Table 7 Moderating impact of CEO pay on...

Table 7

Moderating impact of CEO pay on the relationship between CEO attributes and firm performance (ROE and MTB)

			Estimate	S.E.	C.R.	P
ROE	<---	PAYAGE	0.013	0.018	0.695	0.487
ROE	<---	PAYEXP	−0.016	0.030	−0.556	0.578
ROE	<---	PAYEDU	0.025	0.290	0.087	0.931
ROE	<---	PAYTEN	−0.007	0.023	−0.304	0.761
MARKETBOOK	<---	PAYAGE	0.004	0.001	3.088	**
MARKETBOOK	<---	PAYEXP	−0.005	0.002	−2.830	**
MARKETBOOK	<---	PAYEDU	−0.013	0.018	−0.726	0.468
MARKETBOOK	<---	PAYTEN	0.002	0.001	1.459	0.144
ROE	<---	CEOAGE	−0.433	0.281	−1.542	0.123
ROE	<---	CEOTENURE	0.043	0.443	0.097	0.923
ROE	<---	CEOEDU	1.458	4.303	0.339	0.735
ROE	<---	CEOEXP	0.473	0.420	1.127	0.260
MARKETBOOK	<---	CEOAGE	−0.062	0.018	−3.496	***
MARKETBOOK	<---	CEOTENURE	−0.041	0.028	−1.468	0.142
MARKETBOOK	<---	CEOEDU	0.233	0.273	0.854	0.393
MARKETBOOK	<---	CEOEXP	0.086	0.027	3.229	**

			Estimate	S.E.	C.R.	P
ROE	<---	PAYAGE	0.013	0.018	0.695	0.487
ROE	<---	PAYEXP	−0.016	0.030	−0.556	0.578
ROE	<---	PAYEDU	0.025	0.290	0.087	0.931
ROE	<---	PAYTEN	−0.007	0.023	−0.304	0.761
MARKETBOOK	<---	PAYAGE	0.004	0.001	3.088	**
MARKETBOOK	<---	PAYEXP	−0.005	0.002	−2.830	**
MARKETBOOK	<---	PAYEDU	−0.013	0.018	−0.726	0.468
MARKETBOOK	<---	PAYTEN	0.002	0.001	1.459	0.144
ROE	<---	CEOAGE	−0.433	0.281	−1.542	0.123
ROE	<---	CEOTENURE	0.043	0.443	0.097	0.923
ROE	<---	CEOEDU	1.458	4.303	0.339	0.735
ROE	<---	CEOEXP	0.473	0.420	1.127	0.260
MARKETBOOK	<---	CEOAGE	−0.062	0.018	−3.496	***
MARKETBOOK	<---	CEOTENURE	−0.041	0.028	−1.468	0.142
MARKETBOOK	<---	CEOEDU	0.233	0.273	0.854	0.393
MARKETBOOK	<---	CEOEXP	0.086	0.027	3.229	**

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

CFI = 0.996; PCFI = 0.018 and RMSEA = 0.215

Source(s): Authors’ own creation

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