Table 6 Chair–CEO age dissimilarity and...

Table 6

Chair–CEO age dissimilarity and annual report tone (alternative measure)

	(1)	(2)	(3)	(4)	(5)	(6)
Variables	TONEF	TONEF	TONEF_P	TONEF_P	TONEF_S	TONEF_S
GAPS	−0.003***		−0.003***		−0.003***
GAPS	(−4.257)		(−4.249)		(−4.280)
GAPU		−0.002**		−0.002**		−0.002**
GAPU		(−2.051)		(−1.994)		(−2.023)
Constant	5.172***	5.178***	0.747***	0.752***	0.705***	0.711***
Constant	(29.045)	(29.062)	(4.199)	(4.225)	(3.926)	(3.953)
Control variables	Yes
INDUSTRY	Yes
YEAR	Yes
Observations	26,876	26,876	26,876	26,876	26,876	26,876
Adjusted-R²	0.0928	0.0923	0.0112	0.0107	0.0114	0.0109

	(1)	(2)	(3)	(4)	(5)	(6)
Variables	TONEF	TONEF	TONEF_P	TONEF_P	TONEF_S	TONEF_S
GAPS	−0.003***		−0.003***		−0.003***
GAPS	(−4.257)		(−4.249)		(−4.280)
GAPU		−0.002**		−0.002**		−0.002**
GAPU		(−2.051)		(−1.994)		(−2.023)
Constant	5.172***	5.178***	0.747***	0.752***	0.705***	0.711***
Constant	(29.045)	(29.062)	(4.199)	(4.225)	(3.926)	(3.953)
Control variables	Yes
INDUSTRY	Yes
YEAR	Yes
Observations	26,876	26,876	26,876	26,876	26,876	26,876
Adjusted-R²	0.0928	0.0923	0.0112	0.0107	0.0114	0.0109

Note(s): Table 6 columns 1 to 6 report the results from the OLS regression of the association between Chair–CEO Age Dissimilarity (GAPS & GAPU) and Annual Report Tone (TONEF, TONEF_P & TONEF_S). t-statistics in parentheses. *p < 0.10, **p < 0.05, ***p < 0.01. Robust t-statistics (in parentheses) are based on standard errors clustered by firm and year. All the variables are defined in Appendix A

Source(s): Authors' calculations

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