Sub sample analysis: engineer CEOs and corporate risk-taking
| Parameter | SRV | ROAV |
|---|---|---|
| Intercept | 0.297 | 0.129 |
| EngCEO | 0.125*** (3.22) | 0.005*** (4.57) |
| BEng | 0.002 (0.22) | 0.018*** (6.14) |
| BSize | −0.010*** (−9.60) | −0.001** (−2.10) |
| BInd | −0.000*** (−3.10) | −0.004*** (−12.16) |
| ROA | −0.275*** (−9.95) | −0.184*** (−23.00) |
| FirmSize | −0.012*** (−8.48) | −0.002*** (−5.50) |
| Leverage | −0.007*** (−3.43) | −0.006*** (−10.66) |
| CAPEX | 0.006 (0.46) | −0.001 (−0.49) |
| SalesGrowth | −0.058*** (−8.72) | −0.006** (−3.08) |
| CEOGender | 0.114 (0.81) | 0.114 (0.81) |
| CEODuality | −0.003 (−0.59) | −0.004*** (−2.04) |
| Industry fixed effect | Yes | Yes |
| Year fixed effect | Yes | Yes |
| R-squared | 0.208 | 0.321 |
| N | 685 | 685 |
| Parameter | ||
|---|---|---|
| 0.297 | 0.129 | |
| 0.125*** (3.22) | 0.005*** (4.57) | |
| 0.002 (0.22) | 0.018*** (6.14) | |
| −0.010*** (−9.60) | −0.001** (−2.10) | |
| −0.000*** (−3.10) | −0.004*** (−12.16) | |
| −0.275*** (−9.95) | −0.184*** (−23.00) | |
| −0.012*** (−8.48) | −0.002*** (−5.50) | |
| −0.007*** (−3.43) | −0.006*** (−10.66) | |
| 0.006 (0.46) | −0.001 (−0.49) | |
| −0.058*** (−8.72) | −0.006** (−3.08) | |
| 0.114 (0.81) | 0.114 (0.81) | |
| −0.003 (−0.59) | −0.004*** (−2.04) | |
| Yes | Yes | |
| Yes | Yes | |
| 0.208 | 0.321 | |
| 685 | 685 |
Note(s): This is sub-sample analysis and considered Materials, Industrials, Energy, and Information Technology industries. Corporate Risk-Taking proxies are same as stock return volatility (SRV), Return on assets volatility (ROAV). *, ** and *** indicate statistical significance at 10, 5, and 1% levels, respectively. Variables are as defined in Table 1. t-statistics are reported in parentheses
Source(s): Authors’ own work
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