Results of the instrumental variable analysis using the leave-one-out industry year celebrity gap as an instrument
| Outcome: CEO–CFO celebrity gap | β | KP F-stat | |
|---|---|---|---|
| First-stage regressions | |||
| First stage | 0.033 | 79.99 | |
| Main IV specification | 0.031 | 93.58 | |
| Second stage effect on pay gap | |||
| Outcome: | β | AR F | AR p-value |
| CEO–CFO pay gap | 0.03365 | 22.23 | 0.0181 |
| Additional IV models: effect on power gaps | |||
| Outcome | β | AR F | AR p-value |
| Ownership power gap | 0.001194 | 1.16 | 0.361 |
| Prestige power gap | 0.001238 | 24.09 | 0.0162 |
| Expert power gap | 0.000612 | 7.58 | 0.706 |
| Structural power gap | −0.000808 | 2.85 | 0.1897 |
| Outcome: CEO–CFO celebrity gap | β | KP F-stat | |
|---|---|---|---|
| First stage | 0.033 | 79.99 | |
| Main IV specification | 0.031 | 93.58 | |
| Outcome: | β | AR F | AR |
| CEO–CFO pay gap | 0.03365 | 22.23 | 0.0181 |
| Outcome | β | AR F | AR |
| Ownership power gap | 0.001194 | 1.16 | 0.361 |
| Prestige power gap | 0.001238 | 24.09 | 0.0162 |
| Expert power gap | 0.000612 | 7.58 | 0.706 |
| Structural power gap | −0.000808 | 2.85 | 0.1897 |
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