Table 3 Matched sample regressions...

Table 3

Matched sample regressions

Parameters	PSM sample		EB sample
	Estimates	Estimates	Estimates	Estimates
	H1	H2	H1	H2
Intercept	−481.804	−387.683	−30.241	−17.647
Intercept	[0.570]	[0.460]	[0.930]	[0.540]
BOARDBEN	11.513^***	6.656	8.856^***	2.021
BOARDBEN	[2.800]	[1.420]	[3.070]	[0.600]
CEOBEN	−0.620	−4.495^**	0.935	−10.586^***
CEOBEN	[0.680]	[2.210]	[0.610]	[3.160]
BOARDBEN^*CEOBEN		8.076^**		24.137^***
BOARDBEN^*CEOBEN		[2.140]		[3.860]
ROE	−0.019	−0.012	0.034	0.039
ROE	[0.000]	[0.000]	[1.130]	[1.320]
LNCAPEX	2.256^**	2.250^**	1.536^***	1.437^***
LNCAPEX	[2.540]	[2.540]	[2.820]	[2.660]
LEV	1.669	1.832	−0.395	0.234
LEV	[0.290]	[0.320]	[0.100]	[0.060]
FAGE	0.116	0.122	0.063^*	0.070^**
FAGE	[0.000]	[0.000]	[1.780]	[2.000]
LNTA	1.289	1.290	3.740^***	3.733^***
LNTA	[1.510]	[1.510]	[8.880]	[6.200]
MBV	−0.619^*	−0.642	0.015	−0.001
MBV	[1.940]	[2.020]	[0.070]	[0.000]
BDIND	6.342	6.274	0.670	0.050
BDIND	[1.230]	[1.230]	[0.200]	[0.010]
BDSIZE	5.690^***	5.663^***	3.744^***	3.825^***
BDSIZE	[9.350]	[9.330]	[8.880]	[9.130]
BDDIV	47.040^***	46.321^***	41.600^***	41.687^***
BDDIV	[5.030]	[4.970]	[6.790]	[6.850]
CEODUA	−2.200	−1.790	−0.736	−0.963
CEODUA	[0.640]	[0.520]	[0.340]	[0.440]
CEOGEN	18.132^***	17.497^***	−15.194^***	−14.069^***
CEOGEN	[4.040]	[3.900]	[4.530]	[4.210]
CEOTEN	0.494^**	0.495^**	0.266^*	0.249^*
CEOTEN	[2.410]	[2.420]	[1.910]	[1.800]
Controls and Year and Industry FE	Yes	Yes	Yes	Yes
Log Likelihood	−1998	−1995	−3945	−3938
Number of Observations	502	502	920	920

Parameters	PSM sample		EB sample
	Estimates	Estimates	Estimates	Estimates
	H1	H2	H1	H2
Intercept	−481.804	−387.683	−30.241	−17.647
Intercept	[0.570]	[0.460]	[0.930]	[0.540]
BOARDBEN	11.513^***	6.656	8.856^***	2.021
BOARDBEN	[2.800]	[1.420]	[3.070]	[0.600]
CEOBEN	−0.620	−4.495^**	0.935	−10.586^***
CEOBEN	[0.680]	[2.210]	[0.610]	[3.160]
BOARDBEN^*CEOBEN		8.076^**		24.137^***
BOARDBEN^*CEOBEN		[2.140]		[3.860]
ROE	−0.019	−0.012	0.034	0.039
ROE	[0.000]	[0.000]	[1.130]	[1.320]
LNCAPEX	2.256^**	2.250^**	1.536^***	1.437^***
LNCAPEX	[2.540]	[2.540]	[2.820]	[2.660]
LEV	1.669	1.832	−0.395	0.234
LEV	[0.290]	[0.320]	[0.100]	[0.060]
FAGE	0.116	0.122	0.063^*	0.070^**
FAGE	[0.000]	[0.000]	[1.780]	[2.000]
LNTA	1.289	1.290	3.740^***	3.733^***
LNTA	[1.510]	[1.510]	[8.880]	[6.200]
MBV	−0.619^*	−0.642	0.015	−0.001
MBV	[1.940]	[2.020]	[0.070]	[0.000]
BDIND	6.342	6.274	0.670	0.050
BDIND	[1.230]	[1.230]	[0.200]	[0.010]
BDSIZE	5.690^***	5.663^***	3.744^***	3.825^***
BDSIZE	[9.350]	[9.330]	[8.880]	[9.130]
BDDIV	47.040^***	46.321^***	41.600^***	41.687^***
BDDIV	[5.030]	[4.970]	[6.790]	[6.850]
CEODUA	−2.200	−1.790	−0.736	−0.963
CEODUA	[0.640]	[0.520]	[0.340]	[0.440]
CEOGEN	18.132^***	17.497^***	−15.194^***	−14.069^***
CEOGEN	[4.040]	[3.900]	[4.530]	[4.210]
CEOTEN	0.494^**	0.495^**	0.266^*	0.249^*
CEOTEN	[2.410]	[2.420]	[1.910]	[1.800]
Controls and Year and Industry FE	Yes	Yes	Yes	Yes
Log Likelihood	−1998	−1995	−3945	−3938
Number of Observations	502	502	920	920

Note(s): Significance is denoted by ^*p < 0.10, ^**p < 0.05, ^***p < 0.01 and t-values are reported in parentheses below estimates. All the variable descriptions are provided in Appendix

Source(s): Authors’ own work

[ViewLarge]

Sharing Unavailable