Multivariate regression analysis (monopoly firms vs competitive firms)
| Variables | IE | IED | ||||||
|---|---|---|---|---|---|---|---|---|
| HHI_mean = 1, Monopoly firms | HHI_mean = 0, Competitive firms | HHI_mean = 1, Monopoly firms | HHI_mean = 0, Competitive firms | |||||
| (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | |
| GAPS | −0.0005 (−0.517) | −0.001*** (−2.848) | 0.024 (0.444) | −0.065*** (−3.109) | ||||
| GAPU | 0.0002 (0.886) | −0.0002** (−2.098) | −0.002 (−0.207) | −0.010*** (−2.766) | ||||
| Controls | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Constant | −0.168*** (−6.727) | −0.170*** (−6.763) | −0.219*** (−11.071) | −0.219*** (−11.024) | −1.079 (−1.209) | −1.071 (−1.196) | −2.192*** (−3.972) | −2.174*** (−3.935) |
| Industry | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Year | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Observations | 6,060 | 6,060 | 14,298 | 14,298 | 6,060 | 6,060 | 14,298 | 14,298 |
| Adjusted R2/pseudo-R2 | 0.4607 | 0.4608 | 0.1660 | 0.1660 | 0.2659 | 0.2658 | 0.0959 | 0.0958 |
| Variables | ||||||||
|---|---|---|---|---|---|---|---|---|
| HHI_mean = 1, Monopoly firms | HHI_mean = 0, Competitive firms | HHI_mean = 1, Monopoly firms | HHI_mean = 0, Competitive firms | |||||
| (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | |
| −0.0005 (−0.517) | −0.001 | 0.024 (0.444) | −0.065 | |||||
| 0.0002 (0.886) | −0.0002 | −0.002 (−0.207) | −0.010 | |||||
| Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | |
| −0.168 | −0.170 | −0.219 | −0.219 | −1.079 (−1.209) | −1.071 (−1.196) | −2.192 | −2.174 | |
| Industry | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Year | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Observations | 6,060 | 6,060 | 14,298 | 14,298 | 6,060 | 6,060 | 14,298 | 14,298 |
| Adjusted | 0.4607 | 0.4608 | 0.1660 | 0.1660 | 0.2659 | 0.2658 | 0.0959 | 0.0958 |
The table reports Chair–CEO age dissimilarity and IE by cross-sectional. Regressions (1) to (4) report the results from the OLS regression of association between Chair–CEO age dissimilarity (GAPS and GAPU) and IE. Models (5) to (8) report the results from the Logit regression of association between Chair–CEO age dissimilarity (GAPS and GAPU) and IED. *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 the variables are defined in Appendix
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