIGH		638		115		085		022		067		001		003		-0007635		32		Power User		SMALL		12		085		Power User		067		Power User		003

MEDIUM	LOW		634		658		-098		048		151		002		007		0039156

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0028538		133		Compliance User		MEDIUM		66		-098		Compliance User		151		Compliance User		007

MEDIUM	HIGH		634		634		108		025		072		003		009		0036478		128		Moderate User		MEDIUM		62		040		Moderate User		114		Moderate User		007

LARGE	LOW		636		5154		-159		091		288		009		027		0054935		138		Power User		MEDIUM		63		108		Power User		072		Power User		009

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057287

LARGE	HIGH		636		4813		105		051		163		006		018		0044892		692		Compliance User		LARGE		515		-159		Compliance User		288		Compliance User		027

All		5727		1985		000		043		137		004		012		0017861		737		Moderate User		LARGE		570		017		Moderate User		224		Moderate User		025

									708		Power User		LARGE		481		105		Power User		163		Power User		018


Means by Usage within $ Assets tercile

					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA				$ Assets		USAGE		Assets ($mm)		USAGE


SMALL	LOW		636		34612		-102		019		058		000		002		-0059816				SMALL		LOW		9671079		-073586

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0028531				SMALL		MEDIUM		10463027		012459

SMALL	HIGH		636		52043		090		022		064		002		004		0002798				SMALL		HIGH		11805909		069878

MEDIUM	LOW		636		303037		-109		046		140		003		010		0046628				MEDIUM		LOW		57312214		-10509

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0030956				MEDIUM		MEDIUM		56860544		014806

MEDIUM	HIGH		636		287970		109		024		074		003		008		0041846				MEDIUM		HIGH		58318638		080995

LARGE	LOW		636		2928028		-147		095		309		008		025		0043323				LARGE		LOW		406915901		-092156

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0044578				LARGE		MEDIUM		454727145		011543

LARGE	HIGH		636		2909375		101		055		175		006		020		0038978				LARGE		HIGH		361468643		079595

All		5727		1156927		000		043		137		004		012		0017861


Means by Employees quintile

				LEGALt+1			OSHAt+1

Quintile	Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


1	627		145		002		030		081		001		006

2	628		562		006		035		121		003		010

3	628		1267		004		053		171		004		012

4	628		2874		-006		061		190		005		017

5	627		9717		-006		104		330		012		038

All	3138		2912		-000		057		186		005		016




Means by Assets ($mm) quintile

				LEGALt+1			OSHAt+1

Quintile	Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


1	627		54621		002		027		083		001		005

2	628		220334		003		033		101		002		010

3	628		546734		-003		047		166		005		014

4	628		1379930		001		066		212		005		018

5	627		5733372		-002		112		351		012		037

All	3138		1586165		-000		057		186		005		016

								demeaned

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


1	1145		-163		063		202		005		017		002

2	1146		-044		043		130		003		009		-000

3	1145		021		043		135		004		014		002

4	1146		068		031		094		003		007		002

5	1145		118		035		107		004		013		003

All	5727		000		043		137		004		012		002


Means by Usage within Employees tercile

					LEGALt+1			OSHAt+1									LEGALt+1			OSHAt+1

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA						USAGE			to t+3			to t+3

									Assets ($mm)				Assets ($bn)		Demeaned Usage			LEGALt+1 to t+3			OSHAt+1 to t+3		ROA

SMALL	LOW		638		077		-102		023		065		000		003		-0060651		34612		Compliance User		SMALL		035		-102		Compliance User		065		Compliance User		003		-006

SMALL	MEDIUM		639		098		003		026		069		001		006		-0031609		41234		Moderate User		SMALL		041		010		Moderate User		069		Moderate User		006		-003

SMALL	HIGH		638		115		085		022		067		001		003		-0007635		52043		Power User		SMALL		052		090		Power User		067		Power User		003		-001

MEDIUM	LOW		634		658		-098		048		151		002		007		0039156

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0028538		303037		Compliance User		MEDIUM		303		-109		Compliance User		151		Compliance User		007		004

MEDIUM	HIGH		634		634		108		025		072		003		009		0036478		272437		Moderate User		MEDIUM		272		040		Moderate User		114		Moderate User		007		003

LARGE	LOW		636		5154		-159		091		288		009		027		0054935		287970		Power User		MEDIUM		288		109		Power User		072		Power User		009		004

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057287

LARGE	HIGH		636		4813		105		051		163		006		018		0044892		2928028		Compliance User		LARGE		2928		-147		Compliance User		288		Compliance User		027		005

All		5727		1985		000		043		137		004		012		0017861		3582939		Moderate User		LARGE		3583		009		Moderate User		224		Moderate User		025		006

									2909375		Power User		LARGE		2909		101		Power User		163		Power User		018		004

									158616521

Means by Usage within $ Assets tercile

					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA				Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


SMALL	LOW		636		34612		-102		019		058		000		002		-0059816				9671079		-073586		036271		134503		0010309		007059		007059

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0028531				10463027		012459		032646		086885		0023973		00625		00625

SMALL	HIGH		636		52043		090		022		064		002		004		0002798				11805909		069878		022654		067249		0017065		005797		005797

MEDIUM	LOW		636		303037		-109		046		140		003		010		0046628

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0030956				57312214		-10509		052308		165926		0053498		016495		016495

MEDIUM	HIGH		636		287970		109		024		074		003		008		0041846				56860544		014806		037838		129121		0042345		012371		012371

LARGE	LOW		636		2928028		-147		095		309		008		025		0043323				58318638		080995		038944		135577		0060403		016749		016749

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0044578

LARGE	HIGH		636		2909375		101		055		175		006		020		0038978				406915901		-092156		12963		392164		0095023		030994		030994

All		5727		1156927		000		043		137		004		012		0017861				454727145		011543		086986		295028		0085443		027919		027919

											361468643		079595		071812		207805		0078498		025		025


Means by Employees quintile

				LEGALt+1			OSHAt+1

Quintile	Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


1	627		145		002		030		081		001		006

2	628		562		006		035		121		003		010

3	628		1267		004		053		171		004		012

4	628		2874		-006		061		190		005		017

5	627		9717		-006		104		330		012		038

All	3138		2912		-000		057		186		005		016




Means by Assets ($mm) quintile

				LEGALt+1			OSHAt+1

Quintile	Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


1	627		54621		002		027		083		001		005

2	628		220334		003		033		101		002		010

3	628		546734		-003		047		166		005		014

4	628		1379930		001		066		212		005		018

5	627		5733372		-002		112		351		012		037

All	3138		1586165		-000		057		186		005		016

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3		ROA		Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017		0021		1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009		-0004		2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014		0017		3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007		0023		4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013		0032		5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3		ROA

									Low		-103		166		013		0008

					LEGALt+1			OSHAt+1			Medium		015		120		010		0012

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		High		093		101		010		0028


SMALL	LOW		638		077		-102		023		065		000		003		-0061

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3		ROA		Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017		0021		1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009		-0004		2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014		0017		3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007		0023		4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013		0032		5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3		ROA

									Low		-103		166		013		0008

					LEGALt+1			OSHAt+1			Medium		015		120		010		0012

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		High		093		101		010		0028


SMALL	LOW		638		077		-102		023		065		000		003		-0061

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017	1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009	2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014	3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007	4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013	5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA

									1		-163		0021

					LEGALt+1			OSHAt+1			2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		021		0017

									4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018

Page 4: Top 10 Ethics & Compliance Trends for 2019 · ─Recalibrate business model against an ethical yardstick • Align Leadership − Policies, incentives and accolades should reinforce

Presented By

minus GDPR

68

69

70

71

72

73

2014 2015 2016 2017

May 25rdquo

bull Understand

-110

-075

-040

-005

030

065

100

110

120

130

140

150

160

170

Low Medium HighD

emea

ned

Use

of

Whi

stle

blow

ing

Syst

em

Aver

age

of

Mat

eria

l Law

suits

Chart3

Demeaned Use of

NAVEX Descr

and OSHA Reports

Quintile

Demeaned Use of

LEGALt+1 to t+312345201556999999999991300813520509357499999999999710744199999999999USAGE12345-163287-043558999999999998020823068006999999999995117994

Quintile

Demeaned Use of

and ROA

Quintile

ROA

Demeaned Use of

NAVEX Descr (2)

and OSHA Reports

and ROA

ROA

NAVEX Descr (3)

and OSHA Reports

Demeaned Use of

and ROA

ROA

Demeaned Use of

NAVEX Descr__ChartUsageAssets

Demeaned Usage

034611720000000001041233920000000002052043010000000001303036709999999992724370600000000328796972999999997292802831000000023582939379999999829093753400000001-10216799999999999010042090195000000000003-10926800000000001039922000000000002109195-14736787029999999999996E-210065599999999999

Demeaned Usage

034611720000000001041233920000000002052043010000000001303036709999999992724370600000000328796972999999997292802831000000023582939379999999829093753400000001-10216799999999999010042090195000000000003-10926800000000001039922000000000002109195-14736787029999999999996E-210065599999999999LEGALt+1 to t+3

064732000000000001069335999999999998067452999999999996151116000000000011135207198099999999999528810899999999999224461999999999981625

Demeaned Usage

OSHA (t+1 to t+3)

Demeaned Usage

034611720000000001041233920000000002052043010000000001303036709999999992724370600000000328796972999999997292802831000000023582939379999999829093753400000001-10216799999999999010042090195000000000003-10926800000000001039922000000000002109195-14736787029999999999996E-210065599999999999OSHAt+1 to t+3

32469999999999999E-255050000000000002E-232840000000000001E-272289999999999993E-269769999999999999E-287190000000000004E-2027245000000000003024789018059

Demeaned Usage

of OSHA Reports

Demeaned Usage

034611720000000001041233920000000002052043010000000001303036709999999992724370600000000328796972999999997292802831000000023582939379999999829093753400000001-10216799999999999010042090195000000000003-10926800000000001039922000000000002109195-14736787029999999999996E-210065599999999999ROA

-60650999999999997E-2-31608999999999998E-2-76350000000000003E-339156000000000003E-228538000000000001E-236477999999999997E-254934999999999998E-257286999999999998E-244892000000000001E-2

ROA

NAVEX Descr__ChartUsageEmploy

Demeaned Usage

076670000000000005098109999999999997115009999999999996579900000000000362432999999999996634290000000000025153499999999999756993099999999998481295-1019230000000000133279999999999997E-2085382000000000002-09766200000000000403955199999999999810785899999999999-15882700000000001016908000000000001105488

Demeaned Usage

076670000000000005098109999999999997115009999999999996579900000000000362432999999999996634290000000000025153499999999999756993099999999998481295-1019230000000000133279999999999997E-2085382000000000002-09766200000000000403955199999999999810785899999999999-15882700000000001016908000000000001105488LEGALt+1 to t+3

064732000000000001069335999999999998067452999999999996151116000000000011135207198099999999999528810899999999999224461999999999981625

Demeaned Usage

076670000000000005098109999999999997115009999999999996579900000000000362432999999999996634290000000000025153499999999999756993099999999998481295-1019230000000000133279999999999997E-2085382000000000002-09766200000000000403955199999999999810785899999999999-15882700000000001016908000000000001105488OSHAt+1 to t+3

32469999999999999E-255050000000000002E-232840000000000001E-272289999999999993E-269769999999999999E-287190000000000004E-2027245000000000003024789018059

Demeaned Usage

of OSHA Reports

NAVEX ROA Simple

Quintile

Average ROA

Demeaned Use of

NAVEX ROA Simple (2)

Average ROA

Demeaned Use of

NAVEX ROA Complex

NAVEX Descr (4)

LEGALt+1 to t+312345201556999999999991300813520509357499999999999710744199999999999USAGE12345-163287-043558999999999998020823068006999999999995117994

Quintile

Demeaned Use of

Quintile

Demeaned Use of

Pros

Cons

Thank You

Agenda
Presented By
Thank You

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017		1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009		2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014		3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007		4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013		5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA

									1		-163		0021

					LEGALt+1			OSHAt+1			2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		021		0017

									4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA				$ Assets		USAGE		Nobs	Assets ($mm)	USAGE	ROA	$ Assets	USAGE	USAGE	ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060				SMALL		LOW		636	34612	-102	-0060	SMALL	LOW	-102	-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029				SMALL		MEDIUM		637	41234	010	-0029	SMALL	MEDIUM	010	-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003				SMALL		HIGH		636	52043	090	0003	SMALL	HIGH	090	0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047				MEDIUM		LOW		636	303037	-109	0047	MEDIUM	LOW	-109	0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031				MEDIUM		MEDIUM		637	272437	040	0031	MEDIUM	MEDIUM	040	0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042				MEDIUM		HIGH		636	287970	109	0042	MEDIUM	HIGH	109	0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043				LARGE		LOW		636	2928028	-147	0043	LARGE	LOW	-147	0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045				LARGE		MEDIUM		637	3582939	009	0045	LARGE	MEDIUM	009	0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039				LARGE		HIGH		636	2909375	101	0039	LARGE	HIGH	101	0039

All		5727		1156927		000		043		137		004		012		0018							0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017		1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009		2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014		3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007		4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013		5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA

									1		-163		0021

					LEGALt+1			OSHAt+1			2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		021		0017

									4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA				$ Assets		USAGE		Nobs	Assets ($mm)	USAGE	ROA	$ Assets	USAGE	USAGE	ROA

																		USAGE		USAGE		ROA

SMALL	LOW		636		34612		-102		019		058		000		002		-0060				SMALL		LOW		636	34612	-102	-0060	SMALL	LOW	-102	-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029				SMALL		MEDIUM		637	41234	010	-0029	SMALL	MEDIUM	010	-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003				SMALL		HIGH		636	52043	090	0003	SMALL	HIGH	090	0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047				MEDIUM		LOW		636	303037	-109	0047	MEDIUM	LOW	-109	0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031				MEDIUM		MEDIUM		637	272437	040	0031	MEDIUM	MEDIUM	040	0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042				MEDIUM		HIGH		636	287970	109	0042	MEDIUM	HIGH	109	0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043				LARGE		LOW		636	2928028	-147	0043	LARGE	LOW	-147	0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045				LARGE		MEDIUM		637	3582939	009	0045	LARGE	MEDIUM	009	0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039				LARGE		HIGH		636	2909375	101	0039	LARGE	HIGH	101	0039

All		5727		1156927		000		043		137		004		012		0018							0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017			1 Quintile		-163		017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009			2 Quintile		-044		009

3	1145		021		043		135		004		014		0017			3		3		021		135		014			3 Quintile		021		014

4	1146		068		031		094		003		007		0023			4		4		068		094		007			4 Quintile		068		007

5	1145		118		035		107		004		013		0032			5		5		118		107		013			5 Quintile		118		013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA				USAGE		ROA

									1		-102		-0060		-0044		1		-163		0021

					LEGALt+1			OSHAt+1			2		010		-0029		-0013		2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		090		0003		0017		3		021		0017

									4		-109		0047		0023		4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		040		0031			5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032			109		0042

SMALL	HIGH		638		115		085		022		067		001		003		-0008			-147367		0043

MEDIUM	LOW		634		658		-098		048		151		002		007		0039			008703		0045

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029			100656		0039

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017			1 Quintile		-163		017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009			2 Quintile		-044		009

3	1145		021		043		135		004		014		0017			3		3		021		135		014			3 Quintile		021		014

4	1146		068		031		094		003		007		0023			4		4		068		094		007			4 Quintile		068		007

5	1145		118		035		107		004		013		0032			5		5		118		107		013			5 Quintile		118		013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA				USAGE		ROA

									1		-163		0021		0008		1		-163		0021

					LEGALt+1			OSHAt+1			2		-044		-0004		0006		2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		021		0017		0017		3		021		0017

									4		068		0023		0023		4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		118		0032			5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018

								demeaned

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


1	1145		-163		063		202		005		017		002

2	1146		-044		043		130		003		009		-000

3	1145		021		043		135		004		014		002

4	1146		068		031		094		003		007		002

5	1145		118		035		107		004		013		003

All	5727		000		043		137		004		012		002


Means by Usage within Employees tercile

					LEGALt+1			OSHAt+1									LEGALt+1			OSHAt+1

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA						USAGE			to t+3			to t+3

												Emp (000s)		Demeaned Usage			LEGALt+1 to t+3			OSHAt+1 to t+3

SMALL	LOW		638		077		-102		023		065		000		003		-0060651		24		Compliance User		SMALL		08		-102		Compliance User		065		Compliance User		003

SMALL	MEDIUM		639		098		003		026		069		001		006		-0031609		27		Moderate User		SMALL		10		003		Moderate User		069		Moderate User		006

SMALL	HIGH		638		115		085		022		067		001		003		-0007635		32		Power User		SMALL		12		085		Power User		067		Power User		003

MEDIUM	LOW		634		658		-098		048		151		002		007		0039156

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0028538		133		Compliance User		MEDIUM		66		-098		Compliance User		151		Compliance User		007

MEDIUM	HIGH		634		634		108		025		072		003		009		0036478		128		Moderate User		MEDIUM		62		040		Moderate User		114		Moderate User		007

LARGE	LOW		636		5154		-159		091		288		009		027		0054935		138		Power User		MEDIUM		63		108		Power User		072		Power User		009

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057287

LARGE	HIGH		636		4813		105		051		163		006		018		0044892		692		Compliance User		LARGE		515		-159		Compliance User		288		Compliance User		027

All		5727		1985		000		043		137		004		012		0017861		737		Moderate User		LARGE		570		017		Moderate User		224		Moderate User		025

									708		Power User		LARGE		481		105		Power User		163		Power User		018


Means by Usage within $ Assets tercile

					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA				$ Assets		USAGE		Assets ($mm)		USAGE


SMALL	LOW		636		34612		-102		019		058		000		002		-0059816				SMALL		LOW		9671079		-073586

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0028531				SMALL		MEDIUM		10463027		012459

SMALL	HIGH		636		52043		090		022		064		002		004		0002798				SMALL		HIGH		11805909		069878

MEDIUM	LOW		636		303037		-109		046		140		003		010		0046628				MEDIUM		LOW		57312214		-10509

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0030956				MEDIUM		MEDIUM		56860544		014806

MEDIUM	HIGH		636		287970		109		024		074		003		008		0041846				MEDIUM		HIGH		58318638		080995

LARGE	LOW		636		2928028		-147		095		309		008		025		0043323				LARGE		LOW		406915901		-092156

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0044578				LARGE		MEDIUM		454727145		011543

LARGE	HIGH		636		2909375		101		055		175		006		020		0038978				LARGE		HIGH		361468643		079595

All		5727		1156927		000		043		137		004		012		0017861


Means by Employees quintile

				LEGALt+1			OSHAt+1

Quintile	Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


1	627		145		002		030		081		001		006

2	628		562		006		035		121		003		010

3	628		1267		004		053		171		004		012

4	628		2874		-006		061		190		005		017

5	627		9717		-006		104		330		012		038

All	3138		2912		-000		057		186		005		016




Means by Assets ($mm) quintile

				LEGALt+1			OSHAt+1

Quintile	Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


1	627		54621		002		027		083		001		005

2	628		220334		003		033		101		002		010

3	628		546734		-003		047		166		005		014

4	628		1379930		001		066		212		005		018

5	627		5733372		-002		112		351		012		037

All	3138		1586165		-000		057		186		005		016

								demeaned

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


1	1145		-163		063		202		005		017		002

2	1146		-044		043		130		003		009		-000

3	1145		021		043		135		004		014		002

4	1146		068		031		094		003		007		002

5	1145		118		035		107		004		013		003

All	5727		000		043		137		004		012		002


Means by Usage within Employees tercile

					LEGALt+1			OSHAt+1									LEGALt+1			OSHAt+1

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA						USAGE			to t+3			to t+3

									Assets ($mm)				Assets ($bn)		Demeaned Usage			LEGALt+1 to t+3			OSHAt+1 to t+3		ROA

SMALL	LOW		638		077		-102		023		065		000		003		-0060651		34612		Compliance User		SMALL		035		-102		Compliance User		065		Compliance User		003		-006

SMALL	MEDIUM		639		098		003		026		069		001		006		-0031609		41234		Moderate User		SMALL		041		010		Moderate User		069		Moderate User		006		-003

SMALL	HIGH		638		115		085		022		067		001		003		-0007635		52043		Power User		SMALL		052		090		Power User		067		Power User		003		-001

MEDIUM	LOW		634		658		-098		048		151		002		007		0039156

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0028538		303037		Compliance User		MEDIUM		303		-109		Compliance User		151		Compliance User		007		004

MEDIUM	HIGH		634		634		108		025		072		003		009		0036478		272437		Moderate User		MEDIUM		272		040		Moderate User		114		Moderate User		007		003

LARGE	LOW		636		5154		-159		091		288		009		027		0054935		287970		Power User		MEDIUM		288		109		Power User		072		Power User		009		004

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057287

LARGE	HIGH		636		4813		105		051		163		006		018		0044892		2928028		Compliance User		LARGE		2928		-147		Compliance User		288		Compliance User		027		005

All		5727		1985		000		043		137		004		012		0017861		3582939		Moderate User		LARGE		3583		009		Moderate User		224		Moderate User		025		006

									2909375		Power User		LARGE		2909		101		Power User		163		Power User		018		004

									158616521

Means by Usage within $ Assets tercile

					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA				Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


SMALL	LOW		636		34612		-102		019		058		000		002		-0059816				9671079		-073586		036271		134503		0010309		007059		007059

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0028531				10463027		012459		032646		086885		0023973		00625		00625

SMALL	HIGH		636		52043		090		022		064		002		004		0002798				11805909		069878		022654		067249		0017065		005797		005797

MEDIUM	LOW		636		303037		-109		046		140		003		010		0046628

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0030956				57312214		-10509		052308		165926		0053498		016495		016495

MEDIUM	HIGH		636		287970		109		024		074		003		008		0041846				56860544		014806		037838		129121		0042345		012371		012371

LARGE	LOW		636		2928028		-147		095		309		008		025		0043323				58318638		080995		038944		135577		0060403		016749		016749

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0044578

LARGE	HIGH		636		2909375		101		055		175		006		020		0038978				406915901		-092156		12963		392164		0095023		030994		030994

All		5727		1156927		000		043		137		004		012		0017861				454727145		011543		086986		295028		0085443		027919		027919

											361468643		079595		071812		207805		0078498		025		025


Means by Employees quintile

				LEGALt+1			OSHAt+1

Quintile	Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


1	627		145		002		030		081		001		006

2	628		562		006		035		121		003		010

3	628		1267		004		053		171		004		012

4	628		2874		-006		061		190		005		017

5	627		9717		-006		104		330		012		038

All	3138		2912		-000		057		186		005		016




Means by Assets ($mm) quintile

				LEGALt+1			OSHAt+1

Quintile	Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


1	627		54621		002		027		083		001		005

2	628		220334		003		033		101		002		010

3	628		546734		-003		047		166		005		014

4	628		1379930		001		066		212		005		018

5	627		5733372		-002		112		351		012		037

All	3138		1586165		-000		057		186		005		016

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3		ROA		Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017		0021		1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009		-0004		2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014		0017		3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007		0023		4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013		0032		5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3		ROA

									Low		-103		166		013		0008

					LEGALt+1			OSHAt+1			Medium		015		120		010		0012

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		High		093		101		010		0028


SMALL	LOW		638		077		-102		023		065		000		003		-0061

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3		ROA		Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017		0021		1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009		-0004		2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014		0017		3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007		0023		4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013		0032		5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3		ROA

									Low		-103		166		013		0008

					LEGALt+1			OSHAt+1			Medium		015		120		010		0012

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		High		093		101		010		0028


SMALL	LOW		638		077		-102		023		065		000		003		-0061

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017	1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009	2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014	3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007	4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013	5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA

									1		-163		0021

					LEGALt+1			OSHAt+1			2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		021		0017

									4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018

Page 5: Top 10 Ethics & Compliance Trends for 2019 · ─Recalibrate business model against an ethical yardstick • Align Leadership − Policies, incentives and accolades should reinforce

minus GDPR

68

69

70

71

72

73

2014 2015 2016 2017

May 25rdquo

bull Understand

-110

-075

-040

-005

030

065

100

110

120

130

140

150

160

170

Low Medium HighD

emea

ned

Use

of

Whi

stle

blow

ing

Syst

em

Aver

age

of

Mat

eria

l Law

suits

Chart3

Demeaned Use of

NAVEX Descr

and OSHA Reports

Quintile

Demeaned Use of

LEGALt+1 to t+312345201556999999999991300813520509357499999999999710744199999999999USAGE12345-163287-043558999999999998020823068006999999999995117994

Quintile

Demeaned Use of

and ROA

Quintile

ROA

Demeaned Use of

NAVEX Descr (2)

and OSHA Reports

and ROA

ROA

NAVEX Descr (3)

and OSHA Reports

Demeaned Use of

and ROA

ROA

Demeaned Use of

NAVEX Descr__ChartUsageAssets

Demeaned Usage

034611720000000001041233920000000002052043010000000001303036709999999992724370600000000328796972999999997292802831000000023582939379999999829093753400000001-10216799999999999010042090195000000000003-10926800000000001039922000000000002109195-14736787029999999999996E-210065599999999999

Demeaned Usage

034611720000000001041233920000000002052043010000000001303036709999999992724370600000000328796972999999997292802831000000023582939379999999829093753400000001-10216799999999999010042090195000000000003-10926800000000001039922000000000002109195-14736787029999999999996E-210065599999999999LEGALt+1 to t+3

064732000000000001069335999999999998067452999999999996151116000000000011135207198099999999999528810899999999999224461999999999981625

Demeaned Usage

OSHA (t+1 to t+3)

Demeaned Usage

034611720000000001041233920000000002052043010000000001303036709999999992724370600000000328796972999999997292802831000000023582939379999999829093753400000001-10216799999999999010042090195000000000003-10926800000000001039922000000000002109195-14736787029999999999996E-210065599999999999OSHAt+1 to t+3

32469999999999999E-255050000000000002E-232840000000000001E-272289999999999993E-269769999999999999E-287190000000000004E-2027245000000000003024789018059

Demeaned Usage

of OSHA Reports

Demeaned Usage

034611720000000001041233920000000002052043010000000001303036709999999992724370600000000328796972999999997292802831000000023582939379999999829093753400000001-10216799999999999010042090195000000000003-10926800000000001039922000000000002109195-14736787029999999999996E-210065599999999999ROA

-60650999999999997E-2-31608999999999998E-2-76350000000000003E-339156000000000003E-228538000000000001E-236477999999999997E-254934999999999998E-257286999999999998E-244892000000000001E-2

ROA

NAVEX Descr__ChartUsageEmploy

Demeaned Usage

076670000000000005098109999999999997115009999999999996579900000000000362432999999999996634290000000000025153499999999999756993099999999998481295-1019230000000000133279999999999997E-2085382000000000002-09766200000000000403955199999999999810785899999999999-15882700000000001016908000000000001105488

Demeaned Usage

076670000000000005098109999999999997115009999999999996579900000000000362432999999999996634290000000000025153499999999999756993099999999998481295-1019230000000000133279999999999997E-2085382000000000002-09766200000000000403955199999999999810785899999999999-15882700000000001016908000000000001105488LEGALt+1 to t+3

064732000000000001069335999999999998067452999999999996151116000000000011135207198099999999999528810899999999999224461999999999981625

Demeaned Usage

076670000000000005098109999999999997115009999999999996579900000000000362432999999999996634290000000000025153499999999999756993099999999998481295-1019230000000000133279999999999997E-2085382000000000002-09766200000000000403955199999999999810785899999999999-15882700000000001016908000000000001105488OSHAt+1 to t+3

32469999999999999E-255050000000000002E-232840000000000001E-272289999999999993E-269769999999999999E-287190000000000004E-2027245000000000003024789018059

Demeaned Usage

of OSHA Reports

NAVEX ROA Simple

Quintile

Average ROA

Demeaned Use of

NAVEX ROA Simple (2)

Average ROA

Demeaned Use of

NAVEX ROA Complex

NAVEX Descr (4)

LEGALt+1 to t+312345201556999999999991300813520509357499999999999710744199999999999USAGE12345-163287-043558999999999998020823068006999999999995117994

Quintile

Demeaned Use of

Quintile

Demeaned Use of

Pros

Cons

Thank You

Agenda
Presented By
Thank You

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017		1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009		2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014		3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007		4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013		5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA

									1		-163		0021

					LEGALt+1			OSHAt+1			2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		021		0017

									4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA				$ Assets		USAGE		Nobs	Assets ($mm)	USAGE	ROA	$ Assets	USAGE	USAGE	ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060				SMALL		LOW		636	34612	-102	-0060	SMALL	LOW	-102	-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029				SMALL		MEDIUM		637	41234	010	-0029	SMALL	MEDIUM	010	-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003				SMALL		HIGH		636	52043	090	0003	SMALL	HIGH	090	0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047				MEDIUM		LOW		636	303037	-109	0047	MEDIUM	LOW	-109	0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031				MEDIUM		MEDIUM		637	272437	040	0031	MEDIUM	MEDIUM	040	0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042				MEDIUM		HIGH		636	287970	109	0042	MEDIUM	HIGH	109	0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043				LARGE		LOW		636	2928028	-147	0043	LARGE	LOW	-147	0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045				LARGE		MEDIUM		637	3582939	009	0045	LARGE	MEDIUM	009	0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039				LARGE		HIGH		636	2909375	101	0039	LARGE	HIGH	101	0039

All		5727		1156927		000		043		137		004		012		0018							0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017		1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009		2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014		3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007		4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013		5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA

									1		-163		0021

					LEGALt+1			OSHAt+1			2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		021		0017

									4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA				$ Assets		USAGE		Nobs	Assets ($mm)	USAGE	ROA	$ Assets	USAGE	USAGE	ROA

																		USAGE		USAGE		ROA

SMALL	LOW		636		34612		-102		019		058		000		002		-0060				SMALL		LOW		636	34612	-102	-0060	SMALL	LOW	-102	-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029				SMALL		MEDIUM		637	41234	010	-0029	SMALL	MEDIUM	010	-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003				SMALL		HIGH		636	52043	090	0003	SMALL	HIGH	090	0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047				MEDIUM		LOW		636	303037	-109	0047	MEDIUM	LOW	-109	0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031				MEDIUM		MEDIUM		637	272437	040	0031	MEDIUM	MEDIUM	040	0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042				MEDIUM		HIGH		636	287970	109	0042	MEDIUM	HIGH	109	0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043				LARGE		LOW		636	2928028	-147	0043	LARGE	LOW	-147	0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045				LARGE		MEDIUM		637	3582939	009	0045	LARGE	MEDIUM	009	0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039				LARGE		HIGH		636	2909375	101	0039	LARGE	HIGH	101	0039

All		5727		1156927		000		043		137		004		012		0018							0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017			1 Quintile		-163		017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009			2 Quintile		-044		009

3	1145		021		043		135		004		014		0017			3		3		021		135		014			3 Quintile		021		014

4	1146		068		031		094		003		007		0023			4		4		068		094		007			4 Quintile		068		007

5	1145		118		035		107		004		013		0032			5		5		118		107		013			5 Quintile		118		013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA				USAGE		ROA

									1		-102		-0060		-0044		1		-163		0021

					LEGALt+1			OSHAt+1			2		010		-0029		-0013		2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		090		0003		0017		3		021		0017

									4		-109		0047		0023		4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		040		0031			5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032			109		0042

SMALL	HIGH		638		115		085		022		067		001		003		-0008			-147367		0043

MEDIUM	LOW		634		658		-098		048		151		002		007		0039			008703		0045

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029			100656		0039

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017			1 Quintile		-163		017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009			2 Quintile		-044		009

3	1145		021		043		135		004		014		0017			3		3		021		135		014			3 Quintile		021		014

4	1146		068		031		094		003		007		0023			4		4		068		094		007			4 Quintile		068		007

5	1145		118		035		107		004		013		0032			5		5		118		107		013			5 Quintile		118		013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA				USAGE		ROA

									1		-163		0021		0008		1		-163		0021

					LEGALt+1			OSHAt+1			2		-044		-0004		0006		2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		021		0017		0017		3		021		0017

									4		068		0023		0023		4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		118		0032			5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018

								demeaned

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


1	1145		-163		063		202		005		017		002

2	1146		-044		043		130		003		009		-000

3	1145		021		043		135		004		014		002

4	1146		068		031		094		003		007		002

5	1145		118		035		107		004		013		003

All	5727		000		043		137		004		012		002


Means by Usage within Employees tercile

					LEGALt+1			OSHAt+1									LEGALt+1			OSHAt+1

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA						USAGE			to t+3			to t+3

												Emp (000s)		Demeaned Usage			LEGALt+1 to t+3			OSHAt+1 to t+3

SMALL	LOW		638		077		-102		023		065		000		003		-0060651		24		Compliance User		SMALL		08		-102		Compliance User		065		Compliance User		003

SMALL	MEDIUM		639		098		003		026		069		001		006		-0031609		27		Moderate User		SMALL		10		003		Moderate User		069		Moderate User		006

SMALL	HIGH		638		115		085		022		067		001		003		-0007635		32		Power User		SMALL		12		085		Power User		067		Power User		003

MEDIUM	LOW		634		658		-098		048		151		002		007		0039156

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0028538		133		Compliance User		MEDIUM		66		-098		Compliance User		151		Compliance User		007

MEDIUM	HIGH		634		634		108		025		072		003		009		0036478		128		Moderate User		MEDIUM		62		040		Moderate User		114		Moderate User		007

LARGE	LOW		636		5154		-159		091		288		009		027		0054935		138		Power User		MEDIUM		63		108		Power User		072		Power User		009

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057287

LARGE	HIGH		636		4813		105		051		163		006		018		0044892		692		Compliance User		LARGE		515		-159		Compliance User		288		Compliance User		027

All		5727		1985		000		043		137		004		012		0017861		737		Moderate User		LARGE		570		017		Moderate User		224		Moderate User		025

									708		Power User		LARGE		481		105		Power User		163		Power User		018


Means by Usage within $ Assets tercile

					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA				$ Assets		USAGE		Assets ($mm)		USAGE


SMALL	LOW		636		34612		-102		019		058		000		002		-0059816				SMALL		LOW		9671079		-073586

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0028531				SMALL		MEDIUM		10463027		012459

SMALL	HIGH		636		52043		090		022		064		002		004		0002798				SMALL		HIGH		11805909		069878

MEDIUM	LOW		636		303037		-109		046		140		003		010		0046628				MEDIUM		LOW		57312214		-10509

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0030956				MEDIUM		MEDIUM		56860544		014806

MEDIUM	HIGH		636		287970		109		024		074		003		008		0041846				MEDIUM		HIGH		58318638		080995

LARGE	LOW		636		2928028		-147		095		309		008		025		0043323				LARGE		LOW		406915901		-092156

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0044578				LARGE		MEDIUM		454727145		011543

LARGE	HIGH		636		2909375		101		055		175		006		020		0038978				LARGE		HIGH		361468643		079595

All		5727		1156927		000		043		137		004		012		0017861


Means by Employees quintile

				LEGALt+1			OSHAt+1

Quintile	Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


1	627		145		002		030		081		001		006

2	628		562		006		035		121		003		010

3	628		1267		004		053		171		004		012

4	628		2874		-006		061		190		005		017

5	627		9717		-006		104		330		012		038

All	3138		2912		-000		057		186		005		016




Means by Assets ($mm) quintile

				LEGALt+1			OSHAt+1

Quintile	Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


1	627		54621		002		027		083		001		005

2	628		220334		003		033		101		002		010

3	628		546734		-003		047		166		005		014

4	628		1379930		001		066		212		005		018

5	627		5733372		-002		112		351		012		037

All	3138		1586165		-000		057		186		005		016

								demeaned

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


1	1145		-163		063		202		005		017		002

2	1146		-044		043		130		003		009		-000

3	1145		021		043		135		004		014		002

4	1146		068		031		094		003		007		002

5	1145		118		035		107		004		013		003

All	5727		000		043		137		004		012		002


Means by Usage within Employees tercile

					LEGALt+1			OSHAt+1									LEGALt+1			OSHAt+1

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA						USAGE			to t+3			to t+3

									Assets ($mm)				Assets ($bn)		Demeaned Usage			LEGALt+1 to t+3			OSHAt+1 to t+3		ROA

SMALL	LOW		638		077		-102		023		065		000		003		-0060651		34612		Compliance User		SMALL		035		-102		Compliance User		065		Compliance User		003		-006

SMALL	MEDIUM		639		098		003		026		069		001		006		-0031609		41234		Moderate User		SMALL		041		010		Moderate User		069		Moderate User		006		-003

SMALL	HIGH		638		115		085		022		067		001		003		-0007635		52043		Power User		SMALL		052		090		Power User		067		Power User		003		-001

MEDIUM	LOW		634		658		-098		048		151		002		007		0039156

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0028538		303037		Compliance User		MEDIUM		303		-109		Compliance User		151		Compliance User		007		004

MEDIUM	HIGH		634		634		108		025		072		003		009		0036478		272437		Moderate User		MEDIUM		272		040		Moderate User		114		Moderate User		007		003

LARGE	LOW		636		5154		-159		091		288		009		027		0054935		287970		Power User		MEDIUM		288		109		Power User		072		Power User		009		004

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057287

LARGE	HIGH		636		4813		105		051		163		006		018		0044892		2928028		Compliance User		LARGE		2928		-147		Compliance User		288		Compliance User		027		005

All		5727		1985		000		043		137		004		012		0017861		3582939		Moderate User		LARGE		3583		009		Moderate User		224		Moderate User		025		006

									2909375		Power User		LARGE		2909		101		Power User		163		Power User		018		004

									158616521

Means by Usage within $ Assets tercile

					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA				Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


SMALL	LOW		636		34612		-102		019		058		000		002		-0059816				9671079		-073586		036271		134503		0010309		007059		007059

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0028531				10463027		012459		032646		086885		0023973		00625		00625

SMALL	HIGH		636		52043		090		022		064		002		004		0002798				11805909		069878		022654		067249		0017065		005797		005797

MEDIUM	LOW		636		303037		-109		046		140		003		010		0046628

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0030956				57312214		-10509		052308		165926		0053498		016495		016495

MEDIUM	HIGH		636		287970		109		024		074		003		008		0041846				56860544		014806		037838		129121		0042345		012371		012371

LARGE	LOW		636		2928028		-147		095		309		008		025		0043323				58318638		080995		038944		135577		0060403		016749		016749

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0044578

LARGE	HIGH		636		2909375		101		055		175		006		020		0038978				406915901		-092156		12963		392164		0095023		030994		030994

All		5727		1156927		000		043		137		004		012		0017861				454727145		011543		086986		295028		0085443		027919		027919

											361468643		079595		071812		207805		0078498		025		025


Means by Employees quintile

				LEGALt+1			OSHAt+1

Quintile	Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


1	627		145		002		030		081		001		006

2	628		562		006		035		121		003		010

3	628		1267		004		053		171		004		012

4	628		2874		-006		061		190		005		017

5	627		9717		-006		104		330		012		038

All	3138		2912		-000		057		186		005		016




Means by Assets ($mm) quintile

				LEGALt+1			OSHAt+1

Quintile	Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


1	627		54621		002		027		083		001		005

2	628		220334		003		033		101		002		010

3	628		546734		-003		047		166		005		014

4	628		1379930		001		066		212		005		018

5	627		5733372		-002		112		351		012		037

All	3138		1586165		-000		057		186		005		016

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3		ROA		Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017		0021		1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009		-0004		2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014		0017		3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007		0023		4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013		0032		5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3		ROA

									Low		-103		166		013		0008

					LEGALt+1			OSHAt+1			Medium		015		120		010		0012

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		High		093		101		010		0028


SMALL	LOW		638		077		-102		023		065		000		003		-0061

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3		ROA		Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017		0021		1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009		-0004		2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014		0017		3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007		0023		4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013		0032		5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3		ROA

									Low		-103		166		013		0008

					LEGALt+1			OSHAt+1			Medium		015		120		010		0012

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		High		093		101		010		0028


SMALL	LOW		638		077		-102		023		065		000		003		-0061

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017	1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009	2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014	3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007	4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013	5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA

									1		-163		0021

					LEGALt+1			OSHAt+1			2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		021		0017

									4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018

Page 6: Top 10 Ethics & Compliance Trends for 2019 · ─Recalibrate business model against an ethical yardstick • Align Leadership − Policies, incentives and accolades should reinforce

minus GDPR

68

69

70

71

72

73

2014 2015 2016 2017

May 25rdquo

bull Understand

-110

-075

-040

-005

030

065

100

110

120

130

140

150

160

170

Low Medium HighD

emea

ned

Use

of

Whi

stle

blow

ing

Syst

em

Aver

age

of

Mat

eria

l Law

suits

Chart3

Demeaned Use of

NAVEX Descr

and OSHA Reports

Quintile

Demeaned Use of

LEGALt+1 to t+312345201556999999999991300813520509357499999999999710744199999999999USAGE12345-163287-043558999999999998020823068006999999999995117994

Quintile

Demeaned Use of

and ROA

Quintile

ROA

Demeaned Use of

NAVEX Descr (2)

and OSHA Reports

and ROA

ROA

NAVEX Descr (3)

and OSHA Reports

Demeaned Use of

and ROA

ROA

Demeaned Use of

NAVEX Descr__ChartUsageAssets

Demeaned Usage

034611720000000001041233920000000002052043010000000001303036709999999992724370600000000328796972999999997292802831000000023582939379999999829093753400000001-10216799999999999010042090195000000000003-10926800000000001039922000000000002109195-14736787029999999999996E-210065599999999999

Demeaned Usage

034611720000000001041233920000000002052043010000000001303036709999999992724370600000000328796972999999997292802831000000023582939379999999829093753400000001-10216799999999999010042090195000000000003-10926800000000001039922000000000002109195-14736787029999999999996E-210065599999999999LEGALt+1 to t+3

064732000000000001069335999999999998067452999999999996151116000000000011135207198099999999999528810899999999999224461999999999981625

Demeaned Usage

OSHA (t+1 to t+3)

Demeaned Usage

034611720000000001041233920000000002052043010000000001303036709999999992724370600000000328796972999999997292802831000000023582939379999999829093753400000001-10216799999999999010042090195000000000003-10926800000000001039922000000000002109195-14736787029999999999996E-210065599999999999OSHAt+1 to t+3

