Table 8.

Chair–CEO age gap (alternative measures) and investment efficiency

Variables(1)(2)(3)(4)(5)(6)(7)(8)
IEIEIEIEIEDIEDIEDIED
GAP20−0.006** (−2.423)   −0.190** (−2.473)   
GAP15 −0.005*** (−2.709)   −0.199*** (−3.365)  
GAP10  −0.002 (−1.058)   −0.096** (−2.100) 
GAP5   0.00006 (0.054)   −0.044 (−1.199)
ControlsYesYesYesYesYesYesYesYes
Constant−0.153*** (−9.708)−0.152*** (−9.668)−0.153*** (−9.768)−0.154*** (−9.803)−0.954** (−2.022)−0.933** (−1.977)−0.972** (−2.064)−0.991** (−2.104)
IndustryYesYesYesYesYesYesYesYes
YearYesYesYesYesYesYesYesYes
Observations20,35820,35820,35820,35820,35820,35820,35820,358
Adjusted R2/pseudo-R20.26110.26110.26090.26090.14140.14150.14130.1412
Note(s):

This table reports Chair–CEO age dissimilarity (alternative measures) and IE. Regression (1) to (4) report the results from the OLS regression of the association between GAP20/15/10/5 and IE. Columns (5) to (8) report the results from the Logit regression of the association between GAP20/15/10/5 and IED. t-Statistics in parentheses. *p < 0.10, **p < 0.05, ***p < 0.01. Robust t-statistics (in parentheses) are based on standard errors clustered by firm and year. All variables are defined in  Appendix

Source(s): Authors’ calculations
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