Table 7 Sensitivity analysis:...

Table 7

Sensitivity analysis: alternative estimation techniques

Parameters	Quantile regression				Tobit regression
	50th Percentile		75th Percentile		SRV	ROAV
	SRV	SRV	ROAV	ROAV	SRV	ROAV
Intercept	0.345*** (8.38)	0.352*** (8.56)	0.017*** (2.53)	0.129*** (2.87)	0.123*** (8.63)	0.385*** (11.35)
EngCEO	0.007* (1.80)	0.009* (1.8)	0.012 (0.87)	0.009* (1.69)	0.009** (2.54)	0.013* (1.73)
BEng	0.043** (2.00)	0.043 (2.00)	0.016 (0.79)	0.016 (0.79)	−0.024** (−1.68)	0.043** (2.32)
BSize	−0.005** (−2.22)	−0.006** (−2.32)	0.005** (2.48)	0.005** (2.48)	−0.003** (−2.35)	−0.005*** (−2.60)
BInd	0.000 (−1.31)	0.000 (−1.31)	0.000* (1.69)	0.000* (1.96)	0.000** (−2.36)	0.000 (−0.87)
ROA	−0.162*** (−5.83)	−0.238*** (−4.83)	0.081*** (3.21)	0.081*** (3.21)	−0.118*** (−7.64)	−0.137*** (−6.66)
FirmSize	−0.008*** (−3.57)	−0.008*** (−3.57)	0.000 (0.05)	0.000 (0.05)	−0.002 (−1.42)	−0.01*** (−5.80)
Leverage	−0.002 (−1.25)	−0.000 (−1.15)	0.001 (0.72)	0.001 (0.72)	0.000 (0.35)	0.000 (0.24)
CAPEX	0.001*** (4.16)	0.000*** (4.11)	0.000 (0.87)	0.000 (0.84)	0.000 (−0.28)	0.000 (2.63)
SalesGrowth	0.014** (2.09)	0.014** (1.9)	0.032*** (4.61)	0.032*** (4.61)	0.220*** (4.87)	−0.001 (−0.19)
CEOGender	0.007 (0.56)	0.000 (0.36)	0.001 (0.04)	0.001 (0.04)	0.004 (0.50)	0.006 (0.60)
CEODuality	0.004 (0.35)	0.000 (0.11)	0.014 (1.40)	0.014 (1.40)	0.000 (0.07)	0.003 (0.31)
CEOTenure	−0.002 (0.63)	−0.000 (0.85)	0.001 (0.13)	0.001 (0.23)	0.000 (0.56)	0.003 (0.23)
Year and industry FE	Yes	Yes	Yes	Yes	Yes	Yes
R-squared	0.262	0.298	0.264	0.276	0.32	0.236

Parameters	Quantile regression				Tobit regression
	50th Percentile		75th Percentile		SRV	ROAV
	SRV	SRV	ROAV	ROAV	SRV	ROAV
Intercept	0.345*** (8.38)	0.352*** (8.56)	0.017*** (2.53)	0.129*** (2.87)	0.123*** (8.63)	0.385*** (11.35)
EngCEO	0.007* (1.80)	0.009* (1.8)	0.012 (0.87)	0.009* (1.69)	0.009** (2.54)	0.013* (1.73)
BEng	0.043** (2.00)	0.043 (2.00)	0.016 (0.79)	0.016 (0.79)	−0.024** (−1.68)	0.043** (2.32)
BSize	−0.005** (−2.22)	−0.006** (−2.32)	0.005** (2.48)	0.005** (2.48)	−0.003** (−2.35)	−0.005*** (−2.60)
BInd	0.000 (−1.31)	0.000 (−1.31)	0.000* (1.69)	0.000* (1.96)	0.000** (−2.36)	0.000 (−0.87)
ROA	−0.162*** (−5.83)	−0.238*** (−4.83)	0.081*** (3.21)	0.081*** (3.21)	−0.118*** (−7.64)	−0.137*** (−6.66)
FirmSize	−0.008*** (−3.57)	−0.008*** (−3.57)	0.000 (0.05)	0.000 (0.05)	−0.002 (−1.42)	−0.01*** (−5.80)
Leverage	−0.002 (−1.25)	−0.000 (−1.15)	0.001 (0.72)	0.001 (0.72)	0.000 (0.35)	0.000 (0.24)
CAPEX	0.001*** (4.16)	0.000*** (4.11)	0.000 (0.87)	0.000 (0.84)	0.000 (−0.28)	0.000 (2.63)
SalesGrowth	0.014** (2.09)	0.014** (1.9)	0.032*** (4.61)	0.032*** (4.61)	0.220*** (4.87)	−0.001 (−0.19)
CEOGender	0.007 (0.56)	0.000 (0.36)	0.001 (0.04)	0.001 (0.04)	0.004 (0.50)	0.006 (0.60)
CEODuality	0.004 (0.35)	0.000 (0.11)	0.014 (1.40)	0.014 (1.40)	0.000 (0.07)	0.003 (0.31)
CEOTenure	−0.002 (0.63)	−0.000 (0.85)	0.001 (0.13)	0.001 (0.23)	0.000 (0.56)	0.003 (0.23)
Year and industry FE	Yes	Yes	Yes	Yes	Yes	Yes
R-squared	0.262	0.298	0.264	0.276	0.32	0.236

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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