32469999999999999E-255050000000000002E-232840000000000001E-272289999999999993E-269769999999999999E-287190000000000004E-2027245000000000003024789018059

Demeaned Usage

of OSHA Reports

Demeaned Usage

034611720000000001041233920000000002052043010000000001303036709999999992724370600000000328796972999999997292802831000000023582939379999999829093753400000001-10216799999999999010042090195000000000003-10926800000000001039922000000000002109195-14736787029999999999996E-210065599999999999ROA

-60650999999999997E-2-31608999999999998E-2-76350000000000003E-339156000000000003E-228538000000000001E-236477999999999997E-254934999999999998E-257286999999999998E-244892000000000001E-2

ROA

NAVEX Descr__ChartUsageEmploy

Demeaned Usage

076670000000000005098109999999999997115009999999999996579900000000000362432999999999996634290000000000025153499999999999756993099999999998481295-1019230000000000133279999999999997E-2085382000000000002-09766200000000000403955199999999999810785899999999999-15882700000000001016908000000000001105488

Demeaned Usage

076670000000000005098109999999999997115009999999999996579900000000000362432999999999996634290000000000025153499999999999756993099999999998481295-1019230000000000133279999999999997E-2085382000000000002-09766200000000000403955199999999999810785899999999999-15882700000000001016908000000000001105488LEGALt+1 to t+3

064732000000000001069335999999999998067452999999999996151116000000000011135207198099999999999528810899999999999224461999999999981625

Demeaned Usage

076670000000000005098109999999999997115009999999999996579900000000000362432999999999996634290000000000025153499999999999756993099999999998481295-1019230000000000133279999999999997E-2085382000000000002-09766200000000000403955199999999999810785899999999999-15882700000000001016908000000000001105488OSHAt+1 to t+3

32469999999999999E-255050000000000002E-232840000000000001E-272289999999999993E-269769999999999999E-287190000000000004E-2027245000000000003024789018059

Demeaned Usage

of OSHA Reports

NAVEX ROA Simple

Quintile

Average ROA

Demeaned Use of

NAVEX ROA Simple (2)

Average ROA

Demeaned Use of

NAVEX ROA Complex

NAVEX Descr (4)

LEGALt+1 to t+312345201556999999999991300813520509357499999999999710744199999999999USAGE12345-163287-043558999999999998020823068006999999999995117994

Quintile

Demeaned Use of

Quintile

Demeaned Use of

Pros

Cons

Thank You

Agenda
Presented By
Thank You

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017		1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009		2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014		3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007		4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013		5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA

									1		-163		0021

					LEGALt+1			OSHAt+1			2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		021		0017

									4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA				$ Assets		USAGE		Nobs	Assets ($mm)	USAGE	ROA	$ Assets	USAGE	USAGE	ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060				SMALL		LOW		636	34612	-102	-0060	SMALL	LOW	-102	-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029				SMALL		MEDIUM		637	41234	010	-0029	SMALL	MEDIUM	010	-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003				SMALL		HIGH		636	52043	090	0003	SMALL	HIGH	090	0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047				MEDIUM		LOW		636	303037	-109	0047	MEDIUM	LOW	-109	0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031				MEDIUM		MEDIUM		637	272437	040	0031	MEDIUM	MEDIUM	040	0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042				MEDIUM		HIGH		636	287970	109	0042	MEDIUM	HIGH	109	0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043				LARGE		LOW		636	2928028	-147	0043	LARGE	LOW	-147	0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045				LARGE		MEDIUM		637	3582939	009	0045	LARGE	MEDIUM	009	0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039				LARGE		HIGH		636	2909375	101	0039	LARGE	HIGH	101	0039

All		5727		1156927		000		043		137		004		012		0018							0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017		1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009		2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014		3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007		4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013		5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA

									1		-163		0021

					LEGALt+1			OSHAt+1			2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		021		0017

									4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA				$ Assets		USAGE		Nobs	Assets ($mm)	USAGE	ROA	$ Assets	USAGE	USAGE	ROA

																		USAGE		USAGE		ROA

SMALL	LOW		636		34612		-102		019		058		000		002		-0060				SMALL		LOW		636	34612	-102	-0060	SMALL	LOW	-102	-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029				SMALL		MEDIUM		637	41234	010	-0029	SMALL	MEDIUM	010	-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003				SMALL		HIGH		636	52043	090	0003	SMALL	HIGH	090	0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047				MEDIUM		LOW		636	303037	-109	0047	MEDIUM	LOW	-109	0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031				MEDIUM		MEDIUM		637	272437	040	0031	MEDIUM	MEDIUM	040	0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042				MEDIUM		HIGH		636	287970	109	0042	MEDIUM	HIGH	109	0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043				LARGE		LOW		636	2928028	-147	0043	LARGE	LOW	-147	0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045				LARGE		MEDIUM		637	3582939	009	0045	LARGE	MEDIUM	009	0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039				LARGE		HIGH		636	2909375	101	0039	LARGE	HIGH	101	0039

All		5727		1156927		000		043		137		004		012		0018							0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017			1 Quintile		-163		017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009			2 Quintile		-044		009

3	1145		021		043		135		004		014		0017			3		3		021		135		014			3 Quintile		021		014

4	1146		068		031		094		003		007		0023			4		4		068		094		007			4 Quintile		068		007

5	1145		118		035		107		004		013		0032			5		5		118		107		013			5 Quintile		118		013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA				USAGE		ROA

									1		-102		-0060		-0044		1		-163		0021

					LEGALt+1			OSHAt+1			2		010		-0029		-0013		2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		090		0003		0017		3		021		0017

									4		-109		0047		0023		4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		040		0031			5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032			109		0042

SMALL	HIGH		638		115		085		022		067		001		003		-0008			-147367		0043

MEDIUM	LOW		634		658		-098		048		151		002		007		0039			008703		0045

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029			100656		0039

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017			1 Quintile		-163		017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009			2 Quintile		-044		009

3	1145		021		043		135		004		014		0017			3		3		021		135		014			3 Quintile		021		014

4	1146		068		031		094		003		007		0023			4		4		068		094		007			4 Quintile		068		007

5	1145		118		035		107		004		013		0032			5		5		118		107		013			5 Quintile		118		013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA				USAGE		ROA

									1		-163		0021		0008		1		-163		0021

					LEGALt+1			OSHAt+1			2		-044		-0004		0006		2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		021		0017		0017		3		021		0017

									4		068		0023		0023		4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		118		0032			5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018

								demeaned

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


1	1145		-163		063		202		005		017		002

2	1146		-044		043		130		003		009		-000

3	1145		021		043		135		004		014		002

4	1146		068		031		094		003		007		002

5	1145		118		035		107		004		013		003

All	5727		000		043		137		004		012		002


Means by Usage within Employees tercile

					LEGALt+1			OSHAt+1									LEGALt+1			OSHAt+1

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA						USAGE			to t+3			to t+3

												Emp (000s)		Demeaned Usage			LEGALt+1 to t+3			OSHAt+1 to t+3

SMALL	LOW		638		077		-102		023		065		000		003		-0060651		24		Compliance User		SMALL		08		-102		Compliance User		065		Compliance User		003

SMALL	MEDIUM		639		098		003		026		069		001		006		-0031609		27		Moderate User		SMALL		10		003		Moderate User		069		Moderate User		006

SMALL	HIGH		638		115		085		022		067		001		003		-0007635		32		Power User		SMALL		12		085		Power User		067		Power User		003

MEDIUM	LOW		634		658		-098		048		151		002		007		0039156

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0028538		133		Compliance User		MEDIUM		66		-098		Compliance User		151		Compliance User		007

MEDIUM	HIGH		634		634		108		025		072		003		009		0036478		128		Moderate User		MEDIUM		62		040		Moderate User		114		Moderate User		007

LARGE	LOW		636		5154		-159		091		288		009		027		0054935		138		Power User		MEDIUM		63		108		Power User		072		Power User		009

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057287

LARGE	HIGH		636		4813		105		051		163		006		018		0044892		692		Compliance User		LARGE		515		-159		Compliance User		288		Compliance User		027

All		5727		1985		000		043		137		004		012		0017861		737		Moderate User		LARGE		570		017		Moderate User		224		Moderate User		025

									708		Power User		LARGE		481		105		Power User		163		Power User		018


Means by Usage within $ Assets tercile

					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA				$ Assets		USAGE		Assets ($mm)		USAGE


SMALL	LOW		636		34612		-102		019		058		000		002		-0059816				SMALL		LOW		9671079		-073586

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0028531				SMALL		MEDIUM		10463027		012459

SMALL	HIGH		636		52043		090		022		064		002		004		0002798				SMALL		HIGH		11805909		069878

MEDIUM	LOW		636		303037		-109		046		140		003		010		0046628				MEDIUM		LOW		57312214		-10509

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0030956				MEDIUM		MEDIUM		56860544		014806

MEDIUM	HIGH		636		287970		109		024		074		003		008		0041846				MEDIUM		HIGH		58318638		080995

LARGE	LOW		636		2928028		-147		095		309		008		025		0043323				LARGE		LOW		406915901		-092156

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0044578				LARGE		MEDIUM		454727145		011543

LARGE	HIGH		636		2909375		101		055		175		006		020		0038978				LARGE		HIGH		361468643		079595

All		5727		1156927		000		043		137		004		012		0017861


Means by Employees quintile

				LEGALt+1			OSHAt+1

Quintile	Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


1	627		145		002		030		081		001		006

2	628		562		006		035		121		003		010

3	628		1267		004		053		171		004		012

4	628		2874		-006		061		190		005		017

5	627		9717		-006		104		330		012		038

All	3138		2912		-000		057		186		005		016




Means by Assets ($mm) quintile

				LEGALt+1			OSHAt+1

Quintile	Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


1	627		54621		002		027		083		001		005

2	628		220334		003		033		101		002		010

3	628		546734		-003		047		166		005		014

4	628		1379930		001		066		212		005		018

5	627		5733372		-002		112		351		012		037

All	3138		1586165		-000		057		186		005		016

								demeaned

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


1	1145		-163		063		202		005		017		002

2	1146		-044		043		130		003		009		-000

3	1145		021		043		135		004		014		002

4	1146		068		031		094		003		007		002

5	1145		118		035		107		004		013		003

All	5727		000		043		137		004		012		002


Means by Usage within Employees tercile

					LEGALt+1			OSHAt+1									LEGALt+1			OSHAt+1

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA						USAGE			to t+3			to t+3

									Assets ($mm)				Assets ($bn)		Demeaned Usage			LEGALt+1 to t+3			OSHAt+1 to t+3		ROA

SMALL	LOW		638		077		-102		023		065		000		003		-0060651		34612		Compliance User		SMALL		035		-102		Compliance User		065		Compliance User		003		-006

SMALL	MEDIUM		639		098		003		026		069		001		006		-0031609		41234		Moderate User		SMALL		041		010		Moderate User		069		Moderate User		006		-003

SMALL	HIGH		638		115		085		022		067		001		003		-0007635		52043		Power User		SMALL		052		090		Power User		067		Power User		003		-001

MEDIUM	LOW		634		658		-098		048		151		002		007		0039156

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0028538		303037		Compliance User		MEDIUM		303		-109		Compliance User		151		Compliance User		007		004

MEDIUM	HIGH		634		634		108		025		072		003		009		0036478		272437		Moderate User		MEDIUM		272		040		Moderate User		114		Moderate User		007		003

LARGE	LOW		636		5154		-159		091		288		009		027		0054935		287970		Power User		MEDIUM		288		109		Power User		072		Power User		009		004

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057287

LARGE	HIGH		636		4813		105		051		163		006		018		0044892		2928028		Compliance User		LARGE		2928		-147		Compliance User		288		Compliance User		027		005

All		5727		1985		000		043		137		004		012		0017861		3582939		Moderate User		LARGE		3583		009		Moderate User		224		Moderate User		025		006

									2909375		Power User		LARGE		2909		101		Power User		163		Power User		018		004

									158616521

Means by Usage within $ Assets tercile

					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA				Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


SMALL	LOW		636		34612		-102		019		058		000		002		-0059816				9671079		-073586		036271		134503		0010309		007059		007059

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0028531				10463027		012459		032646		086885		0023973		00625		00625

SMALL	HIGH		636		52043		090		022		064		002		004		0002798				11805909		069878		022654		067249		0017065		005797		005797

MEDIUM	LOW		636		303037		-109		046		140		003		010		0046628

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0030956				57312214		-10509		052308		165926		0053498		016495		016495

MEDIUM	HIGH		636		287970		109		024		074		003		008		0041846				56860544		014806		037838		129121		0042345		012371		012371

LARGE	LOW		636		2928028		-147		095		309		008		025		0043323				58318638		080995		038944		135577		0060403		016749		016749

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0044578

LARGE	HIGH		636		2909375		101		055		175		006		020		0038978				406915901		-092156		12963		392164		0095023		030994		030994

All		5727		1156927		000		043		137		004		012		0017861				454727145		011543		086986		295028		0085443		027919		027919

											361468643		079595		071812		207805		0078498		025		025


Means by Employees quintile

				LEGALt+1			OSHAt+1

Quintile	Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


1	627		145		002		030		081		001		006

2	628		562		006		035		121		003		010

3	628		1267		004		053		171		004		012

4	628		2874		-006		061		190		005		017

5	627		9717		-006		104		330		012		038

All	3138		2912		-000		057		186		005		016




Means by Assets ($mm) quintile

				LEGALt+1			OSHAt+1

Quintile	Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


1	627		54621		002		027		083		001		005

2	628		220334		003		033		101		002		010

3	628		546734		-003		047		166		005		014

4	628		1379930		001		066		212		005		018

5	627		5733372		-002		112		351		012		037

All	3138		1586165		-000		057		186		005		016

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3		ROA		Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017		0021		1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009		-0004		2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014		0017		3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007		0023		4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013		0032		5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3		ROA

									Low		-103		166		013		0008

					LEGALt+1			OSHAt+1			Medium		015		120		010		0012

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		High		093		101		010		0028


SMALL	LOW		638		077		-102		023		065		000		003		-0061

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3		ROA		Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017		0021		1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009		-0004		2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014		0017		3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007		0023		4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013		0032		5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3		ROA

									Low		-103		166		013		0008

					LEGALt+1			OSHAt+1			Medium		015		120		010		0012

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		High		093		101		010		0028


SMALL	LOW		638		077		-102		023		065		000		003		-0061

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017	1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009	2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014	3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007	4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013	5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA

									1		-163		0021

					LEGALt+1			OSHAt+1			2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		021		0017

									4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018

Page 7: Top 10 Ethics & Compliance Trends for 2019 · ─Recalibrate business model against an ethical yardstick • Align Leadership − Policies, incentives and accolades should reinforce

minus GDPR

68

69

70

71

72

73

2014 2015 2016 2017

May 25rdquo

bull Understand

-110

-075

-040

-005

030

065

100

110

120

130

140

150

160

170

Low Medium HighD

emea

ned

Use

of

Whi

stle

blow

ing

Syst

em

Aver

age

of

Mat

eria

l Law

suits

Chart3

Demeaned Use of

NAVEX Descr

and OSHA Reports

Quintile

Demeaned Use of

LEGALt+1 to t+312345201556999999999991300813520509357499999999999710744199999999999USAGE12345-163287-043558999999999998020823068006999999999995117994

Quintile

Demeaned Use of

and ROA

Quintile

ROA

Demeaned Use of

NAVEX Descr (2)

and OSHA Reports

and ROA

ROA

NAVEX Descr (3)

and OSHA Reports

Demeaned Use of

and ROA

ROA

Demeaned Use of

NAVEX Descr__ChartUsageAssets

Demeaned Usage

034611720000000001041233920000000002052043010000000001303036709999999992724370600000000328796972999999997292802831000000023582939379999999829093753400000001-10216799999999999010042090195000000000003-10926800000000001039922000000000002109195-14736787029999999999996E-210065599999999999

Demeaned Usage

034611720000000001041233920000000002052043010000000001303036709999999992724370600000000328796972999999997292802831000000023582939379999999829093753400000001-10216799999999999010042090195000000000003-10926800000000001039922000000000002109195-14736787029999999999996E-210065599999999999LEGALt+1 to t+3

064732000000000001069335999999999998067452999999999996151116000000000011135207198099999999999528810899999999999224461999999999981625

Demeaned Usage

OSHA (t+1 to t+3)

Demeaned Usage

034611720000000001041233920000000002052043010000000001303036709999999992724370600000000328796972999999997292802831000000023582939379999999829093753400000001-10216799999999999010042090195000000000003-10926800000000001039922000000000002109195-14736787029999999999996E-210065599999999999OSHAt+1 to t+3

32469999999999999E-255050000000000002E-232840000000000001E-272289999999999993E-269769999999999999E-287190000000000004E-2027245000000000003024789018059

Demeaned Usage

of OSHA Reports

Demeaned Usage

034611720000000001041233920000000002052043010000000001303036709999999992724370600000000328796972999999997292802831000000023582939379999999829093753400000001-10216799999999999010042090195000000000003-10926800000000001039922000000000002109195-14736787029999999999996E-210065599999999999ROA

-60650999999999997E-2-31608999999999998E-2-76350000000000003E-339156000000000003E-228538000000000001E-236477999999999997E-254934999999999998E-257286999999999998E-244892000000000001E-2

ROA

NAVEX Descr__ChartUsageEmploy

Demeaned Usage

076670000000000005098109999999999997115009999999999996579900000000000362432999999999996634290000000000025153499999999999756993099999999998481295-1019230000000000133279999999999997E-2085382000000000002-09766200000000000403955199999999999810785899999999999-15882700000000001016908000000000001105488

Demeaned Usage

076670000000000005098109999999999997115009999999999996579900000000000362432999999999996634290000000000025153499999999999756993099999999998481295-1019230000000000133279999999999997E-2085382000000000002-09766200000000000403955199999999999810785899999999999-15882700000000001016908000000000001105488LEGALt+1 to t+3

064732000000000001069335999999999998067452999999999996151116000000000011135207198099999999999528810899999999999224461999999999981625

Demeaned Usage

076670000000000005098109999999999997115009999999999996579900000000000362432999999999996634290000000000025153499999999999756993099999999998481295-1019230000000000133279999999999997E-2085382000000000002-09766200000000000403955199999999999810785899999999999-15882700000000001016908000000000001105488OSHAt+1 to t+3

32469999999999999E-255050000000000002E-232840000000000001E-272289999999999993E-269769999999999999E-287190000000000004E-2027245000000000003024789018059

Demeaned Usage

of OSHA Reports

NAVEX ROA Simple

Quintile

Average ROA

Demeaned Use of

NAVEX ROA Simple (2)

Average ROA

Demeaned Use of

NAVEX ROA Complex

NAVEX Descr (4)

LEGALt+1 to t+312345201556999999999991300813520509357499999999999710744199999999999USAGE12345-163287-043558999999999998020823068006999999999995117994

Quintile

Demeaned Use of

Quintile

Demeaned Use of

Pros

Cons

Thank You

Agenda
Presented By
Thank You

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017		1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009		2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014		3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007		4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013		5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA

									1		-163		0021

					LEGALt+1			OSHAt+1			2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		021		0017

									4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA				$ Assets		USAGE		Nobs	Assets ($mm)	USAGE	ROA	$ Assets	USAGE	USAGE	ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060				SMALL		LOW		636	34612	-102	-0060	SMALL	LOW	-102	-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029				SMALL		MEDIUM		637	41234	010	-0029	SMALL	MEDIUM	010	-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003				SMALL		HIGH		636	52043	090	0003	SMALL	HIGH	090	0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047				MEDIUM		LOW		636	303037	-109	0047	MEDIUM	LOW	-109	0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031				MEDIUM		MEDIUM		637	272437	040	0031	MEDIUM	MEDIUM	040	0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042				MEDIUM		HIGH		636	287970	109	0042	MEDIUM	HIGH	109	0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043				LARGE		LOW		636	2928028	-147	0043	LARGE	LOW	-147	0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045				LARGE		MEDIUM		637	3582939	009	0045	LARGE	MEDIUM	009	0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039				LARGE		HIGH		636	2909375	101	0039	LARGE	HIGH	101	0039

All		5727		1156927		000		043		137		004		012		0018							0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017		1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009		2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014		3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007		4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013		5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA

									1		-163		0021

					LEGALt+1			OSHAt+1			2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		021		0017

									4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA				$ Assets		USAGE		Nobs	Assets ($mm)	USAGE	ROA	$ Assets	USAGE	USAGE	ROA

																		USAGE		USAGE		ROA

SMALL	LOW		636		34612		-102		019		058		000		002		-0060				SMALL		LOW		636	34612	-102	-0060	SMALL	LOW	-102	-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029				SMALL		MEDIUM		637	41234	010	-0029	SMALL	MEDIUM	010	-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003				SMALL		HIGH		636	52043	090	0003	SMALL	HIGH	090	0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047				MEDIUM		LOW		636	303037	-109	0047	MEDIUM	LOW	-109	0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031				MEDIUM		MEDIUM		637	272437	040	0031	MEDIUM	MEDIUM	040	0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042				MEDIUM		HIGH		636	287970	109	0042	MEDIUM	HIGH	109	0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043				LARGE		LOW		636	2928028	-147	0043	LARGE	LOW	-147	0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045				LARGE		MEDIUM		637	3582939	009	0045	LARGE	MEDIUM	009	0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039				LARGE		HIGH		636	2909375	101	0039	LARGE	HIGH	101	0039

All		5727		1156927		000		043		137		004		012		0018							0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017			1 Quintile		-163		017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009			2 Quintile		-044		009

3	1145		021		043		135		004		014		0017			3		3		021		135		014			3 Quintile		021		014

4	1146		068		031		094		003		007		0023			4		4		068		094		007			4 Quintile		068		007

5	1145		118		035		107		004		013		0032			5		5		118		107		013			5 Quintile		118		013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA				USAGE		ROA

									1		-102		-0060		-0044		1		-163		0021

					LEGALt+1			OSHAt+1			2		010		-0029		-0013		2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		090		0003		0017		3		021		0017

									4		-109		0047		0023		4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		040		0031			5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032			109		0042

SMALL	HIGH		638		115		085		022		067		001		003		-0008			-147367		0043

MEDIUM	LOW		634		658		-098		048		151		002		007		0039			008703		0045

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029			100656		0039

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017			1 Quintile		-163		017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009			2 Quintile		-044		009

3	1145		021		043		135		004		014		0017			3		3		021		135		014			3 Quintile		021		014

4	1146		068		031		094		003		007		0023			4		4		068		094		007			4 Quintile		068		007

5	1145		118		035		107		004		013		0032			5		5		118		107		013			5 Quintile		118		013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA				USAGE		ROA

									1		-163		0021		0008		1		-163		0021

					LEGALt+1			OSHAt+1			2		-044		-0004		0006		2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		021		0017		0017		3		021		0017

									4		068		0023		0023		4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		118		0032			5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018

								demeaned

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


1	1145		-163		063		202		005		017		002

2	1146		-044		043		130		003		009		-000

3	1145		021		043		135		004		014		002

4	1146		068		031		094		003		007		002

5	1145		118		035		107		004		013		003

All	5727		000		043		137		004		012		002


Means by Usage within Employees tercile

					LEGALt+1			OSHAt+1									LEGALt+1			OSHAt+1

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA						USAGE			to t+3			to t+3

												Emp (000s)		Demeaned Usage			LEGALt+1 to t+3			OSHAt+1 to t+3

SMALL	LOW		638		077		-102		023		065		000		003		-0060651		24		Compliance User		SMALL		08		-102		Compliance User		065		Compliance User		003

SMALL	MEDIUM		639		098		003		026		069		001		006		-0031609		27		Moderate User		SMALL		10		003		Moderate User		069		Moderate User		006

SMALL	HIGH		638		115		085		022		067		001		003		-0007635		32		Power User		SMALL		12		085		Power User		067		Power User		003

MEDIUM	LOW		634		658		-098		048		151		002		007		0039156

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0028538		133		Compliance User		MEDIUM		66		-098		Compliance User		151		Compliance User		007

MEDIUM	HIGH		634		634		108		025		072		003		009		0036478		128		Moderate User		MEDIUM		62		040		Moderate User		114		Moderate User		007

LARGE	LOW		636		5154		-159		091		288		009		027		0054935		138		Power User		MEDIUM		63		108		Power User		072		Power User		009

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057287

LARGE	HIGH		636		4813		105		051		163		006		018		0044892		692		Compliance User		LARGE		515		-159		Compliance User		288		Compliance User		027

All		5727		1985		000		043		137		004		012		0017861		737		Moderate User		LARGE		570		017		Moderate User		224		Moderate User		025

									708		Power User		LARGE		481		105		Power User		163		Power User		018


Means by Usage within $ Assets tercile

					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA				$ Assets		USAGE		Assets ($mm)		USAGE


SMALL	LOW		636		34612		-102		019		058		000		002		-0059816				SMALL		LOW		9671079		-073586

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0028531				SMALL		MEDIUM		10463027		012459

SMALL	HIGH		636		52043		090		022		064		002		004		0002798				SMALL		HIGH		11805909		069878

MEDIUM	LOW		636		303037		-109		046		140		003		010		0046628				MEDIUM		LOW		57312214		-10509

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0030956				MEDIUM		MEDIUM		56860544		014806

MEDIUM	HIGH		636		287970		109		024		074		003		008		0041846				MEDIUM		HIGH		58318638		080995

LARGE	LOW		636		2928028		-147		095		309		008		025		0043323				LARGE		LOW		406915901		-092156

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0044578				LARGE		MEDIUM		454727145		011543

LARGE	HIGH		636		2909375		101		055		175		006		020		0038978				LARGE		HIGH		361468643		079595

All		5727		1156927		000		043		137		004		012		0017861


Means by Employees quintile

				LEGALt+1			OSHAt+1

Quintile	Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


1	627		145		002		030		081		001		006

2	628		562		006		035		121		003		010

3	628		1267		004		053		171		004		012

4	628		2874		-006		061		190		005		017

5	627		9717		-006		104		330		012		038

All	3138		2912		-000		057		186		005		016




Means by Assets ($mm) quintile

				LEGALt+1			OSHAt+1

Quintile	Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


1	627		54621		002		027		083		001		005

2	628		220334		003		033		101		002		010

3	628		546734		-003		047		166		005		014

4	628		1379930		001		066		212		005		018

5	627		5733372		-002		112		351		012		037

All	3138		1586165		-000		057		186		005		016

								demeaned

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


1	1145		-163		063		202		005		017		002

2	1146		-044		043		130		003		009		-000

3	1145		021		043		135		004		014		002

4	1146		068		031		094		003		007		002

5	1145		118		035		107		004		013		003

All	5727		000		043		137		004		012		002


Means by Usage within Employees tercile

					LEGALt+1			OSHAt+1									LEGALt+1			OSHAt+1

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA						USAGE			to t+3			to t+3

									Assets ($mm)				Assets ($bn)		Demeaned Usage			LEGALt+1 to t+3			OSHAt+1 to t+3		ROA

SMALL	LOW		638		077		-102		023		065		000		003		-0060651		34612		Compliance User		SMALL		035		-102		Compliance User		065		Compliance User		003		-006

SMALL	MEDIUM		639		098		003		026		069		001		006		-0031609		41234		Moderate User		SMALL		041		010		Moderate User		069		Moderate User		006		-003

SMALL	HIGH		638		115		085		022		067		001		003		-0007635		52043		Power User		SMALL		052		090		Power User		067		Power User		003		-001

MEDIUM	LOW		634		658		-098		048		151		002		007		0039156

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0028538		303037		Compliance User		MEDIUM		303		-109		Compliance User		151		Compliance User		007		004

MEDIUM	HIGH		634		634		108		025		072		003		009		0036478		272437		Moderate User		MEDIUM		272		040		Moderate User		114		Moderate User		007		003

LARGE	LOW		636		5154		-159		091		288		009		027		0054935		287970		Power User		MEDIUM		288		109		Power User		072		Power User		009		004

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057287

LARGE	HIGH		636		4813		105		051		163		006		018		0044892		2928028		Compliance User		LARGE		2928		-147		Compliance User		288		Compliance User		027		005

All		5727		1985		000		043		137		004		012		0017861		3582939		Moderate User		LARGE		3583		009		Moderate User		224		Moderate User		025		006

									2909375		Power User		LARGE		2909		101		Power User		163		Power User		018		004

									158616521

Means by Usage within $ Assets tercile

					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA				Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


SMALL	LOW		636		34612		-102		019		058		000		002		-0059816				9671079		-073586		036271		134503		0010309		007059		007059

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0028531				10463027		012459		032646		086885		0023973		00625		00625

SMALL	HIGH		636		52043		090		022		064		002		004		0002798				11805909		069878		022654		067249		0017065		005797		005797

MEDIUM	LOW		636		303037		-109		046		140		003		010		0046628

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0030956				57312214		-10509		052308		165926		0053498		016495		016495

MEDIUM	HIGH		636		287970		109		024		074		003		008		0041846				56860544		014806		037838		129121		0042345		012371		012371

LARGE	LOW		636		2928028		-147		095		309		008		025		0043323				58318638		080995		038944		135577		0060403		016749		016749

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0044578

LARGE	HIGH		636		2909375		101		055		175		006		020		0038978				406915901		-092156		12963		392164		0095023		030994		030994

All		5727		1156927		000		043		137		004		012		0017861				454727145		011543		086986		295028		0085443		027919		027919

											361468643		079595		071812		207805		0078498		025		025


Means by Employees quintile

				LEGALt+1			OSHAt+1

Quintile	Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


1	627		145		002		030		081		001		006

2	628		562		006		035		121		003		010

3	628		1267		004		053		171		004		012

4	628		2874		-006		061		190		005		017

5	627		9717		-006		104		330		012		038

All	3138		2912		-000		057		186		005		016




Means by Assets ($mm) quintile

				LEGALt+1			OSHAt+1

Quintile	Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


1	627		54621		002		027		083		001		005

2	628		220334		003		033		101		002		010

3	628		546734		-003		047		166		005		014

4	628		1379930		001		066		212		005		018

5	627		5733372		-002		112		351		012		037

All	3138		1586165		-000		057		186		005		016

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3		ROA		Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017		0021		1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009		-0004		2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014		0017		3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007		0023		4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013		0032		5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3		ROA

									Low		-103		166		013		0008

					LEGALt+1			OSHAt+1			Medium		015		120		010		0012

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		High		093		101		010		0028


SMALL	LOW		638		077		-102		023		065		000		003		-0061

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3		ROA		Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017		0021		1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009		-0004		2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014		0017		3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007		0023		4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013		0032		5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3		ROA

									Low		-103		166		013		0008

					LEGALt+1			OSHAt+1			Medium		015		120		010		0012

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		High		093		101		010		0028


SMALL	LOW		638		077		-102		023		065		000		003		-0061

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017	1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009	2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014	3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007	4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013	5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA

									1		-163		0021

					LEGALt+1			OSHAt+1			2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		021		0017

									4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018

Page 8: Top 10 Ethics & Compliance Trends for 2019 · ─Recalibrate business model against an ethical yardstick • Align Leadership − Policies, incentives and accolades should reinforce

minus GDPR

68

69

70

71

72

73

2014 2015 2016 2017

May 25rdquo

bull Understand

-110

-075

-040

-005

030

065

100

110

120

130

140

150

160

170

Low Medium HighD

emea

ned

Use

of

Whi

stle

blow

ing

Syst

em

Aver

age

of

Mat

eria

l Law

suits

Chart3

Demeaned Use of

NAVEX Descr

and OSHA Reports

Quintile

Demeaned Use of

LEGALt+1 to t+312345201556999999999991300813520509357499999999999710744199999999999USAGE12345-163287-043558999999999998020823068006999999999995117994

Quintile

Demeaned Use of

and ROA

Quintile

ROA

Demeaned Use of

NAVEX Descr (2)

and OSHA Reports

and ROA

ROA

NAVEX Descr (3)

and OSHA Reports

Demeaned Use of

and ROA

ROA

Demeaned Use of

NAVEX Descr__ChartUsageAssets

Demeaned Usage

034611720000000001041233920000000002052043010000000001303036709999999992724370600000000328796972999999997292802831000000023582939379999999829093753400000001-10216799999999999010042090195000000000003-10926800000000001039922000000000002109195-14736787029999999999996E-210065599999999999

Demeaned Usage

034611720000000001041233920000000002052043010000000001303036709999999992724370600000000328796972999999997292802831000000023582939379999999829093753400000001-10216799999999999010042090195000000000003-10926800000000001039922000000000002109195-14736787029999999999996E-210065599999999999LEGALt+1 to t+3

064732000000000001069335999999999998067452999999999996151116000000000011135207198099999999999528810899999999999224461999999999981625

Demeaned Usage

OSHA (t+1 to t+3)

Demeaned Usage

034611720000000001041233920000000002052043010000000001303036709999999992724370600000000328796972999999997292802831000000023582939379999999829093753400000001-10216799999999999010042090195000000000003-10926800000000001039922000000000002109195-14736787029999999999996E-210065599999999999OSHAt+1 to t+3

32469999999999999E-255050000000000002E-232840000000000001E-272289999999999993E-269769999999999999E-287190000000000004E-2027245000000000003024789018059

Demeaned Usage

of OSHA Reports

Demeaned Usage

034611720000000001041233920000000002052043010000000001303036709999999992724370600000000328796972999999997292802831000000023582939379999999829093753400000001-10216799999999999010042090195000000000003-10926800000000001039922000000000002109195-14736787029999999999996E-210065599999999999ROA

-60650999999999997E-2-31608999999999998E-2-76350000000000003E-339156000000000003E-228538000000000001E-236477999999999997E-254934999999999998E-257286999999999998E-244892000000000001E-2

ROA

NAVEX Descr__ChartUsageEmploy

Demeaned Usage

076670000000000005098109999999999997115009999999999996579900000000000362432999999999996634290000000000025153499999999999756993099999999998481295-1019230000000000133279999999999997E-2085382000000000002-09766200000000000403955199999999999810785899999999999-15882700000000001016908000000000001105488

Demeaned Usage

076670000000000005098109999999999997115009999999999996579900000000000362432999999999996634290000000000025153499999999999756993099999999998481295-1019230000000000133279999999999997E-2085382000000000002-09766200000000000403955199999999999810785899999999999-15882700000000001016908000000000001105488LEGALt+1 to t+3

064732000000000001069335999999999998067452999999999996151116000000000011135207198099999999999528810899999999999224461999999999981625

Demeaned Usage

076670000000000005098109999999999997115009999999999996579900000000000362432999999999996634290000000000025153499999999999756993099999999998481295-1019230000000000133279999999999997E-2085382000000000002-09766200000000000403955199999999999810785899999999999-15882700000000001016908000000000001105488OSHAt+1 to t+3

32469999999999999E-255050000000000002E-232840000000000001E-272289999999999993E-269769999999999999E-287190000000000004E-2027245000000000003024789018059

Demeaned Usage

of OSHA Reports

NAVEX ROA Simple

Quintile

Average ROA

Demeaned Use of

NAVEX ROA Simple (2)

Average ROA

Demeaned Use of

NAVEX ROA Complex

NAVEX Descr (4)

LEGALt+1 to t+312345201556999999999991300813520509357499999999999710744199999999999USAGE12345-163287-043558999999999998020823068006999999999995117994

Quintile

Demeaned Use of

Quintile

Demeaned Use of

Pros

Cons

Thank You

Agenda
Presented By
Thank You

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017		1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009		2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014		3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007		4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013		5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA

									1		-163		0021

					LEGALt+1			OSHAt+1			2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		021		0017

									4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA				$ Assets		USAGE		Nobs	Assets ($mm)	USAGE	ROA	$ Assets	USAGE	USAGE	ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060				SMALL		LOW		636	34612	-102	-0060	SMALL	LOW	-102	-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029				SMALL		MEDIUM		637	41234	010	-0029	SMALL	MEDIUM	010	-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003				SMALL		HIGH		636	52043	090	0003	SMALL	HIGH	090	0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047				MEDIUM		LOW		636	303037	-109	0047	MEDIUM	LOW	-109	0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031				MEDIUM		MEDIUM		637	272437	040	0031	MEDIUM	MEDIUM	040	0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042				MEDIUM		HIGH		636	287970	109	0042	MEDIUM	HIGH	109	0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043				LARGE		LOW		636	2928028	-147	0043	LARGE	LOW	-147	0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045				LARGE		MEDIUM		637	3582939	009	0045	LARGE	MEDIUM	009	0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039				LARGE		HIGH		636	2909375	101	0039	LARGE	HIGH	101	0039

All		5727		1156927		000		043		137		004		012		0018							0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017		1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009		2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014		3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007		4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013		5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA

									1		-163		0021

					LEGALt+1			OSHAt+1			2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		021		0017

									4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA				$ Assets		USAGE		Nobs	Assets ($mm)	USAGE	ROA	$ Assets	USAGE	USAGE	ROA

																		USAGE		USAGE		ROA

SMALL	LOW		636		34612		-102		019		058		000		002		-0060				SMALL		LOW		636	34612	-102	-0060	SMALL	LOW	-102	-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029				SMALL		MEDIUM		637	41234	010	-0029	SMALL	MEDIUM	010	-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003				SMALL		HIGH		636	52043	090	0003	SMALL	HIGH	090	0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047				MEDIUM		LOW		636	303037	-109	0047	MEDIUM	LOW	-109	0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031				MEDIUM		MEDIUM		637	272437	040	0031	MEDIUM	MEDIUM	040	0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042				MEDIUM		HIGH		636	287970	109	0042	MEDIUM	HIGH	109	0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043				LARGE		LOW		636	2928028	-147	0043	LARGE	LOW	-147	0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045				LARGE		MEDIUM		637	3582939	009	0045	LARGE	MEDIUM	009	0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039				LARGE		HIGH		636	2909375	101	0039	LARGE	HIGH	101	0039

All		5727		1156927		000		043		137		004		012		0018							0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017			1 Quintile		-163		017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009			2 Quintile		-044		009

3	1145		021		043		135		004		014		0017			3		3		021		135		014			3 Quintile		021		014

4	1146		068		031		094		003		007		0023			4		4		068		094		007			4 Quintile		068		007

5	1145		118		035		107		004		013		0032			5		5		118		107		013			5 Quintile		118		013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA				USAGE		ROA

									1		-102		-0060		-0044		1		-163		0021

					LEGALt+1			OSHAt+1			2		010		-0029		-0013		2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		090		0003		0017		3		021		0017

									4		-109		0047		0023		4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		040		0031			5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032			109		0042

SMALL	HIGH		638		115		085		022		067		001		003		-0008			-147367		0043

MEDIUM	LOW		634		658		-098		048		151		002		007		0039			008703		0045

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029			100656		0039

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017			1 Quintile		-163		017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009			2 Quintile		-044		009

3	1145		021		043		135		004		014		0017			3		3		021		135		014			3 Quintile		021		014

4	1146		068		031		094		003		007		0023			4		4		068		094		007			4 Quintile		068		007

5	1145		118		035		107		004		013		0032			5		5		118		107		013			5 Quintile		118		013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA				USAGE		ROA

									1		-163		0021		0008		1		-163		0021

					LEGALt+1			OSHAt+1			2		-044		-0004		0006		2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		021		0017		0017		3		021		0017

									4		068		0023		0023		4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		118		0032			5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018

								demeaned

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


1	1145		-163		063		202		005		017		002

2	1146		-044		043		130		003		009		-000

3	1145		021		043		135		004		014		002

4	1146		068		031		094		003		007		002

5	1145		118		035		107		004		013		003

All	5727		000		043		137		004		012		002


Means by Usage within Employees tercile

					LEGALt+1			OSHAt+1									LEGALt+1			OSHAt+1

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA						USAGE			to t+3			to t+3

												Emp (000s)		Demeaned Usage			LEGALt+1 to t+3			OSHAt+1 to t+3

SMALL	LOW		638		077		-102		023		065		000		003		-0060651		24		Compliance User		SMALL		08		-102		Compliance User		065		Compliance User		003

SMALL	MEDIUM		639		098		003		026		069		001		006		-0031609		27		Moderate User		SMALL		10		003		Moderate User		069		Moderate User		006

SMALL	HIGH		638		115		085		022		067		001		003		-0007635		32		Power User		SMALL		12		085		Power User		067		Power User		003

MEDIUM	LOW		634		658		-098		048		151		002		007		0039156

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0028538		133		Compliance User		MEDIUM		66		-098		Compliance User		151		Compliance User		007

MEDIUM	HIGH		634		634		108		025		072		003		009		0036478		128		Moderate User		MEDIUM		62		040		Moderate User		114		Moderate User		007

LARGE	LOW		636		5154		-159		091		288		009		027		0054935		138		Power User		MEDIUM		63		108		Power User		072		Power User		009

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057287

LARGE	HIGH		636		4813		105		051		163		006		018		0044892		692		Compliance User		LARGE		515		-159		Compliance User		288		Compliance User		027

All		5727		1985		000		043		137		004		012		0017861		737		Moderate User		LARGE		570		017		Moderate User		224		Moderate User		025

									708		Power User		LARGE		481		105		Power User		163		Power User		018


Means by Usage within $ Assets tercile

					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA				$ Assets		USAGE		Assets ($mm)		USAGE


SMALL	LOW		636		34612		-102		019		058		000		002		-0059816				SMALL		LOW		9671079		-073586

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0028531				SMALL		MEDIUM		10463027		012459

SMALL	HIGH		636		52043		090		022		064		002		004		0002798				SMALL		HIGH		11805909		069878

MEDIUM	LOW		636		303037		-109		046		140		003		010		0046628				MEDIUM		LOW		57312214		-10509

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0030956				MEDIUM		MEDIUM		56860544		014806

MEDIUM	HIGH		636		287970		109		024		074		003		008		0041846				MEDIUM		HIGH		58318638		080995

LARGE	LOW		636		2928028		-147		095		309		008		025		0043323				LARGE		LOW		406915901		-092156

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0044578				LARGE		MEDIUM		454727145		011543

