Table 12 Cross-Sectional Tests (1) (2)...

Table 12

Cross-Sectional Tests

	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)	(12)
Variables	TONE	TONE	TONE_P	TONE_P	TONE_S	TONE_S	TONE	TONE	TONE_P	TONE_P	TONE_S	TONE_S
Panel A: Chair–CEO age dissimilarity and annual report tone (higher controlling rights vs. lower controlling rights)
	CCS 50% = 1						CCS 50% = 0
GAPS	−0.001		−0.001		−0.001		−0.002***		−0.002***		−0.003***
GAPS	(−0.953)		(−0.921)		(−0.955)		(−3.433)		(−3.492)		(−3.461)
GAPU		−0.002		−0.002		−0.003		−0.002**		−0.001**		−0.002**
GAPU		(−1.430)		(−1.577)		(−1.607)		(−2.273)		(−2.080)		(−2.108)
Constant	3.808***	3.824***	0.504**	0.523**	0.686*	0.713**	3.168***	3.177***	−0.181	−0.174	−0.279	−0.268
Constant	(15.396)	(15.419)	(2.045)	(2.116)	(1.960)	(2.033)	(22.707)	(22.765)	(−1.299)	(−1.246)	(−1.405)	(−1.348)
Control variables	Yes
INDUSTRY	Yes
YEAR	Yes
Observations	6,530	6,530	6,530	6,530	6,530	6,530	20,346	20,346	20,346	20,346	20,346	20,346
Adjusted-R²	0.1114	0.1115	0.0364	0.0367	0.0366	0.0369	0.0957	0.0954	0.0236	0.0233	0.0241	0.0238
Note(s): Table 12 Panel A Columns 1 to 12 report the results from the OLS regression of the association between Chair–CEO Age Dissimilarity (GAPS & GAPU) and Annual Report Tone (TONE, TONE_P & TONE_S) (Higher controlling rights vs. Lower controlling rights). 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
Panel B: Chair–CEO age dissimilarity and annual report tone (lower proportion of institutional investors vs. higher proportion of institutional investors)
	INSINVS 50% = 0						INSINVS 50% = 1
GAPS	−0.001		−0.001		−0.001		−0.004***		−0.004***		−0.006***
GAPS	(−1.406)		(−1.474)		(−1.448)		(−4.643)		(−4.606)		(−4.612)
GAPU		−0.001		−0.000		−0.001		−0.005***		−0.005***		−0.007***
GAPU		(−0.809)		(−0.595)		(−0.625)		(−4.413)		(−4.515)		(−4.505)
Constant	2.771***	2.770***	−0.587***	−0.590***	−0.849***	−0.852***	3.530***	3.569***	0.219	0.258	0.265	0.321
Constant	(16.511)	(16.495)	(−3.503)	(−3.519)	(−3.543)	(−3.557)	(18.190)	(18.403)	(1.127)	(1.331)	(0.960)	(1.165)
Control variables	Yes
INDUSTRY	Yes
YEAR	Yes
Observations	16,972	16,972	16,972	16,972	16,972	16,972	9,904	9,904	9,904	9,904	9,904	9,904
Adjusted-R²	0.0944	0.0943	0.0261	0.0260	0.0264	0.0263	0.0974	0.0972	0.0255	0.0254	0.0256	0.0255
Note(s): Table 12 Panel B Columns 1 to 12 report the results from the OLS regression of association between Chair–CEO Age Dissimilarity (GAPS & GAPU) and Annual Report Tone (TONE, TONE_P & TONE_S) (Lower proportion of institutional investors vs. Higher proportion of institutional investors). 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
Panel C: Chair–CEO age dissimilarity and annual report tone (lower information asymmetry vs. higher information asymmetry)
	INTANG_median = 0						INTANG_median = 1
GAPS	−0.000		−0.001		−0.001		−0.003***		−0.003***		−0.004***
GAPS	(−0.586)		(−0.606)		(−0.607)		(−4.502)		(−4.485)		(−4.460)
