Table 9 Accounting for residual in...

Table 9

Accounting for residual in EngCEO variable

Panel A: EngCEO prediction: Step 1
	Std estimate	p-value
Intercept
BEng	0.588***	<0.01
BSize	0.000	0.99
BInd	(0.012)**	<0.05
ROA	(0.152)***	<0.01
FirmSize	0.020	0.820
Leverage	0.080**	<0.05
CAPEX	0.040	0.44
SalesGrowth	0.080	0.12
CEOGender	0.070	0.36
CEODuality	0.013	0.83

Panel A: EngCEO prediction: Step 1
	Std estimate	p-value
Intercept
BEng	0.588***	<0.01
BSize	0.000	0.99
BInd	(0.012)**	<0.05
ROA	(0.152)***	<0.01
FirmSize	0.020	0.820
Leverage	0.080**	<0.05
CAPEX	0.040	0.44
SalesGrowth	0.080	0.12
CEOGender	0.070	0.36
CEODuality	0.013	0.83

Panel B: regression using EngCEOResidual
	Estimate	Std estimate
Intercept
EngCEOResidual	0.149	0.000
BEng	0.003	0.060*
BSZE	(0.002)	(0.055)
BInd	(0.030)	(0.081)***
ROA	(0.000)	(0.041)
FirmSize	(0.000)	(0.103)***
Leverage	(0.100)	(0.242)***
CAPEX	0.002	0.058*
SalesGrowth	(0.004)	(0.144)***
CEOGender	0.020	0.154***
CEODuality	0.002	0.008
Industry and year FE	Yes
Adjusted R-squared	0.233

Panel B: regression using EngCEOResidual
	Estimate	Std estimate
Intercept
EngCEOResidual	0.149	0.000
BEng	0.003	0.060*
BSZE	(0.002)	(0.055)
BInd	(0.030)	(0.081)***
ROA	(0.000)	(0.041)
FirmSize	(0.000)	(0.103)***
Leverage	(0.100)	(0.242)***
CAPEX	0.002	0.058*
SalesGrowth	(0.004)	(0.144)***
CEOGender	0.020	0.154***
CEODuality	0.002	0.008
Industry and year FE	Yes
Adjusted R-squared	0.233

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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