LARGE	HIGH		636		2909375		101		055		175		006		020		0038978				LARGE		HIGH		361468643		079595

All		5727		1156927		000		043		137		004		012		0017861


Means by Employees quintile

				LEGALt+1			OSHAt+1

Quintile	Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


1	627		145		002		030		081		001		006

2	628		562		006		035		121		003		010

3	628		1267		004		053		171		004		012

4	628		2874		-006		061		190		005		017

5	627		9717		-006		104		330		012		038

All	3138		2912		-000		057		186		005		016




Means by Assets ($mm) quintile

				LEGALt+1			OSHAt+1

Quintile	Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


1	627		54621		002		027		083		001		005

2	628		220334		003		033		101		002		010

3	628		546734		-003		047		166		005		014

4	628		1379930		001		066		212		005		018

5	627		5733372		-002		112		351		012		037

All	3138		1586165		-000		057		186		005		016

								demeaned

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


1	1145		-163		063		202		005		017		002

2	1146		-044		043		130		003		009		-000

3	1145		021		043		135		004		014		002

4	1146		068		031		094		003		007		002

5	1145		118		035		107		004		013		003

All	5727		000		043		137		004		012		002


Means by Usage within Employees tercile

					LEGALt+1			OSHAt+1									LEGALt+1			OSHAt+1

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA						USAGE			to t+3			to t+3

									Assets ($mm)				Assets ($bn)		Demeaned Usage			LEGALt+1 to t+3			OSHAt+1 to t+3		ROA

SMALL	LOW		638		077		-102		023		065		000		003		-0060651		34612		Compliance User		SMALL		035		-102		Compliance User		065		Compliance User		003		-006

SMALL	MEDIUM		639		098		003		026		069		001		006		-0031609		41234		Moderate User		SMALL		041		010		Moderate User		069		Moderate User		006		-003

SMALL	HIGH		638		115		085		022		067		001		003		-0007635		52043		Power User		SMALL		052		090		Power User		067		Power User		003		-001

MEDIUM	LOW		634		658		-098		048		151		002		007		0039156

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0028538		303037		Compliance User		MEDIUM		303		-109		Compliance User		151		Compliance User		007		004

MEDIUM	HIGH		634		634		108		025		072		003		009		0036478		272437		Moderate User		MEDIUM		272		040		Moderate User		114		Moderate User		007		003

LARGE	LOW		636		5154		-159		091		288		009		027		0054935		287970		Power User		MEDIUM		288		109		Power User		072		Power User		009		004

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057287

LARGE	HIGH		636		4813		105		051		163		006		018		0044892		2928028		Compliance User		LARGE		2928		-147		Compliance User		288		Compliance User		027		005

All		5727		1985		000		043		137		004		012		0017861		3582939		Moderate User		LARGE		3583		009		Moderate User		224		Moderate User		025		006

									2909375		Power User		LARGE		2909		101		Power User		163		Power User		018		004

									158616521

Means by Usage within $ Assets tercile

					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA				Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


SMALL	LOW		636		34612		-102		019		058		000		002		-0059816				9671079		-073586		036271		134503		0010309		007059		007059

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0028531				10463027		012459		032646		086885		0023973		00625		00625

SMALL	HIGH		636		52043		090		022		064		002		004		0002798				11805909		069878		022654		067249		0017065		005797		005797

MEDIUM	LOW		636		303037		-109		046		140		003		010		0046628

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0030956				57312214		-10509		052308		165926		0053498		016495		016495

MEDIUM	HIGH		636		287970		109		024		074		003		008		0041846				56860544		014806		037838		129121		0042345		012371		012371

LARGE	LOW		636		2928028		-147		095		309		008		025		0043323				58318638		080995		038944		135577		0060403		016749		016749

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0044578

LARGE	HIGH		636		2909375		101		055		175		006		020		0038978				406915901		-092156		12963		392164		0095023		030994		030994

All		5727		1156927		000		043		137		004		012		0017861				454727145		011543		086986		295028		0085443		027919		027919

											361468643		079595		071812		207805		0078498		025		025


Means by Employees quintile

				LEGALt+1			OSHAt+1

Quintile	Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


1	627		145		002		030		081		001		006

2	628		562		006		035		121		003		010

3	628		1267		004		053		171		004		012

4	628		2874		-006		061		190		005		017

5	627		9717		-006		104		330		012		038

All	3138		2912		-000		057		186		005		016




Means by Assets ($mm) quintile

				LEGALt+1			OSHAt+1

Quintile	Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


1	627		54621		002		027		083		001		005

2	628		220334		003		033		101		002		010

3	628		546734		-003		047		166		005		014

4	628		1379930		001		066		212		005		018

5	627		5733372		-002		112		351		012		037

All	3138		1586165		-000		057		186		005		016

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3		ROA		Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017		0021		1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009		-0004		2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014		0017		3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007		0023		4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013		0032		5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3		ROA

									Low		-103		166		013		0008

					LEGALt+1			OSHAt+1			Medium		015		120		010		0012

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		High		093		101		010		0028


SMALL	LOW		638		077		-102		023		065		000		003		-0061

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3		ROA		Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017		0021		1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009		-0004		2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014		0017		3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007		0023		4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013		0032		5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3		ROA

									Low		-103		166		013		0008

					LEGALt+1			OSHAt+1			Medium		015		120		010		0012

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		High		093		101		010		0028


SMALL	LOW		638		077		-102		023		065		000		003		-0061

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017	1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009	2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014	3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007	4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013	5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA

									1		-163		0021

					LEGALt+1			OSHAt+1			2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		021		0017

									4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018

Page 9: Top 10 Ethics & Compliance Trends for 2019 · ─Recalibrate business model against an ethical yardstick • Align Leadership − Policies, incentives and accolades should reinforce

minus GDPR

68

69

70

71

72

73

2014 2015 2016 2017

May 25rdquo

bull Understand

-110

-075

-040

-005

030

065

100

110

120

130

140

150

160

170

Low Medium HighD

emea

ned

Use

of

Whi

stle

blow

ing

Syst

em

Aver

age

of

Mat

eria

l Law

suits

Chart3

Demeaned Use of

NAVEX Descr

and OSHA Reports

Quintile

Demeaned Use of

LEGALt+1 to t+312345201556999999999991300813520509357499999999999710744199999999999USAGE12345-163287-043558999999999998020823068006999999999995117994

Quintile

Demeaned Use of

and ROA

Quintile

ROA

Demeaned Use of

NAVEX Descr (2)

and OSHA Reports

and ROA

ROA

NAVEX Descr (3)

and OSHA Reports

Demeaned Use of

and ROA

ROA

Demeaned Use of

NAVEX Descr__ChartUsageAssets

Demeaned Usage

034611720000000001041233920000000002052043010000000001303036709999999992724370600000000328796972999999997292802831000000023582939379999999829093753400000001-10216799999999999010042090195000000000003-10926800000000001039922000000000002109195-14736787029999999999996E-210065599999999999

Demeaned Usage

034611720000000001041233920000000002052043010000000001303036709999999992724370600000000328796972999999997292802831000000023582939379999999829093753400000001-10216799999999999010042090195000000000003-10926800000000001039922000000000002109195-14736787029999999999996E-210065599999999999LEGALt+1 to t+3

064732000000000001069335999999999998067452999999999996151116000000000011135207198099999999999528810899999999999224461999999999981625

Demeaned Usage

OSHA (t+1 to t+3)

Demeaned Usage

034611720000000001041233920000000002052043010000000001303036709999999992724370600000000328796972999999997292802831000000023582939379999999829093753400000001-10216799999999999010042090195000000000003-10926800000000001039922000000000002109195-14736787029999999999996E-210065599999999999OSHAt+1 to t+3

32469999999999999E-255050000000000002E-232840000000000001E-272289999999999993E-269769999999999999E-287190000000000004E-2027245000000000003024789018059

Demeaned Usage

of OSHA Reports

Demeaned Usage

034611720000000001041233920000000002052043010000000001303036709999999992724370600000000328796972999999997292802831000000023582939379999999829093753400000001-10216799999999999010042090195000000000003-10926800000000001039922000000000002109195-14736787029999999999996E-210065599999999999ROA

-60650999999999997E-2-31608999999999998E-2-76350000000000003E-339156000000000003E-228538000000000001E-236477999999999997E-254934999999999998E-257286999999999998E-244892000000000001E-2

ROA

NAVEX Descr__ChartUsageEmploy

Demeaned Usage

076670000000000005098109999999999997115009999999999996579900000000000362432999999999996634290000000000025153499999999999756993099999999998481295-1019230000000000133279999999999997E-2085382000000000002-09766200000000000403955199999999999810785899999999999-15882700000000001016908000000000001105488

Demeaned Usage

076670000000000005098109999999999997115009999999999996579900000000000362432999999999996634290000000000025153499999999999756993099999999998481295-1019230000000000133279999999999997E-2085382000000000002-09766200000000000403955199999999999810785899999999999-15882700000000001016908000000000001105488LEGALt+1 to t+3

064732000000000001069335999999999998067452999999999996151116000000000011135207198099999999999528810899999999999224461999999999981625

Demeaned Usage

076670000000000005098109999999999997115009999999999996579900000000000362432999999999996634290000000000025153499999999999756993099999999998481295-1019230000000000133279999999999997E-2085382000000000002-09766200000000000403955199999999999810785899999999999-15882700000000001016908000000000001105488OSHAt+1 to t+3

32469999999999999E-255050000000000002E-232840000000000001E-272289999999999993E-269769999999999999E-287190000000000004E-2027245000000000003024789018059

Demeaned Usage

of OSHA Reports

NAVEX ROA Simple

Quintile

Average ROA

Demeaned Use of

NAVEX ROA Simple (2)

Average ROA

Demeaned Use of

NAVEX ROA Complex

NAVEX Descr (4)

LEGALt+1 to t+312345201556999999999991300813520509357499999999999710744199999999999USAGE12345-163287-043558999999999998020823068006999999999995117994

Quintile

Demeaned Use of

Quintile

Demeaned Use of

Pros

Cons

Thank You

Agenda
Presented By
Thank You

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017		1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009		2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014		3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007		4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013		5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA

									1		-163		0021

					LEGALt+1			OSHAt+1			2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		021		0017

									4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA				$ Assets		USAGE		Nobs	Assets ($mm)	USAGE	ROA	$ Assets	USAGE	USAGE	ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060				SMALL		LOW		636	34612	-102	-0060	SMALL	LOW	-102	-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029				SMALL		MEDIUM		637	41234	010	-0029	SMALL	MEDIUM	010	-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003				SMALL		HIGH		636	52043	090	0003	SMALL	HIGH	090	0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047				MEDIUM		LOW		636	303037	-109	0047	MEDIUM	LOW	-109	0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031				MEDIUM		MEDIUM		637	272437	040	0031	MEDIUM	MEDIUM	040	0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042				MEDIUM		HIGH		636	287970	109	0042	MEDIUM	HIGH	109	0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043				LARGE		LOW		636	2928028	-147	0043	LARGE	LOW	-147	0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045				LARGE		MEDIUM		637	3582939	009	0045	LARGE	MEDIUM	009	0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039				LARGE		HIGH		636	2909375	101	0039	LARGE	HIGH	101	0039

All		5727		1156927		000		043		137		004		012		0018							0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017		1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009		2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014		3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007		4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013		5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA

									1		-163		0021

					LEGALt+1			OSHAt+1			2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		021		0017

									4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA				$ Assets		USAGE		Nobs	Assets ($mm)	USAGE	ROA	$ Assets	USAGE	USAGE	ROA

																		USAGE		USAGE		ROA

SMALL	LOW		636		34612		-102		019		058		000		002		-0060				SMALL		LOW		636	34612	-102	-0060	SMALL	LOW	-102	-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029				SMALL		MEDIUM		637	41234	010	-0029	SMALL	MEDIUM	010	-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003				SMALL		HIGH		636	52043	090	0003	SMALL	HIGH	090	0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047				MEDIUM		LOW		636	303037	-109	0047	MEDIUM	LOW	-109	0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031				MEDIUM		MEDIUM		637	272437	040	0031	MEDIUM	MEDIUM	040	0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042				MEDIUM		HIGH		636	287970	109	0042	MEDIUM	HIGH	109	0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043				LARGE		LOW		636	2928028	-147	0043	LARGE	LOW	-147	0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045				LARGE		MEDIUM		637	3582939	009	0045	LARGE	MEDIUM	009	0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039				LARGE		HIGH		636	2909375	101	0039	LARGE	HIGH	101	0039

All		5727		1156927		000		043		137		004		012		0018							0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017			1 Quintile		-163		017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009			2 Quintile		-044		009

3	1145		021		043		135		004		014		0017			3		3		021		135		014			3 Quintile		021		014

4	1146		068		031		094		003		007		0023			4		4		068		094		007			4 Quintile		068		007

5	1145		118		035		107		004		013		0032			5		5		118		107		013			5 Quintile		118		013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA				USAGE		ROA

									1		-102		-0060		-0044		1		-163		0021

					LEGALt+1			OSHAt+1			2		010		-0029		-0013		2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		090		0003		0017		3		021		0017

									4		-109		0047		0023		4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		040		0031			5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032			109		0042

SMALL	HIGH		638		115		085		022		067		001		003		-0008			-147367		0043

MEDIUM	LOW		634		658		-098		048		151		002		007		0039			008703		0045

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029			100656		0039

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017			1 Quintile		-163		017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009			2 Quintile		-044		009

3	1145		021		043		135		004		014		0017			3		3		021		135		014			3 Quintile		021		014

4	1146		068		031		094		003		007		0023			4		4		068		094		007			4 Quintile		068		007

5	1145		118		035		107		004		013		0032			5		5		118		107		013			5 Quintile		118		013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA				USAGE		ROA

									1		-163		0021		0008		1		-163		0021

					LEGALt+1			OSHAt+1			2		-044		-0004		0006		2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		021		0017		0017		3		021		0017

									4		068		0023		0023		4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		118		0032			5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018

								demeaned

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


1	1145		-163		063		202		005		017		002

2	1146		-044		043		130		003		009		-000

3	1145		021		043		135		004		014		002

4	1146		068		031		094		003		007		002

5	1145		118		035		107		004		013		003

All	5727		000		043		137		004		012		002


Means by Usage within Employees tercile

					LEGALt+1			OSHAt+1									LEGALt+1			OSHAt+1

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA						USAGE			to t+3			to t+3

												Emp (000s)		Demeaned Usage			LEGALt+1 to t+3			OSHAt+1 to t+3

SMALL	LOW		638		077		-102		023		065		000		003		-0060651		24		Compliance User		SMALL		08		-102		Compliance User		065		Compliance User		003

SMALL	MEDIUM		639		098		003		026		069		001		006		-0031609		27		Moderate User		SMALL		10		003		Moderate User		069		Moderate User		006

SMALL	HIGH		638		115		085		022		067		001		003		-0007635		32		Power User		SMALL		12		085		Power User		067		Power User		003

MEDIUM	LOW		634		658		-098		048		151		002		007		0039156

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0028538		133		Compliance User		MEDIUM		66		-098		Compliance User		151		Compliance User		007

MEDIUM	HIGH		634		634		108		025		072		003		009		0036478		128		Moderate User		MEDIUM		62		040		Moderate User		114		Moderate User		007

LARGE	LOW		636		5154		-159		091		288		009		027		0054935		138		Power User		MEDIUM		63		108		Power User		072		Power User		009

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057287

LARGE	HIGH		636		4813		105		051		163		006		018		0044892		692		Compliance User		LARGE		515		-159		Compliance User		288		Compliance User		027

All		5727		1985		000		043		137		004		012		0017861		737		Moderate User		LARGE		570		017		Moderate User		224		Moderate User		025

									708		Power User		LARGE		481		105		Power User		163		Power User		018


Means by Usage within $ Assets tercile

					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA				$ Assets		USAGE		Assets ($mm)		USAGE


SMALL	LOW		636		34612		-102		019		058		000		002		-0059816				SMALL		LOW		9671079		-073586

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0028531				SMALL		MEDIUM		10463027		012459

SMALL	HIGH		636		52043		090		022		064		002		004		0002798				SMALL		HIGH		11805909		069878

MEDIUM	LOW		636		303037		-109		046		140		003		010		0046628				MEDIUM		LOW		57312214		-10509

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0030956				MEDIUM		MEDIUM		56860544		014806

MEDIUM	HIGH		636		287970		109		024		074		003		008		0041846				MEDIUM		HIGH		58318638		080995

LARGE	LOW		636		2928028		-147		095		309		008		025		0043323				LARGE		LOW		406915901		-092156

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0044578				LARGE		MEDIUM		454727145		011543

LARGE	HIGH		636		2909375		101		055		175		006		020		0038978				LARGE		HIGH		361468643		079595

All		5727		1156927		000		043		137		004		012		0017861


Means by Employees quintile

				LEGALt+1			OSHAt+1

Quintile	Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


1	627		145		002		030		081		001		006

2	628		562		006		035		121		003		010

3	628		1267		004		053		171		004		012

4	628		2874		-006		061		190		005		017

5	627		9717		-006		104		330		012		038

All	3138		2912		-000		057		186		005		016




Means by Assets ($mm) quintile

				LEGALt+1			OSHAt+1

Quintile	Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


1	627		54621		002		027		083		001		005

2	628		220334		003		033		101		002		010

3	628		546734		-003		047		166		005		014

4	628		1379930		001		066		212		005		018

5	627		5733372		-002		112		351		012		037

All	3138		1586165		-000		057		186		005		016

								demeaned

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


1	1145		-163		063		202		005		017		002

2	1146		-044		043		130		003		009		-000

3	1145		021		043		135		004		014		002

4	1146		068		031		094		003		007		002

5	1145		118		035		107		004		013		003

All	5727		000		043		137		004		012		002


Means by Usage within Employees tercile

					LEGALt+1			OSHAt+1									LEGALt+1			OSHAt+1

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA						USAGE			to t+3			to t+3

									Assets ($mm)				Assets ($bn)		Demeaned Usage			LEGALt+1 to t+3			OSHAt+1 to t+3		ROA

SMALL	LOW		638		077		-102		023		065		000		003		-0060651		34612		Compliance User		SMALL		035		-102		Compliance User		065		Compliance User		003		-006

SMALL	MEDIUM		639		098		003		026		069		001		006		-0031609		41234		Moderate User		SMALL		041		010		Moderate User		069		Moderate User		006		-003

SMALL	HIGH		638		115		085		022		067		001		003		-0007635		52043		Power User		SMALL		052		090		Power User		067		Power User		003		-001

MEDIUM	LOW		634		658		-098		048		151		002		007		0039156

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0028538		303037		Compliance User		MEDIUM		303		-109		Compliance User		151		Compliance User		007		004

MEDIUM	HIGH		634		634		108		025		072		003		009		0036478		272437		Moderate User		MEDIUM		272		040		Moderate User		114		Moderate User		007		003

LARGE	LOW		636		5154		-159		091		288		009		027		0054935		287970		Power User		MEDIUM		288		109		Power User		072		Power User		009		004

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057287

LARGE	HIGH		636		4813		105		051		163		006		018		0044892		2928028		Compliance User		LARGE		2928		-147		Compliance User		288		Compliance User		027		005

All		5727		1985		000		043		137		004		012		0017861		3582939		Moderate User		LARGE		3583		009		Moderate User		224		Moderate User		025		006

									2909375		Power User		LARGE		2909		101		Power User		163		Power User		018		004

									158616521

Means by Usage within $ Assets tercile

					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA				Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


SMALL	LOW		636		34612		-102		019		058		000		002		-0059816				9671079		-073586		036271		134503		0010309		007059		007059

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0028531				10463027		012459		032646		086885		0023973		00625		00625

SMALL	HIGH		636		52043		090		022		064		002		004		0002798				11805909		069878		022654		067249		0017065		005797		005797

MEDIUM	LOW		636		303037		-109		046		140		003		010		0046628

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0030956				57312214		-10509		052308		165926		0053498		016495		016495

MEDIUM	HIGH		636		287970		109		024		074		003		008		0041846				56860544		014806		037838		129121		0042345		012371		012371

LARGE	LOW		636		2928028		-147		095		309		008		025		0043323				58318638		080995		038944		135577		0060403		016749		016749

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0044578

LARGE	HIGH		636		2909375		101		055		175		006		020		0038978				406915901		-092156		12963		392164		0095023		030994		030994

All		5727		1156927		000		043		137		004		012		0017861				454727145		011543		086986		295028		0085443		027919		027919

											361468643		079595		071812		207805		0078498		025		025


Means by Employees quintile

				LEGALt+1			OSHAt+1

Quintile	Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


1	627		145		002		030		081		001		006

2	628		562		006		035		121		003		010

3	628		1267		004		053		171		004		012

4	628		2874		-006		061		190		005		017

5	627		9717		-006		104		330		012		038

All	3138		2912		-000		057		186		005		016




Means by Assets ($mm) quintile

				LEGALt+1			OSHAt+1

Quintile	Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


1	627		54621		002		027		083		001		005

2	628		220334		003		033		101		002		010

3	628		546734		-003		047		166		005		014

4	628		1379930		001		066		212		005		018

5	627		5733372		-002		112		351		012		037

All	3138		1586165		-000		057		186		005		016

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3		ROA		Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017		0021		1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009		-0004		2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014		0017		3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007		0023		4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013		0032		5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3		ROA

									Low		-103		166		013		0008

					LEGALt+1			OSHAt+1			Medium		015		120		010		0012

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		High		093		101		010		0028


SMALL	LOW		638		077		-102		023		065		000		003		-0061

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3		ROA		Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017		0021		1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009		-0004		2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014		0017		3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007		0023		4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013		0032		5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3		ROA

									Low		-103		166		013		0008

					LEGALt+1			OSHAt+1			Medium		015		120		010		0012

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		High		093		101		010		0028


SMALL	LOW		638		077		-102		023		065		000		003		-0061

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017	1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009	2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014	3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007	4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013	5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA

									1		-163		0021

					LEGALt+1			OSHAt+1			2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		021		0017

									4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018

Page 10: Top 10 Ethics & Compliance Trends for 2019 · ─Recalibrate business model against an ethical yardstick • Align Leadership − Policies, incentives and accolades should reinforce

68

69

70

71

72

73

2014 2015 2016 2017

May 25rdquo

bull Understand

-110

-075

-040

-005

030

065

100

110

120

130

140

150

160

170

Low Medium HighD

emea

ned

Use

of

Whi

stle

blow

ing

Syst

em

Aver

age

of

Mat

eria

l Law

suits

Chart3

Demeaned Use of

NAVEX Descr

and OSHA Reports

Quintile

Demeaned Use of

LEGALt+1 to t+312345201556999999999991300813520509357499999999999710744199999999999USAGE12345-163287-043558999999999998020823068006999999999995117994

Quintile

Demeaned Use of

and ROA

Quintile

ROA

Demeaned Use of

NAVEX Descr (2)

and OSHA Reports

and ROA

ROA

NAVEX Descr (3)

and OSHA Reports

Demeaned Use of

and ROA

ROA

Demeaned Use of

NAVEX Descr__ChartUsageAssets

Demeaned Usage

034611720000000001041233920000000002052043010000000001303036709999999992724370600000000328796972999999997292802831000000023582939379999999829093753400000001-10216799999999999010042090195000000000003-10926800000000001039922000000000002109195-14736787029999999999996E-210065599999999999

Demeaned Usage

034611720000000001041233920000000002052043010000000001303036709999999992724370600000000328796972999999997292802831000000023582939379999999829093753400000001-10216799999999999010042090195000000000003-10926800000000001039922000000000002109195-14736787029999999999996E-210065599999999999LEGALt+1 to t+3

064732000000000001069335999999999998067452999999999996151116000000000011135207198099999999999528810899999999999224461999999999981625

Demeaned Usage

OSHA (t+1 to t+3)

Demeaned Usage

034611720000000001041233920000000002052043010000000001303036709999999992724370600000000328796972999999997292802831000000023582939379999999829093753400000001-10216799999999999010042090195000000000003-10926800000000001039922000000000002109195-14736787029999999999996E-210065599999999999OSHAt+1 to t+3

32469999999999999E-255050000000000002E-232840000000000001E-272289999999999993E-269769999999999999E-287190000000000004E-2027245000000000003024789018059

Demeaned Usage

of OSHA Reports

Demeaned Usage

034611720000000001041233920000000002052043010000000001303036709999999992724370600000000328796972999999997292802831000000023582939379999999829093753400000001-10216799999999999010042090195000000000003-10926800000000001039922000000000002109195-14736787029999999999996E-210065599999999999ROA

-60650999999999997E-2-31608999999999998E-2-76350000000000003E-339156000000000003E-228538000000000001E-236477999999999997E-254934999999999998E-257286999999999998E-244892000000000001E-2

ROA

NAVEX Descr__ChartUsageEmploy

Demeaned Usage

076670000000000005098109999999999997115009999999999996579900000000000362432999999999996634290000000000025153499999999999756993099999999998481295-1019230000000000133279999999999997E-2085382000000000002-09766200000000000403955199999999999810785899999999999-15882700000000001016908000000000001105488

Demeaned Usage

076670000000000005098109999999999997115009999999999996579900000000000362432999999999996634290000000000025153499999999999756993099999999998481295-1019230000000000133279999999999997E-2085382000000000002-09766200000000000403955199999999999810785899999999999-15882700000000001016908000000000001105488LEGALt+1 to t+3

064732000000000001069335999999999998067452999999999996151116000000000011135207198099999999999528810899999999999224461999999999981625

Demeaned Usage

076670000000000005098109999999999997115009999999999996579900000000000362432999999999996634290000000000025153499999999999756993099999999998481295-1019230000000000133279999999999997E-2085382000000000002-09766200000000000403955199999999999810785899999999999-15882700000000001016908000000000001105488OSHAt+1 to t+3

32469999999999999E-255050000000000002E-232840000000000001E-272289999999999993E-269769999999999999E-287190000000000004E-2027245000000000003024789018059

Demeaned Usage

of OSHA Reports

NAVEX ROA Simple

Quintile

Average ROA

Demeaned Use of

NAVEX ROA Simple (2)

Average ROA

Demeaned Use of

NAVEX ROA Complex

NAVEX Descr (4)

LEGALt+1 to t+312345201556999999999991300813520509357499999999999710744199999999999USAGE12345-163287-043558999999999998020823068006999999999995117994

Quintile

Demeaned Use of

Quintile

Demeaned Use of

Pros

Cons

Thank You

Agenda
Presented By
Thank You

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017		1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009		2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014		3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007		4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013		5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA

									1		-163		0021

					LEGALt+1			OSHAt+1			2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		021		0017

									4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA				$ Assets		USAGE		Nobs	Assets ($mm)	USAGE	ROA	$ Assets	USAGE	USAGE	ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060				SMALL		LOW		636	34612	-102	-0060	SMALL	LOW	-102	-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029				SMALL		MEDIUM		637	41234	010	-0029	SMALL	MEDIUM	010	-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003				SMALL		HIGH		636	52043	090	0003	SMALL	HIGH	090	0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047				MEDIUM		LOW		636	303037	-109	0047	MEDIUM	LOW	-109	0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031				MEDIUM		MEDIUM		637	272437	040	0031	MEDIUM	MEDIUM	040	0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042				MEDIUM		HIGH		636	287970	109	0042	MEDIUM	HIGH	109	0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043				LARGE		LOW		636	2928028	-147	0043	LARGE	LOW	-147	0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045				LARGE		MEDIUM		637	3582939	009	0045	LARGE	MEDIUM	009	0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039				LARGE		HIGH		636	2909375	101	0039	LARGE	HIGH	101	0039

All		5727		1156927		000		043		137		004		012		0018							0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017		1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009		2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014		3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007		4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013		5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA

									1		-163		0021

					LEGALt+1			OSHAt+1			2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		021		0017

									4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA				$ Assets		USAGE		Nobs	Assets ($mm)	USAGE	ROA	$ Assets	USAGE	USAGE	ROA

																		USAGE		USAGE		ROA

SMALL	LOW		636		34612		-102		019		058		000		002		-0060				SMALL		LOW		636	34612	-102	-0060	SMALL	LOW	-102	-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029				SMALL		MEDIUM		637	41234	010	-0029	SMALL	MEDIUM	010	-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003				SMALL		HIGH		636	52043	090	0003	SMALL	HIGH	090	0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047				MEDIUM		LOW		636	303037	-109	0047	MEDIUM	LOW	-109	0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031				MEDIUM		MEDIUM		637	272437	040	0031	MEDIUM	MEDIUM	040	0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042				MEDIUM		HIGH		636	287970	109	0042	MEDIUM	HIGH	109	0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043				LARGE		LOW		636	2928028	-147	0043	LARGE	LOW	-147	0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045				LARGE		MEDIUM		637	3582939	009	0045	LARGE	MEDIUM	009	0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039				LARGE		HIGH		636	2909375	101	0039	LARGE	HIGH	101	0039

All		5727		1156927		000		043		137		004		012		0018							0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017			1 Quintile		-163		017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009			2 Quintile		-044		009

3	1145		021		043		135		004		014		0017			3		3		021		135		014			3 Quintile		021		014

4	1146		068		031		094		003		007		0023			4		4		068		094		007			4 Quintile		068		007

5	1145		118		035		107		004		013		0032			5		5		118		107		013			5 Quintile		118		013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA				USAGE		ROA

									1		-102		-0060		-0044		1		-163		0021

					LEGALt+1			OSHAt+1			2		010		-0029		-0013		2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		090		0003		0017		3		021		0017

									4		-109		0047		0023		4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		040		0031			5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032			109		0042

SMALL	HIGH		638		115		085		022		067		001		003		-0008			-147367		0043

MEDIUM	LOW		634		658		-098		048		151		002		007		0039			008703		0045

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029			100656		0039

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017			1 Quintile		-163		017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009			2 Quintile		-044		009

3	1145		021		043		135		004		014		0017			3		3		021		135		014			3 Quintile		021		014

4	1146		068		031		094		003		007		0023			4		4		068		094		007			4 Quintile		068		007

5	1145		118		035		107		004		013		0032			5		5		118		107		013			5 Quintile		118		013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA				USAGE		ROA

									1		-163		0021		0008		1		-163		0021

					LEGALt+1			OSHAt+1			2		-044		-0004		0006		2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		021		0017		0017		3		021		0017

									4		068		0023		0023		4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		118		0032			5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018

								demeaned

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


1	1145		-163		063		202		005		017		002

2	1146		-044		043		130		003		009		-000

3	1145		021		043		135		004		014		002

4	1146		068		031		094		003		007		002

5	1145		118		035		107		004		013		003

All	5727		000		043		137		004		012		002


Means by Usage within Employees tercile

					LEGALt+1			OSHAt+1									LEGALt+1			OSHAt+1

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA						USAGE			to t+3			to t+3

												Emp (000s)		Demeaned Usage			LEGALt+1 to t+3			OSHAt+1 to t+3

SMALL	LOW		638		077		-102		023		065		000		003		-0060651		24		Compliance User		SMALL		08		-102		Compliance User		065		Compliance User		003

SMALL	MEDIUM		639		098		003		026		069		001		006		-0031609		27		Moderate User		SMALL		10		003		Moderate User		069		Moderate User		006

SMALL	HIGH		638		115		085		022		067		001		003		-0007635		32		Power User		SMALL		12		085		Power User		067		Power User		003

MEDIUM	LOW		634		658		-098		048		151		002		007		0039156

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0028538		133		Compliance User		MEDIUM		66		-098		Compliance User		151		Compliance User		007

MEDIUM	HIGH		634		634		108		025		072		003		009		0036478		128		Moderate User		MEDIUM		62		040		Moderate User		114		Moderate User		007

LARGE	LOW		636		5154		-159		091		288		009		027		0054935		138		Power User		MEDIUM		63		108		Power User		072		Power User		009

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057287

LARGE	HIGH		636		4813		105		051		163		006		018		0044892		692		Compliance User		LARGE		515		-159		Compliance User		288		Compliance User		027

All		5727		1985		000		043		137		004		012		0017861		737		Moderate User		LARGE		570		017		Moderate User		224		Moderate User		025

									708		Power User		LARGE		481		105		Power User		163		Power User		018


Means by Usage within $ Assets tercile

					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA				$ Assets		USAGE		Assets ($mm)		USAGE


SMALL	LOW		636		34612		-102		019		058		000		002		-0059816				SMALL		LOW		9671079		-073586

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0028531				SMALL		MEDIUM		10463027		012459

SMALL	HIGH		636		52043		090		022		064		002		004		0002798				SMALL		HIGH		11805909		069878

MEDIUM	LOW		636		303037		-109		046		140		003		010		0046628				MEDIUM		LOW		57312214		-10509

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0030956				MEDIUM		MEDIUM		56860544		014806

MEDIUM	HIGH		636		287970		109		024		074		003		008		0041846				MEDIUM		HIGH		58318638		080995

LARGE	LOW		636		2928028		-147		095		309		008		025		0043323				LARGE		LOW		406915901		-092156

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0044578				LARGE		MEDIUM		454727145		011543

LARGE	HIGH		636		2909375		101		055		175		006		020		0038978				LARGE		HIGH		361468643		079595

All		5727		1156927		000		043		137		004		012		0017861


Means by Employees quintile

				LEGALt+1			OSHAt+1

Quintile	Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


1	627		145		002		030		081		001		006

2	628		562		006		035		121		003		010

3	628		1267		004		053		171		004		012

4	628		2874		-006		061		190		005		017

5	627		9717		-006		104		330		012		038

All	3138		2912		-000		057		186		005		016




Means by Assets ($mm) quintile

				LEGALt+1			OSHAt+1

Quintile	Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


1	627		54621		002		027		083		001		005

2	628		220334		003		033		101		002		010

3	628		546734		-003		047		166		005		014

4	628		1379930		001		066		212		005		018

5	627		5733372		-002		112		351		012		037

All	3138		1586165		-000		057		186		005		016

								demeaned

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


1	1145		-163		063		202		005		017		002

2	1146		-044		043		130		003		009		-000

3	1145		021		043		135		004		014		002

4	1146		068		031		094		003		007		002

5	1145		118		035		107		004		013		003

All	5727		000		043		137		004		012		002


Means by Usage within Employees tercile

					LEGALt+1			OSHAt+1									LEGALt+1			OSHAt+1

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA						USAGE			to t+3			to t+3

									Assets ($mm)				Assets ($bn)		Demeaned Usage			LEGALt+1 to t+3			OSHAt+1 to t+3		ROA

SMALL	LOW		638		077		-102		023		065		000		003		-0060651		34612		Compliance User		SMALL		035		-102		Compliance User		065		Compliance User		003		-006

SMALL	MEDIUM		639		098		003		026		069		001		006		-0031609		41234		Moderate User		SMALL		041		010		Moderate User		069		Moderate User		006		-003

SMALL	HIGH		638		115		085		022		067		001		003		-0007635		52043		Power User		SMALL		052		090		Power User		067		Power User		003		-001

MEDIUM	LOW		634		658		-098		048		151		002		007		0039156

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0028538		303037		Compliance User		MEDIUM		303		-109		Compliance User		151		Compliance User		007		004

MEDIUM	HIGH		634		634		108		025		072		003		009		0036478		272437		Moderate User		MEDIUM		272		040		Moderate User		114		Moderate User		007		003

LARGE	LOW		636		5154		-159		091		288		009		027		0054935		287970		Power User		MEDIUM		288		109		Power User		072		Power User		009		004

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057287

LARGE	HIGH		636		4813		105		051		163		006		018		0044892		2928028		Compliance User		LARGE		2928		-147		Compliance User		288		Compliance User		027		005

All		5727		1985		000		043		137		004		012		0017861		3582939		Moderate User		LARGE		3583		009		Moderate User		224		Moderate User		025		006

									2909375		Power User		LARGE		2909		101		Power User		163		Power User		018		004

									158616521

Means by Usage within $ Assets tercile

					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA				Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


SMALL	LOW		636		34612		-102		019		058		000		002		-0059816				9671079		-073586		036271		134503		0010309		007059		007059

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0028531				10463027		012459		032646		086885		0023973		00625		00625

SMALL	HIGH		636		52043		090		022		064		002		004		0002798				11805909		069878		022654		067249		0017065		005797		005797

MEDIUM	LOW		636		303037		-109		046		140		003		010		0046628

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0030956				57312214		-10509		052308		165926		0053498		016495		016495

MEDIUM	HIGH		636		287970		109		024		074		003		008		0041846				56860544		014806		037838		129121		0042345		012371		012371

LARGE	LOW		636		2928028		-147		095		309		008		025		0043323				58318638		080995		038944		135577		0060403		016749		016749

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0044578

LARGE	HIGH		636		2909375		101		055		175		006		020		0038978				406915901		-092156		12963		392164		0095023		030994		030994

All		5727		1156927		000		043		137		004		012		0017861				454727145		011543		086986		295028		0085443		027919		027919

											361468643		079595		071812		207805		0078498		025		025


Means by Employees quintile

				LEGALt+1			OSHAt+1

Quintile	Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


1	627		145		002		030		081		001		006

2	628		562		006		035		121		003		010

3	628		1267		004		053		171		004		012

4	628		2874		-006		061		190		005		017

5	627		9717		-006		104		330		012		038

All	3138		2912		-000		057		186		005		016




Means by Assets ($mm) quintile

				LEGALt+1			OSHAt+1

Quintile	Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


1	627		54621		002		027		083		001		005

2	628		220334		003		033		101		002		010

3	628		546734		-003		047		166		005		014

4	628		1379930		001		066		212		005		018

5	627		5733372		-002		112		351		012		037

All	3138		1586165		-000		057		186		005		016

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3		ROA		Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017		0021		1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009		-0004		2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014		0017		3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007		0023		4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013		0032		5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3		ROA

									Low		-103		166		013		0008

					LEGALt+1			OSHAt+1			Medium		015		120		010		0012

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		High		093		101		010		0028


SMALL	LOW		638		077		-102		023		065		000		003		-0061

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3		ROA		Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017		0021		1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009		-0004		2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014		0017		3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007		0023		4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013		0032		5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3		ROA

									Low		-103		166		013		0008

					LEGALt+1			OSHAt+1			Medium		015		120		010		0012

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		High		093		101		010		0028


SMALL	LOW		638		077		-102		023		065		000		003		-0061

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017	1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009	2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014	3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007	4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013	5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA

									1		-163		0021

					LEGALt+1			OSHAt+1			2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		021		0017

									4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018

Page 11: Top 10 Ethics & Compliance Trends for 2019 · ─Recalibrate business model against an ethical yardstick • Align Leadership − Policies, incentives and accolades should reinforce

68

69

70

71

72

73

2014 2015 2016 2017

May 25rdquo

bull Understand

-110

-075

-040

-005

030

065

100

110

120

130

140

150

160

170

Low Medium HighD

emea

ned

Use

of

Whi

stle

blow

ing

Syst

em

Aver

age

of

Mat

eria

l Law

suits

Chart3

Demeaned Use of

NAVEX Descr

and OSHA Reports

Quintile

Demeaned Use of

LEGALt+1 to t+312345201556999999999991300813520509357499999999999710744199999999999USAGE12345-163287-043558999999999998020823068006999999999995117994

Quintile

Demeaned Use of

and ROA

Quintile

ROA

Demeaned Use of

NAVEX Descr (2)

and OSHA Reports

and ROA

ROA

NAVEX Descr (3)

and OSHA Reports

Demeaned Use of

and ROA

ROA

Demeaned Use of

NAVEX Descr__ChartUsageAssets

Demeaned Usage

034611720000000001041233920000000002052043010000000001303036709999999992724370600000000328796972999999997292802831000000023582939379999999829093753400000001-10216799999999999010042090195000000000003-10926800000000001039922000000000002109195-14736787029999999999996E-210065599999999999

Demeaned Usage

034611720000000001041233920000000002052043010000000001303036709999999992724370600000000328796972999999997292802831000000023582939379999999829093753400000001-10216799999999999010042090195000000000003-10926800000000001039922000000000002109195-14736787029999999999996E-210065599999999999LEGALt+1 to t+3

064732000000000001069335999999999998067452999999999996151116000000000011135207198099999999999528810899999999999224461999999999981625

Demeaned Usage

OSHA (t+1 to t+3)

Demeaned Usage

034611720000000001041233920000000002052043010000000001303036709999999992724370600000000328796972999999997292802831000000023582939379999999829093753400000001-10216799999999999010042090195000000000003-10926800000000001039922000000000002109195-14736787029999999999996E-210065599999999999OSHAt+1 to t+3

32469999999999999E-255050000000000002E-232840000000000001E-272289999999999993E-269769999999999999E-287190000000000004E-2027245000000000003024789018059

Demeaned Usage

of OSHA Reports

Demeaned Usage

034611720000000001041233920000000002052043010000000001303036709999999992724370600000000328796972999999997292802831000000023582939379999999829093753400000001-10216799999999999010042090195000000000003-10926800000000001039922000000000002109195-14736787029999999999996E-210065599999999999ROA

-60650999999999997E-2-31608999999999998E-2-76350000000000003E-339156000000000003E-228538000000000001E-236477999999999997E-254934999999999998E-257286999999999998E-244892000000000001E-2

ROA

NAVEX Descr__ChartUsageEmploy

Demeaned Usage

076670000000000005098109999999999997115009999999999996579900000000000362432999999999996634290000000000025153499999999999756993099999999998481295-1019230000000000133279999999999997E-2085382000000000002-09766200000000000403955199999999999810785899999999999-15882700000000001016908000000000001105488

Demeaned Usage

076670000000000005098109999999999997115009999999999996579900000000000362432999999999996634290000000000025153499999999999756993099999999998481295-1019230000000000133279999999999997E-2085382000000000002-09766200000000000403955199999999999810785899999999999-15882700000000001016908000000000001105488LEGALt+1 to t+3

064732000000000001069335999999999998067452999999999996151116000000000011135207198099999999999528810899999999999224461999999999981625

Demeaned Usage

076670000000000005098109999999999997115009999999999996579900000000000362432999999999996634290000000000025153499999999999756993099999999998481295-1019230000000000133279999999999997E-2085382000000000002-09766200000000000403955199999999999810785899999999999-15882700000000001016908000000000001105488OSHAt+1 to t+3

32469999999999999E-255050000000000002E-232840000000000001E-272289999999999993E-269769999999999999E-287190000000000004E-2027245000000000003024789018059

Demeaned Usage

of OSHA Reports

NAVEX ROA Simple

Quintile

Average ROA

Demeaned Use of

NAVEX ROA Simple (2)

Average ROA

Demeaned Use of

NAVEX ROA Complex

NAVEX Descr (4)

LEGALt+1 to t+312345201556999999999991300813520509357499999999999710744199999999999USAGE12345-163287-043558999999999998020823068006999999999995117994

