Table 6

Robustness check with the CEO−CFO celebrity gap (measured including negative articles) as a 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 gap0.912   
(0.700)   
CEO−CFO prestige power gap 1.449*  
 (0.752)  
CEO−CFO expert power gap  1.074** 
  (0.520) 
CEO−CFO structural power gap   1.022**
   (0.414)
Gender−0.937**−1.063***−0.909**−0.960**
(0.384)(0.386)(0.384)(0.383)
Education−0.198−0.204−0.203−0.205
(0.210)(0.210)(0.210)(0.209)
ROA−0.026−0.023−0.029−0.021
(0.022)(0.022)(0.022)(0.022)
Firm age0.014*0.013*0.014*0.011
(0.008)(0.008)(0.008)(0.008)
Firm size1.383***1.386***1.401***1.397***
(0.172)(0.172)(0.172)(0.171)
Leverage−0.195−0.063−0.223−0.066
(0.764)(0.768)(0.762)(0.764)
Board size0.202***0.201***0.199***0.188***
(0.068)(0.068)(0.067)(0.067)
Board nationality mix−0.311−0.370−0.320−0.302
(0.736)(0.736)(0.735)(0.734)
Board gender ratio−0.573−0.474−0.352−0.246
(1.671)(1.663)(1.661)(1.660)
Constant0.6780.4100.5680.647
(1.617)(1.624)(1.617)(1.614)
Observations1,0731,0721,0731,073
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