Table 5

Robustness check with the CEO pay slice as the dependent variable, CEO−CFO power gaps as independent variables, and the CEO−CFO celebrity gap as the mediating variable

(1)(2)(3)(4)(5)(6)
VariablesCPSCPSCPSCPSCPSCPS
CEO−CFO celebrity gap0.019***0.018***0.017***0.018***0.018***0.016***
(0.006)(0.006)(0.006)(0.006)(0.006)(0.006)
CEO−CFO ownership power gap 0.295**   0.161
 (0.116)   (0.117)
CEO−CFO prestige power gap  0.678***  0.566***
  (0.125)  (0.130)
CEO−CFO expert power gap   0.279*** 0.155*
   (0.087) (0.090)
CEO−CFO structural power gap    0.196***0.152**
    (0.070)(0.069)
Gender0.157**0.166***0.110*0.171***0.158**0.131**
(0.064)(0.064)(0.064)(0.064)(0.064)(0.064)
Education−0.024−0.023−0.026−0.026−0.026−0.027
(0.035)(0.035)(0.035)(0.035)(0.035)(0.035)
ROA−0.005−0.005−0.004−0.006−0.004−0.004
(0.004)(0.004)(0.004)(0.004)(0.004)(0.004)
Firm age−0.002−0.001−0.001−0.001−0.002−0.001
(0.001)(0.001)(0.001)(0.001)(0.001)(0.001)
Firm size−0.174***−0.173***−0.170***−0.168***−0.170***−0.165***
(0.030)(0.030)(0.029)(0.030)(0.030)(0.029)
Leverage0.1490.1570.232*0.1530.1800.248*
(0.128)(0.127)(0.127)(0.127)(0.128)(0.127)
Board size0.026**0.028**0.029**0.027**0.024**0.029***
(0.011)(0.011)(0.011)(0.011)(0.011)(0.011)
Board nationality mix−0.286**−0.286**−0.320***−0.289**−0.284**−0.316***
(0.123)(0.122)(0.122)(0.122)(0.122)(0.121)
Board gender ratio−0.096−0.172−0.144−0.091−0.070−0.156
(0.278)(0.279)(0.275)(0.277)(0.277)(0.276)
Constant0.898***0.892***0.749***0.856***0.882***0.735***
(0.270)(0.269)(0.268)(0.269)(0.269)(0.267)
Observations1,0751,0751,0721,0751,0751,072
Number of years444444
Industry classification codeIncludedIncludedIncludedIncludedIncludedIncluded
Year dummiesIncludedIncludedIncludedIncludedIncludedIncluded

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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