Sensitivity analysis: alternative clustering of standard errors4
| Parameters | Firm cluster | Industry cluster | Year-industry cluster | |||
|---|---|---|---|---|---|---|
| SRV | ROAV | SRV | ROAV | SRV | ROAV | |
| Intercept | 0.451*** (8.21) | 0.201*** (3.74) | 0.461*** (10.41) | 0.148*** (4.56) | 0.416*** (10.41) | 0.148*** (4.66) |
| EngCEO | 0.018** (2.40) | 0.009 (1.52) | 0.017** (2.51) | 0.011** (1.97) | 0.017** (2.48) | 0.016** (1.96) |
| BEng | 0.014 (0.79) | −0.056*** (−3.95) | 0.008 (0.52) | −0.042*** (−3.13) | 0.009 (0.55) | −0.042*** (−3.13) |
| BSize | −0.001 (−0.78) | −0.002 (−1.49) | −0.002 (−1.41) | −0.001 (1.35) | −0.002 (−1.41) | −0.001 (−1.35) |
| BInd | 0.000 (1.22) | −0.000* (−1.72) | 0.000 (0.71) | −0.000 (−1.07) | 0.000 (0.67) | −0.000 (−1.07) |
| ROA | −0.073*** (3.8) | −0.054*** (−3.43) | −0.084*** (−4.77) | −0.096*** (−6.81) | −0.083*** (−4.72) | −0.096*** (−6.80) |
| FirmSize | −0.016*** (−6.72) | −0.006** (−2.85) | −0.013*** (−7.53) | −0.004*** (−2.92) | −0.013*** (−7.59) | −0.004*** (−2.92) |
| Leverage | 0.001 (1.17) | 0.002 (1.57) | 0.001 (1.01) | 0.001* (1.74) | 0.001 (1.08) | 0.001* (1.74) |
| CAPEX | −0.000 (−0.72) | −0.000** (−2.24) | 0.000 (0.29) | −0.000*** (−3.12) | 0.000 (0.37) | −0.000** (−3.11) |
| SalesGrowth | −0.007 (−1.44) | 0.015*** (4.07) | −0.001 (−0.39) | 0.019*** (4.65) | −0.001 (−0.29) | 0.019*** (4.66) |
| CEOGender | 0.000 (0.03) | −0.000 (−0.05) | −0.006 (−0.68) | 0.001 (0.19) | −0.006 (−0.76) | 0.001 (0.19) |
| CEODuality | −0.008 (−1.06) | 0.004 (0.61) | −0.003 (−0.40) | 0.001 (0.21) | −0.002 (−0.36) | 0.001 (0.21) |
| CEOTenure | −0.000 (−0.40) | 0.000* (1.82) | −0.000 (−0.18) | −0.000 (−0.30) | −0.000 (−0.20) | −0.000 (−0.30) |
| Year and industry fixed effects | Yes | Yes | Yes | Yes | Yes | Yes |
| Parameters | Firm cluster | Industry cluster | Year-industry cluster | |||
|---|---|---|---|---|---|---|
| 0.451*** (8.21) | 0.201*** (3.74) | 0.461*** (10.41) | 0.148*** (4.56) | 0.416*** (10.41) | 0.148*** (4.66) | |
| 0.018** (2.40) | 0.009 (1.52) | 0.017** (2.51) | 0.011** (1.97) | 0.017** (2.48) | 0.016** (1.96) | |
| 0.014 (0.79) | −0.056*** (−3.95) | 0.008 (0.52) | −0.042*** (−3.13) | 0.009 (0.55) | −0.042*** (−3.13) | |
| −0.001 (−0.78) | −0.002 (−1.49) | −0.002 (−1.41) | −0.001 (1.35) | −0.002 (−1.41) | −0.001 (−1.35) | |
| 0.000 (1.22) | −0.000* (−1.72) | 0.000 (0.71) | −0.000 (−1.07) | 0.000 (0.67) | −0.000 (−1.07) | |
| −0.073*** (3.8) | −0.054*** (−3.43) | −0.084*** (−4.77) | −0.096*** (−6.81) | −0.083*** (−4.72) | −0.096*** (−6.80) | |
| −0.016*** (−6.72) | −0.006** (−2.85) | −0.013*** (−7.53) | −0.004*** (−2.92) | −0.013*** (−7.59) | −0.004*** (−2.92) | |
| 0.001 (1.17) | 0.002 (1.57) | 0.001 (1.01) | 0.001* (1.74) | 0.001 (1.08) | 0.001* (1.74) | |
| −0.000 (−0.72) | −0.000** (−2.24) | 0.000 (0.29) | −0.000*** (−3.12) | 0.000 (0.37) | −0.000** (−3.11) | |
| −0.007 (−1.44) | 0.015*** (4.07) | −0.001 (−0.39) | 0.019*** (4.65) | −0.001 (−0.29) | 0.019*** (4.66) | |
| 0.000 (0.03) | −0.000 (−0.05) | −0.006 (−0.68) | 0.001 (0.19) | −0.006 (−0.76) | 0.001 (0.19) | |
| −0.008 (−1.06) | 0.004 (0.61) | −0.003 (−0.40) | 0.001 (0.21) | −0.002 (−0.36) | 0.001 (0.21) | |
| −0.000 (−0.40) | 0.000* (1.82) | −0.000 (−0.18) | −0.000 (−0.30) | −0.000 (−0.20) | −0.000 (−0.30) | |
| Yes | Yes | Yes | Yes | Yes | Yes | |
Note(s): *, ** 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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