Table 2. CEO-specific temporal focus (1)...

Table 2.

CEO-specific temporal focus

	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)
Variables	Focus future	Focus future	Focus future	Focus present	Focus present	Focus present	Focus past	Focus past	Focus past
Tobin’s Q	−0.059*** (0.009)	−0.021⁺ (0.012)	−0.000 (0.015)	−0.136*** (0.026)	−0.081** (0.031)	−0.055⁺ (0.032)	−0.000 (0.012)	−0.022 (0.015)	−0.039* (0.017)
Leverage	0.039 (0.053)	0.005 (0.091)	0.064 (0.110)	−0.183 (0.153)	0.049 (0.226)	0.190 (0.228)	0.029 (0.068)	−0.169 (0.112)	−0.160 (0.124)
Firm size	−0.009 (0.007)	−0.036 (0.026)	−0.001 (0.038)	0.050* (0.021)	−0.090 (0.065)	−0.039 (0.078)	−0.027** (0.009)	0.073* (0.032)	−0.030 (0.042)
Capital intensity	1.263*** (0.229)	−0.469 (0.405)	−0.090 (0.450)	3.279*** (0.666)	1.729⁺ (0.998)	0.257 (0.937)	−0.900** (0.295)	−0.548 (0.497)	−0.141 (0.509)
R&D intensity	0.214 (0.267)	−1.409⁺ (0.797)	−2.234* (1.026)	−1.898* (0.775)	3.329⁺ (1.965)	2.130 (2.136)	−3.425*** (0.344)	0.046 (0.978)	0.158 (1.161)
Asset durability	0.008*** (0.001)	−0.002 (0.003)	−0.002 (0.003)	−0.003 (0.003)	−0.010 (0.007)	−0.005 (0.007)	0.001 (0.001)	0.000 (0.003)	−0.006 (0.004)
Restricted stock	−0.005** (0.002)	0.000 (0.002)	−0.003 (0.002)	0.009⁺ (0.005)	0.004 (0.004)	0.002 (0.004)	−0.001 (0.002)	0.002 (0.002)	0.003 (0.002)
Exercisable option	0.001 (0.001)	0.002** (0.001)	0.001 (0.001)	0.007*** (0.002)	0.004⁺ (0.002)	0.000 (0.002)	0.002 (0.001)	0.000 (0.001)	−0.001 (0.001)
Unexercisable option	−0.003 (0.002)	−0.005* (0.002)	−0.006* (0.002)	−0.024*** (0.007)	−0.007 (0.006)	−0.005 (0.005)	0.003 (0.003)	0.003 (0.003)	0.002 (0.003)
Cash pay	0.044 (0.057)	0.018 (0.061)	−0.072 (0.069)	0.591*** (0.166)	0.143 (0.150)	0.109 (0.143)	0.111 (0.074)	0.025 (0.075)	0.117 (0.078)
Constant	1.621*** (0.074)	2.169*** (0.337)	1.655*** (0.446)	6.081*** (0.213)	9.740*** (0.831)	10.087*** (0.928)	2.475*** (0.095)	1.928*** (0.414)	3.559*** (0.504)
Year fixed effect	yes	yes	yes	yes	yes	yes	yes	yes	yes
Firm fixed effect		yes	yes		yes	yes		yes	yes
CEO fixed effect			yes			yes			yes
F-test for firm fixed effect		6.108***			10.760***			7.317***
F-test for CEO fixed effect			2.591***			5.385***			3.810***
Obs	3282	3282	3282	3282	3282	3282	3282	3282	3282
R²	0.073	0.542	0.712	0.039	0.657	0.846	0.054	0.575	0.773
Adj_R²	0.068	0.462	0.585	0.034	0.597	0.778	0.049	0.501	0.673

	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)
Variables	Focus future	Focus future	Focus future	Focus present	Focus present	Focus present	Focus past	Focus past	Focus past
Tobin’s Q	−0.059*** (0.009)	−0.021⁺ (0.012)	−0.000 (0.015)	−0.136*** (0.026)	−0.081** (0.031)	−0.055⁺ (0.032)	−0.000 (0.012)	−0.022 (0.015)	−0.039* (0.017)
Leverage	0.039 (0.053)	0.005 (0.091)	0.064 (0.110)	−0.183 (0.153)	0.049 (0.226)	0.190 (0.228)	0.029 (0.068)	−0.169 (0.112)	−0.160 (0.124)
Firm size	−0.009 (0.007)	−0.036 (0.026)	−0.001 (0.038)	0.050* (0.021)	−0.090 (0.065)	−0.039 (0.078)	−0.027** (0.009)	0.073* (0.032)	−0.030 (0.042)
Capital intensity	1.263*** (0.229)	−0.469 (0.405)	−0.090 (0.450)	3.279*** (0.666)	1.729⁺ (0.998)	0.257 (0.937)	−0.900** (0.295)	−0.548 (0.497)	−0.141 (0.509)
R&D intensity	0.214 (0.267)	−1.409⁺ (0.797)	−2.234* (1.026)	−1.898* (0.775)	3.329⁺ (1.965)	2.130 (2.136)	−3.425*** (0.344)	0.046 (0.978)	0.158 (1.161)
Asset durability	0.008*** (0.001)	−0.002 (0.003)	−0.002 (0.003)	−0.003 (0.003)	−0.010 (0.007)	−0.005 (0.007)	0.001 (0.001)	0.000 (0.003)	−0.006 (0.004)
Restricted stock	−0.005** (0.002)	0.000 (0.002)	−0.003 (0.002)	0.009⁺ (0.005)	0.004 (0.004)	0.002 (0.004)	−0.001 (0.002)	0.002 (0.002)	0.003 (0.002)
Exercisable option	0.001 (0.001)	0.002** (0.001)	0.001 (0.001)	0.007*** (0.002)	0.004⁺ (0.002)	0.000 (0.002)	0.002 (0.001)	0.000 (0.001)	−0.001 (0.001)
Unexercisable option	−0.003 (0.002)	−0.005* (0.002)	−0.006* (0.002)	−0.024*** (0.007)	−0.007 (0.006)	−0.005 (0.005)	0.003 (0.003)	0.003 (0.003)	0.002 (0.003)
Cash pay	0.044 (0.057)	0.018 (0.061)	−0.072 (0.069)	0.591*** (0.166)	0.143 (0.150)	0.109 (0.143)	0.111 (0.074)	0.025 (0.075)	0.117 (0.078)
Constant	1.621*** (0.074)	2.169*** (0.337)	1.655*** (0.446)	6.081*** (0.213)	9.740*** (0.831)	10.087*** (0.928)	2.475*** (0.095)	1.928*** (0.414)	3.559*** (0.504)
Year fixed effect	yes	yes	yes	yes	yes	yes	yes	yes	yes
Firm fixed effect		yes	yes		yes	yes		yes	yes
CEO fixed effect			yes			yes			yes
F-test for firm fixed effect		6.108***			10.760***			7.317***
F-test for CEO fixed effect			2.591***			5.385***			3.810***
Obs	3282	3282	3282	3282	3282	3282	3282	3282	3282
R²	0.073	0.542	0.712	0.039	0.657	0.846	0.054	0.575	0.773
Adj_R²	0.068	0.462	0.585	0.034	0.597	0.778	0.049	0.501	0.673

Note(s): Standard errors are reported in parentheses. ***, **, * and ⁺ indicate statistical significance at the 0.001, 0.01, 0.05 and 0.1 levels, respectively. If personality characteristics of idiosyncratic temporal focus do manifest independent of firm level antecedents and determinants, we would expect CEO fixed effects to be significant despite including firm fixed effects

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