Quintile

Demeaned Use of

Quintile

Demeaned Use of

Pros

Cons

Thank You

Agenda
Presented By
Thank You

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017		1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009		2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014		3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007		4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013		5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA

									1		-163		0021

					LEGALt+1			OSHAt+1			2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		021		0017

									4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA				$ Assets		USAGE		Nobs	Assets ($mm)	USAGE	ROA	$ Assets	USAGE	USAGE	ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060				SMALL		LOW		636	34612	-102	-0060	SMALL	LOW	-102	-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029				SMALL		MEDIUM		637	41234	010	-0029	SMALL	MEDIUM	010	-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003				SMALL		HIGH		636	52043	090	0003	SMALL	HIGH	090	0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047				MEDIUM		LOW		636	303037	-109	0047	MEDIUM	LOW	-109	0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031				MEDIUM		MEDIUM		637	272437	040	0031	MEDIUM	MEDIUM	040	0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042				MEDIUM		HIGH		636	287970	109	0042	MEDIUM	HIGH	109	0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043				LARGE		LOW		636	2928028	-147	0043	LARGE	LOW	-147	0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045				LARGE		MEDIUM		637	3582939	009	0045	LARGE	MEDIUM	009	0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039				LARGE		HIGH		636	2909375	101	0039	LARGE	HIGH	101	0039

All		5727		1156927		000		043		137		004		012		0018							0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017		1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009		2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014		3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007		4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013		5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA

									1		-163		0021

					LEGALt+1			OSHAt+1			2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		021		0017

									4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA				$ Assets		USAGE		Nobs	Assets ($mm)	USAGE	ROA	$ Assets	USAGE	USAGE	ROA

																		USAGE		USAGE		ROA

SMALL	LOW		636		34612		-102		019		058		000		002		-0060				SMALL		LOW		636	34612	-102	-0060	SMALL	LOW	-102	-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029				SMALL		MEDIUM		637	41234	010	-0029	SMALL	MEDIUM	010	-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003				SMALL		HIGH		636	52043	090	0003	SMALL	HIGH	090	0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047				MEDIUM		LOW		636	303037	-109	0047	MEDIUM	LOW	-109	0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031				MEDIUM		MEDIUM		637	272437	040	0031	MEDIUM	MEDIUM	040	0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042				MEDIUM		HIGH		636	287970	109	0042	MEDIUM	HIGH	109	0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043				LARGE		LOW		636	2928028	-147	0043	LARGE	LOW	-147	0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045				LARGE		MEDIUM		637	3582939	009	0045	LARGE	MEDIUM	009	0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039				LARGE		HIGH		636	2909375	101	0039	LARGE	HIGH	101	0039

All		5727		1156927		000		043		137		004		012		0018							0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017			1 Quintile		-163		017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009			2 Quintile		-044		009

3	1145		021		043		135		004		014		0017			3		3		021		135		014			3 Quintile		021		014

4	1146		068		031		094		003		007		0023			4		4		068		094		007			4 Quintile		068		007

5	1145		118		035		107		004		013		0032			5		5		118		107		013			5 Quintile		118		013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA				USAGE		ROA

									1		-102		-0060		-0044		1		-163		0021

					LEGALt+1			OSHAt+1			2		010		-0029		-0013		2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		090		0003		0017		3		021		0017

									4		-109		0047		0023		4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		040		0031			5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032			109		0042

SMALL	HIGH		638		115		085		022		067		001		003		-0008			-147367		0043

MEDIUM	LOW		634		658		-098		048		151		002		007		0039			008703		0045

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029			100656		0039

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017			1 Quintile		-163		017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009			2 Quintile		-044		009

3	1145		021		043		135		004		014		0017			3		3		021		135		014			3 Quintile		021		014

4	1146		068		031		094		003		007		0023			4		4		068		094		007			4 Quintile		068		007

5	1145		118		035		107		004		013		0032			5		5		118		107		013			5 Quintile		118		013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA				USAGE		ROA

									1		-163		0021		0008		1		-163		0021

					LEGALt+1			OSHAt+1			2		-044		-0004		0006		2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		021		0017		0017		3		021		0017

									4		068		0023		0023		4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		118		0032			5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018

								demeaned

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


1	1145		-163		063		202		005		017		002

2	1146		-044		043		130		003		009		-000

3	1145		021		043		135		004		014		002

4	1146		068		031		094		003		007		002

5	1145		118		035		107		004		013		003

All	5727		000		043		137		004		012		002


Means by Usage within Employees tercile

					LEGALt+1			OSHAt+1									LEGALt+1			OSHAt+1

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA						USAGE			to t+3			to t+3

												Emp (000s)		Demeaned Usage			LEGALt+1 to t+3			OSHAt+1 to t+3

SMALL	LOW		638		077		-102		023		065		000		003		-0060651		24		Compliance User		SMALL		08		-102		Compliance User		065		Compliance User		003

SMALL	MEDIUM		639		098		003		026		069		001		006		-0031609		27		Moderate User		SMALL		10		003		Moderate User		069		Moderate User		006

SMALL	HIGH		638		115		085		022		067		001		003		-0007635		32		Power User		SMALL		12		085		Power User		067		Power User		003

MEDIUM	LOW		634		658		-098		048		151		002		007		0039156

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0028538		133		Compliance User		MEDIUM		66		-098		Compliance User		151		Compliance User		007

MEDIUM	HIGH		634		634		108		025		072		003		009		0036478		128		Moderate User		MEDIUM		62		040		Moderate User		114		Moderate User		007

LARGE	LOW		636		5154		-159		091		288		009		027		0054935		138		Power User		MEDIUM		63		108		Power User		072		Power User		009

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057287

LARGE	HIGH		636		4813		105		051		163		006		018		0044892		692		Compliance User		LARGE		515		-159		Compliance User		288		Compliance User		027

All		5727		1985		000		043		137		004		012		0017861		737		Moderate User		LARGE		570		017		Moderate User		224		Moderate User		025

									708		Power User		LARGE		481		105		Power User		163		Power User		018


Means by Usage within $ Assets tercile

					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA				$ Assets		USAGE		Assets ($mm)		USAGE


SMALL	LOW		636		34612		-102		019		058		000		002		-0059816				SMALL		LOW		9671079		-073586

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0028531				SMALL		MEDIUM		10463027		012459

SMALL	HIGH		636		52043		090		022		064		002		004		0002798				SMALL		HIGH		11805909		069878

MEDIUM	LOW		636		303037		-109		046		140		003		010		0046628				MEDIUM		LOW		57312214		-10509

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0030956				MEDIUM		MEDIUM		56860544		014806

MEDIUM	HIGH		636		287970		109		024		074		003		008		0041846				MEDIUM		HIGH		58318638		080995

LARGE	LOW		636		2928028		-147		095		309		008		025		0043323				LARGE		LOW		406915901		-092156

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0044578				LARGE		MEDIUM		454727145		011543

LARGE	HIGH		636		2909375		101		055		175		006		020		0038978				LARGE		HIGH		361468643		079595

All		5727		1156927		000		043		137		004		012		0017861


Means by Employees quintile

				LEGALt+1			OSHAt+1

Quintile	Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


1	627		145		002		030		081		001		006

2	628		562		006		035		121		003		010

3	628		1267		004		053		171		004		012

4	628		2874		-006		061		190		005		017

5	627		9717		-006		104		330		012		038

All	3138		2912		-000		057		186		005		016




Means by Assets ($mm) quintile

				LEGALt+1			OSHAt+1

Quintile	Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


1	627		54621		002		027		083		001		005

2	628		220334		003		033		101		002		010

3	628		546734		-003		047		166		005		014

4	628		1379930		001		066		212		005		018

5	627		5733372		-002		112		351		012		037

All	3138		1586165		-000		057		186		005		016

								demeaned

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


1	1145		-163		063		202		005		017		002

2	1146		-044		043		130		003		009		-000

3	1145		021		043		135		004		014		002

4	1146		068		031		094		003		007		002

5	1145		118		035		107		004		013		003

All	5727		000		043		137		004		012		002


Means by Usage within Employees tercile

					LEGALt+1			OSHAt+1									LEGALt+1			OSHAt+1

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA						USAGE			to t+3			to t+3

									Assets ($mm)				Assets ($bn)		Demeaned Usage			LEGALt+1 to t+3			OSHAt+1 to t+3		ROA

SMALL	LOW		638		077		-102		023		065		000		003		-0060651		34612		Compliance User		SMALL		035		-102		Compliance User		065		Compliance User		003		-006

SMALL	MEDIUM		639		098		003		026		069		001		006		-0031609		41234		Moderate User		SMALL		041		010		Moderate User		069		Moderate User		006		-003

SMALL	HIGH		638		115		085		022		067		001		003		-0007635		52043		Power User		SMALL		052		090		Power User		067		Power User		003		-001

MEDIUM	LOW		634		658		-098		048		151		002		007		0039156

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0028538		303037		Compliance User		MEDIUM		303		-109		Compliance User		151		Compliance User		007		004

MEDIUM	HIGH		634		634		108		025		072		003		009		0036478		272437		Moderate User		MEDIUM		272		040		Moderate User		114		Moderate User		007		003

LARGE	LOW		636		5154		-159		091		288		009		027		0054935		287970		Power User		MEDIUM		288		109		Power User		072		Power User		009		004

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057287

LARGE	HIGH		636		4813		105		051		163		006		018		0044892		2928028		Compliance User		LARGE		2928		-147		Compliance User		288		Compliance User		027		005

All		5727		1985		000		043		137		004		012		0017861		3582939		Moderate User		LARGE		3583		009		Moderate User		224		Moderate User		025		006

									2909375		Power User		LARGE		2909		101		Power User		163		Power User		018		004

									158616521

Means by Usage within $ Assets tercile

					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA				Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


SMALL	LOW		636		34612		-102		019		058		000		002		-0059816				9671079		-073586		036271		134503		0010309		007059		007059

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0028531				10463027		012459		032646		086885		0023973		00625		00625

SMALL	HIGH		636		52043		090		022		064		002		004		0002798				11805909		069878		022654		067249		0017065		005797		005797

MEDIUM	LOW		636		303037		-109		046		140		003		010		0046628

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0030956				57312214		-10509		052308		165926		0053498		016495		016495

MEDIUM	HIGH		636		287970		109		024		074		003		008		0041846				56860544		014806		037838		129121		0042345		012371		012371

LARGE	LOW		636		2928028		-147		095		309		008		025		0043323				58318638		080995		038944		135577		0060403		016749		016749

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0044578

LARGE	HIGH		636		2909375		101		055		175		006		020		0038978				406915901		-092156		12963		392164		0095023		030994		030994

All		5727		1156927		000		043		137		004		012		0017861				454727145		011543		086986		295028		0085443		027919		027919

											361468643		079595		071812		207805		0078498		025		025


Means by Employees quintile

				LEGALt+1			OSHAt+1

Quintile	Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


1	627		145		002		030		081		001		006

2	628		562		006		035		121		003		010

3	628		1267		004		053		171		004		012

4	628		2874		-006		061		190		005		017

5	627		9717		-006		104		330		012		038

All	3138		2912		-000		057		186		005		016




Means by Assets ($mm) quintile

				LEGALt+1			OSHAt+1

Quintile	Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


1	627		54621		002		027		083		001		005

2	628		220334		003		033		101		002		010

3	628		546734		-003		047		166		005		014

4	628		1379930		001		066		212		005		018

5	627		5733372		-002		112		351		012		037

All	3138		1586165		-000		057		186		005		016

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3		ROA		Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017		0021		1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009		-0004		2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014		0017		3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007		0023		4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013		0032		5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3		ROA

									Low		-103		166		013		0008

					LEGALt+1			OSHAt+1			Medium		015		120		010		0012

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		High		093		101		010		0028


SMALL	LOW		638		077		-102		023		065		000		003		-0061

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3		ROA		Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017		0021		1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009		-0004		2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014		0017		3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007		0023		4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013		0032		5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3		ROA

									Low		-103		166		013		0008

					LEGALt+1			OSHAt+1			Medium		015		120		010		0012

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		High		093		101		010		0028


SMALL	LOW		638		077		-102		023		065		000		003		-0061

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017	1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009	2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014	3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007	4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013	5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA

									1		-163		0021

					LEGALt+1			OSHAt+1			2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		021		0017

									4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018

Page 12: Top 10 Ethics & Compliance Trends for 2019 · ─Recalibrate business model against an ethical yardstick • Align Leadership − Policies, incentives and accolades should reinforce

68

69

70

71

72

73

2014 2015 2016 2017

May 25rdquo

bull Understand

-110

-075

-040

-005

030

065

100

110

120

130

140

150

160

170

Low Medium HighD

emea

ned

Use

of

Whi

stle

blow

ing

Syst

em

Aver

age

of

Mat

eria

l Law

suits

Chart3

Demeaned Use of

NAVEX Descr

and OSHA Reports

Quintile

Demeaned Use of

LEGALt+1 to t+312345201556999999999991300813520509357499999999999710744199999999999USAGE12345-163287-043558999999999998020823068006999999999995117994

Quintile

Demeaned Use of

and ROA

Quintile

ROA

Demeaned Use of

NAVEX Descr (2)

and OSHA Reports

and ROA

ROA

NAVEX Descr (3)

and OSHA Reports

Demeaned Use of

and ROA

ROA

Demeaned Use of

NAVEX Descr__ChartUsageAssets

Demeaned Usage

034611720000000001041233920000000002052043010000000001303036709999999992724370600000000328796972999999997292802831000000023582939379999999829093753400000001-10216799999999999010042090195000000000003-10926800000000001039922000000000002109195-14736787029999999999996E-210065599999999999

Demeaned Usage

034611720000000001041233920000000002052043010000000001303036709999999992724370600000000328796972999999997292802831000000023582939379999999829093753400000001-10216799999999999010042090195000000000003-10926800000000001039922000000000002109195-14736787029999999999996E-210065599999999999LEGALt+1 to t+3

064732000000000001069335999999999998067452999999999996151116000000000011135207198099999999999528810899999999999224461999999999981625

Demeaned Usage

OSHA (t+1 to t+3)

Demeaned Usage

034611720000000001041233920000000002052043010000000001303036709999999992724370600000000328796972999999997292802831000000023582939379999999829093753400000001-10216799999999999010042090195000000000003-10926800000000001039922000000000002109195-14736787029999999999996E-210065599999999999OSHAt+1 to t+3

32469999999999999E-255050000000000002E-232840000000000001E-272289999999999993E-269769999999999999E-287190000000000004E-2027245000000000003024789018059

Demeaned Usage

of OSHA Reports

Demeaned Usage

034611720000000001041233920000000002052043010000000001303036709999999992724370600000000328796972999999997292802831000000023582939379999999829093753400000001-10216799999999999010042090195000000000003-10926800000000001039922000000000002109195-14736787029999999999996E-210065599999999999ROA

-60650999999999997E-2-31608999999999998E-2-76350000000000003E-339156000000000003E-228538000000000001E-236477999999999997E-254934999999999998E-257286999999999998E-244892000000000001E-2

ROA

NAVEX Descr__ChartUsageEmploy

Demeaned Usage

076670000000000005098109999999999997115009999999999996579900000000000362432999999999996634290000000000025153499999999999756993099999999998481295-1019230000000000133279999999999997E-2085382000000000002-09766200000000000403955199999999999810785899999999999-15882700000000001016908000000000001105488

Demeaned Usage

076670000000000005098109999999999997115009999999999996579900000000000362432999999999996634290000000000025153499999999999756993099999999998481295-1019230000000000133279999999999997E-2085382000000000002-09766200000000000403955199999999999810785899999999999-15882700000000001016908000000000001105488LEGALt+1 to t+3

064732000000000001069335999999999998067452999999999996151116000000000011135207198099999999999528810899999999999224461999999999981625

Demeaned Usage

076670000000000005098109999999999997115009999999999996579900000000000362432999999999996634290000000000025153499999999999756993099999999998481295-1019230000000000133279999999999997E-2085382000000000002-09766200000000000403955199999999999810785899999999999-15882700000000001016908000000000001105488OSHAt+1 to t+3

32469999999999999E-255050000000000002E-232840000000000001E-272289999999999993E-269769999999999999E-287190000000000004E-2027245000000000003024789018059

Demeaned Usage

of OSHA Reports

NAVEX ROA Simple

Quintile

Average ROA

Demeaned Use of

NAVEX ROA Simple (2)

Average ROA

Demeaned Use of

NAVEX ROA Complex

NAVEX Descr (4)

LEGALt+1 to t+312345201556999999999991300813520509357499999999999710744199999999999USAGE12345-163287-043558999999999998020823068006999999999995117994

Quintile

Demeaned Use of

Quintile

Demeaned Use of

Pros

Cons

Thank You

Agenda
Presented By
Thank You

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017		1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009		2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014		3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007		4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013		5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA

									1		-163		0021

					LEGALt+1			OSHAt+1			2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		021		0017

									4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA				$ Assets		USAGE		Nobs	Assets ($mm)	USAGE	ROA	$ Assets	USAGE	USAGE	ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060				SMALL		LOW		636	34612	-102	-0060	SMALL	LOW	-102	-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029				SMALL		MEDIUM		637	41234	010	-0029	SMALL	MEDIUM	010	-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003				SMALL		HIGH		636	52043	090	0003	SMALL	HIGH	090	0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047				MEDIUM		LOW		636	303037	-109	0047	MEDIUM	LOW	-109	0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031				MEDIUM		MEDIUM		637	272437	040	0031	MEDIUM	MEDIUM	040	0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042				MEDIUM		HIGH		636	287970	109	0042	MEDIUM	HIGH	109	0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043				LARGE		LOW		636	2928028	-147	0043	LARGE	LOW	-147	0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045				LARGE		MEDIUM		637	3582939	009	0045	LARGE	MEDIUM	009	0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039				LARGE		HIGH		636	2909375	101	0039	LARGE	HIGH	101	0039

All		5727		1156927		000		043		137		004		012		0018							0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017		1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009		2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014		3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007		4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013		5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA

									1		-163		0021

					LEGALt+1			OSHAt+1			2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		021		0017

									4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA				$ Assets		USAGE		Nobs	Assets ($mm)	USAGE	ROA	$ Assets	USAGE	USAGE	ROA

																		USAGE		USAGE		ROA

SMALL	LOW		636		34612		-102		019		058		000		002		-0060				SMALL		LOW		636	34612	-102	-0060	SMALL	LOW	-102	-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029				SMALL		MEDIUM		637	41234	010	-0029	SMALL	MEDIUM	010	-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003				SMALL		HIGH		636	52043	090	0003	SMALL	HIGH	090	0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047				MEDIUM		LOW		636	303037	-109	0047	MEDIUM	LOW	-109	0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031				MEDIUM		MEDIUM		637	272437	040	0031	MEDIUM	MEDIUM	040	0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042				MEDIUM		HIGH		636	287970	109	0042	MEDIUM	HIGH	109	0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043				LARGE		LOW		636	2928028	-147	0043	LARGE	LOW	-147	0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045				LARGE		MEDIUM		637	3582939	009	0045	LARGE	MEDIUM	009	0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039				LARGE		HIGH		636	2909375	101	0039	LARGE	HIGH	101	0039

All		5727		1156927		000		043		137		004		012		0018							0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017			1 Quintile		-163		017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009			2 Quintile		-044		009

3	1145		021		043		135		004		014		0017			3		3		021		135		014			3 Quintile		021		014

4	1146		068		031		094		003		007		0023			4		4		068		094		007			4 Quintile		068		007

5	1145		118		035		107		004		013		0032			5		5		118		107		013			5 Quintile		118		013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA				USAGE		ROA

									1		-102		-0060		-0044		1		-163		0021

					LEGALt+1			OSHAt+1			2		010		-0029		-0013		2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		090		0003		0017		3		021		0017

									4		-109		0047		0023		4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		040		0031			5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032			109		0042

SMALL	HIGH		638		115		085		022		067		001		003		-0008			-147367		0043

MEDIUM	LOW		634		658		-098		048		151		002		007		0039			008703		0045

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029			100656		0039

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017			1 Quintile		-163		017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009			2 Quintile		-044		009

3	1145		021		043		135		004		014		0017			3		3		021		135		014			3 Quintile		021		014

4	1146		068		031		094		003		007		0023			4		4		068		094		007			4 Quintile		068		007

5	1145		118		035		107		004		013		0032			5		5		118		107		013			5 Quintile		118		013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA				USAGE		ROA

									1		-163		0021		0008		1		-163		0021

					LEGALt+1			OSHAt+1			2		-044		-0004		0006		2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		021		0017		0017		3		021		0017

									4		068		0023		0023		4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		118		0032			5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018

								demeaned

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


1	1145		-163		063		202		005		017		002

2	1146		-044		043		130		003		009		-000

3	1145		021		043		135		004		014		002

4	1146		068		031		094		003		007		002

5	1145		118		035		107		004		013		003

All	5727		000		043		137		004		012		002


Means by Usage within Employees tercile

					LEGALt+1			OSHAt+1									LEGALt+1			OSHAt+1

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA						USAGE			to t+3			to t+3

												Emp (000s)		Demeaned Usage			LEGALt+1 to t+3			OSHAt+1 to t+3

SMALL	LOW		638		077		-102		023		065		000		003		-0060651		24		Compliance User		SMALL		08		-102		Compliance User		065		Compliance User		003

SMALL	MEDIUM		639		098		003		026		069		001		006		-0031609		27		Moderate User		SMALL		10		003		Moderate User		069		Moderate User		006

SMALL	HIGH		638		115		085		022		067		001		003		-0007635		32		Power User		SMALL		12		085		Power User		067		Power User		003

MEDIUM	LOW		634		658		-098		048		151		002		007		0039156

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0028538		133		Compliance User		MEDIUM		66		-098		Compliance User		151		Compliance User		007

MEDIUM	HIGH		634		634		108		025		072		003		009		0036478		128		Moderate User		MEDIUM		62		040		Moderate User		114		Moderate User		007

LARGE	LOW		636		5154		-159		091		288		009		027		0054935		138		Power User		MEDIUM		63		108		Power User		072		Power User		009

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057287

LARGE	HIGH		636		4813		105		051		163		006		018		0044892		692		Compliance User		LARGE		515		-159		Compliance User		288		Compliance User		027

All		5727		1985		000		043		137		004		012		0017861		737		Moderate User		LARGE		570		017		Moderate User		224		Moderate User		025

									708		Power User		LARGE		481		105		Power User		163		Power User		018


Means by Usage within $ Assets tercile

					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA				$ Assets		USAGE		Assets ($mm)		USAGE


SMALL	LOW		636		34612		-102		019		058		000		002		-0059816				SMALL		LOW		9671079		-073586

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0028531				SMALL		MEDIUM		10463027		012459

SMALL	HIGH		636		52043		090		022		064		002		004		0002798				SMALL		HIGH		11805909		069878

MEDIUM	LOW		636		303037		-109		046		140		003		010		0046628				MEDIUM		LOW		57312214		-10509

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0030956				MEDIUM		MEDIUM		56860544		014806

MEDIUM	HIGH		636		287970		109		024		074		003		008		0041846				MEDIUM		HIGH		58318638		080995

LARGE	LOW		636		2928028		-147		095		309		008		025		0043323				LARGE		LOW		406915901		-092156

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0044578				LARGE		MEDIUM		454727145		011543

LARGE	HIGH		636		2909375		101		055		175		006		020		0038978				LARGE		HIGH		361468643		079595

All		5727		1156927		000		043		137		004		012		0017861


Means by Employees quintile

				LEGALt+1			OSHAt+1

Quintile	Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


1	627		145		002		030		081		001		006

2	628		562		006		035		121		003		010

3	628		1267		004		053		171		004		012

4	628		2874		-006		061		190		005		017

5	627		9717		-006		104		330		012		038

All	3138		2912		-000		057		186		005		016




Means by Assets ($mm) quintile

				LEGALt+1			OSHAt+1

Quintile	Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


1	627		54621		002		027		083		001		005

2	628		220334		003		033		101		002		010

3	628		546734		-003		047		166		005		014

4	628		1379930		001		066		212		005		018

5	627		5733372		-002		112		351		012		037

All	3138		1586165		-000		057		186		005		016

								demeaned

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


1	1145		-163		063		202		005		017		002

2	1146		-044		043		130		003		009		-000

3	1145		021		043		135		004		014		002

4	1146		068		031		094		003		007		002

5	1145		118		035		107		004		013		003

All	5727		000		043		137		004		012		002


Means by Usage within Employees tercile

					LEGALt+1			OSHAt+1									LEGALt+1			OSHAt+1

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA						USAGE			to t+3			to t+3

									Assets ($mm)				Assets ($bn)		Demeaned Usage			LEGALt+1 to t+3			OSHAt+1 to t+3		ROA

SMALL	LOW		638		077		-102		023		065		000		003		-0060651		34612		Compliance User		SMALL		035		-102		Compliance User		065		Compliance User		003		-006

SMALL	MEDIUM		639		098		003		026		069		001		006		-0031609		41234		Moderate User		SMALL		041		010		Moderate User		069		Moderate User		006		-003

SMALL	HIGH		638		115		085		022		067		001		003		-0007635		52043		Power User		SMALL		052		090		Power User		067		Power User		003		-001

MEDIUM	LOW		634		658		-098		048		151		002		007		0039156

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0028538		303037		Compliance User		MEDIUM		303		-109		Compliance User		151		Compliance User		007		004

MEDIUM	HIGH		634		634		108		025		072		003		009		0036478		272437		Moderate User		MEDIUM		272		040		Moderate User		114		Moderate User		007		003

LARGE	LOW		636		5154		-159		091		288		009		027		0054935		287970		Power User		MEDIUM		288		109		Power User		072		Power User		009		004

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057287

LARGE	HIGH		636		4813		105		051		163		006		018		0044892		2928028		Compliance User		LARGE		2928		-147		Compliance User		288		Compliance User		027		005

All		5727		1985		000		043		137		004		012		0017861		3582939		Moderate User		LARGE		3583		009		Moderate User		224		Moderate User		025		006

									2909375		Power User		LARGE		2909		101		Power User		163		Power User		018		004

									158616521

Means by Usage within $ Assets tercile

					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA				Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


SMALL	LOW		636		34612		-102		019		058		000		002		-0059816				9671079		-073586		036271		134503		0010309		007059		007059

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0028531				10463027		012459		032646		086885		0023973		00625		00625

SMALL	HIGH		636		52043		090		022		064		002		004		0002798				11805909		069878		022654		067249		0017065		005797		005797

MEDIUM	LOW		636		303037		-109		046		140		003		010		0046628

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0030956				57312214		-10509		052308		165926		0053498		016495		016495

MEDIUM	HIGH		636		287970		109		024		074		003		008		0041846				56860544		014806		037838		129121		0042345		012371		012371

LARGE	LOW		636		2928028		-147		095		309		008		025		0043323				58318638		080995		038944		135577		0060403		016749		016749

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0044578

LARGE	HIGH		636		2909375		101		055		175		006		020		0038978				406915901		-092156		12963		392164		0095023		030994		030994

All		5727		1156927		000		043		137		004		012		0017861				454727145		011543		086986		295028		0085443		027919		027919

											361468643		079595		071812		207805		0078498		025		025


Means by Employees quintile

				LEGALt+1			OSHAt+1

Quintile	Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


1	627		145		002		030		081		001		006

2	628		562		006		035		121		003		010

3	628		1267		004		053		171		004		012

4	628		2874		-006		061		190		005		017

5	627		9717		-006		104		330		012		038

All	3138		2912		-000		057		186		005		016




Means by Assets ($mm) quintile

				LEGALt+1			OSHAt+1

Quintile	Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


1	627		54621		002		027		083		001		005

2	628		220334		003		033		101		002		010

3	628		546734		-003		047		166		005		014

4	628		1379930		001		066		212		005		018

5	627		5733372		-002		112		351		012		037

All	3138		1586165		-000		057		186		005		016

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3		ROA		Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017		0021		1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009		-0004		2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014		0017		3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007		0023		4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013		0032		5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3		ROA

									Low		-103		166		013		0008

					LEGALt+1			OSHAt+1			Medium		015		120		010		0012

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		High		093		101		010		0028


SMALL	LOW		638		077		-102		023		065		000		003		-0061

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3		ROA		Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017		0021		1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009		-0004		2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014		0017		3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007		0023		4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013		0032		5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3		ROA

									Low		-103		166		013		0008

					LEGALt+1			OSHAt+1			Medium		015		120		010		0012

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		High		093		101		010		0028


SMALL	LOW		638		077		-102		023		065		000		003		-0061

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017	1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009	2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014	3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007	4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013	5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA

									1		-163		0021

					LEGALt+1			OSHAt+1			2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		021		0017

									4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018

Page 13: Top 10 Ethics & Compliance Trends for 2019 · ─Recalibrate business model against an ethical yardstick • Align Leadership − Policies, incentives and accolades should reinforce

68

69

70

71

72

73

2014 2015 2016 2017

May 25rdquo

bull Understand

-110

-075

-040

-005

030

065

100

110

120

130

140

150

160

170

Low Medium HighD

emea

ned

Use

of

Whi

stle

blow

ing

Syst

em

Aver

age

of

Mat

eria

l Law

suits

Chart3

Demeaned Use of

NAVEX Descr

and OSHA Reports

Quintile

Demeaned Use of

LEGALt+1 to t+312345201556999999999991300813520509357499999999999710744199999999999USAGE12345-163287-043558999999999998020823068006999999999995117994

Quintile

Demeaned Use of

and ROA

Quintile

ROA

Demeaned Use of

NAVEX Descr (2)

and OSHA Reports

and ROA

ROA

NAVEX Descr (3)

and OSHA Reports

Demeaned Use of

and ROA

ROA

Demeaned Use of

NAVEX Descr__ChartUsageAssets

Demeaned Usage

034611720000000001041233920000000002052043010000000001303036709999999992724370600000000328796972999999997292802831000000023582939379999999829093753400000001-10216799999999999010042090195000000000003-10926800000000001039922000000000002109195-14736787029999999999996E-210065599999999999

Demeaned Usage

034611720000000001041233920000000002052043010000000001303036709999999992724370600000000328796972999999997292802831000000023582939379999999829093753400000001-10216799999999999010042090195000000000003-10926800000000001039922000000000002109195-14736787029999999999996E-210065599999999999LEGALt+1 to t+3

064732000000000001069335999999999998067452999999999996151116000000000011135207198099999999999528810899999999999224461999999999981625

Demeaned Usage

OSHA (t+1 to t+3)

Demeaned Usage

034611720000000001041233920000000002052043010000000001303036709999999992724370600000000328796972999999997292802831000000023582939379999999829093753400000001-10216799999999999010042090195000000000003-10926800000000001039922000000000002109195-14736787029999999999996E-210065599999999999OSHAt+1 to t+3

32469999999999999E-255050000000000002E-232840000000000001E-272289999999999993E-269769999999999999E-287190000000000004E-2027245000000000003024789018059

Demeaned Usage

of OSHA Reports

Demeaned Usage

034611720000000001041233920000000002052043010000000001303036709999999992724370600000000328796972999999997292802831000000023582939379999999829093753400000001-10216799999999999010042090195000000000003-10926800000000001039922000000000002109195-14736787029999999999996E-210065599999999999ROA

-60650999999999997E-2-31608999999999998E-2-76350000000000003E-339156000000000003E-228538000000000001E-236477999999999997E-254934999999999998E-257286999999999998E-244892000000000001E-2

ROA

NAVEX Descr__ChartUsageEmploy

Demeaned Usage

076670000000000005098109999999999997115009999999999996579900000000000362432999999999996634290000000000025153499999999999756993099999999998481295-1019230000000000133279999999999997E-2085382000000000002-09766200000000000403955199999999999810785899999999999-15882700000000001016908000000000001105488

Demeaned Usage

076670000000000005098109999999999997115009999999999996579900000000000362432999999999996634290000000000025153499999999999756993099999999998481295-1019230000000000133279999999999997E-2085382000000000002-09766200000000000403955199999999999810785899999999999-15882700000000001016908000000000001105488LEGALt+1 to t+3

064732000000000001069335999999999998067452999999999996151116000000000011135207198099999999999528810899999999999224461999999999981625

Demeaned Usage

076670000000000005098109999999999997115009999999999996579900000000000362432999999999996634290000000000025153499999999999756993099999999998481295-1019230000000000133279999999999997E-2085382000000000002-09766200000000000403955199999999999810785899999999999-15882700000000001016908000000000001105488OSHAt+1 to t+3

32469999999999999E-255050000000000002E-232840000000000001E-272289999999999993E-269769999999999999E-287190000000000004E-2027245000000000003024789018059

Demeaned Usage

of OSHA Reports

NAVEX ROA Simple

Quintile

Average ROA

Demeaned Use of

NAVEX ROA Simple (2)

Average ROA

Demeaned Use of

NAVEX ROA Complex

NAVEX Descr (4)

LEGALt+1 to t+312345201556999999999991300813520509357499999999999710744199999999999USAGE12345-163287-043558999999999998020823068006999999999995117994

Quintile

Demeaned Use of

Quintile

Demeaned Use of

Pros

Cons

Thank You

Agenda
Presented By
Thank You

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017		1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009		2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014		3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007		4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013		5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA

									1		-163		0021

					LEGALt+1			OSHAt+1			2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		021		0017

									4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA				$ Assets		USAGE		Nobs	Assets ($mm)	USAGE	ROA	$ Assets	USAGE	USAGE	ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060				SMALL		LOW		636	34612	-102	-0060	SMALL	LOW	-102	-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029				SMALL		MEDIUM		637	41234	010	-0029	SMALL	MEDIUM	010	-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003				SMALL		HIGH		636	52043	090	0003	SMALL	HIGH	090	0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047				MEDIUM		LOW		636	303037	-109	0047	MEDIUM	LOW	-109	0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031				MEDIUM		MEDIUM		637	272437	040	0031	MEDIUM	MEDIUM	040	0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042				MEDIUM		HIGH		636	287970	109	0042	MEDIUM	HIGH	109	0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043				LARGE		LOW		636	2928028	-147	0043	LARGE	LOW	-147	0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045				LARGE		MEDIUM		637	3582939	009	0045	LARGE	MEDIUM	009	0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039				LARGE		HIGH		636	2909375	101	0039	LARGE	HIGH	101	0039

All		5727		1156927		000		043		137		004		012		0018							0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017		1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009		2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014		3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007		4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013		5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA

									1		-163		0021

					LEGALt+1			OSHAt+1			2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		021		0017

									4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA				$ Assets		USAGE		Nobs	Assets ($mm)	USAGE	ROA	$ Assets	USAGE	USAGE	ROA

																		USAGE		USAGE		ROA

SMALL	LOW		636		34612		-102		019		058		000		002		-0060				SMALL		LOW		636	34612	-102	-0060	SMALL	LOW	-102	-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029				SMALL		MEDIUM		637	41234	010	-0029	SMALL	MEDIUM	010	-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003				SMALL		HIGH		636	52043	090	0003	SMALL	HIGH	090	0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047				MEDIUM		LOW		636	303037	-109	0047	MEDIUM	LOW	-109	0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031				MEDIUM		MEDIUM		637	272437	040	0031	MEDIUM	MEDIUM	040	0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042				MEDIUM		HIGH		636	287970	109	0042	MEDIUM	HIGH	109	0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043				LARGE		LOW		636	2928028	-147	0043	LARGE	LOW	-147	0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045				LARGE		MEDIUM		637	3582939	009	0045	LARGE	MEDIUM	009	0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039				LARGE		HIGH		636	2909375	101	0039	LARGE	HIGH	101	0039

All		5727		1156927		000		043		137		004		012		0018							0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017			1 Quintile		-163		017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009			2 Quintile		-044		009

3	1145		021		043		135		004		014		0017			3		3		021		135		014			3 Quintile		021		014

4	1146		068		031		094		003		007		0023			4		4		068		094		007			4 Quintile		068		007

5	1145		118		035		107		004		013		0032			5		5		118		107		013			5 Quintile		118		013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA				USAGE		ROA

									1		-102		-0060		-0044		1		-163		0021

					LEGALt+1			OSHAt+1			2		010		-0029		-0013		2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		090		0003		0017		3		021		0017

									4		-109		0047		0023		4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		040		0031			5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032			109		0042

SMALL	HIGH		638		115		085		022		067		001		003		-0008			-147367		0043

MEDIUM	LOW		634		658		-098		048		151		002		007		0039			008703		0045

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029			100656		0039

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017			1 Quintile		-163		017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009			2 Quintile		-044		009

3	1145		021		043		135		004		014		0017			3		3		021		135		014			3 Quintile		021		014

4	1146		068		031		094		003		007		0023			4		4		068		094		007			4 Quintile		068		007

5	1145		118		035		107		004		013		0032			5		5		118		107		013			5 Quintile		118		013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA				USAGE		ROA

									1		-163		0021		0008		1		-163		0021

					LEGALt+1			OSHAt+1			2		-044		-0004		0006		2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		021		0017		0017		3		021		0017

									4		068		0023		0023		4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		118		0032			5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018

								demeaned

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


1	1145		-163		063		202		005		017		002

2	1146		-044		043		130		003		009		-000

3	1145		021		043		135		004		014		002

4	1146		068		031		094		003		007		002

5	1145		118		035		107		004		013		003

All	5727		000		043		137		004		012		002


Means by Usage within Employees tercile

					LEGALt+1			OSHAt+1									LEGALt+1			OSHAt+1

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA						USAGE			to t+3			to t+3

												Emp (000s)		Demeaned Usage			LEGALt+1 to t+3			OSHAt+1 to t+3

SMALL	LOW		638		077		-102		023		065		000		003		-0060651		24		Compliance User		SMALL		08		-102		Compliance User		065		Compliance User		003

SMALL	MEDIUM		639		098		003		026		069		001		006		-0031609		27		Moderate User		SMALL		10		003		Moderate User		069		Moderate User		006

SMALL	HIGH		638		115		085		022		067		001		003		-0007635		32		Power User		SMALL		12		085		Power User		067		Power User		003

MEDIUM	LOW		634		658		-098		048		151		002		007		0039156

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0028538		133		Compliance User		MEDIUM		66		-098		Compliance User		151		Compliance User		007

MEDIUM	HIGH		634		634		108		025		072		003		009		0036478		128		Moderate User		MEDIUM		62		040		Moderate User		114		Moderate User		007

LARGE	LOW		636		5154		-159		091		288		009		027		0054935		138		Power User		MEDIUM		63		108		Power User		072		Power User		009

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057287

LARGE	HIGH		636		4813		105		051		163		006		018		0044892		692		Compliance User		LARGE		515		-159		Compliance User		288		Compliance User		027

All		5727		1985		000		043		137		004		012		0017861		737		Moderate User		LARGE		570		017		Moderate User		224		Moderate User		025

									708		Power User		LARGE		481		105		Power User		163		Power User		018


Means by Usage within $ Assets tercile

					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA				$ Assets		USAGE		Assets ($mm)		USAGE


SMALL	LOW		636		34612		-102		019		058		000		002		-0059816				SMALL		LOW		9671079		-073586

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0028531				SMALL		MEDIUM		10463027		012459

SMALL	HIGH		636		52043		090		022		064		002		004		0002798				SMALL		HIGH		11805909		069878

MEDIUM	LOW		636		303037		-109		046		140		003		010		0046628				MEDIUM		LOW		57312214		-10509

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0030956				MEDIUM		MEDIUM		56860544		014806

MEDIUM	HIGH		636		287970		109		024		074		003		008		0041846				MEDIUM		HIGH		58318638		080995

LARGE	LOW		636		2928028		-147		095		309		008		025		0043323				LARGE		LOW		406915901		-092156

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0044578				LARGE		MEDIUM		454727145		011543

LARGE	HIGH		636		2909375		101		055		175		006		020		0038978				LARGE		HIGH		361468643		079595

All		5727		1156927		000		043		137		004		012		0017861


Means by Employees quintile

				LEGALt+1			OSHAt+1

Quintile	Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


1	627		145		002		030		081		001		006

2	628		562		006		035		121		003		010

3	628		1267		004		053		171		004		012

4	628		2874		-006		061		190		005		017

5	627		9717		-006		104		330		012		038

All	3138		2912		-000		057		186		005		016




Means by Assets ($mm) quintile

				LEGALt+1			OSHAt+1

Quintile	Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


1	627		54621		002		027		083		001		005

2	628		220334		003		033		101		002		010

3	628		546734		-003		047		166		005		014

4	628		1379930		001		066		212		005		018

5	627		5733372		-002		112		351		012		037

All	3138		1586165		-000		057		186		005		016

								demeaned

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


1	1145		-163		063		202		005		017		002

2	1146		-044		043		130		003		009		-000

3	1145		021		043		135		004		014		002

4	1146		068		031		094		003		007		002

5	1145		118		035		107		004		013		003

All	5727		000		043		137		004		012		002


Means by Usage within Employees tercile

					LEGALt+1			OSHAt+1									LEGALt+1			OSHAt+1

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA						USAGE			to t+3			to t+3

									Assets ($mm)				Assets ($bn)		Demeaned Usage			LEGALt+1 to t+3			OSHAt+1 to t+3		ROA

SMALL	LOW		638		077		-102		023		065		000		003		-0060651		34612		Compliance User		SMALL		035		-102		Compliance User		065		Compliance User		003		-006

SMALL	MEDIUM		639		098		003		026		069		001		006		-0031609		41234		Moderate User		SMALL		041		010		Moderate User		069		Moderate User		006		-003

SMALL	HIGH		638		115		085		022		067		001		003		-0007635		52043		Power User		SMALL		052		090		Power User		067		Power User		003		-001

MEDIUM	LOW		634		658		-098		048		151		002		007		0039156

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0028538		303037		Compliance User		MEDIUM		303		-109		Compliance User		151		Compliance User		007		004

MEDIUM	HIGH		634		634		108		025		072		003		009		0036478		272437		Moderate User		MEDIUM		272		040		Moderate User		114		Moderate User		007		003

LARGE	LOW		636		5154		-159		091		288		009		027		0054935		287970		Power User		MEDIUM		288		109		Power User		072		Power User		009		004

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057287

LARGE	HIGH		636		4813		105		051		163		006		018		0044892		2928028		Compliance User		LARGE		2928		-147		Compliance User		288		Compliance User		027		005

All		5727		1985		000		043		137		004		012		0017861		3582939		Moderate User		LARGE		3583		009		Moderate User		224		Moderate User		025		006

