Note(s): This table presents regression results for management and rank-and-file employee shares during the commitment period. The dependent variables in Columns (1) and (3) are management share (LSM) and rank-and-file employee share (LSRE), respectively. The dependent variables in Columns (2) and (4) are logarithmically converted forms of management share (LN_LSM) and rank-and-file employee share (LN_LSRE), respectively. See Appendix A for variable definitions. Our sample includes 924 firm-year observations. The t-statistics based on robust standard errors clustered by firms are presented in parentheses beneath each estimate. ***, ** and * indicate two-tailed statistical significance at the 1%, 5% and 10% levels, respectively