Table 4 GLS regression with the CEO−CFO...

Table 4

GLS regression with the CEO−CFO pay gap as the dependent variable, the CEO−CFO power gaps as independent variables, as well as the CEO−CFO celebrity gaps as the mediating variable

	(1)	(2)	(3)	(4)	(5)	(6)
Variables	CEO−CFO pay gap	CEO−CFO pay gap	CEO−CFO pay gap	CEO−CFO pay gap	CEO−CFO pay gap	CEO−CFO pay gap
CEO−CFO celebrity gap	0.105***	0.103***	0.096***	0.100***	0.101***	0.091***
CEO−CFO celebrity gap	(0.033)	(0.033)	(0.032)	(0.033)	(0.033)	(0.032)
CEO−CFO ownership power gap		0.926				0.218
CEO−CFO ownership power gap		(0.649)				(0.657)
CEO−CFO prestige power gap			3.702***			3.269***
CEO−CFO prestige power gap			(0.698)			(0.729)
CEO−CFO expert power gap				1.264***		0.638
CEO−CFO expert power gap				(0.488)		(0.505)
CEO−CFO structural power gap					1.034***	0.826**
CEO−CFO structural power gap					(0.390)	(0.390)
Gender	0.605*	0.633*	0.350	0.671*	0.608*	0.422
Gender	(0.360)	(0.361)	(0.359)	(0.360)	(0.359)	(0.361)
Education	−0.211	−0.207	−0.216	−0.216	−0.219	−0.222
Education	(0.196)	(0.196)	(0.194)	(0.196)	(0.196)	(0.194)
ROA	−0.030	−0.031	−0.025	−0.034*	−0.025	−0.024
ROA	(0.021)	(0.021)	(0.021)	(0.021)	(0.021)	(0.021)
Firm age	0.001	0.002	0.001	0.003	−0.001	0.001
Firm age	(0.007)	(0.007)	(0.007)	(0.007)	(0.007)	(0.007)
Firm size	−1.328***	−1.326***	−1.309***	−1.303***	−1.308***	−1.283***
Firm size	(0.166)	(0.166)	(0.164)	(0.166)	(0.166)	(0.164)
Leverage	−0.548	−0.524	−0.093	−0.534	−0.389	−0.004
Leverage	(0.715)	(0.715)	(0.712)	(0.713)	(0.715)	(0.713)
Board size	0.110*	0.117*	0.127**	0.115*	0.103	0.124**
Board size	(0.063)	(0.064)	(0.063)	(0.063)	(0.063)	(0.063)
Board nationality mix	−1.676**	−1.676**	−1.876***	−1.690**	−1.667**	−1.859***
Board nationality mix	(0.687)	(0.687)	(0.681)	(0.685)	(0.685)	(0.680)
Board gender ratio	−2.410	−2.647*	−2.691*	−2.386	−2.275	−2.600*
Board gender ratio	(1.555)	(1.563)	(1.540)	(1.551)	(1.552)	(1.548)
Constant	8.510***	8.490***	7.714***	8.320***	8.422***	7.643***
Constant	(1.511)	(1.510)	(1.503)	(1.509)	(1.507)	(1.501)
Observations	1,075	1,075	1,072	1,075	1,075	1,072
Number of years	4	4	4	4	4	4
Industry classification code	Included	Included	Included	Included	Included	Included
Year dummies	Included	Included	Included	Included	Included	Included

	(1)	(2)	(3)	(4)	(5)	(6)
Variables	CEO−CFO pay gap	CEO−CFO pay gap	CEO−CFO pay gap	CEO−CFO pay gap	CEO−CFO pay gap	CEO−CFO pay gap
CEO−CFO celebrity gap	0.105***	0.103***	0.096***	0.100***	0.101***	0.091***
CEO−CFO celebrity gap	(0.033)	(0.033)	(0.032)	(0.033)	(0.033)	(0.032)
CEO−CFO ownership power gap		0.926				0.218
CEO−CFO ownership power gap		(0.649)				(0.657)
CEO−CFO prestige power gap			3.702***			3.269***
CEO−CFO prestige power gap			(0.698)			(0.729)
CEO−CFO expert power gap				1.264***		0.638
CEO−CFO expert power gap				(0.488)		(0.505)
CEO−CFO structural power gap					1.034***	0.826**
CEO−CFO structural power gap					(0.390)	(0.390)
Gender	0.605*	0.633*	0.350	0.671*	0.608*	0.422
Gender	(0.360)	(0.361)	(0.359)	(0.360)	(0.359)	(0.361)
Education	−0.211	−0.207	−0.216	−0.216	−0.219	−0.222
Education	(0.196)	(0.196)	(0.194)	(0.196)	(0.196)	(0.194)
ROA	−0.030	−0.031	−0.025	−0.034*	−0.025	−0.024
ROA	(0.021)	(0.021)	(0.021)	(0.021)	(0.021)	(0.021)
Firm age	0.001	0.002	0.001	0.003	−0.001	0.001
Firm age	(0.007)	(0.007)	(0.007)	(0.007)	(0.007)	(0.007)
Firm size	−1.328***	−1.326***	−1.309***	−1.303***	−1.308***	−1.283***
Firm size	(0.166)	(0.166)	(0.164)	(0.166)	(0.166)	(0.164)
Leverage	−0.548	−0.524	−0.093	−0.534	−0.389	−0.004
Leverage	(0.715)	(0.715)	(0.712)	(0.713)	(0.715)	(0.713)
Board size	0.110*	0.117*	0.127**	0.115*	0.103	0.124**
Board size	(0.063)	(0.064)	(0.063)	(0.063)	(0.063)	(0.063)
Board nationality mix	−1.676**	−1.676**	−1.876***	−1.690**	−1.667**	−1.859***
Board nationality mix	(0.687)	(0.687)	(0.681)	(0.685)	(0.685)	(0.680)
Board gender ratio	−2.410	−2.647*	−2.691*	−2.386	−2.275	−2.600*
Board gender ratio	(1.555)	(1.563)	(1.540)	(1.551)	(1.552)	(1.548)
Constant	8.510***	8.490***	7.714***	8.320***	8.422***	7.643***
Constant	(1.511)	(1.510)	(1.503)	(1.509)	(1.507)	(1.501)
Observations	1,075	1,075	1,072	1,075	1,075	1,072
Number of years	4	4	4	4	4	4
Industry classification code	Included	Included	Included	Included	Included	Included
Year dummies	Included	Included	Included	Included	Included	Included

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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