									2909375		Power User		LARGE		2909		101		Power User		163		Power User		018		004

									158616521

Means by Usage within $ Assets tercile

					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA				Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


SMALL	LOW		636		34612		-102		019		058		000		002		-0059816				9671079		-073586		036271		134503		0010309		007059		007059

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0028531				10463027		012459		032646		086885		0023973		00625		00625

SMALL	HIGH		636		52043		090		022		064		002		004		0002798				11805909		069878		022654		067249		0017065		005797		005797

MEDIUM	LOW		636		303037		-109		046		140		003		010		0046628

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0030956				57312214		-10509		052308		165926		0053498		016495		016495

MEDIUM	HIGH		636		287970		109		024		074		003		008		0041846				56860544		014806		037838		129121		0042345		012371		012371

LARGE	LOW		636		2928028		-147		095		309		008		025		0043323				58318638		080995		038944		135577		0060403		016749		016749

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0044578

LARGE	HIGH		636		2909375		101		055		175		006		020		0038978				406915901		-092156		12963		392164		0095023		030994		030994

All		5727		1156927		000		043		137		004		012		0017861				454727145		011543		086986		295028		0085443		027919		027919

											361468643		079595		071812		207805		0078498		025		025


Means by Employees quintile

				LEGALt+1			OSHAt+1

Quintile	Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


1	627		145		002		030		081		001		006

2	628		562		006		035		121		003		010

3	628		1267		004		053		171		004		012

4	628		2874		-006		061		190		005		017

5	627		9717		-006		104		330		012		038

All	3138		2912		-000		057		186		005		016




Means by Assets ($mm) quintile

				LEGALt+1			OSHAt+1

Quintile	Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


1	627		54621		002		027		083		001		005

2	628		220334		003		033		101		002		010

3	628		546734		-003		047		166		005		014

4	628		1379930		001		066		212		005		018

5	627		5733372		-002		112		351		012		037

All	3138		1586165		-000		057		186		005		016

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3		ROA		Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017		0021		1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009		-0004		2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014		0017		3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007		0023		4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013		0032		5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3		ROA

									Low		-103		166		013		0008

					LEGALt+1			OSHAt+1			Medium		015		120		010		0012

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		High		093		101		010		0028


SMALL	LOW		638		077		-102		023		065		000		003		-0061

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3		ROA		Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017		0021		1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009		-0004		2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014		0017		3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007		0023		4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013		0032		5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3		ROA

									Low		-103		166		013		0008

					LEGALt+1			OSHAt+1			Medium		015		120		010		0012

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		High		093		101		010		0028


SMALL	LOW		638		077		-102		023		065		000		003		-0061

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017	1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009	2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014	3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007	4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013	5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA

									1		-163		0021

					LEGALt+1			OSHAt+1			2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		021		0017

									4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018

Page 14: Top 10 Ethics & Compliance Trends for 2019 · ─Recalibrate business model against an ethical yardstick • Align Leadership − Policies, incentives and accolades should reinforce

68

69

70

71

72

73

2014 2015 2016 2017

May 25rdquo

bull Understand

-110

-075

-040

-005

030

065

100

110

120

130

140

150

160

170

Low Medium HighD

emea

ned

Use

of

Whi

stle

blow

ing

Syst

em

Aver

age

of

Mat

eria

l Law

suits

Chart3

Demeaned Use of

NAVEX Descr

and OSHA Reports

Quintile

Demeaned Use of

LEGALt+1 to t+312345201556999999999991300813520509357499999999999710744199999999999USAGE12345-163287-043558999999999998020823068006999999999995117994

Quintile

Demeaned Use of

and ROA

Quintile

ROA

Demeaned Use of

NAVEX Descr (2)

and OSHA Reports

and ROA

ROA

NAVEX Descr (3)

and OSHA Reports

Demeaned Use of

and ROA

ROA

Demeaned Use of

NAVEX Descr__ChartUsageAssets

Demeaned Usage

034611720000000001041233920000000002052043010000000001303036709999999992724370600000000328796972999999997292802831000000023582939379999999829093753400000001-10216799999999999010042090195000000000003-10926800000000001039922000000000002109195-14736787029999999999996E-210065599999999999

Demeaned Usage

034611720000000001041233920000000002052043010000000001303036709999999992724370600000000328796972999999997292802831000000023582939379999999829093753400000001-10216799999999999010042090195000000000003-10926800000000001039922000000000002109195-14736787029999999999996E-210065599999999999LEGALt+1 to t+3

064732000000000001069335999999999998067452999999999996151116000000000011135207198099999999999528810899999999999224461999999999981625

Demeaned Usage

OSHA (t+1 to t+3)

Demeaned Usage

034611720000000001041233920000000002052043010000000001303036709999999992724370600000000328796972999999997292802831000000023582939379999999829093753400000001-10216799999999999010042090195000000000003-10926800000000001039922000000000002109195-14736787029999999999996E-210065599999999999OSHAt+1 to t+3

32469999999999999E-255050000000000002E-232840000000000001E-272289999999999993E-269769999999999999E-287190000000000004E-2027245000000000003024789018059

Demeaned Usage

of OSHA Reports

Demeaned Usage

034611720000000001041233920000000002052043010000000001303036709999999992724370600000000328796972999999997292802831000000023582939379999999829093753400000001-10216799999999999010042090195000000000003-10926800000000001039922000000000002109195-14736787029999999999996E-210065599999999999ROA

-60650999999999997E-2-31608999999999998E-2-76350000000000003E-339156000000000003E-228538000000000001E-236477999999999997E-254934999999999998E-257286999999999998E-244892000000000001E-2

ROA

NAVEX Descr__ChartUsageEmploy

Demeaned Usage

076670000000000005098109999999999997115009999999999996579900000000000362432999999999996634290000000000025153499999999999756993099999999998481295-1019230000000000133279999999999997E-2085382000000000002-09766200000000000403955199999999999810785899999999999-15882700000000001016908000000000001105488

Demeaned Usage

076670000000000005098109999999999997115009999999999996579900000000000362432999999999996634290000000000025153499999999999756993099999999998481295-1019230000000000133279999999999997E-2085382000000000002-09766200000000000403955199999999999810785899999999999-15882700000000001016908000000000001105488LEGALt+1 to t+3

064732000000000001069335999999999998067452999999999996151116000000000011135207198099999999999528810899999999999224461999999999981625

Demeaned Usage

076670000000000005098109999999999997115009999999999996579900000000000362432999999999996634290000000000025153499999999999756993099999999998481295-1019230000000000133279999999999997E-2085382000000000002-09766200000000000403955199999999999810785899999999999-15882700000000001016908000000000001105488OSHAt+1 to t+3

32469999999999999E-255050000000000002E-232840000000000001E-272289999999999993E-269769999999999999E-287190000000000004E-2027245000000000003024789018059

Demeaned Usage

of OSHA Reports

NAVEX ROA Simple

Quintile

Average ROA

Demeaned Use of

NAVEX ROA Simple (2)

Average ROA

Demeaned Use of

NAVEX ROA Complex

NAVEX Descr (4)

LEGALt+1 to t+312345201556999999999991300813520509357499999999999710744199999999999USAGE12345-163287-043558999999999998020823068006999999999995117994

Quintile

Demeaned Use of

Quintile

Demeaned Use of

Pros

Cons

Thank You

Agenda
Presented By
Thank You

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017		1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009		2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014		3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007		4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013		5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA

									1		-163		0021

					LEGALt+1			OSHAt+1			2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		021		0017

									4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA				$ Assets		USAGE		Nobs	Assets ($mm)	USAGE	ROA	$ Assets	USAGE	USAGE	ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060				SMALL		LOW		636	34612	-102	-0060	SMALL	LOW	-102	-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029				SMALL		MEDIUM		637	41234	010	-0029	SMALL	MEDIUM	010	-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003				SMALL		HIGH		636	52043	090	0003	SMALL	HIGH	090	0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047				MEDIUM		LOW		636	303037	-109	0047	MEDIUM	LOW	-109	0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031				MEDIUM		MEDIUM		637	272437	040	0031	MEDIUM	MEDIUM	040	0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042				MEDIUM		HIGH		636	287970	109	0042	MEDIUM	HIGH	109	0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043				LARGE		LOW		636	2928028	-147	0043	LARGE	LOW	-147	0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045				LARGE		MEDIUM		637	3582939	009	0045	LARGE	MEDIUM	009	0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039				LARGE		HIGH		636	2909375	101	0039	LARGE	HIGH	101	0039

All		5727		1156927		000		043		137		004		012		0018							0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017		1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009		2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014		3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007		4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013		5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA

									1		-163		0021

					LEGALt+1			OSHAt+1			2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		021		0017

									4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA				$ Assets		USAGE		Nobs	Assets ($mm)	USAGE	ROA	$ Assets	USAGE	USAGE	ROA

																		USAGE		USAGE		ROA

SMALL	LOW		636		34612		-102		019		058		000		002		-0060				SMALL		LOW		636	34612	-102	-0060	SMALL	LOW	-102	-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029				SMALL		MEDIUM		637	41234	010	-0029	SMALL	MEDIUM	010	-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003				SMALL		HIGH		636	52043	090	0003	SMALL	HIGH	090	0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047				MEDIUM		LOW		636	303037	-109	0047	MEDIUM	LOW	-109	0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031				MEDIUM		MEDIUM		637	272437	040	0031	MEDIUM	MEDIUM	040	0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042				MEDIUM		HIGH		636	287970	109	0042	MEDIUM	HIGH	109	0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043				LARGE		LOW		636	2928028	-147	0043	LARGE	LOW	-147	0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045				LARGE		MEDIUM		637	3582939	009	0045	LARGE	MEDIUM	009	0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039				LARGE		HIGH		636	2909375	101	0039	LARGE	HIGH	101	0039

All		5727		1156927		000		043		137		004		012		0018							0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017			1 Quintile		-163		017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009			2 Quintile		-044		009

3	1145		021		043		135		004		014		0017			3		3		021		135		014			3 Quintile		021		014

4	1146		068		031		094		003		007		0023			4		4		068		094		007			4 Quintile		068		007

5	1145		118		035		107		004		013		0032			5		5		118		107		013			5 Quintile		118		013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA				USAGE		ROA

									1		-102		-0060		-0044		1		-163		0021

					LEGALt+1			OSHAt+1			2		010		-0029		-0013		2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		090		0003		0017		3		021		0017

									4		-109		0047		0023		4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		040		0031			5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032			109		0042

SMALL	HIGH		638		115		085		022		067		001		003		-0008			-147367		0043

MEDIUM	LOW		634		658		-098		048		151		002		007		0039			008703		0045

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029			100656		0039

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017			1 Quintile		-163		017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009			2 Quintile		-044		009

3	1145		021		043		135		004		014		0017			3		3		021		135		014			3 Quintile		021		014

4	1146		068		031		094		003		007		0023			4		4		068		094		007			4 Quintile		068		007

5	1145		118		035		107		004		013		0032			5		5		118		107		013			5 Quintile		118		013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA				USAGE		ROA

									1		-163		0021		0008		1		-163		0021

					LEGALt+1			OSHAt+1			2		-044		-0004		0006		2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		021		0017		0017		3		021		0017

									4		068		0023		0023		4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		118		0032			5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018

								demeaned

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


1	1145		-163		063		202		005		017		002

2	1146		-044		043		130		003		009		-000

3	1145		021		043		135		004		014		002

4	1146		068		031		094		003		007		002

5	1145		118		035		107		004		013		003

All	5727		000		043		137		004		012		002


Means by Usage within Employees tercile

					LEGALt+1			OSHAt+1									LEGALt+1			OSHAt+1

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA						USAGE			to t+3			to t+3

												Emp (000s)		Demeaned Usage			LEGALt+1 to t+3			OSHAt+1 to t+3

SMALL	LOW		638		077		-102		023		065		000		003		-0060651		24		Compliance User		SMALL		08		-102		Compliance User		065		Compliance User		003

SMALL	MEDIUM		639		098		003		026		069		001		006		-0031609		27		Moderate User		SMALL		10		003		Moderate User		069		Moderate User		006

SMALL	HIGH		638		115		085		022		067		001		003		-0007635		32		Power User		SMALL		12		085		Power User		067		Power User		003

MEDIUM	LOW		634		658		-098		048		151		002		007		0039156

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0028538		133		Compliance User		MEDIUM		66		-098		Compliance User		151		Compliance User		007

MEDIUM	HIGH		634		634		108		025		072		003		009		0036478		128		Moderate User		MEDIUM		62		040		Moderate User		114		Moderate User		007

LARGE	LOW		636		5154		-159		091		288		009		027		0054935		138		Power User		MEDIUM		63		108		Power User		072		Power User		009

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057287

LARGE	HIGH		636		4813		105		051		163		006		018		0044892		692		Compliance User		LARGE		515		-159		Compliance User		288		Compliance User		027

All		5727		1985		000		043		137		004		012		0017861		737		Moderate User		LARGE		570		017		Moderate User		224		Moderate User		025

									708		Power User		LARGE		481		105		Power User		163		Power User		018


Means by Usage within $ Assets tercile

					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA				$ Assets		USAGE		Assets ($mm)		USAGE


SMALL	LOW		636		34612		-102		019		058		000		002		-0059816				SMALL		LOW		9671079		-073586

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0028531				SMALL		MEDIUM		10463027		012459

SMALL	HIGH		636		52043		090		022		064		002		004		0002798				SMALL		HIGH		11805909		069878

MEDIUM	LOW		636		303037		-109		046		140		003		010		0046628				MEDIUM		LOW		57312214		-10509

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0030956				MEDIUM		MEDIUM		56860544		014806

MEDIUM	HIGH		636		287970		109		024		074		003		008		0041846				MEDIUM		HIGH		58318638		080995

LARGE	LOW		636		2928028		-147		095		309		008		025		0043323				LARGE		LOW		406915901		-092156

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0044578				LARGE		MEDIUM		454727145		011543

LARGE	HIGH		636		2909375		101		055		175		006		020		0038978				LARGE		HIGH		361468643		079595

All		5727		1156927		000		043		137		004		012		0017861


Means by Employees quintile

				LEGALt+1			OSHAt+1

Quintile	Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


1	627		145		002		030		081		001		006

2	628		562		006		035		121		003		010

3	628		1267		004		053		171		004		012

4	628		2874		-006		061		190		005		017

5	627		9717		-006		104		330		012		038

All	3138		2912		-000		057		186		005		016




Means by Assets ($mm) quintile

				LEGALt+1			OSHAt+1

Quintile	Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


1	627		54621		002		027		083		001		005

2	628		220334		003		033		101		002		010

3	628		546734		-003		047		166		005		014

4	628		1379930		001		066		212		005		018

5	627		5733372		-002		112		351		012		037

All	3138		1586165		-000		057		186		005		016

								demeaned

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


1	1145		-163		063		202		005		017		002

2	1146		-044		043		130		003		009		-000

3	1145		021		043		135		004		014		002

4	1146		068		031		094		003		007		002

5	1145		118		035		107		004		013		003

All	5727		000		043		137		004		012		002


Means by Usage within Employees tercile

					LEGALt+1			OSHAt+1									LEGALt+1			OSHAt+1

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA						USAGE			to t+3			to t+3

									Assets ($mm)				Assets ($bn)		Demeaned Usage			LEGALt+1 to t+3			OSHAt+1 to t+3		ROA

SMALL	LOW		638		077		-102		023		065		000		003		-0060651		34612		Compliance User		SMALL		035		-102		Compliance User		065		Compliance User		003		-006

SMALL	MEDIUM		639		098		003		026		069		001		006		-0031609		41234		Moderate User		SMALL		041		010		Moderate User		069		Moderate User		006		-003

SMALL	HIGH		638		115		085		022		067		001		003		-0007635		52043		Power User		SMALL		052		090		Power User		067		Power User		003		-001

MEDIUM	LOW		634		658		-098		048		151		002		007		0039156

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0028538		303037		Compliance User		MEDIUM		303		-109		Compliance User		151		Compliance User		007		004

MEDIUM	HIGH		634		634		108		025		072		003		009		0036478		272437		Moderate User		MEDIUM		272		040		Moderate User		114		Moderate User		007		003

LARGE	LOW		636		5154		-159		091		288		009		027		0054935		287970		Power User		MEDIUM		288		109		Power User		072		Power User		009		004

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057287

LARGE	HIGH		636		4813		105		051		163		006		018		0044892		2928028		Compliance User		LARGE		2928		-147		Compliance User		288		Compliance User		027		005

All		5727		1985		000		043		137		004		012		0017861		3582939		Moderate User		LARGE		3583		009		Moderate User		224		Moderate User		025		006

									2909375		Power User		LARGE		2909		101		Power User		163		Power User		018		004

									158616521

Means by Usage within $ Assets tercile

					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA				Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


SMALL	LOW		636		34612		-102		019		058		000		002		-0059816				9671079		-073586		036271		134503		0010309		007059		007059

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0028531				10463027		012459		032646		086885		0023973		00625		00625

SMALL	HIGH		636		52043		090		022		064		002		004		0002798				11805909		069878		022654		067249		0017065		005797		005797

MEDIUM	LOW		636		303037		-109		046		140		003		010		0046628

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0030956				57312214		-10509		052308		165926		0053498		016495		016495

MEDIUM	HIGH		636		287970		109		024		074		003		008		0041846				56860544		014806		037838		129121		0042345		012371		012371

LARGE	LOW		636		2928028		-147		095		309		008		025		0043323				58318638		080995		038944		135577		0060403		016749		016749

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0044578

LARGE	HIGH		636		2909375		101		055		175		006		020		0038978				406915901		-092156		12963		392164		0095023		030994		030994

All		5727		1156927		000		043		137		004		012		0017861				454727145		011543		086986		295028		0085443		027919		027919

											361468643		079595		071812		207805		0078498		025		025


Means by Employees quintile

				LEGALt+1			OSHAt+1

Quintile	Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


1	627		145		002		030		081		001		006

2	628		562		006		035		121		003		010

3	628		1267		004		053		171		004		012

4	628		2874		-006		061		190		005		017

5	627		9717		-006		104		330		012		038

All	3138		2912		-000		057		186		005		016




Means by Assets ($mm) quintile

				LEGALt+1			OSHAt+1

Quintile	Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


1	627		54621		002		027		083		001		005

2	628		220334		003		033		101		002		010

3	628		546734		-003		047		166		005		014

4	628		1379930		001		066		212		005		018

5	627		5733372		-002		112		351		012		037

All	3138		1586165		-000		057		186		005		016

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3		ROA		Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017		0021		1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009		-0004		2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014		0017		3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007		0023		4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013		0032		5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3		ROA

									Low		-103		166		013		0008

					LEGALt+1			OSHAt+1			Medium		015		120		010		0012

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		High		093		101		010		0028


SMALL	LOW		638		077		-102		023		065		000		003		-0061

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3		ROA		Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017		0021		1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009		-0004		2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014		0017		3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007		0023		4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013		0032		5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3		ROA

									Low		-103		166		013		0008

					LEGALt+1			OSHAt+1			Medium		015		120		010		0012

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		High		093		101		010		0028


SMALL	LOW		638		077		-102		023		065		000		003		-0061

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017	1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009	2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014	3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007	4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013	5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA

									1		-163		0021

					LEGALt+1			OSHAt+1			2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		021		0017

									4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018

Page 15: Top 10 Ethics & Compliance Trends for 2019 · ─Recalibrate business model against an ethical yardstick • Align Leadership − Policies, incentives and accolades should reinforce

68

69

70

71

72

73

2014 2015 2016 2017

May 25rdquo

bull Understand

-110

-075

-040

-005

030

065

100

110

120

130

140

150

160

170

Low Medium HighD

emea

ned

Use

of

Whi

stle

blow

ing

Syst

em

Aver

age

of

Mat

eria

l Law

suits

Chart3

Demeaned Use of

NAVEX Descr

and OSHA Reports

Quintile

Demeaned Use of

LEGALt+1 to t+312345201556999999999991300813520509357499999999999710744199999999999USAGE12345-163287-043558999999999998020823068006999999999995117994

Quintile

Demeaned Use of

and ROA

Quintile

ROA

Demeaned Use of

NAVEX Descr (2)

and OSHA Reports

and ROA

ROA

NAVEX Descr (3)

and OSHA Reports

Demeaned Use of

and ROA

ROA

Demeaned Use of

NAVEX Descr__ChartUsageAssets

Demeaned Usage

034611720000000001041233920000000002052043010000000001303036709999999992724370600000000328796972999999997292802831000000023582939379999999829093753400000001-10216799999999999010042090195000000000003-10926800000000001039922000000000002109195-14736787029999999999996E-210065599999999999

Demeaned Usage

034611720000000001041233920000000002052043010000000001303036709999999992724370600000000328796972999999997292802831000000023582939379999999829093753400000001-10216799999999999010042090195000000000003-10926800000000001039922000000000002109195-14736787029999999999996E-210065599999999999LEGALt+1 to t+3

064732000000000001069335999999999998067452999999999996151116000000000011135207198099999999999528810899999999999224461999999999981625

Demeaned Usage

OSHA (t+1 to t+3)

Demeaned Usage

034611720000000001041233920000000002052043010000000001303036709999999992724370600000000328796972999999997292802831000000023582939379999999829093753400000001-10216799999999999010042090195000000000003-10926800000000001039922000000000002109195-14736787029999999999996E-210065599999999999OSHAt+1 to t+3

32469999999999999E-255050000000000002E-232840000000000001E-272289999999999993E-269769999999999999E-287190000000000004E-2027245000000000003024789018059

Demeaned Usage

of OSHA Reports

Demeaned Usage

034611720000000001041233920000000002052043010000000001303036709999999992724370600000000328796972999999997292802831000000023582939379999999829093753400000001-10216799999999999010042090195000000000003-10926800000000001039922000000000002109195-14736787029999999999996E-210065599999999999ROA

-60650999999999997E-2-31608999999999998E-2-76350000000000003E-339156000000000003E-228538000000000001E-236477999999999997E-254934999999999998E-257286999999999998E-244892000000000001E-2

ROA

NAVEX Descr__ChartUsageEmploy

Demeaned Usage

076670000000000005098109999999999997115009999999999996579900000000000362432999999999996634290000000000025153499999999999756993099999999998481295-1019230000000000133279999999999997E-2085382000000000002-09766200000000000403955199999999999810785899999999999-15882700000000001016908000000000001105488

Demeaned Usage

076670000000000005098109999999999997115009999999999996579900000000000362432999999999996634290000000000025153499999999999756993099999999998481295-1019230000000000133279999999999997E-2085382000000000002-09766200000000000403955199999999999810785899999999999-15882700000000001016908000000000001105488LEGALt+1 to t+3

064732000000000001069335999999999998067452999999999996151116000000000011135207198099999999999528810899999999999224461999999999981625

Demeaned Usage

076670000000000005098109999999999997115009999999999996579900000000000362432999999999996634290000000000025153499999999999756993099999999998481295-1019230000000000133279999999999997E-2085382000000000002-09766200000000000403955199999999999810785899999999999-15882700000000001016908000000000001105488OSHAt+1 to t+3

32469999999999999E-255050000000000002E-232840000000000001E-272289999999999993E-269769999999999999E-287190000000000004E-2027245000000000003024789018059

Demeaned Usage

of OSHA Reports

NAVEX ROA Simple

Quintile

Average ROA

Demeaned Use of

NAVEX ROA Simple (2)

Average ROA

Demeaned Use of

NAVEX ROA Complex

NAVEX Descr (4)

LEGALt+1 to t+312345201556999999999991300813520509357499999999999710744199999999999USAGE12345-163287-043558999999999998020823068006999999999995117994

Quintile

Demeaned Use of

Quintile

Demeaned Use of

Pros

Cons

Thank You

Agenda
Presented By
Thank You

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017		1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009		2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014		3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007		4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013		5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA

									1		-163		0021

					LEGALt+1			OSHAt+1			2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		021		0017

									4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA				$ Assets		USAGE		Nobs	Assets ($mm)	USAGE	ROA	$ Assets	USAGE	USAGE	ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060				SMALL		LOW		636	34612	-102	-0060	SMALL	LOW	-102	-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029				SMALL		MEDIUM		637	41234	010	-0029	SMALL	MEDIUM	010	-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003				SMALL		HIGH		636	52043	090	0003	SMALL	HIGH	090	0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047				MEDIUM		LOW		636	303037	-109	0047	MEDIUM	LOW	-109	0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031				MEDIUM		MEDIUM		637	272437	040	0031	MEDIUM	MEDIUM	040	0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042				MEDIUM		HIGH		636	287970	109	0042	MEDIUM	HIGH	109	0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043				LARGE		LOW		636	2928028	-147	0043	LARGE	LOW	-147	0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045				LARGE		MEDIUM		637	3582939	009	0045	LARGE	MEDIUM	009	0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039				LARGE		HIGH		636	2909375	101	0039	LARGE	HIGH	101	0039

All		5727		1156927		000		043		137		004		012		0018							0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017		1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009		2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014		3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007		4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013		5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA

									1		-163		0021

					LEGALt+1			OSHAt+1			2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		021		0017

									4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA				$ Assets		USAGE		Nobs	Assets ($mm)	USAGE	ROA	$ Assets	USAGE	USAGE	ROA

																		USAGE		USAGE		ROA

SMALL	LOW		636		34612		-102		019		058		000		002		-0060				SMALL		LOW		636	34612	-102	-0060	SMALL	LOW	-102	-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029				SMALL		MEDIUM		637	41234	010	-0029	SMALL	MEDIUM	010	-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003				SMALL		HIGH		636	52043	090	0003	SMALL	HIGH	090	0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047				MEDIUM		LOW		636	303037	-109	0047	MEDIUM	LOW	-109	0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031				MEDIUM		MEDIUM		637	272437	040	0031	MEDIUM	MEDIUM	040	0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042				MEDIUM		HIGH		636	287970	109	0042	MEDIUM	HIGH	109	0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043				LARGE		LOW		636	2928028	-147	0043	LARGE	LOW	-147	0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045				LARGE		MEDIUM		637	3582939	009	0045	LARGE	MEDIUM	009	0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039				LARGE		HIGH		636	2909375	101	0039	LARGE	HIGH	101	0039

All		5727		1156927		000		043		137		004		012		0018							0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017			1 Quintile		-163		017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009			2 Quintile		-044		009

3	1145		021		043		135		004		014		0017			3		3		021		135		014			3 Quintile		021		014

4	1146		068		031		094		003		007		0023			4		4		068		094		007			4 Quintile		068		007

5	1145		118		035		107		004		013		0032			5		5		118		107		013			5 Quintile		118		013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA				USAGE		ROA

									1		-102		-0060		-0044		1		-163		0021

					LEGALt+1			OSHAt+1			2		010		-0029		-0013		2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		090		0003		0017		3		021		0017

									4		-109		0047		0023		4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		040		0031			5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032			109		0042

SMALL	HIGH		638		115		085		022		067		001		003		-0008			-147367		0043

MEDIUM	LOW		634		658		-098		048		151		002		007		0039			008703		0045

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029			100656		0039

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017			1 Quintile		-163		017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009			2 Quintile		-044		009

3	1145		021		043		135		004		014		0017			3		3		021		135		014			3 Quintile		021		014

4	1146		068		031		094		003		007		0023			4		4		068		094		007			4 Quintile		068		007

5	1145		118		035		107		004		013		0032			5		5		118		107		013			5 Quintile		118		013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA				USAGE		ROA

									1		-163		0021		0008		1		-163		0021

					LEGALt+1			OSHAt+1			2		-044		-0004		0006		2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		021		0017		0017		3		021		0017

									4		068		0023		0023		4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		118		0032			5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018

								demeaned

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


1	1145		-163		063		202		005		017		002

2	1146		-044		043		130		003		009		-000

3	1145		021		043		135		004		014		002

4	1146		068		031		094		003		007		002

5	1145		118		035		107		004		013		003

All	5727		000		043		137		004		012		002


Means by Usage within Employees tercile

					LEGALt+1			OSHAt+1									LEGALt+1			OSHAt+1

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA						USAGE			to t+3			to t+3

												Emp (000s)		Demeaned Usage			LEGALt+1 to t+3			OSHAt+1 to t+3

SMALL	LOW		638		077		-102		023		065		000		003		-0060651		24		Compliance User		SMALL		08		-102		Compliance User		065		Compliance User		003

SMALL	MEDIUM		639		098		003		026		069		001		006		-0031609		27		Moderate User		SMALL		10		003		Moderate User		069		Moderate User		006

SMALL	HIGH		638		115		085		022		067		001		003		-0007635		32		Power User		SMALL		12		085		Power User		067		Power User		003

MEDIUM	LOW		634		658		-098		048		151		002		007		0039156

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0028538		133		Compliance User		MEDIUM		66		-098		Compliance User		151		Compliance User		007

MEDIUM	HIGH		634		634		108		025		072		003		009		0036478		128		Moderate User		MEDIUM		62		040		Moderate User		114		Moderate User		007

LARGE	LOW		636		5154		-159		091		288		009		027		0054935		138		Power User		MEDIUM		63		108		Power User		072		Power User		009

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057287

LARGE	HIGH		636		4813		105		051		163		006		018		0044892		692		Compliance User		LARGE		515		-159		Compliance User		288		Compliance User		027

All		5727		1985		000		043		137		004		012		0017861		737		Moderate User		LARGE		570		017		Moderate User		224		Moderate User		025

									708		Power User		LARGE		481		105		Power User		163		Power User		018


Means by Usage within $ Assets tercile

					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA				$ Assets		USAGE		Assets ($mm)		USAGE


SMALL	LOW		636		34612		-102		019		058		000		002		-0059816				SMALL		LOW		9671079		-073586

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0028531				SMALL		MEDIUM		10463027		012459

SMALL	HIGH		636		52043		090		022		064		002		004		0002798				SMALL		HIGH		11805909		069878

MEDIUM	LOW		636		303037		-109		046		140		003		010		0046628				MEDIUM		LOW		57312214		-10509

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0030956				MEDIUM		MEDIUM		56860544		014806

MEDIUM	HIGH		636		287970		109		024		074		003		008		0041846				MEDIUM		HIGH		58318638		080995

LARGE	LOW		636		2928028		-147		095		309		008		025		0043323				LARGE		LOW		406915901		-092156

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0044578				LARGE		MEDIUM		454727145		011543

LARGE	HIGH		636		2909375		101		055		175		006		020		0038978				LARGE		HIGH		361468643		079595

All		5727		1156927		000		043		137		004		012		0017861


Means by Employees quintile

				LEGALt+1			OSHAt+1

Quintile	Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


1	627		145		002		030		081		001		006

2	628		562		006		035		121		003		010

3	628		1267		004		053		171		004		012

4	628		2874		-006		061		190		005		017

5	627		9717		-006		104		330		012		038

All	3138		2912		-000		057		186		005		016




Means by Assets ($mm) quintile

				LEGALt+1			OSHAt+1

Quintile	Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


1	627		54621		002		027		083		001		005

2	628		220334		003		033		101		002		010

3	628		546734		-003		047		166		005		014

4	628		1379930		001		066		212		005		018

5	627		5733372		-002		112		351		012		037

All	3138		1586165		-000		057		186		005		016

								demeaned

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


1	1145		-163		063		202		005		017		002

2	1146		-044		043		130		003		009		-000

3	1145		021		043		135		004		014		002

4	1146		068		031		094		003		007		002

5	1145		118		035		107		004		013		003

All	5727		000		043		137		004		012		002


Means by Usage within Employees tercile

					LEGALt+1			OSHAt+1									LEGALt+1			OSHAt+1

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA						USAGE			to t+3			to t+3

									Assets ($mm)				Assets ($bn)		Demeaned Usage			LEGALt+1 to t+3			OSHAt+1 to t+3		ROA

SMALL	LOW		638		077		-102		023		065		000		003		-0060651		34612		Compliance User		SMALL		035		-102		Compliance User		065		Compliance User		003		-006

SMALL	MEDIUM		639		098		003		026		069		001		006		-0031609		41234		Moderate User		SMALL		041		010		Moderate User		069		Moderate User		006		-003

SMALL	HIGH		638		115		085		022		067		001		003		-0007635		52043		Power User		SMALL		052		090		Power User		067		Power User		003		-001

MEDIUM	LOW		634		658		-098		048		151		002		007		0039156

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0028538		303037		Compliance User		MEDIUM		303		-109		Compliance User		151		Compliance User		007		004

MEDIUM	HIGH		634		634		108		025		072		003		009		0036478		272437		Moderate User		MEDIUM		272		040		Moderate User		114		Moderate User		007		003

LARGE	LOW		636		5154		-159		091		288		009		027		0054935		287970		Power User		MEDIUM		288		109		Power User		072		Power User		009		004

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057287

LARGE	HIGH		636		4813		105		051		163		006		018		0044892		2928028		Compliance User		LARGE		2928		-147		Compliance User		288		Compliance User		027		005

All		5727		1985		000		043		137		004		012		0017861		3582939		Moderate User		LARGE		3583		009		Moderate User		224		Moderate User		025		006

									2909375		Power User		LARGE		2909		101		Power User		163		Power User		018		004

									158616521

Means by Usage within $ Assets tercile

					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA				Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


SMALL	LOW		636		34612		-102		019		058		000		002		-0059816				9671079		-073586		036271		134503		0010309		007059		007059

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0028531				10463027		012459		032646		086885		0023973		00625		00625

SMALL	HIGH		636		52043		090		022		064		002		004		0002798				11805909		069878		022654		067249		0017065		005797		005797

MEDIUM	LOW		636		303037		-109		046		140		003		010		0046628

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0030956				57312214		-10509		052308		165926		0053498		016495		016495

MEDIUM	HIGH		636		287970		109		024		074		003		008		0041846				56860544		014806		037838		129121		0042345		012371		012371

LARGE	LOW		636		2928028		-147		095		309		008		025		0043323				58318638		080995		038944		135577		0060403		016749		016749

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0044578

LARGE	HIGH		636		2909375		101		055		175		006		020		0038978				406915901		-092156		12963		392164		0095023		030994		030994

All		5727		1156927		000		043		137		004		012		0017861				454727145		011543		086986		295028		0085443		027919		027919

											361468643		079595		071812		207805		0078498		025		025


Means by Employees quintile

				LEGALt+1			OSHAt+1

Quintile	Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


1	627		145		002		030		081		001		006

2	628		562		006		035		121		003		010

3	628		1267		004		053		171		004		012

4	628		2874		-006		061		190		005		017

5	627		9717		-006		104		330		012		038

All	3138		2912		-000		057		186		005		016




Means by Assets ($mm) quintile

				LEGALt+1			OSHAt+1

Quintile	Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


1	627		54621		002		027		083		001		005

2	628		220334		003		033		101		002		010

3	628		546734		-003		047		166		005		014

4	628		1379930		001		066		212		005		018

5	627		5733372		-002		112		351		012		037

All	3138		1586165		-000		057		186		005		016

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3		ROA		Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017		0021		1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009		-0004		2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014		0017		3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007		0023		4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013		0032		5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3		ROA

									Low		-103		166		013		0008

					LEGALt+1			OSHAt+1			Medium		015		120		010		0012

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		High		093		101		010		0028


SMALL	LOW		638		077		-102		023		065		000		003		-0061

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3		ROA		Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017		0021		1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009		-0004		2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014		0017		3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007		0023		4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013		0032		5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3		ROA

									Low		-103		166		013		0008

					LEGALt+1			OSHAt+1			Medium		015		120		010		0012

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		High		093		101		010		0028


SMALL	LOW		638		077		-102		023		065		000		003		-0061

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017	1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009	2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014	3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007	4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013	5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA

									1		-163		0021

					LEGALt+1			OSHAt+1			2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		021		0017

									4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018

Page 16: Top 10 Ethics & Compliance Trends for 2019 · ─Recalibrate business model against an ethical yardstick • Align Leadership − Policies, incentives and accolades should reinforce

May 25rdquo

bull Understand

-110

-075

-040

-005

030

065

100

110

120

130

140

150

160

170

Low Medium HighD

emea

ned

Use

of

Whi

stle

blow

ing

Syst

em

Aver

age

of

Mat

eria

l Law

suits

Chart3

Demeaned Use of

NAVEX Descr

and OSHA Reports

Quintile

Demeaned Use of

LEGALt+1 to t+312345201556999999999991300813520509357499999999999710744199999999999USAGE12345-163287-043558999999999998020823068006999999999995117994

Quintile

Demeaned Use of

and ROA

Quintile

ROA

Demeaned Use of

NAVEX Descr (2)

and OSHA Reports

and ROA

ROA

NAVEX Descr (3)

and OSHA Reports

Demeaned Use of

and ROA

ROA

Demeaned Use of

NAVEX Descr__ChartUsageAssets

Demeaned Usage

034611720000000001041233920000000002052043010000000001303036709999999992724370600000000328796972999999997292802831000000023582939379999999829093753400000001-10216799999999999010042090195000000000003-10926800000000001039922000000000002109195-14736787029999999999996E-210065599999999999

Demeaned Usage

034611720000000001041233920000000002052043010000000001303036709999999992724370600000000328796972999999997292802831000000023582939379999999829093753400000001-10216799999999999010042090195000000000003-10926800000000001039922000000000002109195-14736787029999999999996E-210065599999999999LEGALt+1 to t+3

064732000000000001069335999999999998067452999999999996151116000000000011135207198099999999999528810899999999999224461999999999981625

Demeaned Usage

OSHA (t+1 to t+3)

Demeaned Usage

034611720000000001041233920000000002052043010000000001303036709999999992724370600000000328796972999999997292802831000000023582939379999999829093753400000001-10216799999999999010042090195000000000003-10926800000000001039922000000000002109195-14736787029999999999996E-210065599999999999OSHAt+1 to t+3

32469999999999999E-255050000000000002E-232840000000000001E-272289999999999993E-269769999999999999E-287190000000000004E-2027245000000000003024789018059

Demeaned Usage

of OSHA Reports

Demeaned Usage

034611720000000001041233920000000002052043010000000001303036709999999992724370600000000328796972999999997292802831000000023582939379999999829093753400000001-10216799999999999010042090195000000000003-10926800000000001039922000000000002109195-14736787029999999999996E-210065599999999999ROA

-60650999999999997E-2-31608999999999998E-2-76350000000000003E-339156000000000003E-228538000000000001E-236477999999999997E-254934999999999998E-257286999999999998E-244892000000000001E-2

ROA

NAVEX Descr__ChartUsageEmploy

Demeaned Usage

076670000000000005098109999999999997115009999999999996579900000000000362432999999999996634290000000000025153499999999999756993099999999998481295-1019230000000000133279999999999997E-2085382000000000002-09766200000000000403955199999999999810785899999999999-15882700000000001016908000000000001105488

Demeaned Usage

076670000000000005098109999999999997115009999999999996579900000000000362432999999999996634290000000000025153499999999999756993099999999998481295-1019230000000000133279999999999997E-2085382000000000002-09766200000000000403955199999999999810785899999999999-15882700000000001016908000000000001105488LEGALt+1 to t+3

064732000000000001069335999999999998067452999999999996151116000000000011135207198099999999999528810899999999999224461999999999981625

Demeaned Usage

076670000000000005098109999999999997115009999999999996579900000000000362432999999999996634290000000000025153499999999999756993099999999998481295-1019230000000000133279999999999997E-2085382000000000002-09766200000000000403955199999999999810785899999999999-15882700000000001016908000000000001105488OSHAt+1 to t+3

32469999999999999E-255050000000000002E-232840000000000001E-272289999999999993E-269769999999999999E-287190000000000004E-2027245000000000003024789018059

Demeaned Usage

of OSHA Reports

NAVEX ROA Simple

Quintile

Average ROA

Demeaned Use of

NAVEX ROA Simple (2)

Average ROA

Demeaned Use of

NAVEX ROA Complex

NAVEX Descr (4)

LEGALt+1 to t+312345201556999999999991300813520509357499999999999710744199999999999USAGE12345-163287-043558999999999998020823068006999999999995117994

Quintile

Demeaned Use of

Quintile

Demeaned Use of

Pros

Cons

Thank You

Agenda
Presented By
Thank You

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017		1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009		2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014		3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007		4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013		5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA

									1		-163		0021

					LEGALt+1			OSHAt+1			2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		021		0017

									4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA				$ Assets		USAGE		Nobs	Assets ($mm)	USAGE	ROA	$ Assets	USAGE	USAGE	ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060				SMALL		LOW		636	34612	-102	-0060	SMALL	LOW	-102	-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029				SMALL		MEDIUM		637	41234	010	-0029	SMALL	MEDIUM	010	-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003				SMALL		HIGH		636	52043	090	0003	SMALL	HIGH	090	0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047				MEDIUM		LOW		636	303037	-109	0047	MEDIUM	LOW	-109	0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031				MEDIUM		MEDIUM		637	272437	040	0031	MEDIUM	MEDIUM	040	0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042				MEDIUM		HIGH		636	287970	109	0042	MEDIUM	HIGH	109	0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043				LARGE		LOW		636	2928028	-147	0043	LARGE	LOW	-147	0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045				LARGE		MEDIUM		637	3582939	009	0045	LARGE	MEDIUM	009	0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039				LARGE		HIGH		636	2909375	101	0039	LARGE	HIGH	101	0039

All		5727		1156927		000		043		137		004		012		0018							0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017		1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009		2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014		3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007		4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013		5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA

									1		-163		0021

					LEGALt+1			OSHAt+1			2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		021		0017

									4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA				$ Assets		USAGE		Nobs	Assets ($mm)	USAGE	ROA	$ Assets	USAGE	USAGE	ROA

																		USAGE		USAGE		ROA

SMALL	LOW		636		34612		-102		019		058		000		002		-0060				SMALL		LOW		636	34612	-102	-0060	SMALL	LOW	-102	-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029				SMALL		MEDIUM		637	41234	010	-0029	SMALL	MEDIUM	010	-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003				SMALL		HIGH		636	52043	090	0003	SMALL	HIGH	090	0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047				MEDIUM		LOW		636	303037	-109	0047	MEDIUM	LOW	-109	0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031				MEDIUM		MEDIUM		637	272437	040	0031	MEDIUM	MEDIUM	040	0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042				MEDIUM		HIGH		636	287970	109	0042	MEDIUM	HIGH	109	0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043				LARGE		LOW		636	2928028	-147	0043	LARGE	LOW	-147	0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045				LARGE		MEDIUM		637	3582939	009	0045	LARGE	MEDIUM	009	0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039				LARGE		HIGH		636	2909375	101	0039	LARGE	HIGH	101	0039

