Table 7 Robustness check with the...

Table 7

Robustness check with the CEO−CFO pay gap 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)
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	0.081***	0.080***	0.072**	0.076***	0.077***	0.066**
CEO−CFO celebrity gap	(0.029)	(0.029)	(0.029)	(0.029)	(0.029)	(0.029)
CEO−CFO ownership power gap		0.895				0.143
CEO−CFO ownership power gap		(0.657)				(0.665)
CEO−CFO prestige power gap			3.736***			3.311***
CEO−CFO prestige power gap			(0.698)			(0.730)
CEO−CFO expert power gap				1.271***		0.648
CEO−CFO expert power gap				(0.488)		(0.505)
CEO−CFO structural power gap					1.022***	0.812**
CEO−CFO structural power gap					(0.389)	(0.389)
Gender	0.589	0.617*	0.330	0.654*	0.591	0.398
Gender	(0.361)	(0.361)	(0.359)	(0.360)	(0.360)	(0.362)
Education	−0.187	−0.185	−0.194	−0.191	−0.193	−0.199
Education	(0.197)	(0.197)	(0.195)	(0.196)	(0.196)	(0.194)
ROA	−0.031	−0.032	−0.027	−0.036*	−0.027	−0.026
ROA	(0.021)	(0.021)	(0.021)	(0.021)	(0.021)	(0.021)
Firm age	0.000	0.001	0.002	0.002	−0.002	0.001
Firm age	(0.007)	(0.007)	(0.007)	(0.007)	(0.007)	(0.007)
Firm size	−1.311***	−1.310***	−1.292***	−1.285***	−1.290***	−1.265***
Firm size	(0.166)	(0.166)	(0.164)	(0.166)	(0.166)	(0.164)
Leverage	−0.559	−0.524	−0.122	−0.551	−0.395	−0.031
Leverage	(0.716)	(0.716)	(0.711)	(0.714)	(0.716)	(0.713)
Board size	0.110*	0.117*	0.127**	0.115*	0.104	0.123*
Board size	(0.064)	(0.064)	(0.063)	(0.063)	(0.063)	(0.063)
Board nationality mix	−1.716**	−1.718**	−1.888***	−1.730**	−1.710**	−1.872***
Board nationality mix	(0.690)	(0.690)	(0.682)	(0.688)	(0.688)	(0.681)
Board gender ratio	−2.560	−2.766*	−2.841*	−2.548	−2.444	−2.742*
Board gender ratio	(1.560)	(1.566)	(1.541)	(1.556)	(1.556)	(1.547)
Constant	8.702***	8.658***	7.900***	8.521***	8.629***	7.834***
Constant	(1.517)	(1.516)	(1.505)	(1.514)	(1.513)	(1.504)
Observations	1,073	1,073	1,072	1,073	1,073	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	0.081***	0.080***	0.072**	0.076***	0.077***	0.066**
CEO−CFO celebrity gap	(0.029)	(0.029)	(0.029)	(0.029)	(0.029)	(0.029)
CEO−CFO ownership power gap		0.895				0.143
CEO−CFO ownership power gap		(0.657)				(0.665)
CEO−CFO prestige power gap			3.736***			3.311***
CEO−CFO prestige power gap			(0.698)			(0.730)
CEO−CFO expert power gap				1.271***		0.648
CEO−CFO expert power gap				(0.488)		(0.505)
CEO−CFO structural power gap					1.022***	0.812**
CEO−CFO structural power gap					(0.389)	(0.389)
Gender	0.589	0.617*	0.330	0.654*	0.591	0.398
Gender	(0.361)	(0.361)	(0.359)	(0.360)	(0.360)	(0.362)
Education	−0.187	−0.185	−0.194	−0.191	−0.193	−0.199
Education	(0.197)	(0.197)	(0.195)	(0.196)	(0.196)	(0.194)
ROA	−0.031	−0.032	−0.027	−0.036*	−0.027	−0.026
ROA	(0.021)	(0.021)	(0.021)	(0.021)	(0.021)	(0.021)
Firm age	0.000	0.001	0.002	0.002	−0.002	0.001
Firm age	(0.007)	(0.007)	(0.007)	(0.007)	(0.007)	(0.007)
Firm size	−1.311***	−1.310***	−1.292***	−1.285***	−1.290***	−1.265***
Firm size	(0.166)	(0.166)	(0.164)	(0.166)	(0.166)	(0.164)
Leverage	−0.559	−0.524	−0.122	−0.551	−0.395	−0.031
Leverage	(0.716)	(0.716)	(0.711)	(0.714)	(0.716)	(0.713)
Board size	0.110*	0.117*	0.127**	0.115*	0.104	0.123*
Board size	(0.064)	(0.064)	(0.063)	(0.063)	(0.063)	(0.063)
Board nationality mix	−1.716**	−1.718**	−1.888***	−1.730**	−1.710**	−1.872***
Board nationality mix	(0.690)	(0.690)	(0.682)	(0.688)	(0.688)	(0.681)
Board gender ratio	−2.560	−2.766*	−2.841*	−2.548	−2.444	−2.742*
Board gender ratio	(1.560)	(1.566)	(1.541)	(1.556)	(1.556)	(1.547)
Constant	8.702***	8.658***	7.900***	8.521***	8.629***	7.834***
Constant	(1.517)	(1.516)	(1.505)	(1.514)	(1.513)	(1.504)
Observations	1,073	1,073	1,072	1,073	1,073	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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