Table 3

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

(1)(2)(3)(4)
VariablesCEO−CFO celebrity gapCEO−CFO celebrity gapCEO−CFO celebrity gapCEO−CFO celebrity gap
CEO−CFO ownership power gap1.044*   
(0.608)   
CEO−CFO prestige power gap 1.235*  
 (0.661)  
CEO−CFO expert power gap  0.713 
  (0.458) 
CEO−CFO structural power gap   0.689*
   (0.365)
Gender−0.822**−0.936***−0.817**−0.851**
(0.337)(0.340)(0.338)(0.336)
Education−0.188−0.205−0.194−0.197
(0.184)(0.184)(0.184)(0.184)
ROA−0.017−0.014−0.018−0.012
(0.019)(0.019)(0.019)(0.019)
Firm age0.013*0.012*0.012*0.010
(0.007)(0.007)(0.007)(0.007)
Firm size1.286***1.288***1.299***1.297***
(0.151)(0.151)(0.151)(0.151)
Leverage−0.389−0.278−0.409−0.310
(0.670)(0.675)(0.670)(0.672)
Board size0.144**0.141**0.138**0.131**
(0.059)(0.059)(0.059)(0.059)
Board nationality mix0.2170.1910.2090.223
(0.644)(0.646)(0.644)(0.644)
Board gender ratio−0.444−0.227−0.163−0.087
(1.466)(1.461)(1.458)(1.458)
Constant0.7640.4750.6790.727
(1.416)(1.426)(1.418)(1.415)
Observations1,0751,0721,0751,075
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
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