All		5727		1156927		000		043		137		004		012		0018							0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017			1 Quintile		-163		017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009			2 Quintile		-044		009

3	1145		021		043		135		004		014		0017			3		3		021		135		014			3 Quintile		021		014

4	1146		068		031		094		003		007		0023			4		4		068		094		007			4 Quintile		068		007

5	1145		118		035		107		004		013		0032			5		5		118		107		013			5 Quintile		118		013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA				USAGE		ROA

									1		-102		-0060		-0044		1		-163		0021

					LEGALt+1			OSHAt+1			2		010		-0029		-0013		2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		090		0003		0017		3		021		0017

									4		-109		0047		0023		4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		040		0031			5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032			109		0042

SMALL	HIGH		638		115		085		022		067		001		003		-0008			-147367		0043

MEDIUM	LOW		634		658		-098		048		151		002		007		0039			008703		0045

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029			100656		0039

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017			1 Quintile		-163		017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009			2 Quintile		-044		009

3	1145		021		043		135		004		014		0017			3		3		021		135		014			3 Quintile		021		014

4	1146		068		031		094		003		007		0023			4		4		068		094		007			4 Quintile		068		007

5	1145		118		035		107		004		013		0032			5		5		118		107		013			5 Quintile		118		013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA				USAGE		ROA

									1		-163		0021		0008		1		-163		0021

					LEGALt+1			OSHAt+1			2		-044		-0004		0006		2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		021		0017		0017		3		021		0017

									4		068		0023		0023		4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		118		0032			5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018

								demeaned

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


1	1145		-163		063		202		005		017		002

2	1146		-044		043		130		003		009		-000

3	1145		021		043		135		004		014		002

4	1146		068		031		094		003		007		002

5	1145		118		035		107		004		013		003

All	5727		000		043		137		004		012		002


Means by Usage within Employees tercile

					LEGALt+1			OSHAt+1									LEGALt+1			OSHAt+1

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA						USAGE			to t+3			to t+3

												Emp (000s)		Demeaned Usage			LEGALt+1 to t+3			OSHAt+1 to t+3

SMALL	LOW		638		077		-102		023		065		000		003		-0060651		24		Compliance User		SMALL		08		-102		Compliance User		065		Compliance User		003

SMALL	MEDIUM		639		098		003		026		069		001		006		-0031609		27		Moderate User		SMALL		10		003		Moderate User		069		Moderate User		006

SMALL	HIGH		638		115		085		022		067		001		003		-0007635		32		Power User		SMALL		12		085		Power User		067		Power User		003

MEDIUM	LOW		634		658		-098		048		151		002		007		0039156

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0028538		133		Compliance User		MEDIUM		66		-098		Compliance User		151		Compliance User		007

MEDIUM	HIGH		634		634		108		025		072		003		009		0036478		128		Moderate User		MEDIUM		62		040		Moderate User		114		Moderate User		007

LARGE	LOW		636		5154		-159		091		288		009		027		0054935		138		Power User		MEDIUM		63		108		Power User		072		Power User		009

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057287

LARGE	HIGH		636		4813		105		051		163		006		018		0044892		692		Compliance User		LARGE		515		-159		Compliance User		288		Compliance User		027

All		5727		1985		000		043		137		004		012		0017861		737		Moderate User		LARGE		570		017		Moderate User		224		Moderate User		025

									708		Power User		LARGE		481		105		Power User		163		Power User		018


Means by Usage within $ Assets tercile

					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA				$ Assets		USAGE		Assets ($mm)		USAGE


SMALL	LOW		636		34612		-102		019		058		000		002		-0059816				SMALL		LOW		9671079		-073586

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0028531				SMALL		MEDIUM		10463027		012459

SMALL	HIGH		636		52043		090		022		064		002		004		0002798				SMALL		HIGH		11805909		069878

MEDIUM	LOW		636		303037		-109		046		140		003		010		0046628				MEDIUM		LOW		57312214		-10509

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0030956				MEDIUM		MEDIUM		56860544		014806

MEDIUM	HIGH		636		287970		109		024		074		003		008		0041846				MEDIUM		HIGH		58318638		080995

LARGE	LOW		636		2928028		-147		095		309		008		025		0043323				LARGE		LOW		406915901		-092156

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0044578				LARGE		MEDIUM		454727145		011543

LARGE	HIGH		636		2909375		101		055		175		006		020		0038978				LARGE		HIGH		361468643		079595

All		5727		1156927		000		043		137		004		012		0017861


Means by Employees quintile

				LEGALt+1			OSHAt+1

Quintile	Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


1	627		145		002		030		081		001		006

2	628		562		006		035		121		003		010

3	628		1267		004		053		171		004		012

4	628		2874		-006		061		190		005		017

5	627		9717		-006		104		330		012		038

All	3138		2912		-000		057		186		005		016




Means by Assets ($mm) quintile

				LEGALt+1			OSHAt+1

Quintile	Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


1	627		54621		002		027		083		001		005

2	628		220334		003		033		101		002		010

3	628		546734		-003		047		166		005		014

4	628		1379930		001		066		212		005		018

5	627		5733372		-002		112		351		012		037

All	3138		1586165		-000		057		186		005		016

								demeaned

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


1	1145		-163		063		202		005		017		002

2	1146		-044		043		130		003		009		-000

3	1145		021		043		135		004		014		002

4	1146		068		031		094		003		007		002

5	1145		118		035		107		004		013		003

All	5727		000		043		137		004		012		002


Means by Usage within Employees tercile

					LEGALt+1			OSHAt+1									LEGALt+1			OSHAt+1

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA						USAGE			to t+3			to t+3

									Assets ($mm)				Assets ($bn)		Demeaned Usage			LEGALt+1 to t+3			OSHAt+1 to t+3		ROA

SMALL	LOW		638		077		-102		023		065		000		003		-0060651		34612		Compliance User		SMALL		035		-102		Compliance User		065		Compliance User		003		-006

SMALL	MEDIUM		639		098		003		026		069		001		006		-0031609		41234		Moderate User		SMALL		041		010		Moderate User		069		Moderate User		006		-003

SMALL	HIGH		638		115		085		022		067		001		003		-0007635		52043		Power User		SMALL		052		090		Power User		067		Power User		003		-001

MEDIUM	LOW		634		658		-098		048		151		002		007		0039156

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0028538		303037		Compliance User		MEDIUM		303		-109		Compliance User		151		Compliance User		007		004

MEDIUM	HIGH		634		634		108		025		072		003		009		0036478		272437		Moderate User		MEDIUM		272		040		Moderate User		114		Moderate User		007		003

LARGE	LOW		636		5154		-159		091		288		009		027		0054935		287970		Power User		MEDIUM		288		109		Power User		072		Power User		009		004

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057287

LARGE	HIGH		636		4813		105		051		163		006		018		0044892		2928028		Compliance User		LARGE		2928		-147		Compliance User		288		Compliance User		027		005

All		5727		1985		000		043		137		004		012		0017861		3582939		Moderate User		LARGE		3583		009		Moderate User		224		Moderate User		025		006

									2909375		Power User		LARGE		2909		101		Power User		163		Power User		018		004

									158616521

Means by Usage within $ Assets tercile

					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA				Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


SMALL	LOW		636		34612		-102		019		058		000		002		-0059816				9671079		-073586		036271		134503		0010309		007059		007059

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0028531				10463027		012459		032646		086885		0023973		00625		00625

SMALL	HIGH		636		52043		090		022		064		002		004		0002798				11805909		069878		022654		067249		0017065		005797		005797

MEDIUM	LOW		636		303037		-109		046		140		003		010		0046628

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0030956				57312214		-10509		052308		165926		0053498		016495		016495

MEDIUM	HIGH		636		287970		109		024		074		003		008		0041846				56860544		014806		037838		129121		0042345		012371		012371

LARGE	LOW		636		2928028		-147		095		309		008		025		0043323				58318638		080995		038944		135577		0060403		016749		016749

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0044578

LARGE	HIGH		636		2909375		101		055		175		006		020		0038978				406915901		-092156		12963		392164		0095023		030994		030994

All		5727		1156927		000		043		137		004		012		0017861				454727145		011543		086986		295028		0085443		027919		027919

											361468643		079595		071812		207805		0078498		025		025


Means by Employees quintile

				LEGALt+1			OSHAt+1

Quintile	Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


1	627		145		002		030		081		001		006

2	628		562		006		035		121		003		010

3	628		1267		004		053		171		004		012

4	628		2874		-006		061		190		005		017

5	627		9717		-006		104		330		012		038

All	3138		2912		-000		057		186		005		016




Means by Assets ($mm) quintile

				LEGALt+1			OSHAt+1

Quintile	Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


1	627		54621		002		027		083		001		005

2	628		220334		003		033		101		002		010

3	628		546734		-003		047		166		005		014

4	628		1379930		001		066		212		005		018

5	627		5733372		-002		112		351		012		037

All	3138		1586165		-000		057		186		005		016

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3		ROA		Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017		0021		1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009		-0004		2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014		0017		3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007		0023		4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013		0032		5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3		ROA

									Low		-103		166		013		0008

					LEGALt+1			OSHAt+1			Medium		015		120		010		0012

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		High		093		101		010		0028


SMALL	LOW		638		077		-102		023		065		000		003		-0061

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3		ROA		Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017		0021		1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009		-0004		2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014		0017		3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007		0023		4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013		0032		5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3		ROA

									Low		-103		166		013		0008

					LEGALt+1			OSHAt+1			Medium		015		120		010		0012

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		High		093		101		010		0028


SMALL	LOW		638		077		-102		023		065		000		003		-0061

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017	1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009	2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014	3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007	4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013	5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA

									1		-163		0021

					LEGALt+1			OSHAt+1			2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		021		0017

									4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018

Page 17: Top 10 Ethics & Compliance Trends for 2019 · ─Recalibrate business model against an ethical yardstick • Align Leadership − Policies, incentives and accolades should reinforce

May 25rdquo

bull Understand

-110

-075

-040

-005

030

065

100

110

120

130

140

150

160

170

Low Medium HighD

emea

ned

Use

of

Whi

stle

blow

ing

Syst

em

Aver

age

of

Mat

eria

l Law

suits

Chart3

Demeaned Use of

NAVEX Descr

and OSHA Reports

Quintile

Demeaned Use of

LEGALt+1 to t+312345201556999999999991300813520509357499999999999710744199999999999USAGE12345-163287-043558999999999998020823068006999999999995117994

Quintile

Demeaned Use of

and ROA

Quintile

ROA

Demeaned Use of

NAVEX Descr (2)

and OSHA Reports

and ROA

ROA

NAVEX Descr (3)

and OSHA Reports

Demeaned Use of

and ROA

ROA

Demeaned Use of

NAVEX Descr__ChartUsageAssets

Demeaned Usage

034611720000000001041233920000000002052043010000000001303036709999999992724370600000000328796972999999997292802831000000023582939379999999829093753400000001-10216799999999999010042090195000000000003-10926800000000001039922000000000002109195-14736787029999999999996E-210065599999999999

Demeaned Usage

034611720000000001041233920000000002052043010000000001303036709999999992724370600000000328796972999999997292802831000000023582939379999999829093753400000001-10216799999999999010042090195000000000003-10926800000000001039922000000000002109195-14736787029999999999996E-210065599999999999LEGALt+1 to t+3

064732000000000001069335999999999998067452999999999996151116000000000011135207198099999999999528810899999999999224461999999999981625

Demeaned Usage

OSHA (t+1 to t+3)

Demeaned Usage

034611720000000001041233920000000002052043010000000001303036709999999992724370600000000328796972999999997292802831000000023582939379999999829093753400000001-10216799999999999010042090195000000000003-10926800000000001039922000000000002109195-14736787029999999999996E-210065599999999999OSHAt+1 to t+3

32469999999999999E-255050000000000002E-232840000000000001E-272289999999999993E-269769999999999999E-287190000000000004E-2027245000000000003024789018059

Demeaned Usage

of OSHA Reports

Demeaned Usage

034611720000000001041233920000000002052043010000000001303036709999999992724370600000000328796972999999997292802831000000023582939379999999829093753400000001-10216799999999999010042090195000000000003-10926800000000001039922000000000002109195-14736787029999999999996E-210065599999999999ROA

-60650999999999997E-2-31608999999999998E-2-76350000000000003E-339156000000000003E-228538000000000001E-236477999999999997E-254934999999999998E-257286999999999998E-244892000000000001E-2

ROA

NAVEX Descr__ChartUsageEmploy

Demeaned Usage

076670000000000005098109999999999997115009999999999996579900000000000362432999999999996634290000000000025153499999999999756993099999999998481295-1019230000000000133279999999999997E-2085382000000000002-09766200000000000403955199999999999810785899999999999-15882700000000001016908000000000001105488

Demeaned Usage

076670000000000005098109999999999997115009999999999996579900000000000362432999999999996634290000000000025153499999999999756993099999999998481295-1019230000000000133279999999999997E-2085382000000000002-09766200000000000403955199999999999810785899999999999-15882700000000001016908000000000001105488LEGALt+1 to t+3

064732000000000001069335999999999998067452999999999996151116000000000011135207198099999999999528810899999999999224461999999999981625

Demeaned Usage

076670000000000005098109999999999997115009999999999996579900000000000362432999999999996634290000000000025153499999999999756993099999999998481295-1019230000000000133279999999999997E-2085382000000000002-09766200000000000403955199999999999810785899999999999-15882700000000001016908000000000001105488OSHAt+1 to t+3

32469999999999999E-255050000000000002E-232840000000000001E-272289999999999993E-269769999999999999E-287190000000000004E-2027245000000000003024789018059

Demeaned Usage

of OSHA Reports

NAVEX ROA Simple

Quintile

Average ROA

Demeaned Use of

NAVEX ROA Simple (2)

Average ROA

Demeaned Use of

NAVEX ROA Complex

NAVEX Descr (4)

LEGALt+1 to t+312345201556999999999991300813520509357499999999999710744199999999999USAGE12345-163287-043558999999999998020823068006999999999995117994

Quintile

Demeaned Use of

Quintile

Demeaned Use of

Pros

Cons

Thank You

Agenda
Presented By
Thank You

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017		1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009		2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014		3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007		4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013		5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA

									1		-163		0021

					LEGALt+1			OSHAt+1			2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		021		0017

									4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA				$ Assets		USAGE		Nobs	Assets ($mm)	USAGE	ROA	$ Assets	USAGE	USAGE	ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060				SMALL		LOW		636	34612	-102	-0060	SMALL	LOW	-102	-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029				SMALL		MEDIUM		637	41234	010	-0029	SMALL	MEDIUM	010	-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003				SMALL		HIGH		636	52043	090	0003	SMALL	HIGH	090	0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047				MEDIUM		LOW		636	303037	-109	0047	MEDIUM	LOW	-109	0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031				MEDIUM		MEDIUM		637	272437	040	0031	MEDIUM	MEDIUM	040	0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042				MEDIUM		HIGH		636	287970	109	0042	MEDIUM	HIGH	109	0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043				LARGE		LOW		636	2928028	-147	0043	LARGE	LOW	-147	0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045				LARGE		MEDIUM		637	3582939	009	0045	LARGE	MEDIUM	009	0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039				LARGE		HIGH		636	2909375	101	0039	LARGE	HIGH	101	0039

All		5727		1156927		000		043		137		004		012		0018							0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017		1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009		2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014		3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007		4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013		5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA

									1		-163		0021

					LEGALt+1			OSHAt+1			2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		021		0017

									4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA				$ Assets		USAGE		Nobs	Assets ($mm)	USAGE	ROA	$ Assets	USAGE	USAGE	ROA

																		USAGE		USAGE		ROA

SMALL	LOW		636		34612		-102		019		058		000		002		-0060				SMALL		LOW		636	34612	-102	-0060	SMALL	LOW	-102	-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029				SMALL		MEDIUM		637	41234	010	-0029	SMALL	MEDIUM	010	-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003				SMALL		HIGH		636	52043	090	0003	SMALL	HIGH	090	0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047				MEDIUM		LOW		636	303037	-109	0047	MEDIUM	LOW	-109	0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031				MEDIUM		MEDIUM		637	272437	040	0031	MEDIUM	MEDIUM	040	0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042				MEDIUM		HIGH		636	287970	109	0042	MEDIUM	HIGH	109	0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043				LARGE		LOW		636	2928028	-147	0043	LARGE	LOW	-147	0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045				LARGE		MEDIUM		637	3582939	009	0045	LARGE	MEDIUM	009	0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039				LARGE		HIGH		636	2909375	101	0039	LARGE	HIGH	101	0039

All		5727		1156927		000		043		137		004		012		0018							0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017			1 Quintile		-163		017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009			2 Quintile		-044		009

3	1145		021		043		135		004		014		0017			3		3		021		135		014			3 Quintile		021		014

4	1146		068		031		094		003		007		0023			4		4		068		094		007			4 Quintile		068		007

5	1145		118		035		107		004		013		0032			5		5		118		107		013			5 Quintile		118		013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA				USAGE		ROA

									1		-102		-0060		-0044		1		-163		0021

					LEGALt+1			OSHAt+1			2		010		-0029		-0013		2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		090		0003		0017		3		021		0017

									4		-109		0047		0023		4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		040		0031			5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032			109		0042

SMALL	HIGH		638		115		085		022		067		001		003		-0008			-147367		0043

MEDIUM	LOW		634		658		-098		048		151		002		007		0039			008703		0045

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029			100656		0039

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017			1 Quintile		-163		017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009			2 Quintile		-044		009

3	1145		021		043		135		004		014		0017			3		3		021		135		014			3 Quintile		021		014

4	1146		068		031		094		003		007		0023			4		4		068		094		007			4 Quintile		068		007

5	1145		118		035		107		004		013		0032			5		5		118		107		013			5 Quintile		118		013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA				USAGE		ROA

									1		-163		0021		0008		1		-163		0021

					LEGALt+1			OSHAt+1			2		-044		-0004		0006		2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		021		0017		0017		3		021		0017

									4		068		0023		0023		4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		118		0032			5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018

								demeaned

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


1	1145		-163		063		202		005		017		002

2	1146		-044		043		130		003		009		-000

3	1145		021		043		135		004		014		002

4	1146		068		031		094		003		007		002

5	1145		118		035		107		004		013		003

All	5727		000		043		137		004		012		002


Means by Usage within Employees tercile

					LEGALt+1			OSHAt+1									LEGALt+1			OSHAt+1

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA						USAGE			to t+3			to t+3

												Emp (000s)		Demeaned Usage			LEGALt+1 to t+3			OSHAt+1 to t+3

SMALL	LOW		638		077		-102		023		065		000		003		-0060651		24		Compliance User		SMALL		08		-102		Compliance User		065		Compliance User		003

SMALL	MEDIUM		639		098		003		026		069		001		006		-0031609		27		Moderate User		SMALL		10		003		Moderate User		069		Moderate User		006

SMALL	HIGH		638		115		085		022		067		001		003		-0007635		32		Power User		SMALL		12		085		Power User		067		Power User		003

MEDIUM	LOW		634		658		-098		048		151		002		007		0039156

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0028538		133		Compliance User		MEDIUM		66		-098		Compliance User		151		Compliance User		007

MEDIUM	HIGH		634		634		108		025		072		003		009		0036478		128		Moderate User		MEDIUM		62		040		Moderate User		114		Moderate User		007

LARGE	LOW		636		5154		-159		091		288		009		027		0054935		138		Power User		MEDIUM		63		108		Power User		072		Power User		009

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057287

LARGE	HIGH		636		4813		105		051		163		006		018		0044892		692		Compliance User		LARGE		515		-159		Compliance User		288		Compliance User		027

All		5727		1985		000		043		137		004		012		0017861		737		Moderate User		LARGE		570		017		Moderate User		224		Moderate User		025

									708		Power User		LARGE		481		105		Power User		163		Power User		018


Means by Usage within $ Assets tercile

					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA				$ Assets		USAGE		Assets ($mm)		USAGE


SMALL	LOW		636		34612		-102		019		058		000		002		-0059816				SMALL		LOW		9671079		-073586

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0028531				SMALL		MEDIUM		10463027		012459

SMALL	HIGH		636		52043		090		022		064		002		004		0002798				SMALL		HIGH		11805909		069878

MEDIUM	LOW		636		303037		-109		046		140		003		010		0046628				MEDIUM		LOW		57312214		-10509

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0030956				MEDIUM		MEDIUM		56860544		014806

MEDIUM	HIGH		636		287970		109		024		074		003		008		0041846				MEDIUM		HIGH		58318638		080995

LARGE	LOW		636		2928028		-147		095		309		008		025		0043323				LARGE		LOW		406915901		-092156

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0044578				LARGE		MEDIUM		454727145		011543

LARGE	HIGH		636		2909375		101		055		175		006		020		0038978				LARGE		HIGH		361468643		079595

All		5727		1156927		000		043		137		004		012		0017861


Means by Employees quintile

				LEGALt+1			OSHAt+1

Quintile	Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


1	627		145		002		030		081		001		006

2	628		562		006		035		121		003		010

3	628		1267		004		053		171		004		012

4	628		2874		-006		061		190		005		017

5	627		9717		-006		104		330		012		038

All	3138		2912		-000		057		186		005		016




Means by Assets ($mm) quintile

				LEGALt+1			OSHAt+1

Quintile	Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


1	627		54621		002		027		083		001		005

2	628		220334		003		033		101		002		010

3	628		546734		-003		047		166		005		014

4	628		1379930		001		066		212		005		018

5	627		5733372		-002		112		351		012		037

All	3138		1586165		-000		057		186		005		016

								demeaned

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


1	1145		-163		063		202		005		017		002

2	1146		-044		043		130		003		009		-000

3	1145		021		043		135		004		014		002

4	1146		068		031		094		003		007		002

5	1145		118		035		107		004		013		003

All	5727		000		043		137		004		012		002


Means by Usage within Employees tercile

					LEGALt+1			OSHAt+1									LEGALt+1			OSHAt+1

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA						USAGE			to t+3			to t+3

									Assets ($mm)				Assets ($bn)		Demeaned Usage			LEGALt+1 to t+3			OSHAt+1 to t+3		ROA

SMALL	LOW		638		077		-102		023		065		000		003		-0060651		34612		Compliance User		SMALL		035		-102		Compliance User		065		Compliance User		003		-006

SMALL	MEDIUM		639		098		003		026		069		001		006		-0031609		41234		Moderate User		SMALL		041		010		Moderate User		069		Moderate User		006		-003

SMALL	HIGH		638		115		085		022		067		001		003		-0007635		52043		Power User		SMALL		052		090		Power User		067		Power User		003		-001

MEDIUM	LOW		634		658		-098		048		151		002		007		0039156

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0028538		303037		Compliance User		MEDIUM		303		-109		Compliance User		151		Compliance User		007		004

MEDIUM	HIGH		634		634		108		025		072		003		009		0036478		272437		Moderate User		MEDIUM		272		040		Moderate User		114		Moderate User		007		003

LARGE	LOW		636		5154		-159		091		288		009		027		0054935		287970		Power User		MEDIUM		288		109		Power User		072		Power User		009		004

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057287

LARGE	HIGH		636		4813		105		051		163		006		018		0044892		2928028		Compliance User		LARGE		2928		-147		Compliance User		288		Compliance User		027		005

All		5727		1985		000		043		137		004		012		0017861		3582939		Moderate User		LARGE		3583		009		Moderate User		224		Moderate User		025		006

									2909375		Power User		LARGE		2909		101		Power User		163		Power User		018		004

									158616521

Means by Usage within $ Assets tercile

					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA				Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


SMALL	LOW		636		34612		-102		019		058		000		002		-0059816				9671079		-073586		036271		134503		0010309		007059		007059

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0028531				10463027		012459		032646		086885		0023973		00625		00625

SMALL	HIGH		636		52043		090		022		064		002		004		0002798				11805909		069878		022654		067249		0017065		005797		005797

MEDIUM	LOW		636		303037		-109		046		140		003		010		0046628

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0030956				57312214		-10509		052308		165926		0053498		016495		016495

MEDIUM	HIGH		636		287970		109		024		074		003		008		0041846				56860544		014806		037838		129121		0042345		012371		012371

LARGE	LOW		636		2928028		-147		095		309		008		025		0043323				58318638		080995		038944		135577		0060403		016749		016749

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0044578

LARGE	HIGH		636		2909375		101		055		175		006		020		0038978				406915901		-092156		12963		392164		0095023		030994		030994

All		5727		1156927		000		043		137		004		012		0017861				454727145		011543		086986		295028		0085443		027919		027919

											361468643		079595		071812		207805		0078498		025		025


Means by Employees quintile

				LEGALt+1			OSHAt+1

Quintile	Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


1	627		145		002		030		081		001		006

2	628		562		006		035		121		003		010

3	628		1267		004		053		171		004		012

4	628		2874		-006		061		190		005		017

5	627		9717		-006		104		330		012		038

All	3138		2912		-000		057		186		005		016




Means by Assets ($mm) quintile

				LEGALt+1			OSHAt+1

Quintile	Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


1	627		54621		002		027		083		001		005

2	628		220334		003		033		101		002		010

3	628		546734		-003		047		166		005		014

4	628		1379930		001		066		212		005		018

5	627		5733372		-002		112		351		012		037

All	3138		1586165		-000		057		186		005		016

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3		ROA		Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017		0021		1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009		-0004		2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014		0017		3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007		0023		4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013		0032		5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3		ROA

									Low		-103		166		013		0008

					LEGALt+1			OSHAt+1			Medium		015		120		010		0012

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		High		093		101		010		0028


SMALL	LOW		638		077		-102		023		065		000		003		-0061

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3		ROA		Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017		0021		1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009		-0004		2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014		0017		3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007		0023		4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013		0032		5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3		ROA

									Low		-103		166		013		0008

					LEGALt+1			OSHAt+1			Medium		015		120		010		0012

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		High		093		101		010		0028


SMALL	LOW		638		077		-102		023		065		000		003		-0061

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017	1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009	2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014	3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007	4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013	5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA

									1		-163		0021

					LEGALt+1			OSHAt+1			2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		021		0017

									4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018

Page 18: Top 10 Ethics & Compliance Trends for 2019 · ─Recalibrate business model against an ethical yardstick • Align Leadership − Policies, incentives and accolades should reinforce

May 25rdquo

bull Understand

-110

-075

-040

-005

030

065

100

110

120

130

140

150

160

170

Low Medium HighD

emea

ned

Use

of

Whi

stle

blow

ing

Syst

em

Aver

age

of

Mat

eria

l Law

suits

Chart3

Demeaned Use of

NAVEX Descr

and OSHA Reports

Quintile

Demeaned Use of

LEGALt+1 to t+312345201556999999999991300813520509357499999999999710744199999999999USAGE12345-163287-043558999999999998020823068006999999999995117994

Quintile

Demeaned Use of

and ROA

Quintile

ROA

Demeaned Use of

NAVEX Descr (2)

and OSHA Reports

and ROA

ROA

NAVEX Descr (3)

and OSHA Reports

Demeaned Use of

and ROA

ROA

Demeaned Use of

NAVEX Descr__ChartUsageAssets

Demeaned Usage

034611720000000001041233920000000002052043010000000001303036709999999992724370600000000328796972999999997292802831000000023582939379999999829093753400000001-10216799999999999010042090195000000000003-10926800000000001039922000000000002109195-14736787029999999999996E-210065599999999999

Demeaned Usage

034611720000000001041233920000000002052043010000000001303036709999999992724370600000000328796972999999997292802831000000023582939379999999829093753400000001-10216799999999999010042090195000000000003-10926800000000001039922000000000002109195-14736787029999999999996E-210065599999999999LEGALt+1 to t+3

064732000000000001069335999999999998067452999999999996151116000000000011135207198099999999999528810899999999999224461999999999981625

Demeaned Usage

OSHA (t+1 to t+3)

Demeaned Usage

034611720000000001041233920000000002052043010000000001303036709999999992724370600000000328796972999999997292802831000000023582939379999999829093753400000001-10216799999999999010042090195000000000003-10926800000000001039922000000000002109195-14736787029999999999996E-210065599999999999OSHAt+1 to t+3

32469999999999999E-255050000000000002E-232840000000000001E-272289999999999993E-269769999999999999E-287190000000000004E-2027245000000000003024789018059

Demeaned Usage

of OSHA Reports

Demeaned Usage

034611720000000001041233920000000002052043010000000001303036709999999992724370600000000328796972999999997292802831000000023582939379999999829093753400000001-10216799999999999010042090195000000000003-10926800000000001039922000000000002109195-14736787029999999999996E-210065599999999999ROA

-60650999999999997E-2-31608999999999998E-2-76350000000000003E-339156000000000003E-228538000000000001E-236477999999999997E-254934999999999998E-257286999999999998E-244892000000000001E-2

ROA

NAVEX Descr__ChartUsageEmploy

Demeaned Usage

076670000000000005098109999999999997115009999999999996579900000000000362432999999999996634290000000000025153499999999999756993099999999998481295-1019230000000000133279999999999997E-2085382000000000002-09766200000000000403955199999999999810785899999999999-15882700000000001016908000000000001105488

Demeaned Usage

076670000000000005098109999999999997115009999999999996579900000000000362432999999999996634290000000000025153499999999999756993099999999998481295-1019230000000000133279999999999997E-2085382000000000002-09766200000000000403955199999999999810785899999999999-15882700000000001016908000000000001105488LEGALt+1 to t+3

064732000000000001069335999999999998067452999999999996151116000000000011135207198099999999999528810899999999999224461999999999981625

Demeaned Usage

076670000000000005098109999999999997115009999999999996579900000000000362432999999999996634290000000000025153499999999999756993099999999998481295-1019230000000000133279999999999997E-2085382000000000002-09766200000000000403955199999999999810785899999999999-15882700000000001016908000000000001105488OSHAt+1 to t+3

32469999999999999E-255050000000000002E-232840000000000001E-272289999999999993E-269769999999999999E-287190000000000004E-2027245000000000003024789018059

Demeaned Usage

of OSHA Reports

NAVEX ROA Simple

Quintile

Average ROA

Demeaned Use of

NAVEX ROA Simple (2)

Average ROA

Demeaned Use of

NAVEX ROA Complex

NAVEX Descr (4)

LEGALt+1 to t+312345201556999999999991300813520509357499999999999710744199999999999USAGE12345-163287-043558999999999998020823068006999999999995117994

Quintile

Demeaned Use of

Quintile

Demeaned Use of

Pros

Cons

Thank You

Agenda
Presented By
Thank You

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017		1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009		2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014		3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007		4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013		5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA

									1		-163		0021

					LEGALt+1			OSHAt+1			2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		021		0017

									4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA				$ Assets		USAGE		Nobs	Assets ($mm)	USAGE	ROA	$ Assets	USAGE	USAGE	ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060				SMALL		LOW		636	34612	-102	-0060	SMALL	LOW	-102	-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029				SMALL		MEDIUM		637	41234	010	-0029	SMALL	MEDIUM	010	-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003				SMALL		HIGH		636	52043	090	0003	SMALL	HIGH	090	0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047				MEDIUM		LOW		636	303037	-109	0047	MEDIUM	LOW	-109	0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031				MEDIUM		MEDIUM		637	272437	040	0031	MEDIUM	MEDIUM	040	0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042				MEDIUM		HIGH		636	287970	109	0042	MEDIUM	HIGH	109	0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043				LARGE		LOW		636	2928028	-147	0043	LARGE	LOW	-147	0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045				LARGE		MEDIUM		637	3582939	009	0045	LARGE	MEDIUM	009	0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039				LARGE		HIGH		636	2909375	101	0039	LARGE	HIGH	101	0039

All		5727		1156927		000		043		137		004		012		0018							0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017		1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009		2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014		3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007		4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013		5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA

									1		-163		0021

					LEGALt+1			OSHAt+1			2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		021		0017

									4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA				$ Assets		USAGE		Nobs	Assets ($mm)	USAGE	ROA	$ Assets	USAGE	USAGE	ROA

																		USAGE		USAGE		ROA

SMALL	LOW		636		34612		-102		019		058		000		002		-0060				SMALL		LOW		636	34612	-102	-0060	SMALL	LOW	-102	-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029				SMALL		MEDIUM		637	41234	010	-0029	SMALL	MEDIUM	010	-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003				SMALL		HIGH		636	52043	090	0003	SMALL	HIGH	090	0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047				MEDIUM		LOW		636	303037	-109	0047	MEDIUM	LOW	-109	0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031				MEDIUM		MEDIUM		637	272437	040	0031	MEDIUM	MEDIUM	040	0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042				MEDIUM		HIGH		636	287970	109	0042	MEDIUM	HIGH	109	0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043				LARGE		LOW		636	2928028	-147	0043	LARGE	LOW	-147	0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045				LARGE		MEDIUM		637	3582939	009	0045	LARGE	MEDIUM	009	0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039				LARGE		HIGH		636	2909375	101	0039	LARGE	HIGH	101	0039

All		5727		1156927		000		043		137		004		012		0018							0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017			1 Quintile		-163		017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009			2 Quintile		-044		009

3	1145		021		043		135		004		014		0017			3		3		021		135		014			3 Quintile		021		014

4	1146		068		031		094		003		007		0023			4		4		068		094		007			4 Quintile		068		007

5	1145		118		035		107		004		013		0032			5		5		118		107		013			5 Quintile		118		013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA				USAGE		ROA

									1		-102		-0060		-0044		1		-163		0021

					LEGALt+1			OSHAt+1			2		010		-0029		-0013		2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		090		0003		0017		3		021		0017

									4		-109		0047		0023		4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		040		0031			5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032			109		0042

SMALL	HIGH		638		115		085		022		067		001		003		-0008			-147367		0043

MEDIUM	LOW		634		658		-098		048		151		002		007		0039			008703		0045

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029			100656		0039

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017			1 Quintile		-163		017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009			2 Quintile		-044		009

3	1145		021		043		135		004		014		0017			3		3		021		135		014			3 Quintile		021		014

4	1146		068		031		094		003		007		0023			4		4		068		094		007			4 Quintile		068		007

5	1145		118		035		107		004		013		0032			5		5		118		107		013			5 Quintile		118		013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA				USAGE		ROA

									1		-163		0021		0008		1		-163		0021

					LEGALt+1			OSHAt+1			2		-044		-0004		0006		2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		021		0017		0017		3		021		0017

									4		068		0023		0023		4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		118		0032			5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018

								demeaned

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


1	1145		-163		063		202		005		017		002

2	1146		-044		043		130		003		009		-000

3	1145		021		043		135		004		014		002

4	1146		068		031		094		003		007		002

5	1145		118		035		107		004		013		003

All	5727		000		043		137		004		012		002


Means by Usage within Employees tercile

					LEGALt+1			OSHAt+1									LEGALt+1			OSHAt+1

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA						USAGE			to t+3			to t+3

												Emp (000s)		Demeaned Usage			LEGALt+1 to t+3			OSHAt+1 to t+3

SMALL	LOW		638		077		-102		023		065		000		003		-0060651		24		Compliance User		SMALL		08		-102		Compliance User		065		Compliance User		003

SMALL	MEDIUM		639		098		003		026		069		001		006		-0031609		27		Moderate User		SMALL		10		003		Moderate User		069		Moderate User		006

SMALL	HIGH		638		115		085		022		067		001		003		-0007635		32		Power User		SMALL		12		085		Power User		067		Power User		003

MEDIUM	LOW		634		658		-098		048		151		002		007		0039156

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0028538		133		Compliance User		MEDIUM		66		-098		Compliance User		151		Compliance User		007

MEDIUM	HIGH		634		634		108		025		072		003		009		0036478		128		Moderate User		MEDIUM		62		040		Moderate User		114		Moderate User		007

LARGE	LOW		636		5154		-159		091		288		009		027		0054935		138		Power User		MEDIUM		63		108		Power User		072		Power User		009

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057287

LARGE	HIGH		636		4813		105		051		163		006		018		0044892		692		Compliance User		LARGE		515		-159		Compliance User		288		Compliance User		027

All		5727		1985		000		043		137		004		012		0017861		737		Moderate User		LARGE		570		017		Moderate User		224		Moderate User		025

									708		Power User		LARGE		481		105		Power User		163		Power User		018


Means by Usage within $ Assets tercile

					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA				$ Assets		USAGE		Assets ($mm)		USAGE


SMALL	LOW		636		34612		-102		019		058		000		002		-0059816				SMALL		LOW		9671079		-073586

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0028531				SMALL		MEDIUM		10463027		012459

SMALL	HIGH		636		52043		090		022		064		002		004		0002798				SMALL		HIGH		11805909		069878

MEDIUM	LOW		636		303037		-109		046		140		003		010		0046628				MEDIUM		LOW		57312214		-10509

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0030956				MEDIUM		MEDIUM		56860544		014806

MEDIUM	HIGH		636		287970		109		024		074		003		008		0041846				MEDIUM		HIGH		58318638		080995

LARGE	LOW		636		2928028		-147		095		309		008		025		0043323				LARGE		LOW		406915901		-092156

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0044578				LARGE		MEDIUM		454727145		011543

LARGE	HIGH		636		2909375		101		055		175		006		020		0038978				LARGE		HIGH		361468643		079595

All		5727		1156927		000		043		137		004		012		0017861


Means by Employees quintile

				LEGALt+1			OSHAt+1

Quintile	Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


1	627		145		002		030		081		001		006

2	628		562		006		035		121		003		010

3	628		1267		004		053		171		004		012

4	628		2874		-006		061		190		005		017

5	627		9717		-006		104		330		012		038

All	3138		2912		-000		057		186		005		016




Means by Assets ($mm) quintile

				LEGALt+1			OSHAt+1

Quintile	Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


1	627		54621		002		027		083		001		005

2	628		220334		003		033		101		002		010

3	628		546734		-003		047		166		005		014

4	628		1379930		001		066		212		005		018

5	627		5733372		-002		112		351		012		037

All	3138		1586165		-000		057		186		005		016

								demeaned

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


1	1145		-163		063		202		005		017		002

2	1146		-044		043		130		003		009		-000

3	1145		021		043		135		004		014		002

4	1146		068		031		094		003		007		002

5	1145		118		035		107		004		013		003

All	5727		000		043		137		004		012		002


Means by Usage within Employees tercile

					LEGALt+1			OSHAt+1									LEGALt+1			OSHAt+1

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA						USAGE			to t+3			to t+3

									Assets ($mm)				Assets ($bn)		Demeaned Usage			LEGALt+1 to t+3			OSHAt+1 to t+3		ROA

SMALL	LOW		638		077		-102		023		065		000		003		-0060651		34612		Compliance User		SMALL		035		-102		Compliance User		065		Compliance User		003		-006

SMALL	MEDIUM		639		098		003		026		069		001		006		-0031609		41234		Moderate User		SMALL		041		010		Moderate User		069		Moderate User		006		-003

SMALL	HIGH		638		115		085		022		067		001		003		-0007635		52043		Power User		SMALL		052		090		Power User		067		Power User		003		-001

MEDIUM	LOW		634		658		-098		048		151		002		007		0039156

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0028538		303037		Compliance User		MEDIUM		303		-109		Compliance User		151		Compliance User		007		004

MEDIUM	HIGH		634		634		108		025		072		003		009		0036478		272437		Moderate User		MEDIUM		272		040		Moderate User		114		Moderate User		007		003

LARGE	LOW		636		5154		-159		091		288		009		027		0054935		287970		Power User		MEDIUM		288		109		Power User		072		Power User		009		004

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057287

LARGE	HIGH		636		4813		105		051		163		006		018		0044892		2928028		Compliance User		LARGE		2928		-147		Compliance User		288		Compliance User		027		005

All		5727		1985		000		043		137		004		012		0017861		3582939		Moderate User		LARGE		3583		009		Moderate User		224		Moderate User		025		006

									2909375		Power User		LARGE		2909		101		Power User		163		Power User		018		004

									158616521

Means by Usage within $ Assets tercile

					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA				Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


SMALL	LOW		636		34612		-102		019		058		000		002		-0059816				9671079		-073586		036271		134503		0010309		007059		007059

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0028531				10463027		012459		032646		086885		0023973		00625		00625

SMALL	HIGH		636		52043		090		022		064		002		004		0002798				11805909		069878		022654		067249		0017065		005797		005797

MEDIUM	LOW		636		303037		-109		046		140		003		010		0046628

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0030956				57312214		-10509		052308		165926		0053498		016495		016495

MEDIUM	HIGH		636		287970		109		024		074		003		008		0041846				56860544		014806		037838		129121		0042345		012371		012371

LARGE	LOW		636		2928028		-147		095		309		008		025		0043323				58318638		080995		038944		135577		0060403		016749		016749

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0044578

LARGE	HIGH		636		2909375		101		055		175		006		020		0038978				406915901		-092156		12963		392164		0095023		030994		030994

All		5727		1156927		000		043		137		004		012		0017861				454727145		011543		086986		295028		0085443		027919		027919

											361468643		079595		071812		207805		0078498		025		025


Means by Employees quintile

				LEGALt+1			OSHAt+1

Quintile	Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


1	627		145		002		030		081		001		006

2	628		562		006		035		121		003		010

3	628		1267		004		053		171		004		012

4	628		2874		-006		061		190		005		017

5	627		9717		-006		104		330		012		038

All	3138		2912		-000		057		186		005		016




Means by Assets ($mm) quintile

				LEGALt+1			OSHAt+1

Quintile	Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


1	627		54621		002		027		083		001		005

2	628		220334		003		033		101		002		010

3	628		546734		-003		047		166		005		014

4	628		1379930		001		066		212		005		018

5	627		5733372		-002		112		351		012		037

All	3138		1586165		-000		057		186		005		016

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3		ROA		Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017		0021		1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009		-0004		2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014		0017		3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007		0023		4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013		0032		5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3		ROA

									Low		-103		166		013		0008

					LEGALt+1			OSHAt+1			Medium		015		120		010		0012

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		High		093		101		010		0028


SMALL	LOW		638		077		-102		023		065		000		003		-0061

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3		ROA		Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017		0021		1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009		-0004		2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014		0017		3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007		0023		4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013		0032		5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3		ROA

