Table 4. Determinants of CEO-specific...

Table 4.

Determinants of CEO-specific temporal focus

	(1)	(2)	(3)	(4)	(5)	(6)
Variables	Focus future	Focus future	Focus present	Focus present	Focus past	Focus past
Tobin’s Q	−0.019 (0.012)	−0.020 (0.012)	−0.077* (0.031)	−0.074* (0.030)	−0.022 (0.015)	−0.022 (0.015)
leverage	−0.009 (0.091)	−0.005 (0.091)	0.007 (0.224)	0.058 (0.224)	−0.168 (0.112)	−0.162 (0.112)
Firm size	−0.033 (0.026)	−0.039 (0.026)	−0.082 (0.065)	−0.106 (0.065)	0.073* (0.032)	0.069* (0.032)
Capital intensity	−0.504 (0.404)	−0.518 (0.403)	1.621 (0.993)	1.678+ (0.991)	−0.544 (0.497)	−0.610 (0.496)
R&D intensity	−1.467+ (0.794)	−1.598* (0.796)	3.152 (1.954)	2.506 (1.955)	0.052 (0.978)	−0.061 (0.979)
Asset durability	−0.003 (0.003)	−0.003 (0.003)	−0.012+ (0.006)	−0.012+ (0.006)	0.000 (0.003)	−0.000 (0.003)
Restricted stock	−0.000 (0.002)	−0.000 (0.002)	0.003 (0.004)	0.003 (0.004)	0.002 (0.002)	0.002 (0.002)
Exercisable option	0.001+ (0.001)	0.001 (0.001)	0.001 (0.002)	0.001 (0.002)	0.000 (0.001)	0.000 (0.001)
un-exercisable option	−0.004+ (0.002)	−0.004+ (0.002)	−0.005 (0.006)	−0.006 (0.006)	0.003 (0.003)	0.003 (0.003)
Cash pay	−0.008 (0.061)	−0.009 (0.061)	0.065 (0.150)	0.027 (0.150)	0.028 (0.075)	0.044 (0.075)
tenure	0.008*** (0.002)	0.005** (0.002)	0.025*** (0.004)	0.018*** (0.005)	−0.001 (0.002)	−0.004 (0.003)
female		−0.088 (0.054)		0.066 (0.132)		0.062 (0.066)
recession		0.002 (0.026)		−0.184** (0.063)		0.103** (0.032)
age		0.005* (0.002)		0.015*** (0.004)		0.005* (0.002)
constant	2.132*** (0.336)	1.959*** (0.342)	9.624*** (0.827)	9.094*** (0.841)	1.932*** (0.414)	1.732*** (0.421)
Firm fixed effect	Yes	Yes	Yes	Yes	Yes	Yes
Year fixed effect	Yes	Yes	Yes	Yes	Yes	Yes
F-test for CEO characteristics		3.300*		6.210***		5.850***
Obs	3282	3282	3282	3282	3282	3282
R²	0.545	0.547	0.661	0.663	0.575	0.578
Adj_R²	0.466	0.467	0.602	0.604	0.501	0.503

	(1)	(2)	(3)	(4)	(5)	(6)
Variables	Focus future	Focus future	Focus present	Focus present	Focus past	Focus past
Tobin’s Q	−0.019 (0.012)	−0.020 (0.012)	−0.077* (0.031)	−0.074* (0.030)	−0.022 (0.015)	−0.022 (0.015)
leverage	−0.009 (0.091)	−0.005 (0.091)	0.007 (0.224)	0.058 (0.224)	−0.168 (0.112)	−0.162 (0.112)
Firm size	−0.033 (0.026)	−0.039 (0.026)	−0.082 (0.065)	−0.106 (0.065)	0.073* (0.032)	0.069* (0.032)
Capital intensity	−0.504 (0.404)	−0.518 (0.403)	1.621 (0.993)	1.678+ (0.991)	−0.544 (0.497)	−0.610 (0.496)
R&D intensity	−1.467+ (0.794)	−1.598* (0.796)	3.152 (1.954)	2.506 (1.955)	0.052 (0.978)	−0.061 (0.979)
Asset durability	−0.003 (0.003)	−0.003 (0.003)	−0.012+ (0.006)	−0.012+ (0.006)	0.000 (0.003)	−0.000 (0.003)
Restricted stock	−0.000 (0.002)	−0.000 (0.002)	0.003 (0.004)	0.003 (0.004)	0.002 (0.002)	0.002 (0.002)
Exercisable option	0.001+ (0.001)	0.001 (0.001)	0.001 (0.002)	0.001 (0.002)	0.000 (0.001)	0.000 (0.001)
un-exercisable option	−0.004+ (0.002)	−0.004+ (0.002)	−0.005 (0.006)	−0.006 (0.006)	0.003 (0.003)	0.003 (0.003)
Cash pay	−0.008 (0.061)	−0.009 (0.061)	0.065 (0.150)	0.027 (0.150)	0.028 (0.075)	0.044 (0.075)
tenure	0.008*** (0.002)	0.005** (0.002)	0.025*** (0.004)	0.018*** (0.005)	−0.001 (0.002)	−0.004 (0.003)
female		−0.088 (0.054)		0.066 (0.132)		0.062 (0.066)
recession		0.002 (0.026)		−0.184** (0.063)		0.103** (0.032)
age		0.005* (0.002)		0.015*** (0.004)		0.005* (0.002)
constant	2.132*** (0.336)	1.959*** (0.342)	9.624*** (0.827)	9.094*** (0.841)	1.932*** (0.414)	1.732*** (0.421)
Firm fixed effect	Yes	Yes	Yes	Yes	Yes	Yes
Year fixed effect	Yes	Yes	Yes	Yes	Yes	Yes
F-test for CEO characteristics		3.300*		6.210***		5.850***
Obs	3282	3282	3282	3282	3282	3282
R²	0.545	0.547	0.661	0.663	0.575	0.578
Adj_R²	0.466	0.467	0.602	0.604	0.501	0.503

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

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