Table 9

Chair-CEO Age Dissimilarity and Annual Report Tone (FinBERT)

(1)(2)(3)(4)(5)(6)(7)(8)(9)
VariablesFinBert_TONEFinBert_TONE_PFinBert_TONE_SFinBert_NEGTFinBert_NEGT_PFinBert_NEGT_SFinBert_NEUTRALFinBert_NEUTRAL_PFinBert_NEUTRAL_S
Panel A: FinBERT (Full observations)
GAPU−0.001*−0.001**−0.002*0.0000.0000.001−0.000−0.0000.000
(−1.930)(−1.988)(−1.767)(0.607)(0.668)(1.072)(−0.227)(−0.298)(0.039)
Constant−0.616***−0.784***−1.395***0.525***0.383***1.082***0.699***−0.125**−0.133
(−7.462)(−9.549)(−8.722)(11.054)(8.087)(6.731)(13.039)(−2.325)(−0.743)
Control variablesYes
INDUSTRYYes
YEARYes
Observations26,87626,87626,87626,87626,87626,87626,87626,87626,876
Adjusted−R2 or Pseudo R20.19740.05040.04790.13590.06160.04880.14480.06020.0470
Panel B: FinBERT (Exclude uncertain observations)
GAPU−0.001**−0.001**−0.002*0.0000.0000.001−0.000−0.0000.000
(−1.983)(−2.038)(−1.814)(0.622)(0.684)(1.092)(−0.210)(−0.279)(0.059)
Constant−0.625***−0.794***−1.411***0.527***0.385***1.086***0.702***−0.122**−0.127
(−7.573)(−9.669)(−8.822)(11.084)(8.127)(6.756)(13.083)(−2.281)(−0.710)
Control variablesYes
INDUSTRYYes
YEARYes
Observations26,82726,82726,82726,82726,82726,82726,82726,82726,827
Adjusted-R2 or Pseudo R20.19750.05060.04810.13580.06170.04880.14430.06030.0469

Note(s): Table 9 columns 1 to 12 report the results from the OLS regression of association between Chair–CEO Age Dissimilarity (GAPU) and Annual Report Tone (FinBert Measure). 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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