									Low		-103		166		013		0008

					LEGALt+1			OSHAt+1			Medium		015		120		010		0012

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		High		093		101		010		0028


SMALL	LOW		638		077		-102		023		065		000		003		-0061

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017	1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009	2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014	3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007	4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013	5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA

									1		-163		0021

					LEGALt+1			OSHAt+1			2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		021		0017

									4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018

Page 19: Top 10 Ethics & Compliance Trends for 2019 · ─Recalibrate business model against an ethical yardstick • Align Leadership − Policies, incentives and accolades should reinforce

bull Understand

-110

-075

-040

-005

030

065

100

110

120

130

140

150

160

170

Low Medium HighD

emea

ned

Use

of

Whi

stle

blow

ing

Syst

em

Aver

age

of

Mat

eria

l Law

suits

Chart3

Demeaned Use of

NAVEX Descr

and OSHA Reports

Quintile

Demeaned Use of

LEGALt+1 to t+312345201556999999999991300813520509357499999999999710744199999999999USAGE12345-163287-043558999999999998020823068006999999999995117994

Quintile

Demeaned Use of

and ROA

Quintile

ROA

Demeaned Use of

NAVEX Descr (2)

and OSHA Reports

and ROA

ROA

NAVEX Descr (3)

and OSHA Reports

Demeaned Use of

and ROA

ROA

Demeaned Use of

NAVEX Descr__ChartUsageAssets

Demeaned Usage

034611720000000001041233920000000002052043010000000001303036709999999992724370600000000328796972999999997292802831000000023582939379999999829093753400000001-10216799999999999010042090195000000000003-10926800000000001039922000000000002109195-14736787029999999999996E-210065599999999999

Demeaned Usage

034611720000000001041233920000000002052043010000000001303036709999999992724370600000000328796972999999997292802831000000023582939379999999829093753400000001-10216799999999999010042090195000000000003-10926800000000001039922000000000002109195-14736787029999999999996E-210065599999999999LEGALt+1 to t+3

064732000000000001069335999999999998067452999999999996151116000000000011135207198099999999999528810899999999999224461999999999981625

Demeaned Usage

OSHA (t+1 to t+3)

Demeaned Usage

034611720000000001041233920000000002052043010000000001303036709999999992724370600000000328796972999999997292802831000000023582939379999999829093753400000001-10216799999999999010042090195000000000003-10926800000000001039922000000000002109195-14736787029999999999996E-210065599999999999OSHAt+1 to t+3

32469999999999999E-255050000000000002E-232840000000000001E-272289999999999993E-269769999999999999E-287190000000000004E-2027245000000000003024789018059

Demeaned Usage

of OSHA Reports

Demeaned Usage

034611720000000001041233920000000002052043010000000001303036709999999992724370600000000328796972999999997292802831000000023582939379999999829093753400000001-10216799999999999010042090195000000000003-10926800000000001039922000000000002109195-14736787029999999999996E-210065599999999999ROA

-60650999999999997E-2-31608999999999998E-2-76350000000000003E-339156000000000003E-228538000000000001E-236477999999999997E-254934999999999998E-257286999999999998E-244892000000000001E-2

ROA

NAVEX Descr__ChartUsageEmploy

Demeaned Usage

076670000000000005098109999999999997115009999999999996579900000000000362432999999999996634290000000000025153499999999999756993099999999998481295-1019230000000000133279999999999997E-2085382000000000002-09766200000000000403955199999999999810785899999999999-15882700000000001016908000000000001105488

Demeaned Usage

076670000000000005098109999999999997115009999999999996579900000000000362432999999999996634290000000000025153499999999999756993099999999998481295-1019230000000000133279999999999997E-2085382000000000002-09766200000000000403955199999999999810785899999999999-15882700000000001016908000000000001105488LEGALt+1 to t+3

064732000000000001069335999999999998067452999999999996151116000000000011135207198099999999999528810899999999999224461999999999981625

Demeaned Usage

076670000000000005098109999999999997115009999999999996579900000000000362432999999999996634290000000000025153499999999999756993099999999998481295-1019230000000000133279999999999997E-2085382000000000002-09766200000000000403955199999999999810785899999999999-15882700000000001016908000000000001105488OSHAt+1 to t+3

32469999999999999E-255050000000000002E-232840000000000001E-272289999999999993E-269769999999999999E-287190000000000004E-2027245000000000003024789018059

Demeaned Usage

of OSHA Reports

NAVEX ROA Simple

Quintile

Average ROA

Demeaned Use of

NAVEX ROA Simple (2)

Average ROA

Demeaned Use of

NAVEX ROA Complex

NAVEX Descr (4)

LEGALt+1 to t+312345201556999999999991300813520509357499999999999710744199999999999USAGE12345-163287-043558999999999998020823068006999999999995117994

Quintile

Demeaned Use of

Quintile

Demeaned Use of

Pros

Cons

Thank You

Agenda
Presented By
Thank You

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017		1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009		2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014		3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007		4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013		5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA

									1		-163		0021

					LEGALt+1			OSHAt+1			2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		021		0017

									4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA				$ Assets		USAGE		Nobs	Assets ($mm)	USAGE	ROA	$ Assets	USAGE	USAGE	ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060				SMALL		LOW		636	34612	-102	-0060	SMALL	LOW	-102	-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029				SMALL		MEDIUM		637	41234	010	-0029	SMALL	MEDIUM	010	-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003				SMALL		HIGH		636	52043	090	0003	SMALL	HIGH	090	0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047				MEDIUM		LOW		636	303037	-109	0047	MEDIUM	LOW	-109	0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031				MEDIUM		MEDIUM		637	272437	040	0031	MEDIUM	MEDIUM	040	0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042				MEDIUM		HIGH		636	287970	109	0042	MEDIUM	HIGH	109	0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043				LARGE		LOW		636	2928028	-147	0043	LARGE	LOW	-147	0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045				LARGE		MEDIUM		637	3582939	009	0045	LARGE	MEDIUM	009	0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039				LARGE		HIGH		636	2909375	101	0039	LARGE	HIGH	101	0039

All		5727		1156927		000		043		137		004		012		0018							0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017		1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009		2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014		3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007		4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013		5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA

									1		-163		0021

					LEGALt+1			OSHAt+1			2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		021		0017

									4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA				$ Assets		USAGE		Nobs	Assets ($mm)	USAGE	ROA	$ Assets	USAGE	USAGE	ROA

																		USAGE		USAGE		ROA

SMALL	LOW		636		34612		-102		019		058		000		002		-0060				SMALL		LOW		636	34612	-102	-0060	SMALL	LOW	-102	-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029				SMALL		MEDIUM		637	41234	010	-0029	SMALL	MEDIUM	010	-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003				SMALL		HIGH		636	52043	090	0003	SMALL	HIGH	090	0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047				MEDIUM		LOW		636	303037	-109	0047	MEDIUM	LOW	-109	0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031				MEDIUM		MEDIUM		637	272437	040	0031	MEDIUM	MEDIUM	040	0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042				MEDIUM		HIGH		636	287970	109	0042	MEDIUM	HIGH	109	0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043				LARGE		LOW		636	2928028	-147	0043	LARGE	LOW	-147	0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045				LARGE		MEDIUM		637	3582939	009	0045	LARGE	MEDIUM	009	0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039				LARGE		HIGH		636	2909375	101	0039	LARGE	HIGH	101	0039

All		5727		1156927		000		043		137		004		012		0018							0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017			1 Quintile		-163		017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009			2 Quintile		-044		009

3	1145		021		043		135		004		014		0017			3		3		021		135		014			3 Quintile		021		014

4	1146		068		031		094		003		007		0023			4		4		068		094		007			4 Quintile		068		007

5	1145		118		035		107		004		013		0032			5		5		118		107		013			5 Quintile		118		013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA				USAGE		ROA

									1		-102		-0060		-0044		1		-163		0021

					LEGALt+1			OSHAt+1			2		010		-0029		-0013		2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		090		0003		0017		3		021		0017

									4		-109		0047		0023		4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		040		0031			5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032			109		0042

SMALL	HIGH		638		115		085		022		067		001		003		-0008			-147367		0043

MEDIUM	LOW		634		658		-098		048		151		002		007		0039			008703		0045

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029			100656		0039

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017			1 Quintile		-163		017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009			2 Quintile		-044		009

3	1145		021		043		135		004		014		0017			3		3		021		135		014			3 Quintile		021		014

4	1146		068		031		094		003		007		0023			4		4		068		094		007			4 Quintile		068		007

5	1145		118		035		107		004		013		0032			5		5		118		107		013			5 Quintile		118		013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA				USAGE		ROA

									1		-163		0021		0008		1		-163		0021

					LEGALt+1			OSHAt+1			2		-044		-0004		0006		2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		021		0017		0017		3		021		0017

									4		068		0023		0023		4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		118		0032			5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018

								demeaned

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


1	1145		-163		063		202		005		017		002

2	1146		-044		043		130		003		009		-000

3	1145		021		043		135		004		014		002

4	1146		068		031		094		003		007		002

5	1145		118		035		107		004		013		003

All	5727		000		043		137		004		012		002


Means by Usage within Employees tercile

					LEGALt+1			OSHAt+1									LEGALt+1			OSHAt+1

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA						USAGE			to t+3			to t+3

												Emp (000s)		Demeaned Usage			LEGALt+1 to t+3			OSHAt+1 to t+3

SMALL	LOW		638		077		-102		023		065		000		003		-0060651		24		Compliance User		SMALL		08		-102		Compliance User		065		Compliance User		003

SMALL	MEDIUM		639		098		003		026		069		001		006		-0031609		27		Moderate User		SMALL		10		003		Moderate User		069		Moderate User		006

SMALL	HIGH		638		115		085		022		067		001		003		-0007635		32		Power User		SMALL		12		085		Power User		067		Power User		003

MEDIUM	LOW		634		658		-098		048		151		002		007		0039156

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0028538		133		Compliance User		MEDIUM		66		-098		Compliance User		151		Compliance User		007

MEDIUM	HIGH		634		634		108		025		072		003		009		0036478		128		Moderate User		MEDIUM		62		040		Moderate User		114		Moderate User		007

LARGE	LOW		636		5154		-159		091		288		009		027		0054935		138		Power User		MEDIUM		63		108		Power User		072		Power User		009

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057287

LARGE	HIGH		636		4813		105		051		163		006		018		0044892		692		Compliance User		LARGE		515		-159		Compliance User		288		Compliance User		027

All		5727		1985		000		043		137		004		012		0017861		737		Moderate User		LARGE		570		017		Moderate User		224		Moderate User		025

									708		Power User		LARGE		481		105		Power User		163		Power User		018


Means by Usage within $ Assets tercile

					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA				$ Assets		USAGE		Assets ($mm)		USAGE


SMALL	LOW		636		34612		-102		019		058		000		002		-0059816				SMALL		LOW		9671079		-073586

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0028531				SMALL		MEDIUM		10463027		012459

SMALL	HIGH		636		52043		090		022		064		002		004		0002798				SMALL		HIGH		11805909		069878

MEDIUM	LOW		636		303037		-109		046		140		003		010		0046628				MEDIUM		LOW		57312214		-10509

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0030956				MEDIUM		MEDIUM		56860544		014806

MEDIUM	HIGH		636		287970		109		024		074		003		008		0041846				MEDIUM		HIGH		58318638		080995

LARGE	LOW		636		2928028		-147		095		309		008		025		0043323				LARGE		LOW		406915901		-092156

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0044578				LARGE		MEDIUM		454727145		011543

LARGE	HIGH		636		2909375		101		055		175		006		020		0038978				LARGE		HIGH		361468643		079595

All		5727		1156927		000		043		137		004		012		0017861


Means by Employees quintile

				LEGALt+1			OSHAt+1

Quintile	Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


1	627		145		002		030		081		001		006

2	628		562		006		035		121		003		010

3	628		1267		004		053		171		004		012

4	628		2874		-006		061		190		005		017

5	627		9717		-006		104		330		012		038

All	3138		2912		-000		057		186		005		016




Means by Assets ($mm) quintile

				LEGALt+1			OSHAt+1

Quintile	Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


1	627		54621		002		027		083		001		005

2	628		220334		003		033		101		002		010

3	628		546734		-003		047		166		005		014

4	628		1379930		001		066		212		005		018

5	627		5733372		-002		112		351		012		037

All	3138		1586165		-000		057		186		005		016

								demeaned

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


1	1145		-163		063		202		005		017		002

2	1146		-044		043		130		003		009		-000

3	1145		021		043		135		004		014		002

4	1146		068		031		094		003		007		002

5	1145		118		035		107		004		013		003

All	5727		000		043		137		004		012		002


Means by Usage within Employees tercile

					LEGALt+1			OSHAt+1									LEGALt+1			OSHAt+1

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA						USAGE			to t+3			to t+3

									Assets ($mm)				Assets ($bn)		Demeaned Usage			LEGALt+1 to t+3			OSHAt+1 to t+3		ROA

SMALL	LOW		638		077		-102		023		065		000		003		-0060651		34612		Compliance User		SMALL		035		-102		Compliance User		065		Compliance User		003		-006

SMALL	MEDIUM		639		098		003		026		069		001		006		-0031609		41234		Moderate User		SMALL		041		010		Moderate User		069		Moderate User		006		-003

SMALL	HIGH		638		115		085		022		067		001		003		-0007635		52043		Power User		SMALL		052		090		Power User		067		Power User		003		-001

MEDIUM	LOW		634		658		-098		048		151		002		007		0039156

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0028538		303037		Compliance User		MEDIUM		303		-109		Compliance User		151		Compliance User		007		004

MEDIUM	HIGH		634		634		108		025		072		003		009		0036478		272437		Moderate User		MEDIUM		272		040		Moderate User		114		Moderate User		007		003

LARGE	LOW		636		5154		-159		091		288		009		027		0054935		287970		Power User		MEDIUM		288		109		Power User		072		Power User		009		004

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057287

LARGE	HIGH		636		4813		105		051		163		006		018		0044892		2928028		Compliance User		LARGE		2928		-147		Compliance User		288		Compliance User		027		005

All		5727		1985		000		043		137		004		012		0017861		3582939		Moderate User		LARGE		3583		009		Moderate User		224		Moderate User		025		006

									2909375		Power User		LARGE		2909		101		Power User		163		Power User		018		004

									158616521

Means by Usage within $ Assets tercile

					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA				Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


SMALL	LOW		636		34612		-102		019		058		000		002		-0059816				9671079		-073586		036271		134503		0010309		007059		007059

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0028531				10463027		012459		032646		086885		0023973		00625		00625

SMALL	HIGH		636		52043		090		022		064		002		004		0002798				11805909		069878		022654		067249		0017065		005797		005797

MEDIUM	LOW		636		303037		-109		046		140		003		010		0046628

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0030956				57312214		-10509		052308		165926		0053498		016495		016495

MEDIUM	HIGH		636		287970		109		024		074		003		008		0041846				56860544		014806		037838		129121		0042345		012371		012371

LARGE	LOW		636		2928028		-147		095		309		008		025		0043323				58318638		080995		038944		135577		0060403		016749		016749

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0044578

LARGE	HIGH		636		2909375		101		055		175		006		020		0038978				406915901		-092156		12963		392164		0095023		030994		030994

All		5727		1156927		000		043		137		004		012		0017861				454727145		011543		086986		295028		0085443		027919		027919

											361468643		079595		071812		207805		0078498		025		025


Means by Employees quintile

				LEGALt+1			OSHAt+1

Quintile	Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


1	627		145		002		030		081		001		006

2	628		562		006		035		121		003		010

3	628		1267		004		053		171		004		012

4	628		2874		-006		061		190		005		017

5	627		9717		-006		104		330		012		038

All	3138		2912		-000		057		186		005		016




Means by Assets ($mm) quintile

				LEGALt+1			OSHAt+1

Quintile	Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


1	627		54621		002		027		083		001		005

2	628		220334		003		033		101		002		010

3	628		546734		-003		047		166		005		014

4	628		1379930		001		066		212		005		018

5	627		5733372		-002		112		351		012		037

All	3138		1586165		-000		057		186		005		016

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3		ROA		Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017		0021		1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009		-0004		2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014		0017		3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007		0023		4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013		0032		5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3		ROA

									Low		-103		166		013		0008

					LEGALt+1			OSHAt+1			Medium		015		120		010		0012

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		High		093		101		010		0028


SMALL	LOW		638		077		-102		023		065		000		003		-0061

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3		ROA		Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017		0021		1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009		-0004		2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014		0017		3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007		0023		4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013		0032		5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3		ROA

									Low		-103		166		013		0008

					LEGALt+1			OSHAt+1			Medium		015		120		010		0012

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		High		093		101		010		0028


SMALL	LOW		638		077		-102		023		065		000		003		-0061

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017	1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009	2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014	3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007	4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013	5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA

									1		-163		0021

					LEGALt+1			OSHAt+1			2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		021		0017

									4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018

Page 20: Top 10 Ethics & Compliance Trends for 2019 · ─Recalibrate business model against an ethical yardstick • Align Leadership − Policies, incentives and accolades should reinforce

bull Understand

-110

-075

-040

-005

030

065

100

110

120

130

140

150

160

170

Low Medium HighD

emea

ned

Use

of

Whi

stle

blow

ing

Syst

em

Aver

age

of

Mat

eria

l Law

suits

Chart3

Demeaned Use of

NAVEX Descr

and OSHA Reports

Quintile

Demeaned Use of

LEGALt+1 to t+312345201556999999999991300813520509357499999999999710744199999999999USAGE12345-163287-043558999999999998020823068006999999999995117994

Quintile

Demeaned Use of

and ROA

Quintile

ROA

Demeaned Use of

NAVEX Descr (2)

and OSHA Reports

and ROA

ROA

NAVEX Descr (3)

and OSHA Reports

Demeaned Use of

and ROA

ROA

Demeaned Use of

NAVEX Descr__ChartUsageAssets

Demeaned Usage

034611720000000001041233920000000002052043010000000001303036709999999992724370600000000328796972999999997292802831000000023582939379999999829093753400000001-10216799999999999010042090195000000000003-10926800000000001039922000000000002109195-14736787029999999999996E-210065599999999999

Demeaned Usage

034611720000000001041233920000000002052043010000000001303036709999999992724370600000000328796972999999997292802831000000023582939379999999829093753400000001-10216799999999999010042090195000000000003-10926800000000001039922000000000002109195-14736787029999999999996E-210065599999999999LEGALt+1 to t+3

064732000000000001069335999999999998067452999999999996151116000000000011135207198099999999999528810899999999999224461999999999981625

Demeaned Usage

OSHA (t+1 to t+3)

Demeaned Usage

034611720000000001041233920000000002052043010000000001303036709999999992724370600000000328796972999999997292802831000000023582939379999999829093753400000001-10216799999999999010042090195000000000003-10926800000000001039922000000000002109195-14736787029999999999996E-210065599999999999OSHAt+1 to t+3

32469999999999999E-255050000000000002E-232840000000000001E-272289999999999993E-269769999999999999E-287190000000000004E-2027245000000000003024789018059

Demeaned Usage

of OSHA Reports

Demeaned Usage

034611720000000001041233920000000002052043010000000001303036709999999992724370600000000328796972999999997292802831000000023582939379999999829093753400000001-10216799999999999010042090195000000000003-10926800000000001039922000000000002109195-14736787029999999999996E-210065599999999999ROA

-60650999999999997E-2-31608999999999998E-2-76350000000000003E-339156000000000003E-228538000000000001E-236477999999999997E-254934999999999998E-257286999999999998E-244892000000000001E-2

ROA

NAVEX Descr__ChartUsageEmploy

Demeaned Usage

076670000000000005098109999999999997115009999999999996579900000000000362432999999999996634290000000000025153499999999999756993099999999998481295-1019230000000000133279999999999997E-2085382000000000002-09766200000000000403955199999999999810785899999999999-15882700000000001016908000000000001105488

Demeaned Usage

076670000000000005098109999999999997115009999999999996579900000000000362432999999999996634290000000000025153499999999999756993099999999998481295-1019230000000000133279999999999997E-2085382000000000002-09766200000000000403955199999999999810785899999999999-15882700000000001016908000000000001105488LEGALt+1 to t+3

064732000000000001069335999999999998067452999999999996151116000000000011135207198099999999999528810899999999999224461999999999981625

Demeaned Usage

076670000000000005098109999999999997115009999999999996579900000000000362432999999999996634290000000000025153499999999999756993099999999998481295-1019230000000000133279999999999997E-2085382000000000002-09766200000000000403955199999999999810785899999999999-15882700000000001016908000000000001105488OSHAt+1 to t+3

32469999999999999E-255050000000000002E-232840000000000001E-272289999999999993E-269769999999999999E-287190000000000004E-2027245000000000003024789018059

Demeaned Usage

of OSHA Reports

NAVEX ROA Simple

Quintile

Average ROA

Demeaned Use of

NAVEX ROA Simple (2)

Average ROA

Demeaned Use of

NAVEX ROA Complex

NAVEX Descr (4)

LEGALt+1 to t+312345201556999999999991300813520509357499999999999710744199999999999USAGE12345-163287-043558999999999998020823068006999999999995117994

Quintile

Demeaned Use of

Quintile

Demeaned Use of

Pros

Cons

Thank You

Agenda
Presented By
Thank You

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017		1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009		2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014		3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007		4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013		5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA

									1		-163		0021

					LEGALt+1			OSHAt+1			2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		021		0017

									4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA				$ Assets		USAGE		Nobs	Assets ($mm)	USAGE	ROA	$ Assets	USAGE	USAGE	ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060				SMALL		LOW		636	34612	-102	-0060	SMALL	LOW	-102	-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029				SMALL		MEDIUM		637	41234	010	-0029	SMALL	MEDIUM	010	-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003				SMALL		HIGH		636	52043	090	0003	SMALL	HIGH	090	0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047				MEDIUM		LOW		636	303037	-109	0047	MEDIUM	LOW	-109	0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031				MEDIUM		MEDIUM		637	272437	040	0031	MEDIUM	MEDIUM	040	0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042				MEDIUM		HIGH		636	287970	109	0042	MEDIUM	HIGH	109	0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043				LARGE		LOW		636	2928028	-147	0043	LARGE	LOW	-147	0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045				LARGE		MEDIUM		637	3582939	009	0045	LARGE	MEDIUM	009	0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039				LARGE		HIGH		636	2909375	101	0039	LARGE	HIGH	101	0039

All		5727		1156927		000		043		137		004		012		0018							0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017		1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009		2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014		3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007		4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013		5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA

									1		-163		0021

					LEGALt+1			OSHAt+1			2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		021		0017

									4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA				$ Assets		USAGE		Nobs	Assets ($mm)	USAGE	ROA	$ Assets	USAGE	USAGE	ROA

																		USAGE		USAGE		ROA

SMALL	LOW		636		34612		-102		019		058		000		002		-0060				SMALL		LOW		636	34612	-102	-0060	SMALL	LOW	-102	-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029				SMALL		MEDIUM		637	41234	010	-0029	SMALL	MEDIUM	010	-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003				SMALL		HIGH		636	52043	090	0003	SMALL	HIGH	090	0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047				MEDIUM		LOW		636	303037	-109	0047	MEDIUM	LOW	-109	0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031				MEDIUM		MEDIUM		637	272437	040	0031	MEDIUM	MEDIUM	040	0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042				MEDIUM		HIGH		636	287970	109	0042	MEDIUM	HIGH	109	0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043				LARGE		LOW		636	2928028	-147	0043	LARGE	LOW	-147	0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045				LARGE		MEDIUM		637	3582939	009	0045	LARGE	MEDIUM	009	0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039				LARGE		HIGH		636	2909375	101	0039	LARGE	HIGH	101	0039

All		5727		1156927		000		043		137		004		012		0018							0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017			1 Quintile		-163		017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009			2 Quintile		-044		009

3	1145		021		043		135		004		014		0017			3		3		021		135		014			3 Quintile		021		014

4	1146		068		031		094		003		007		0023			4		4		068		094		007			4 Quintile		068		007

5	1145		118		035		107		004		013		0032			5		5		118		107		013			5 Quintile		118		013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA				USAGE		ROA

									1		-102		-0060		-0044		1		-163		0021

					LEGALt+1			OSHAt+1			2		010		-0029		-0013		2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		090		0003		0017		3		021		0017

									4		-109		0047		0023		4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		040		0031			5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032			109		0042

SMALL	HIGH		638		115		085		022		067		001		003		-0008			-147367		0043

MEDIUM	LOW		634		658		-098		048		151		002		007		0039			008703		0045

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029			100656		0039

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017			1 Quintile		-163		017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009			2 Quintile		-044		009

3	1145		021		043		135		004		014		0017			3		3		021		135		014			3 Quintile		021		014

4	1146		068		031		094		003		007		0023			4		4		068		094		007			4 Quintile		068		007

5	1145		118		035		107		004		013		0032			5		5		118		107		013			5 Quintile		118		013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA				USAGE		ROA

									1		-163		0021		0008		1		-163		0021

					LEGALt+1			OSHAt+1			2		-044		-0004		0006		2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		021		0017		0017		3		021		0017

									4		068		0023		0023		4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		118		0032			5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018

								demeaned

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


1	1145		-163		063		202		005		017		002

2	1146		-044		043		130		003		009		-000

3	1145		021		043		135		004		014		002

4	1146		068		031		094		003		007		002

5	1145		118		035		107		004		013		003

All	5727		000		043		137		004		012		002


Means by Usage within Employees tercile

					LEGALt+1			OSHAt+1									LEGALt+1			OSHAt+1

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA						USAGE			to t+3			to t+3

												Emp (000s)		Demeaned Usage			LEGALt+1 to t+3			OSHAt+1 to t+3

SMALL	LOW		638		077		-102		023		065		000		003		-0060651		24		Compliance User		SMALL		08		-102		Compliance User		065		Compliance User		003

SMALL	MEDIUM		639		098		003		026		069		001		006		-0031609		27		Moderate User		SMALL		10		003		Moderate User		069		Moderate User		006

SMALL	HIGH		638		115		085		022		067		001		003		-0007635		32		Power User		SMALL		12		085		Power User		067		Power User		003

MEDIUM	LOW		634		658		-098		048		151		002		007		0039156

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0028538		133		Compliance User		MEDIUM		66		-098		Compliance User		151		Compliance User		007

MEDIUM	HIGH		634		634		108		025		072		003		009		0036478		128		Moderate User		MEDIUM		62		040		Moderate User		114		Moderate User		007

LARGE	LOW		636		5154		-159		091		288		009		027		0054935		138		Power User		MEDIUM		63		108		Power User		072		Power User		009

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057287

LARGE	HIGH		636		4813		105		051		163		006		018		0044892		692		Compliance User		LARGE		515		-159		Compliance User		288		Compliance User		027

All		5727		1985		000		043		137		004		012		0017861		737		Moderate User		LARGE		570		017		Moderate User		224		Moderate User		025

									708		Power User		LARGE		481		105		Power User		163		Power User		018


Means by Usage within $ Assets tercile

					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA				$ Assets		USAGE		Assets ($mm)		USAGE


SMALL	LOW		636		34612		-102		019		058		000		002		-0059816				SMALL		LOW		9671079		-073586

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0028531				SMALL		MEDIUM		10463027		012459

SMALL	HIGH		636		52043		090		022		064		002		004		0002798				SMALL		HIGH		11805909		069878

MEDIUM	LOW		636		303037		-109		046		140		003		010		0046628				MEDIUM		LOW		57312214		-10509

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0030956				MEDIUM		MEDIUM		56860544		014806

MEDIUM	HIGH		636		287970		109		024		074		003		008		0041846				MEDIUM		HIGH		58318638		080995

LARGE	LOW		636		2928028		-147		095		309		008		025		0043323				LARGE		LOW		406915901		-092156

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0044578				LARGE		MEDIUM		454727145		011543

LARGE	HIGH		636		2909375		101		055		175		006		020		0038978				LARGE		HIGH		361468643		079595

All		5727		1156927		000		043		137		004		012		0017861


Means by Employees quintile

				LEGALt+1			OSHAt+1

Quintile	Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


1	627		145		002		030		081		001		006

2	628		562		006		035		121		003		010

3	628		1267		004		053		171		004		012

4	628		2874		-006		061		190		005		017

5	627		9717		-006		104		330		012		038

All	3138		2912		-000		057		186		005		016




Means by Assets ($mm) quintile

				LEGALt+1			OSHAt+1

Quintile	Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


1	627		54621		002		027		083		001		005

2	628		220334		003		033		101		002		010

3	628		546734		-003		047		166		005		014

4	628		1379930		001		066		212		005		018

5	627		5733372		-002		112		351		012		037

All	3138		1586165		-000		057		186		005		016

								demeaned

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


1	1145		-163		063		202		005		017		002

2	1146		-044		043		130		003		009		-000

3	1145		021		043		135		004		014		002

4	1146		068		031		094		003		007		002

5	1145		118		035		107		004		013		003

All	5727		000		043		137		004		012		002


Means by Usage within Employees tercile

					LEGALt+1			OSHAt+1									LEGALt+1			OSHAt+1

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA						USAGE			to t+3			to t+3

									Assets ($mm)				Assets ($bn)		Demeaned Usage			LEGALt+1 to t+3			OSHAt+1 to t+3		ROA

SMALL	LOW		638		077		-102		023		065		000		003		-0060651		34612		Compliance User		SMALL		035		-102		Compliance User		065		Compliance User		003		-006

SMALL	MEDIUM		639		098		003		026		069		001		006		-0031609		41234		Moderate User		SMALL		041		010		Moderate User		069		Moderate User		006		-003

SMALL	HIGH		638		115		085		022		067		001		003		-0007635		52043		Power User		SMALL		052		090		Power User		067		Power User		003		-001

MEDIUM	LOW		634		658		-098		048		151		002		007		0039156

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0028538		303037		Compliance User		MEDIUM		303		-109		Compliance User		151		Compliance User		007		004

MEDIUM	HIGH		634		634		108		025		072		003		009		0036478		272437		Moderate User		MEDIUM		272		040		Moderate User		114		Moderate User		007		003

LARGE	LOW		636		5154		-159		091		288		009		027		0054935		287970		Power User		MEDIUM		288		109		Power User		072		Power User		009		004

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057287

LARGE	HIGH		636		4813		105		051		163		006		018		0044892		2928028		Compliance User		LARGE		2928		-147		Compliance User		288		Compliance User		027		005

All		5727		1985		000		043		137		004		012		0017861		3582939		Moderate User		LARGE		3583		009		Moderate User		224		Moderate User		025		006

									2909375		Power User		LARGE		2909		101		Power User		163		Power User		018		004

									158616521

Means by Usage within $ Assets tercile

					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA				Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


SMALL	LOW		636		34612		-102		019		058		000		002		-0059816				9671079		-073586		036271		134503		0010309		007059		007059

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0028531				10463027		012459		032646		086885		0023973		00625		00625

SMALL	HIGH		636		52043		090		022		064		002		004		0002798				11805909		069878		022654		067249		0017065		005797		005797

MEDIUM	LOW		636		303037		-109		046		140		003		010		0046628

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0030956				57312214		-10509		052308		165926		0053498		016495		016495

MEDIUM	HIGH		636		287970		109		024		074		003		008		0041846				56860544		014806		037838		129121		0042345		012371		012371

LARGE	LOW		636		2928028		-147		095		309		008		025		0043323				58318638		080995		038944		135577		0060403		016749		016749

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0044578

LARGE	HIGH		636		2909375		101		055		175		006		020		0038978				406915901		-092156		12963		392164		0095023		030994		030994

All		5727		1156927		000		043		137		004		012		0017861				454727145		011543		086986		295028		0085443		027919		027919

											361468643		079595		071812		207805		0078498		025		025


Means by Employees quintile

				LEGALt+1			OSHAt+1

Quintile	Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


1	627		145		002		030		081		001		006

2	628		562		006		035		121		003		010

3	628		1267		004		053		171		004		012

4	628		2874		-006		061		190		005		017

5	627		9717		-006		104		330		012		038

All	3138		2912		-000		057		186		005		016




Means by Assets ($mm) quintile

				LEGALt+1			OSHAt+1

Quintile	Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


1	627		54621		002		027		083		001		005

2	628		220334		003		033		101		002		010

3	628		546734		-003		047		166		005		014

4	628		1379930		001		066		212		005		018

5	627		5733372		-002		112		351		012		037

All	3138		1586165		-000		057		186		005		016

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3		ROA		Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017		0021		1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009		-0004		2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014		0017		3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007		0023		4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013		0032		5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3		ROA

									Low		-103		166		013		0008

					LEGALt+1			OSHAt+1			Medium		015		120		010		0012

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		High		093		101		010		0028


SMALL	LOW		638		077		-102		023		065		000		003		-0061

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3		ROA		Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017		0021		1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009		-0004		2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014		0017		3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007		0023		4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013		0032		5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3		ROA

									Low		-103		166		013		0008

					LEGALt+1			OSHAt+1			Medium		015		120		010		0012

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		High		093		101		010		0028


SMALL	LOW		638		077		-102		023		065		000		003		-0061

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017	1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009	2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014	3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007	4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013	5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA

									1		-163		0021

					LEGALt+1			OSHAt+1			2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		021		0017

									4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018

Page 21: Top 10 Ethics & Compliance Trends for 2019 · ─Recalibrate business model against an ethical yardstick • Align Leadership − Policies, incentives and accolades should reinforce

-110

-075

-040

-005

030

065

100

110

120

130

140

150

160

170

Low Medium HighD

emea

ned

Use

of

Whi

stle

blow

ing

Syst

em

Aver

age

of

Mat

eria

l Law

suits

Chart3

Demeaned Use of

NAVEX Descr

and OSHA Reports

Quintile

Demeaned Use of

LEGALt+1 to t+312345201556999999999991300813520509357499999999999710744199999999999USAGE12345-163287-043558999999999998020823068006999999999995117994

Quintile

Demeaned Use of

and ROA

Quintile

ROA

Demeaned Use of

NAVEX Descr (2)

and OSHA Reports

and ROA

ROA

NAVEX Descr (3)

and OSHA Reports

Demeaned Use of

and ROA

ROA

Demeaned Use of

NAVEX Descr__ChartUsageAssets

Demeaned Usage

034611720000000001041233920000000002052043010000000001303036709999999992724370600000000328796972999999997292802831000000023582939379999999829093753400000001-10216799999999999010042090195000000000003-10926800000000001039922000000000002109195-14736787029999999999996E-210065599999999999

Demeaned Usage

034611720000000001041233920000000002052043010000000001303036709999999992724370600000000328796972999999997292802831000000023582939379999999829093753400000001-10216799999999999010042090195000000000003-10926800000000001039922000000000002109195-14736787029999999999996E-210065599999999999LEGALt+1 to t+3

064732000000000001069335999999999998067452999999999996151116000000000011135207198099999999999528810899999999999224461999999999981625

Demeaned Usage

OSHA (t+1 to t+3)

Demeaned Usage

034611720000000001041233920000000002052043010000000001303036709999999992724370600000000328796972999999997292802831000000023582939379999999829093753400000001-10216799999999999010042090195000000000003-10926800000000001039922000000000002109195-14736787029999999999996E-210065599999999999OSHAt+1 to t+3

32469999999999999E-255050000000000002E-232840000000000001E-272289999999999993E-269769999999999999E-287190000000000004E-2027245000000000003024789018059

Demeaned Usage

of OSHA Reports

Demeaned Usage

034611720000000001041233920000000002052043010000000001303036709999999992724370600000000328796972999999997292802831000000023582939379999999829093753400000001-10216799999999999010042090195000000000003-10926800000000001039922000000000002109195-14736787029999999999996E-210065599999999999ROA

-60650999999999997E-2-31608999999999998E-2-76350000000000003E-339156000000000003E-228538000000000001E-236477999999999997E-254934999999999998E-257286999999999998E-244892000000000001E-2

ROA

NAVEX Descr__ChartUsageEmploy

Demeaned Usage

076670000000000005098109999999999997115009999999999996579900000000000362432999999999996634290000000000025153499999999999756993099999999998481295-1019230000000000133279999999999997E-2085382000000000002-09766200000000000403955199999999999810785899999999999-15882700000000001016908000000000001105488

Demeaned Usage

076670000000000005098109999999999997115009999999999996579900000000000362432999999999996634290000000000025153499999999999756993099999999998481295-1019230000000000133279999999999997E-2085382000000000002-09766200000000000403955199999999999810785899999999999-15882700000000001016908000000000001105488LEGALt+1 to t+3

064732000000000001069335999999999998067452999999999996151116000000000011135207198099999999999528810899999999999224461999999999981625

Demeaned Usage

076670000000000005098109999999999997115009999999999996579900000000000362432999999999996634290000000000025153499999999999756993099999999998481295-1019230000000000133279999999999997E-2085382000000000002-09766200000000000403955199999999999810785899999999999-15882700000000001016908000000000001105488OSHAt+1 to t+3

32469999999999999E-255050000000000002E-232840000000000001E-272289999999999993E-269769999999999999E-287190000000000004E-2027245000000000003024789018059

Demeaned Usage

of OSHA Reports

NAVEX ROA Simple

Quintile

Average ROA

Demeaned Use of

NAVEX ROA Simple (2)

Average ROA

Demeaned Use of

NAVEX ROA Complex

NAVEX Descr (4)

LEGALt+1 to t+312345201556999999999991300813520509357499999999999710744199999999999USAGE12345-163287-043558999999999998020823068006999999999995117994

Quintile

Demeaned Use of

Quintile

Demeaned Use of

Pros

Cons

Thank You

Agenda
Presented By
Thank You

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017		1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009		2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014		3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007		4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013		5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA

									1		-163		0021

					LEGALt+1			OSHAt+1			2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		021		0017

									4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA				$ Assets		USAGE		Nobs	Assets ($mm)	USAGE	ROA	$ Assets	USAGE	USAGE	ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060				SMALL		LOW		636	34612	-102	-0060	SMALL	LOW	-102	-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029				SMALL		MEDIUM		637	41234	010	-0029	SMALL	MEDIUM	010	-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003				SMALL		HIGH		636	52043	090	0003	SMALL	HIGH	090	0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047				MEDIUM		LOW		636	303037	-109	0047	MEDIUM	LOW	-109	0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031				MEDIUM		MEDIUM		637	272437	040	0031	MEDIUM	MEDIUM	040	0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042				MEDIUM		HIGH		636	287970	109	0042	MEDIUM	HIGH	109	0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043				LARGE		LOW		636	2928028	-147	0043	LARGE	LOW	-147	0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045				LARGE		MEDIUM		637	3582939	009	0045	LARGE	MEDIUM	009	0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039				LARGE		HIGH		636	2909375	101	0039	LARGE	HIGH	101	0039

All		5727		1156927		000		043		137		004		012		0018							0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017		1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009		2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014		3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007		4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013		5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA

									1		-163		0021

					LEGALt+1			OSHAt+1			2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		021		0017

									4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA				$ Assets		USAGE		Nobs	Assets ($mm)	USAGE	ROA	$ Assets	USAGE	USAGE	ROA

																		USAGE		USAGE		ROA

SMALL	LOW		636		34612		-102		019		058		000		002		-0060				SMALL		LOW		636	34612	-102	-0060	SMALL	LOW	-102	-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029				SMALL		MEDIUM		637	41234	010	-0029	SMALL	MEDIUM	010	-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003				SMALL		HIGH		636	52043	090	0003	SMALL	HIGH	090	0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047				MEDIUM		LOW		636	303037	-109	0047	MEDIUM	LOW	-109	0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031				MEDIUM		MEDIUM		637	272437	040	0031	MEDIUM	MEDIUM	040	0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042				MEDIUM		HIGH		636	287970	109	0042	MEDIUM	HIGH	109	0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043				LARGE		LOW		636	2928028	-147	0043	LARGE	LOW	-147	0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045				LARGE		MEDIUM		637	3582939	009	0045	LARGE	MEDIUM	009	0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039				LARGE		HIGH		636	2909375	101	0039	LARGE	HIGH	101	0039

All		5727		1156927		000		043		137		004		012		0018							0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017			1 Quintile		-163		017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009			2 Quintile		-044		009

3	1145		021		043		135		004		014		0017			3		3		021		135		014			3 Quintile		021		014

4	1146		068		031		094		003		007		0023			4		4		068		094		007			4 Quintile		068		007

5	1145		118		035		107		004		013		0032			5		5		118		107		013			5 Quintile		118		013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA				USAGE		ROA

									1		-102		-0060		-0044		1		-163		0021

					LEGALt+1			OSHAt+1			2		010		-0029		-0013		2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		090		0003		0017		3		021		0017

									4		-109		0047		0023		4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		040		0031			5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032			109		0042

SMALL	HIGH		638		115		085		022		067		001		003		-0008			-147367		0043

MEDIUM	LOW		634		658		-098		048		151		002		007		0039			008703		0045

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029			100656		0039

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017			1 Quintile		-163		017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009			2 Quintile		-044		009

3	1145		021		043		135		004		014		0017			3		3		021		135		014			3 Quintile		021		014

4	1146		068		031		094		003		007		0023			4		4		068		094		007			4 Quintile		068		007

5	1145		118		035		107		004		013		0032			5		5		118		107		013			5 Quintile		118		013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA				USAGE		ROA

									1		-163		0021		0008		1		-163		0021

					LEGALt+1			OSHAt+1			2		-044		-0004		0006		2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		021		0017		0017		3		021		0017

									4		068		0023		0023		4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		118		0032			5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018

								demeaned

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


1	1145		-163		063		202		005		017		002

2	1146		-044		043		130		003		009		-000

3	1145		021		043		135		004		014		002

4	1146		068		031		094		003		007		002

5	1145		118		035		107		004		013		003

All	5727		000		043		137		004		012		002


Means by Usage within Employees tercile

					LEGALt+1			OSHAt+1									LEGALt+1			OSHAt+1

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA						USAGE			to t+3			to t+3

												Emp (000s)		Demeaned Usage			LEGALt+1 to t+3			OSHAt+1 to t+3

SMALL	LOW		638		077		-102		023		065		000		003		-0060651		24		Compliance User		SMALL		08		-102		Compliance User		065		Compliance User		003

SMALL	MEDIUM		639		098		003		026		069		001		006		-0031609		27		Moderate User		SMALL		10		003		Moderate User		069		Moderate User		006

SMALL	HIGH		638		115		085		022		067		001		003		-0007635		32		Power User		SMALL		12		085		Power User		067		Power User		003

