Table 11

Chair–CEO age dissimilarity and annual report tone (Firm fixed)

(1)(2)(3)(4)(5)(6)(7)(8)(9)
VariablesTONETONETONETONE_PTONE_PTONE_PTONE_STONE_STONE_S
 GAPS−0.002*** −0.002**−0.002*** −0.002***−0.003*** −0.003***
(−3.005) (−2.555)(−3.052) (−2.772)(−2.955) (−2.724)
 GAPU −0.001*  −0.001*  −0.002* 
 (−1.856)  (−1.740)  (−1.649) 
 GAPSQU  0.000  0.000  0.000
  (0.501)  (0.784)  (0.828)
Constant2.457***2.457***2.455***−0.803***−1.154***−0.806***−1.240***−1.737***−1.244***
(11.029)(11.034)(11.019)(−3.634)(−6.699)(−3.645)(−3.908)(−7.047)(−3.921)
Control variablesYes
FIRMYes
YEARYes
Observations26,70426,70426,70426,70426,70426,70426,70426,70426,704
Adjusted-R20.47470.47460.47470.43330.43100.43330.43240.43000.4324

Note(s): Table 11 columns 1 to 9 report the results from the OLS regression of the association between Chair–CEO Age Dissimilarity (GAPS, GAPU & GAPSQU) and Annual Report Tone (TONE, TONE_P & TONE_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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