Robustness check with alternative model specification
| Dependent variable | Status |
|---|---|
| (1) | |
| Hierarchy | −0.0138*** |
| (0.0053) | |
| Size | 0.0623*** |
| (0.0071) | |
| Lev | 0.1179*** |
| (0.0253) | |
| Grossprofit | −0.0902*** |
| (0.0337) | |
| Tobinq | 0.0251*** |
| (0.0044) | |
| Top1 | −0.1872*** |
| (0.0465) | |
| FirmAge | 0.0371 |
| (0.0414) | |
| Female | −0.1724*** |
| (0.0391) | |
| Tenure_CEO | −0.0160*** |
| (0.0027) | |
| Dual | 0.0632*** |
| (0.0081) | |
| Indep_per | −0.3633*** |
| (0.0513) | |
| Indep_age | 0.2229*** |
| (0.0351) | |
| Constant | −0.8777*** |
| (0.2294) | |
| Firm FE | YES |
| Year FE | YES |
| Industry* Year FE | YES |
| R2 | 0.6609 |
| Observations | 42,962 |
| Dependent variable | |
|---|---|
| (1) | |
| −0.0138*** | |
| (0.0053) | |
| 0.0623*** | |
| (0.0071) | |
| 0.1179*** | |
| (0.0253) | |
| −0.0902*** | |
| (0.0337) | |
| 0.0251*** | |
| (0.0044) | |
| −0.1872*** | |
| (0.0465) | |
| 0.0371 | |
| (0.0414) | |
| −0.1724*** | |
| (0.0391) | |
| −0.0160*** | |
| (0.0027) | |
| 0.0632*** | |
| (0.0081) | |
| −0.3633*** | |
| (0.0513) | |
| 0.2229*** | |
| (0.0351) | |
| −0.8777*** | |
| (0.2294) | |
| Firm FE | YES |
| Year FE | YES |
| Industry* Year FE | YES |
| 0.6609 | |
| Observations | 42,962 |
Note(s): Table 5 reports robustness checks on the effect of hierarchical culture on independent directors' social status. Column (1) includes firm fixed effects and year fixed effects and additionally incorporates industry-by-year high-dimensional fixed effects to account for time-varying shocks at the industry level. ***, **, and * indicate significance at the 1%, 5%, and 10% levels and standard errors are reported in parentheses
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