Table 2

GLS regression with the CEO−CFO pay gap as the dependent variable and CEO−CFO power gaps as independent variables

(1)(2)(3)(4)
VariablesCEO−CFO pay gapCEO−CFO pay gapCEO−CFO pay gapCEO−CFO pay gap
CEO−CFO ownership power gap0.763   
(0.628)   
CEO−CFO prestige power gap 3.615***  
 (0.649)  
CEO−CFO expert power gap  1.489*** 
  (0.470) 
CEO−CFO structural power gap   1.097***
   (0.382)
Gender0.144−0.1090.2120.129
(0.353)(0.352)(0.353)(0.354)
Education−0.317*−0.329*−0.314*−0.323*
(0.192)(0.190)(0.191)(0.191)
ROA−0.045**−0.037*−0.049**−0.038*
(0.020)(0.020)(0.020)(0.020)
Firm age0.0020.0020.004−0.001
(0.007)(0.007)(0.007)(0.007)
Firm size−0.884***−0.908***−0.866***−0.865***
(0.131)(0.130)(0.131)(0.131)
Leverage−0.523−0.157−0.585−0.357
(0.703)(0.698)(0.700)(0.704)
Board size0.142**0.157**0.134**0.128**
(0.063)(0.062)(0.062)(0.062)
Board nationality mix−1.362**−1.526**−1.420**−1.335**
(0.671)(0.665)(0.669)(0.670)
Board gender ratio−2.187−2.374−1.978−1.771
(1.526)(1.505)(1.514)(1.519)
Constant8.067***7.330***7.950***7.891***
(1.476)(1.467)(1.471)(1.475)
Observations1,1871,1841,1871,186
Number of years4444
Industry classification codeIncludedIncludedIncludedIncluded
Year dummiesIncludedIncludedIncludedIncluded

Note(s): ***p < 0.01, **p < 0.05, *p < 0.1; standard errors in parentheses; precise p-values are available from the authors

Source(s): Authors' own work
[ViewLarge]
This Feature Is Available To Subscribers Only

or Create an Account

Close subscription notice
Close access options