Multivariate regression analysis (lower ownership concentration vs higher ownership concentration)
| Variables | IE | IED | ||||||
|---|---|---|---|---|---|---|---|---|
| Blockholder 50% = 1 | Blockholder 50% = 0 | Blockholder 50% = 1 | Blockholder 50% = 0 | |||||
| (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | |
| GAPS | −0.0008 (−0.486) | −0.003*** (−3.086) | −0.033 (−0.598) | −0.058*** (−2.830) | ||||
| GAPU | −0.0003 (−0.915) | −0.0002 (−1.478) | −0.010 (−1.178) | −0.011*** (−3.021) | ||||
| Controls | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Constant | −0.025 (−0.576) | −0.022 (−0.513) | −0.195*** (−11.132) | −0.195*** (−11.118) | −0.268 (−0.219) | −0.177 (−0.145) | −1.610*** (−2.955) | −1.598*** (−2.931) |
| Industry | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Year | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Observations | 3,290 | 3,290 | 17,068 | 17,068 | 3,290 | 3,290 | 17,068 | 17,068 |
| Adjusted R2/pseudo R2 | 0.2737 | 0.2739 | 0.2640 | 0.2639 | 0.1905 | 0.1907 | 0.1367 | 0.1367 |
| Variables | ||||||||
|---|---|---|---|---|---|---|---|---|
| Blockholder 50% = 1 | Blockholder 50% = 0 | Blockholder 50% = 1 | Blockholder 50% = 0 | |||||
| (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | |
| −0.0008 (−0.486) | −0.003 | −0.033 (−0.598) | −0.058 | |||||
| −0.0003 (−0.915) | −0.0002 (−1.478) | −0.010 (−1.178) | −0.011 | |||||
| Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | |
| −0.025 (−0.576) | −0.022 (−0.513) | −0.195 | −0.195 | −0.268 (−0.219) | −0.177 (−0.145) | −1.610 | −1.598 | |
| Industry | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Year | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Observations | 3,290 | 3,290 | 17,068 | 17,068 | 3,290 | 3,290 | 17,068 | 17,068 |
| Adjusted R2/pseudo | 0.2737 | 0.2739 | 0.2640 | 0.2639 | 0.1905 | 0.1907 | 0.1367 | 0.1367 |
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 variables are defined in Appendix
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