Table 5 Moderating impact of CEO Pay on...

Table 5

Moderating impact of CEO Pay on the relationship between CEO attributes and firm performance (ROA and TOBINQ)

			Estimate	S.E.	C.R.	P
ROA	<---	CEOAGE	−0.059	0.029	−2.029	*
ROA	<---	CEOTENURE	−0.094	0.046	−2.037	*
ROA	<---	CEOEDU	0.755	0.455	1.657	0.098
ROA	<---	CEOEXP	0.110	0.045	2.420	*
TOBINQ	<---	CEOAGE	−0.002	0.007	−0.267	0.789
TOBINQ	<---	CEOTENURE	0.024	0.012	2.033	*
TOBINQ	<---	CEOEDU	−0.224	0.116	−1.929	0.054
TOBINQ	<---	CEOEXP	0.001	0.012	0.117	0.907
ROA	<---	PAYAGE	0.003	0.002	1.703	0.089
ROA	<---	PAYEXP	−0.005	0.003	−1.622	0.105
ROA	<---	PAYEDU	−0.014	0.031	−0.457	0.647
ROA	<---	PAYTEN	0.005	0.002	2.075	**
TOBINQ	<---	PAYAGE	0.000	0.000	−0.280	0.779
TOBINQ	<---	PAYEXP	0.000	0.001	−0.031	0.975
TOBINQ	<---	PAYEDU	0.008	0.008	1.023	0.306
TOBINQ	<---	PAYTEN	−0.001	0.001	−2.013	**

			Estimate	S.E.	C.R.	P
ROA	<---	CEOAGE	−0.059	0.029	−2.029	*
ROA	<---	CEOTENURE	−0.094	0.046	−2.037	*
ROA	<---	CEOEDU	0.755	0.455	1.657	0.098
ROA	<---	CEOEXP	0.110	0.045	2.420	*
TOBINQ	<---	CEOAGE	−0.002	0.007	−0.267	0.789
TOBINQ	<---	CEOTENURE	0.024	0.012	2.033	*
TOBINQ	<---	CEOEDU	−0.224	0.116	−1.929	0.054
TOBINQ	<---	CEOEXP	0.001	0.012	0.117	0.907
ROA	<---	PAYAGE	0.003	0.002	1.703	0.089
ROA	<---	PAYEXP	−0.005	0.003	−1.622	0.105
ROA	<---	PAYEDU	−0.014	0.031	−0.457	0.647
ROA	<---	PAYTEN	0.005	0.002	2.075	**
TOBINQ	<---	PAYAGE	0.000	0.000	−0.280	0.779
TOBINQ	<---	PAYEXP	0.000	0.001	−0.031	0.975
TOBINQ	<---	PAYEDU	0.008	0.008	1.023	0.306
TOBINQ	<---	PAYTEN	−0.001	0.001	−2.013	**

Note(s): ***Significant at the 0.001% level, **Significant at the 1% level and *Significant at the 5% level

CFI = 0.999; PCFI = 0.013 and RMSEA = 0.090

Source(s): Authors’ own creation

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