Table 8 Matched sample regression... | Emerald Publishing

Table 8

Matched sample regression results

Panel A: mean comparison between engineer CEOs treated and control groups – PSM
Parameter	Treated −124 observations	Control – 124 observations	Std mean difference
ROA	0.032	0.052	0.020
FirmSize	21.000	21.200	0.200
Leverage	1.920	1.840	0.080
CAPEX	7.416	7.002	0.412
SalesGrowth	0.242	0.265	0.023

Panel A: mean comparison between engineer CEOs treated and control groups – PSM
Parameter	Treated −124 observations	Control – 124 observations	Std mean difference
ROA	0.032	0.052	0.020
FirmSize	21.000	21.200	0.200
Leverage	1.920	1.840	0.080
CAPEX	7.416	7.002	0.412
SalesGrowth	0.242	0.265	0.023

Panel B: regression using the PSM sample
Parameter	Estimate	Std estimate
	0.192	0.000
EngCEO	0.019	0.142*
BEng	(0.050)	(0.138)**
BSize	(0.000)	(0.003)
BInd	0.000	0.023
ROA	(0.089)	(0.191)***
FirmSize	(0.009)	(0.231)**
Leverage	0.011	0.230***
CAPEX	(0.000)	(0.110)*
SalesGrowth	0.045	0.316***
CEOGender	(0.002)	(0.006)
CEODuality	(0.003)	(0.014)
Year and industry fixed effects	Yes
Adjusted R-squared	0.360

Panel B: regression using the PSM sample
Parameter	Estimate	Std estimate
	0.192	0.000
EngCEO	0.019	0.142*
BEng	(0.050)	(0.138)**
BSize	(0.000)	(0.003)
BInd	0.000	0.023
ROA	(0.089)	(0.191)***
FirmSize	(0.009)	(0.231)**
Leverage	0.011	0.230***
CAPEX	(0.000)	(0.110)*
SalesGrowth	0.045	0.316***
CEOGender	(0.002)	(0.006)
CEODuality	(0.003)	(0.014)
Year and industry fixed effects	Yes
Adjusted R-squared	0.360

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