Table 7

Chair–CEO age dissimilarity and annual report tone (Based on the Chinese Affective Polarity Dictionary from National Taiwan University, MD&A, CEO Letter, Earnings Communications Conference Calls Question and Answer Sessions)

(1)(2)(3)(4)(5)(6)(7)(8)
VariablesNTUPWNTUPWMDAPWMDAPWCEOLPWCEOLPWECCCQASPWECCCQASPW
 GAPS−0.000* −0.000*** −0.007*** −0.001 
(−1.761) (−3.492) (−3.030) (−1.402) 
 GAPU −0.001*** −0.001*** −0.008*** −0.003***
 (−3.743) (−4.758) (−3.036) (−3.059)
 Constant6.435***6.440***6.238***6.244***3.549***3.515***0.713***0.738***
(200.363)(200.350)(193.596)(193.648)(5.513)(5.411)(3.337)(3.454)
Control variablesYes
 INDUSTRYYes
 YEARYes
 Observations26,84826,84826,84826,84843743713,63113,631
 Adjusted-R20.60520.60540.58670.58690.11890.11940.15220.1527

Note(s): Table 7 columns 1 to 8 report the results from the OLS regression of the association between Chair–CEO Age Dissimilarity (GAPS & GAPU) and Annual Report Tone (NTUPW, MDAPW, CEOLPW & ECCCQASPW). 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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