Multivariate regression analysis (state-owned vs non-state-owned enterprise)
| Variables | IE | IED | ||||||
|---|---|---|---|---|---|---|---|---|
| SOE = 1 | SOE = 0 | SOE = 1 | SOE = 0 | |||||
| (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | |
| GAPS | −0.001 (-0.447) | −0.002*** (−3.321) | −0.025 (−0.326) | −0.064*** (−3.122) | ||||
| GAPU | −0.00005 (−0.244) | −0.0001 (−1.003) | −0.002 (−0.356) | −0.010*** (−2.639) | ||||
| Controls | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Constant | −0.091*** (−3.797) | −0.092*** (−3.809) | −0.185*** (−7.765) | −0.185*** (−7.755) | −0.097 (−0.125) | −0.103 (−0.134) | −1.806*** (−2.627) | −1.787*** (−2.601) |
| Industry | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Year | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Observations | 7,498 | 7,498 | 12,860 | 12,860 | 7,498 | 7,498 | 12,860 | 12,860 |
| Adjusted R2/ pseudo R2 | 0.2707 | 0.2707 | 0.2673 | 0.2670 | 0.1767 | 0.1767 | 0.1289 | 0.1287 |
| Variables | ||||||||
|---|---|---|---|---|---|---|---|---|
| SOE = 1 | SOE = 0 | SOE = 1 | SOE = 0 | |||||
| (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | |
| −0.001 (-0.447) | −0.002 | −0.025 (−0.326) | −0.064 | |||||
| −0.00005 (−0.244) | −0.0001 (−1.003) | −0.002 (−0.356) | −0.010 | |||||
| Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | |
| −0.091 | −0.092 | −0.185 | −0.185 | −0.097 (−0.125) | −0.103 (−0.134) | −1.806 | −1.787 | |
| Industry | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Year | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Observations | 7,498 | 7,498 | 12,860 | 12,860 | 7,498 | 7,498 | 12,860 | 12,860 |
| Adjusted | 0.2707 | 0.2707 | 0.2673 | 0.2670 | 0.1767 | 0.1767 | 0.1289 | 0.1287 |
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
Sharing content requires targeting cookies to be enabled. Please update your cookie preferences to use this feature.