MEDIUM	LOW		634		658		-098		048		151		002		007		0039156

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0028538		133		Compliance User		MEDIUM		66		-098		Compliance User		151		Compliance User		007

MEDIUM	HIGH		634		634		108		025		072		003		009		0036478		128		Moderate User		MEDIUM		62		040		Moderate User		114		Moderate User		007

LARGE	LOW		636		5154		-159		091		288		009		027		0054935		138		Power User		MEDIUM		63		108		Power User		072		Power User		009

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057287

LARGE	HIGH		636		4813		105		051		163		006		018		0044892		692		Compliance User		LARGE		515		-159		Compliance User		288		Compliance User		027

All		5727		1985		000		043		137		004		012		0017861		737		Moderate User		LARGE		570		017		Moderate User		224		Moderate User		025

									708		Power User		LARGE		481		105		Power User		163		Power User		018


Means by Usage within $ Assets tercile

					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA				$ Assets		USAGE		Assets ($mm)		USAGE


SMALL	LOW		636		34612		-102		019		058		000		002		-0059816				SMALL		LOW		9671079		-073586

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0028531				SMALL		MEDIUM		10463027		012459

SMALL	HIGH		636		52043		090		022		064		002		004		0002798				SMALL		HIGH		11805909		069878

MEDIUM	LOW		636		303037		-109		046		140		003		010		0046628				MEDIUM		LOW		57312214		-10509

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0030956				MEDIUM		MEDIUM		56860544		014806

MEDIUM	HIGH		636		287970		109		024		074		003		008		0041846				MEDIUM		HIGH		58318638		080995

LARGE	LOW		636		2928028		-147		095		309		008		025		0043323				LARGE		LOW		406915901		-092156

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0044578				LARGE		MEDIUM		454727145		011543

LARGE	HIGH		636		2909375		101		055		175		006		020		0038978				LARGE		HIGH		361468643		079595

All		5727		1156927		000		043		137		004		012		0017861


Means by Employees quintile

				LEGALt+1			OSHAt+1

Quintile	Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


1	627		145		002		030		081		001		006

2	628		562		006		035		121		003		010

3	628		1267		004		053		171		004		012

4	628		2874		-006		061		190		005		017

5	627		9717		-006		104		330		012		038

All	3138		2912		-000		057		186		005		016




Means by Assets ($mm) quintile

				LEGALt+1			OSHAt+1

Quintile	Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


1	627		54621		002		027		083		001		005

2	628		220334		003		033		101		002		010

3	628		546734		-003		047		166		005		014

4	628		1379930		001		066		212		005		018

5	627		5733372		-002		112		351		012		037

All	3138		1586165		-000		057		186		005		016

								demeaned

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


1	1145		-163		063		202		005		017		002

2	1146		-044		043		130		003		009		-000

3	1145		021		043		135		004		014		002

4	1146		068		031		094		003		007		002

5	1145		118		035		107		004		013		003

All	5727		000		043		137		004		012		002


Means by Usage within Employees tercile

					LEGALt+1			OSHAt+1									LEGALt+1			OSHAt+1

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA						USAGE			to t+3			to t+3

									Assets ($mm)				Assets ($bn)		Demeaned Usage			LEGALt+1 to t+3			OSHAt+1 to t+3		ROA

SMALL	LOW		638		077		-102		023		065		000		003		-0060651		34612		Compliance User		SMALL		035		-102		Compliance User		065		Compliance User		003		-006

SMALL	MEDIUM		639		098		003		026		069		001		006		-0031609		41234		Moderate User		SMALL		041		010		Moderate User		069		Moderate User		006		-003

SMALL	HIGH		638		115		085		022		067		001		003		-0007635		52043		Power User		SMALL		052		090		Power User		067		Power User		003		-001

MEDIUM	LOW		634		658		-098		048		151		002		007		0039156

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0028538		303037		Compliance User		MEDIUM		303		-109		Compliance User		151		Compliance User		007		004

MEDIUM	HIGH		634		634		108		025		072		003		009		0036478		272437		Moderate User		MEDIUM		272		040		Moderate User		114		Moderate User		007		003

LARGE	LOW		636		5154		-159		091		288		009		027		0054935		287970		Power User		MEDIUM		288		109		Power User		072		Power User		009		004

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057287

LARGE	HIGH		636		4813		105		051		163		006		018		0044892		2928028		Compliance User		LARGE		2928		-147		Compliance User		288		Compliance User		027		005

All		5727		1985		000		043		137		004		012		0017861		3582939		Moderate User		LARGE		3583		009		Moderate User		224		Moderate User		025		006

									2909375		Power User		LARGE		2909		101		Power User		163		Power User		018		004

									158616521

Means by Usage within $ Assets tercile

					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA				Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


SMALL	LOW		636		34612		-102		019		058		000		002		-0059816				9671079		-073586		036271		134503		0010309		007059		007059

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0028531				10463027		012459		032646		086885		0023973		00625		00625

SMALL	HIGH		636		52043		090		022		064		002		004		0002798				11805909		069878		022654		067249		0017065		005797		005797

MEDIUM	LOW		636		303037		-109		046		140		003		010		0046628

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0030956				57312214		-10509		052308		165926		0053498		016495		016495

MEDIUM	HIGH		636		287970		109		024		074		003		008		0041846				56860544		014806		037838		129121		0042345		012371		012371

LARGE	LOW		636		2928028		-147		095		309		008		025		0043323				58318638		080995		038944		135577		0060403		016749		016749

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0044578

LARGE	HIGH		636		2909375		101		055		175		006		020		0038978				406915901		-092156		12963		392164		0095023		030994		030994

All		5727		1156927		000		043		137		004		012		0017861				454727145		011543		086986		295028		0085443		027919		027919

											361468643		079595		071812		207805		0078498		025		025


Means by Employees quintile

				LEGALt+1			OSHAt+1

Quintile	Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


1	627		145		002		030		081		001		006

2	628		562		006		035		121		003		010

3	628		1267		004		053		171		004		012

4	628		2874		-006		061		190		005		017

5	627		9717		-006		104		330		012		038

All	3138		2912		-000		057		186		005		016




Means by Assets ($mm) quintile

				LEGALt+1			OSHAt+1

Quintile	Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


1	627		54621		002		027		083		001		005

2	628		220334		003		033		101		002		010

3	628		546734		-003		047		166		005		014

4	628		1379930		001		066		212		005		018

5	627		5733372		-002		112		351		012		037

All	3138		1586165		-000		057		186		005		016

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3		ROA		Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017		0021		1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009		-0004		2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014		0017		3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007		0023		4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013		0032		5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3		ROA

									Low		-103		166		013		0008

					LEGALt+1			OSHAt+1			Medium		015		120		010		0012

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		High		093		101		010		0028


SMALL	LOW		638		077		-102		023		065		000		003		-0061

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3		ROA		Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017		0021		1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009		-0004		2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014		0017		3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007		0023		4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013		0032		5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3		ROA

									Low		-103		166		013		0008

					LEGALt+1			OSHAt+1			Medium		015		120		010		0012

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		High		093		101		010		0028


SMALL	LOW		638		077		-102		023		065		000		003		-0061

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017	1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009	2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014	3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007	4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013	5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA

									1		-163		0021

					LEGALt+1			OSHAt+1			2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		021		0017

									4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018

Page 22: Top 10 Ethics & Compliance Trends for 2019 · ─Recalibrate business model against an ethical yardstick • Align Leadership − Policies, incentives and accolades should reinforce

-110

-075

-040

-005

030

065

100

110

120

130

140

150

160

170

Low Medium HighD

emea

ned

Use

of

Whi

stle

blow

ing

Syst

em

Aver

age

of

Mat

eria

l Law

suits

Chart3

Demeaned Use of

NAVEX Descr

and OSHA Reports

Quintile

Demeaned Use of

LEGALt+1 to t+312345201556999999999991300813520509357499999999999710744199999999999USAGE12345-163287-043558999999999998020823068006999999999995117994

Quintile

Demeaned Use of

and ROA

Quintile

ROA

Demeaned Use of

NAVEX Descr (2)

and OSHA Reports

and ROA

ROA

NAVEX Descr (3)

and OSHA Reports

Demeaned Use of

and ROA

ROA

Demeaned Use of

NAVEX Descr__ChartUsageAssets

Demeaned Usage

034611720000000001041233920000000002052043010000000001303036709999999992724370600000000328796972999999997292802831000000023582939379999999829093753400000001-10216799999999999010042090195000000000003-10926800000000001039922000000000002109195-14736787029999999999996E-210065599999999999

Demeaned Usage

034611720000000001041233920000000002052043010000000001303036709999999992724370600000000328796972999999997292802831000000023582939379999999829093753400000001-10216799999999999010042090195000000000003-10926800000000001039922000000000002109195-14736787029999999999996E-210065599999999999LEGALt+1 to t+3

064732000000000001069335999999999998067452999999999996151116000000000011135207198099999999999528810899999999999224461999999999981625

Demeaned Usage

OSHA (t+1 to t+3)

Demeaned Usage

034611720000000001041233920000000002052043010000000001303036709999999992724370600000000328796972999999997292802831000000023582939379999999829093753400000001-10216799999999999010042090195000000000003-10926800000000001039922000000000002109195-14736787029999999999996E-210065599999999999OSHAt+1 to t+3

32469999999999999E-255050000000000002E-232840000000000001E-272289999999999993E-269769999999999999E-287190000000000004E-2027245000000000003024789018059

Demeaned Usage

of OSHA Reports

Demeaned Usage

034611720000000001041233920000000002052043010000000001303036709999999992724370600000000328796972999999997292802831000000023582939379999999829093753400000001-10216799999999999010042090195000000000003-10926800000000001039922000000000002109195-14736787029999999999996E-210065599999999999ROA

-60650999999999997E-2-31608999999999998E-2-76350000000000003E-339156000000000003E-228538000000000001E-236477999999999997E-254934999999999998E-257286999999999998E-244892000000000001E-2

ROA

NAVEX Descr__ChartUsageEmploy

Demeaned Usage

076670000000000005098109999999999997115009999999999996579900000000000362432999999999996634290000000000025153499999999999756993099999999998481295-1019230000000000133279999999999997E-2085382000000000002-09766200000000000403955199999999999810785899999999999-15882700000000001016908000000000001105488

Demeaned Usage

076670000000000005098109999999999997115009999999999996579900000000000362432999999999996634290000000000025153499999999999756993099999999998481295-1019230000000000133279999999999997E-2085382000000000002-09766200000000000403955199999999999810785899999999999-15882700000000001016908000000000001105488LEGALt+1 to t+3

064732000000000001069335999999999998067452999999999996151116000000000011135207198099999999999528810899999999999224461999999999981625

Demeaned Usage

076670000000000005098109999999999997115009999999999996579900000000000362432999999999996634290000000000025153499999999999756993099999999998481295-1019230000000000133279999999999997E-2085382000000000002-09766200000000000403955199999999999810785899999999999-15882700000000001016908000000000001105488OSHAt+1 to t+3

32469999999999999E-255050000000000002E-232840000000000001E-272289999999999993E-269769999999999999E-287190000000000004E-2027245000000000003024789018059

Demeaned Usage

of OSHA Reports

NAVEX ROA Simple

Quintile

Average ROA

Demeaned Use of

NAVEX ROA Simple (2)

Average ROA

Demeaned Use of

NAVEX ROA Complex

NAVEX Descr (4)

LEGALt+1 to t+312345201556999999999991300813520509357499999999999710744199999999999USAGE12345-163287-043558999999999998020823068006999999999995117994

Quintile

Demeaned Use of

Quintile

Demeaned Use of

Pros

Cons

Thank You

Agenda
Presented By
Thank You

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017		1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009		2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014		3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007		4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013		5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA

									1		-163		0021

					LEGALt+1			OSHAt+1			2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		021		0017

									4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA				$ Assets		USAGE		Nobs	Assets ($mm)	USAGE	ROA	$ Assets	USAGE	USAGE	ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060				SMALL		LOW		636	34612	-102	-0060	SMALL	LOW	-102	-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029				SMALL		MEDIUM		637	41234	010	-0029	SMALL	MEDIUM	010	-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003				SMALL		HIGH		636	52043	090	0003	SMALL	HIGH	090	0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047				MEDIUM		LOW		636	303037	-109	0047	MEDIUM	LOW	-109	0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031				MEDIUM		MEDIUM		637	272437	040	0031	MEDIUM	MEDIUM	040	0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042				MEDIUM		HIGH		636	287970	109	0042	MEDIUM	HIGH	109	0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043				LARGE		LOW		636	2928028	-147	0043	LARGE	LOW	-147	0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045				LARGE		MEDIUM		637	3582939	009	0045	LARGE	MEDIUM	009	0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039				LARGE		HIGH		636	2909375	101	0039	LARGE	HIGH	101	0039

All		5727		1156927		000		043		137		004		012		0018							0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017		1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009		2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014		3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007		4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013		5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA

									1		-163		0021

					LEGALt+1			OSHAt+1			2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		021		0017

									4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA				$ Assets		USAGE		Nobs	Assets ($mm)	USAGE	ROA	$ Assets	USAGE	USAGE	ROA

																		USAGE		USAGE		ROA

SMALL	LOW		636		34612		-102		019		058		000		002		-0060				SMALL		LOW		636	34612	-102	-0060	SMALL	LOW	-102	-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029				SMALL		MEDIUM		637	41234	010	-0029	SMALL	MEDIUM	010	-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003				SMALL		HIGH		636	52043	090	0003	SMALL	HIGH	090	0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047				MEDIUM		LOW		636	303037	-109	0047	MEDIUM	LOW	-109	0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031				MEDIUM		MEDIUM		637	272437	040	0031	MEDIUM	MEDIUM	040	0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042				MEDIUM		HIGH		636	287970	109	0042	MEDIUM	HIGH	109	0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043				LARGE		LOW		636	2928028	-147	0043	LARGE	LOW	-147	0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045				LARGE		MEDIUM		637	3582939	009	0045	LARGE	MEDIUM	009	0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039				LARGE		HIGH		636	2909375	101	0039	LARGE	HIGH	101	0039

All		5727		1156927		000		043		137		004		012		0018							0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017			1 Quintile		-163		017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009			2 Quintile		-044		009

3	1145		021		043		135		004		014		0017			3		3		021		135		014			3 Quintile		021		014

4	1146		068		031		094		003		007		0023			4		4		068		094		007			4 Quintile		068		007

5	1145		118		035		107		004		013		0032			5		5		118		107		013			5 Quintile		118		013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA				USAGE		ROA

									1		-102		-0060		-0044		1		-163		0021

					LEGALt+1			OSHAt+1			2		010		-0029		-0013		2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		090		0003		0017		3		021		0017

									4		-109		0047		0023		4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		040		0031			5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032			109		0042

SMALL	HIGH		638		115		085		022		067		001		003		-0008			-147367		0043

MEDIUM	LOW		634		658		-098		048		151		002		007		0039			008703		0045

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029			100656		0039

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017			1 Quintile		-163		017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009			2 Quintile		-044		009

3	1145		021		043		135		004		014		0017			3		3		021		135		014			3 Quintile		021		014

4	1146		068		031		094		003		007		0023			4		4		068		094		007			4 Quintile		068		007

5	1145		118		035		107		004		013		0032			5		5		118		107		013			5 Quintile		118		013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA				USAGE		ROA

									1		-163		0021		0008		1		-163		0021

					LEGALt+1			OSHAt+1			2		-044		-0004		0006		2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		021		0017		0017		3		021		0017

									4		068		0023		0023		4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		118		0032			5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018

								demeaned

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


1	1145		-163		063		202		005		017		002

2	1146		-044		043		130		003		009		-000

3	1145		021		043		135		004		014		002

4	1146		068		031		094		003		007		002

5	1145		118		035		107		004		013		003

All	5727		000		043		137		004		012		002


Means by Usage within Employees tercile

					LEGALt+1			OSHAt+1									LEGALt+1			OSHAt+1

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA						USAGE			to t+3			to t+3

												Emp (000s)		Demeaned Usage			LEGALt+1 to t+3			OSHAt+1 to t+3

SMALL	LOW		638		077		-102		023		065		000		003		-0060651		24		Compliance User		SMALL		08		-102		Compliance User		065		Compliance User		003

SMALL	MEDIUM		639		098		003		026		069		001		006		-0031609		27		Moderate User		SMALL		10		003		Moderate User		069		Moderate User		006

SMALL	HIGH		638		115		085		022		067		001		003		-0007635		32		Power User		SMALL		12		085		Power User		067		Power User		003

MEDIUM	LOW		634		658		-098		048		151		002		007		0039156

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0028538		133		Compliance User		MEDIUM		66		-098		Compliance User		151		Compliance User		007

MEDIUM	HIGH		634		634		108		025		072		003		009		0036478		128		Moderate User		MEDIUM		62		040		Moderate User		114		Moderate User		007

LARGE	LOW		636		5154		-159		091		288		009		027		0054935		138		Power User		MEDIUM		63		108		Power User		072		Power User		009

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057287

LARGE	HIGH		636		4813		105		051		163		006		018		0044892		692		Compliance User		LARGE		515		-159		Compliance User		288		Compliance User		027

All		5727		1985		000		043		137		004		012		0017861		737		Moderate User		LARGE		570		017		Moderate User		224		Moderate User		025

									708		Power User		LARGE		481		105		Power User		163		Power User		018


Means by Usage within $ Assets tercile

					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA				$ Assets		USAGE		Assets ($mm)		USAGE


SMALL	LOW		636		34612		-102		019		058		000		002		-0059816				SMALL		LOW		9671079		-073586

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0028531				SMALL		MEDIUM		10463027		012459

SMALL	HIGH		636		52043		090		022		064		002		004		0002798				SMALL		HIGH		11805909		069878

MEDIUM	LOW		636		303037		-109		046		140		003		010		0046628				MEDIUM		LOW		57312214		-10509

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0030956				MEDIUM		MEDIUM		56860544		014806

MEDIUM	HIGH		636		287970		109		024		074		003		008		0041846				MEDIUM		HIGH		58318638		080995

LARGE	LOW		636		2928028		-147		095		309		008		025		0043323				LARGE		LOW		406915901		-092156

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0044578				LARGE		MEDIUM		454727145		011543

LARGE	HIGH		636		2909375		101		055		175		006		020		0038978				LARGE		HIGH		361468643		079595

All		5727		1156927		000		043		137		004		012		0017861


Means by Employees quintile

				LEGALt+1			OSHAt+1

Quintile	Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


1	627		145		002		030		081		001		006

2	628		562		006		035		121		003		010

3	628		1267		004		053		171		004		012

4	628		2874		-006		061		190		005		017

5	627		9717		-006		104		330		012		038

All	3138		2912		-000		057		186		005		016




Means by Assets ($mm) quintile

				LEGALt+1			OSHAt+1

Quintile	Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


1	627		54621		002		027		083		001		005

2	628		220334		003		033		101		002		010

3	628		546734		-003		047		166		005		014

4	628		1379930		001		066		212		005		018

5	627		5733372		-002		112		351		012		037

All	3138		1586165		-000		057		186		005		016

								demeaned

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


1	1145		-163		063		202		005		017		002

2	1146		-044		043		130		003		009		-000

3	1145		021		043		135		004		014		002

4	1146		068		031		094		003		007		002

5	1145		118		035		107		004		013		003

All	5727		000		043		137		004		012		002


Means by Usage within Employees tercile

					LEGALt+1			OSHAt+1									LEGALt+1			OSHAt+1

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA						USAGE			to t+3			to t+3

									Assets ($mm)				Assets ($bn)		Demeaned Usage			LEGALt+1 to t+3			OSHAt+1 to t+3		ROA

SMALL	LOW		638		077		-102		023		065		000		003		-0060651		34612		Compliance User		SMALL		035		-102		Compliance User		065		Compliance User		003		-006

SMALL	MEDIUM		639		098		003		026		069		001		006		-0031609		41234		Moderate User		SMALL		041		010		Moderate User		069		Moderate User		006		-003

SMALL	HIGH		638		115		085		022		067		001		003		-0007635		52043		Power User		SMALL		052		090		Power User		067		Power User		003		-001

MEDIUM	LOW		634		658		-098		048		151		002		007		0039156

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0028538		303037		Compliance User		MEDIUM		303		-109		Compliance User		151		Compliance User		007		004

MEDIUM	HIGH		634		634		108		025		072		003		009		0036478		272437		Moderate User		MEDIUM		272		040		Moderate User		114		Moderate User		007		003

LARGE	LOW		636		5154		-159		091		288		009		027		0054935		287970		Power User		MEDIUM		288		109		Power User		072		Power User		009		004

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057287

LARGE	HIGH		636		4813		105		051		163		006		018		0044892		2928028		Compliance User		LARGE		2928		-147		Compliance User		288		Compliance User		027		005

All		5727		1985		000		043		137		004		012		0017861		3582939		Moderate User		LARGE		3583		009		Moderate User		224		Moderate User		025		006

									2909375		Power User		LARGE		2909		101		Power User		163		Power User		018		004

									158616521

Means by Usage within $ Assets tercile

					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA				Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


SMALL	LOW		636		34612		-102		019		058		000		002		-0059816				9671079		-073586		036271		134503		0010309		007059		007059

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0028531				10463027		012459		032646		086885		0023973		00625		00625

SMALL	HIGH		636		52043		090		022		064		002		004		0002798				11805909		069878		022654		067249		0017065		005797		005797

MEDIUM	LOW		636		303037		-109		046		140		003		010		0046628

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0030956				57312214		-10509		052308		165926		0053498		016495		016495

MEDIUM	HIGH		636		287970		109		024		074		003		008		0041846				56860544		014806		037838		129121		0042345		012371		012371

LARGE	LOW		636		2928028		-147		095		309		008		025		0043323				58318638		080995		038944		135577		0060403		016749		016749

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0044578

LARGE	HIGH		636		2909375		101		055		175		006		020		0038978				406915901		-092156		12963		392164		0095023		030994		030994

All		5727		1156927		000		043		137		004		012		0017861				454727145		011543		086986		295028		0085443		027919		027919

											361468643		079595		071812		207805		0078498		025		025


Means by Employees quintile

				LEGALt+1			OSHAt+1

Quintile	Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


1	627		145		002		030		081		001		006

2	628		562		006		035		121		003		010

3	628		1267		004		053		171		004		012

4	628		2874		-006		061		190		005		017

5	627		9717		-006		104		330		012		038

All	3138		2912		-000		057		186		005		016




Means by Assets ($mm) quintile

				LEGALt+1			OSHAt+1

Quintile	Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


1	627		54621		002		027		083		001		005

2	628		220334		003		033		101		002		010

3	628		546734		-003		047		166		005		014

4	628		1379930		001		066		212		005		018

5	627		5733372		-002		112		351		012		037

All	3138		1586165		-000		057		186		005		016

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3		ROA		Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017		0021		1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009		-0004		2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014		0017		3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007		0023		4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013		0032		5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3		ROA

									Low		-103		166		013		0008

					LEGALt+1			OSHAt+1			Medium		015		120		010		0012

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		High		093		101		010		0028


SMALL	LOW		638		077		-102		023		065		000		003		-0061

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3		ROA		Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017		0021		1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009		-0004		2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014		0017		3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007		0023		4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013		0032		5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3		ROA

									Low		-103		166		013		0008

					LEGALt+1			OSHAt+1			Medium		015		120		010		0012

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		High		093		101		010		0028


SMALL	LOW		638		077		-102		023		065		000		003		-0061

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017	1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009	2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014	3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007	4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013	5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA

									1		-163		0021

					LEGALt+1			OSHAt+1			2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		021		0017

									4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018

Page 23: Top 10 Ethics & Compliance Trends for 2019 · ─Recalibrate business model against an ethical yardstick • Align Leadership − Policies, incentives and accolades should reinforce

-110

-075

-040

-005

030

065

100

110

120

130

140

150

160

170

Low Medium HighD

emea

ned

Use

of

Whi

stle

blow

ing

Syst

em

Aver

age

of

Mat

eria

l Law

suits

Chart3

Demeaned Use of

NAVEX Descr

and OSHA Reports

Quintile

Demeaned Use of

LEGALt+1 to t+312345201556999999999991300813520509357499999999999710744199999999999USAGE12345-163287-043558999999999998020823068006999999999995117994

Quintile

Demeaned Use of

and ROA

Quintile

ROA

Demeaned Use of

NAVEX Descr (2)

and OSHA Reports

and ROA

ROA

NAVEX Descr (3)

and OSHA Reports

Demeaned Use of

and ROA

ROA

Demeaned Use of

NAVEX Descr__ChartUsageAssets

Demeaned Usage

034611720000000001041233920000000002052043010000000001303036709999999992724370600000000328796972999999997292802831000000023582939379999999829093753400000001-10216799999999999010042090195000000000003-10926800000000001039922000000000002109195-14736787029999999999996E-210065599999999999

Demeaned Usage

034611720000000001041233920000000002052043010000000001303036709999999992724370600000000328796972999999997292802831000000023582939379999999829093753400000001-10216799999999999010042090195000000000003-10926800000000001039922000000000002109195-14736787029999999999996E-210065599999999999LEGALt+1 to t+3

064732000000000001069335999999999998067452999999999996151116000000000011135207198099999999999528810899999999999224461999999999981625

Demeaned Usage

OSHA (t+1 to t+3)

Demeaned Usage

034611720000000001041233920000000002052043010000000001303036709999999992724370600000000328796972999999997292802831000000023582939379999999829093753400000001-10216799999999999010042090195000000000003-10926800000000001039922000000000002109195-14736787029999999999996E-210065599999999999OSHAt+1 to t+3

32469999999999999E-255050000000000002E-232840000000000001E-272289999999999993E-269769999999999999E-287190000000000004E-2027245000000000003024789018059

Demeaned Usage

of OSHA Reports

Demeaned Usage

034611720000000001041233920000000002052043010000000001303036709999999992724370600000000328796972999999997292802831000000023582939379999999829093753400000001-10216799999999999010042090195000000000003-10926800000000001039922000000000002109195-14736787029999999999996E-210065599999999999ROA

-60650999999999997E-2-31608999999999998E-2-76350000000000003E-339156000000000003E-228538000000000001E-236477999999999997E-254934999999999998E-257286999999999998E-244892000000000001E-2

ROA

NAVEX Descr__ChartUsageEmploy

Demeaned Usage

076670000000000005098109999999999997115009999999999996579900000000000362432999999999996634290000000000025153499999999999756993099999999998481295-1019230000000000133279999999999997E-2085382000000000002-09766200000000000403955199999999999810785899999999999-15882700000000001016908000000000001105488

Demeaned Usage

076670000000000005098109999999999997115009999999999996579900000000000362432999999999996634290000000000025153499999999999756993099999999998481295-1019230000000000133279999999999997E-2085382000000000002-09766200000000000403955199999999999810785899999999999-15882700000000001016908000000000001105488LEGALt+1 to t+3

064732000000000001069335999999999998067452999999999996151116000000000011135207198099999999999528810899999999999224461999999999981625

Demeaned Usage

076670000000000005098109999999999997115009999999999996579900000000000362432999999999996634290000000000025153499999999999756993099999999998481295-1019230000000000133279999999999997E-2085382000000000002-09766200000000000403955199999999999810785899999999999-15882700000000001016908000000000001105488OSHAt+1 to t+3

32469999999999999E-255050000000000002E-232840000000000001E-272289999999999993E-269769999999999999E-287190000000000004E-2027245000000000003024789018059

Demeaned Usage

of OSHA Reports

NAVEX ROA Simple

Quintile

Average ROA

Demeaned Use of

NAVEX ROA Simple (2)

Average ROA

Demeaned Use of

NAVEX ROA Complex

NAVEX Descr (4)

LEGALt+1 to t+312345201556999999999991300813520509357499999999999710744199999999999USAGE12345-163287-043558999999999998020823068006999999999995117994

Quintile

Demeaned Use of

Quintile

Demeaned Use of

Pros

Cons

Thank You

Agenda
Presented By
Thank You

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017		1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009		2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014		3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007		4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013		5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA

									1		-163		0021

					LEGALt+1			OSHAt+1			2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		021		0017

									4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA				$ Assets		USAGE		Nobs	Assets ($mm)	USAGE	ROA	$ Assets	USAGE	USAGE	ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060				SMALL		LOW		636	34612	-102	-0060	SMALL	LOW	-102	-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029				SMALL		MEDIUM		637	41234	010	-0029	SMALL	MEDIUM	010	-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003				SMALL		HIGH		636	52043	090	0003	SMALL	HIGH	090	0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047				MEDIUM		LOW		636	303037	-109	0047	MEDIUM	LOW	-109	0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031				MEDIUM		MEDIUM		637	272437	040	0031	MEDIUM	MEDIUM	040	0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042				MEDIUM		HIGH		636	287970	109	0042	MEDIUM	HIGH	109	0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043				LARGE		LOW		636	2928028	-147	0043	LARGE	LOW	-147	0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045				LARGE		MEDIUM		637	3582939	009	0045	LARGE	MEDIUM	009	0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039				LARGE		HIGH		636	2909375	101	0039	LARGE	HIGH	101	0039

All		5727		1156927		000		043		137		004		012		0018							0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017		1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009		2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014		3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007		4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013		5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA

									1		-163		0021

					LEGALt+1			OSHAt+1			2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		021		0017

									4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA				$ Assets		USAGE		Nobs	Assets ($mm)	USAGE	ROA	$ Assets	USAGE	USAGE	ROA

																		USAGE		USAGE		ROA

SMALL	LOW		636		34612		-102		019		058		000		002		-0060				SMALL		LOW		636	34612	-102	-0060	SMALL	LOW	-102	-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029				SMALL		MEDIUM		637	41234	010	-0029	SMALL	MEDIUM	010	-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003				SMALL		HIGH		636	52043	090	0003	SMALL	HIGH	090	0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047				MEDIUM		LOW		636	303037	-109	0047	MEDIUM	LOW	-109	0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031				MEDIUM		MEDIUM		637	272437	040	0031	MEDIUM	MEDIUM	040	0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042				MEDIUM		HIGH		636	287970	109	0042	MEDIUM	HIGH	109	0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043				LARGE		LOW		636	2928028	-147	0043	LARGE	LOW	-147	0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045				LARGE		MEDIUM		637	3582939	009	0045	LARGE	MEDIUM	009	0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039				LARGE		HIGH		636	2909375	101	0039	LARGE	HIGH	101	0039

All		5727		1156927		000		043		137		004		012		0018							0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017			1 Quintile		-163		017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009			2 Quintile		-044		009

3	1145		021		043		135		004		014		0017			3		3		021		135		014			3 Quintile		021		014

4	1146		068		031		094		003		007		0023			4		4		068		094		007			4 Quintile		068		007

5	1145		118		035		107		004		013		0032			5		5		118		107		013			5 Quintile		118		013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA				USAGE		ROA

									1		-102		-0060		-0044		1		-163		0021

					LEGALt+1			OSHAt+1			2		010		-0029		-0013		2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		090		0003		0017		3		021		0017

									4		-109		0047		0023		4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		040		0031			5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032			109		0042

SMALL	HIGH		638		115		085		022		067		001		003		-0008			-147367		0043

MEDIUM	LOW		634		658		-098		048		151		002		007		0039			008703		0045

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029			100656		0039

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017			1 Quintile		-163		017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009			2 Quintile		-044		009

3	1145		021		043		135		004		014		0017			3		3		021		135		014			3 Quintile		021		014

4	1146		068		031		094		003		007		0023			4		4		068		094		007			4 Quintile		068		007

5	1145		118		035		107		004		013		0032			5		5		118		107		013			5 Quintile		118		013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA				USAGE		ROA

									1		-163		0021		0008		1		-163		0021

					LEGALt+1			OSHAt+1			2		-044		-0004		0006		2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		021		0017		0017		3		021		0017

									4		068		0023		0023		4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		118		0032			5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018

								demeaned

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


1	1145		-163		063		202		005		017		002

2	1146		-044		043		130		003		009		-000

3	1145		021		043		135		004		014		002

4	1146		068		031		094		003		007		002

5	1145		118		035		107		004		013		003

All	5727		000		043		137		004		012		002


Means by Usage within Employees tercile

					LEGALt+1			OSHAt+1									LEGALt+1			OSHAt+1

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA						USAGE			to t+3			to t+3

												Emp (000s)		Demeaned Usage			LEGALt+1 to t+3			OSHAt+1 to t+3

SMALL	LOW		638		077		-102		023		065		000		003		-0060651		24		Compliance User		SMALL		08		-102		Compliance User		065		Compliance User		003

SMALL	MEDIUM		639		098		003		026		069		001		006		-0031609		27		Moderate User		SMALL		10		003		Moderate User		069		Moderate User		006

SMALL	HIGH		638		115		085		022		067		001		003		-0007635		32		Power User		SMALL		12		085		Power User		067		Power User		003

MEDIUM	LOW		634		658		-098		048		151		002		007		0039156

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0028538		133		Compliance User		MEDIUM		66		-098		Compliance User		151		Compliance User		007

MEDIUM	HIGH		634		634		108		025		072		003		009		0036478		128		Moderate User		MEDIUM		62		040		Moderate User		114		Moderate User		007

LARGE	LOW		636		5154		-159		091		288		009		027		0054935		138		Power User		MEDIUM		63		108		Power User		072		Power User		009

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057287

LARGE	HIGH		636		4813		105		051		163		006		018		0044892		692		Compliance User		LARGE		515		-159		Compliance User		288		Compliance User		027

All		5727		1985		000		043		137		004		012		0017861		737		Moderate User		LARGE		570		017		Moderate User		224		Moderate User		025

									708		Power User		LARGE		481		105		Power User		163		Power User		018


Means by Usage within $ Assets tercile

					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA				$ Assets		USAGE		Assets ($mm)		USAGE


SMALL	LOW		636		34612		-102		019		058		000		002		-0059816				SMALL		LOW		9671079		-073586

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0028531				SMALL		MEDIUM		10463027		012459

SMALL	HIGH		636		52043		090		022		064		002		004		0002798				SMALL		HIGH		11805909		069878

MEDIUM	LOW		636		303037		-109		046		140		003		010		0046628				MEDIUM		LOW		57312214		-10509

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0030956				MEDIUM		MEDIUM		56860544		014806

MEDIUM	HIGH		636		287970		109		024		074		003		008		0041846				MEDIUM		HIGH		58318638		080995

LARGE	LOW		636		2928028		-147		095		309		008		025		0043323				LARGE		LOW		406915901		-092156

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0044578				LARGE		MEDIUM		454727145		011543

LARGE	HIGH		636		2909375		101		055		175		006		020		0038978				LARGE		HIGH		361468643		079595

All		5727		1156927		000		043		137		004		012		0017861


Means by Employees quintile

				LEGALt+1			OSHAt+1

Quintile	Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


1	627		145		002		030		081		001		006

2	628		562		006		035		121		003		010

3	628		1267		004		053		171		004		012

4	628		2874		-006		061		190		005		017

5	627		9717		-006		104		330		012		038

All	3138		2912		-000		057		186		005		016




Means by Assets ($mm) quintile

				LEGALt+1			OSHAt+1

Quintile	Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


1	627		54621		002		027		083		001		005

2	628		220334		003		033		101		002		010

3	628		546734		-003		047		166		005		014

4	628		1379930		001		066		212		005		018

5	627		5733372		-002		112		351		012		037

All	3138		1586165		-000		057		186		005		016

								demeaned

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


1	1145		-163		063		202		005		017		002

2	1146		-044		043		130		003		009		-000

3	1145		021		043		135		004		014		002

4	1146		068		031		094		003		007		002

5	1145		118		035		107		004		013		003

All	5727		000		043		137		004		012		002


Means by Usage within Employees tercile

					LEGALt+1			OSHAt+1									LEGALt+1			OSHAt+1

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA						USAGE			to t+3			to t+3

									Assets ($mm)				Assets ($bn)		Demeaned Usage			LEGALt+1 to t+3			OSHAt+1 to t+3		ROA

SMALL	LOW		638		077		-102		023		065		000		003		-0060651		34612		Compliance User		SMALL		035		-102		Compliance User		065		Compliance User		003		-006

SMALL	MEDIUM		639		098		003		026		069		001		006		-0031609		41234		Moderate User		SMALL		041		010		Moderate User		069		Moderate User		006		-003

SMALL	HIGH		638		115		085		022		067		001		003		-0007635		52043		Power User		SMALL		052		090		Power User		067		Power User		003		-001

MEDIUM	LOW		634		658		-098		048		151		002		007		0039156

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0028538		303037		Compliance User		MEDIUM		303		-109		Compliance User		151		Compliance User		007		004

MEDIUM	HIGH		634		634		108		025		072		003		009		0036478		272437		Moderate User		MEDIUM		272		040		Moderate User		114		Moderate User		007		003

LARGE	LOW		636		5154		-159		091		288		009		027		0054935		287970		Power User		MEDIUM		288		109		Power User		072		Power User		009		004

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057287

LARGE	HIGH		636		4813		105		051		163		006		018		0044892		2928028		Compliance User		LARGE		2928		-147		Compliance User		288		Compliance User		027		005

All		5727		1985		000		043		137		004		012		0017861		3582939		Moderate User		LARGE		3583		009		Moderate User		224		Moderate User		025		006

									2909375		Power User		LARGE		2909		101		Power User		163		Power User		018		004

									158616521

Means by Usage within $ Assets tercile

					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA				Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


SMALL	LOW		636		34612		-102		019		058		000		002		-0059816				9671079		-073586		036271		134503		0010309		007059		007059

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0028531				10463027		012459		032646		086885		0023973		00625		00625

SMALL	HIGH		636		52043		090		022		064		002		004		0002798				11805909		069878		022654		067249		0017065		005797		005797

MEDIUM	LOW		636		303037		-109		046		140		003		010		0046628

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0030956				57312214		-10509		052308		165926		0053498		016495		016495

MEDIUM	HIGH		636		287970		109		024		074		003		008		0041846				56860544		014806		037838		129121		0042345		012371		012371

LARGE	LOW		636		2928028		-147		095		309		008		025		0043323				58318638		080995		038944		135577		0060403		016749		016749

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0044578

LARGE	HIGH		636		2909375		101		055		175		006		020		0038978				406915901		-092156		12963		392164		0095023		030994		030994

All		5727		1156927		000		043		137		004		012		0017861				454727145		011543		086986		295028		0085443		027919		027919

											361468643		079595		071812		207805		0078498		025		025


Means by Employees quintile

				LEGALt+1			OSHAt+1

Quintile	Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


1	627		145		002		030		081		001		006

2	628		562		006		035		121		003		010

3	628		1267		004		053		171		004		012

4	628		2874		-006		061		190		005		017

5	627		9717		-006		104		330		012		038

All	3138		2912		-000		057		186		005		016




Means by Assets ($mm) quintile

				LEGALt+1			OSHAt+1

Quintile	Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3


1	627		54621		002		027		083		001		005

2	628		220334		003		033		101		002		010

3	628		546734		-003		047		166		005		014

4	628		1379930		001		066		212		005		018

5	627		5733372		-002		112		351		012		037

All	3138		1586165		-000		057		186		005		016

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3		ROA		Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017		0021		1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009		-0004		2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014		0017		3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007		0023		4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013		0032		5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3		ROA

									Low		-103		166		013		0008

					LEGALt+1			OSHAt+1			Medium		015		120		010		0012

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		High		093		101		010		0028


SMALL	LOW		638		077		-102		023		065		000		003		-0061

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3		ROA		Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017		0021		1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009		-0004		2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014		0017		3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007		0023		4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013		0032		5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3		ROA

									Low		-103		166		013		0008

					LEGALt+1			OSHAt+1			Medium		015		120		010		0012

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		High		093		101		010		0028


SMALL	LOW		638		077		-102		023		065		000		003		-0061

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018

Means by USAGE quintle

			LEGALt+1			OSHAt+1

Quintile	Nobs		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA

									Quintile		USAGE		LEGALt+1 to t+3		OSHAt+1 to t+3			Quintile		USAGE		OSHAt+1 to t+3

1	1145		-163		063		202		005		017		0021			1		1		-163		202		017	1 Quintile	-163	017

2	1146		-044		043		130		003		009		-0004			2		2		-044		130		009	2 Quintile	-044	009

3	1145		021		043		135		004		014		0017			3		3		021		135		014	3 Quintile	021	014

4	1146		068		031		094		003		007		0023			4		4		068		094		007	4 Quintile	068	007

5	1145		118		035		107		004		013		0032			5		5		118		107		013	5 Quintile	118	013

All	5727		000		043		137		004		012		0018


Means by Usage within Employees tercile											USAGE		ROA

									1		-163		0021

					LEGALt+1			OSHAt+1			2		-044		-0004

EMP	USAGE		Nobs		Emp (000s)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA		3		021		0017

									4		068		0023

SMALL	LOW		638		077		-102		023		065		000		003		-0061		5		118		0032

SMALL	MEDIUM		639		098		003		026		069		001		006		-0032

SMALL	HIGH		638		115		085		022		067		001		003		-0008

MEDIUM	LOW		634		658		-098		048		151		002		007		0039

MEDIUM	MEDIUM		635		624		040		034		114		002		007		0029

MEDIUM	HIGH		634		634		108		025		072		003		009		0036

LARGE	LOW		636		5154		-159		091		288		009		027		0055

LARGE	MEDIUM		637		5699		017		068		224		009		025		0057

LARGE	HIGH		636		4813		105		051		163		006		018		0045

All		5727		1985		000		043		137		004		012		0018




Means by Usage within $ Assets tercile


					LEGALt+1			OSHAt+1

$ Assets	USAGE		Nobs		Assets ($mm)		USAGE		LEGALt+1		to t+3		OSHAt+1		to t+3		ROA


SMALL	LOW		636		34612		-102		019		058		000		002		-0060

SMALL	MEDIUM		637		41234		010		023		061		000		004		-0029

SMALL	HIGH		636		52043		090		022		064		002		004		0003

MEDIUM	LOW		636		303037		-109		046		140		003		010		0047

MEDIUM	MEDIUM		637		272437		040		033		113		002		006		0031

MEDIUM	HIGH		636		287970		109		024		074		003		008		0042

LARGE	LOW		636		2928028		-147		095		309		008		025		0043

LARGE	MEDIUM		637		3582939		009		074		247		008		025		0045

LARGE	HIGH		636		2909375		101		055		175		006		020		0039

All		5727		1156927		000		043		137		004		012		0018