GAPU		−0.001		−0.001		−0.001		−0.003***		−0.003***		−0.004***
GAPU		(−0.777)		(−0.640)		(−0.575)		(−3.324)		(−3.247)		(−3.323)
Constant	3.028***	3.035***	−0.295	−0.289	−0.430	−0.423	3.413***	3.430***	0.054	0.071	0.075	0.100
Constant	(12.956)	(12.970)	(−1.259)	(−1.234)	(−1.304)	(−1.281)	(20.861)	(20.951)	(0.332)	(0.434)	(0.323)	(0.431)
Control variables	Yes
INDUSTRY	Yes
YEAR	Yes
Observations	11,234	11,234	11,234	11,234	11,234	11,234	15,642	15,642	15,642	15,642	15,642	15,642
Adjusted-R²	0.1117	0.1117	0.0280	0.0280	0.0280	0.0280	0.0893	0.0888	0.0236	0.0230	0.0239	0.0234
Note(s): Table 12 Panel C Columns 1 to 12 report the results from the OLS regression of association between Chair–CEO Age Dissimilarity (GAPS & GAPU) and Annual Report Tone (TONE, TONE_P & TONE_S) (Lower information asymmetry vs. Higher information asymmetry). 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
Panel D: Chair–CEO age dissimilarity and annual report tone (low agency conflict vs. high agency conflict)
	LARGEFIRM = 0						LARGEFIRM = 1
GAPS	−0.001		−0.001		−0.002		−0.003***		−0.003***		−0.004***
GAPS	(−1.271)		(−1.356)		(−1.506)		(−4.107)		(−3.996)		(−3.862)
GAPU		−0.000		−0.000		−0.001		−0.003***		−0.003***		−0.004***
GAPU		(−0.412)		(−0.358)		(−0.579)		(−3.766)		(−3.641)		(−3.511)
Constant	2.692***	2.692***	−0.555*	−0.555*	−0.832*	−0.831*	3.435***	3.466***	0.057	0.087	0.059	0.100
Constant	(8.991)	(8.992)	(−1.857)	(−1.856)	(−1.945)	(−1.941)	(19.024)	(19.175)	(0.315)	(0.480)	(0.229)	(0.390)
Control variables	Yes
INDUSTRY	Yes
YEAR	Yes
Observations	11,560	11,560	11,560	11,560	11,560	11,560	15,316	15,316	15,316	15,316	15,316	15,316
Adjusted-R²	0.1212	0.1211	0.0354	0.0353	0.0355	0.0354	0.0846	0.0844	0.0194	0.0193	0.0201	0.0199
Note(s): Table 12 Panel D Columns 1 to 12 report the results from the OLS regression of association between Chair–CEO Age Dissimilarity (GAPS & GAPU) and Annual Report Tone (TONE, TONE_P & TONE_S) (Low agency conflict vs. High agency conflict). If control variables are excluded without FIRMSIZE, the results remain consistent (untabulated). 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
Panel E: Chair–CEO age dissimilarity and annual report tone (non-family firm vs. family firm)
	FFIRM = 0						FFIRM = 1
GAPS	−0.002		−0.002		−0.002		−0.002***		−0.002***		−0.003***
GAPS	(−1.449)		(−1.346)		(−1.288)		(−3.924)		(−3.977)		(−3.981)
GAPU		−0.001		−0.001		−0.001		−0.003***		−0.003***		−0.004***
GAPU		(−0.574)		(−0.370)		(−0.283)		(−4.097)		(−4.018)		(−4.060)
Constant	3.442***	3.452***	0.141	0.148	0.188	0.197	2.943***	2.951***	−0.417**	−0.410**	−0.611**	−0.601**
Constant	(17.993)	(17.998)	(0.738)	(0.774)	(0.691)	(0.721)	(17.639)	(17.685)	(−2.497)	(−2.457)	(−2.568)	(−2.525)
Control variables	Yes
INDUSTRY	Yes
YEAR	Yes
Observations	8,870	8,870	8,870	8,870	8,870	8,870	18,006	18,006	18,006	18,006	18,006	18,006
Adjusted-R²	0.1234	0.1232	0.0253	0.0251	0.0257	0.0255	0.0831	0.0831	0.0288	0.0288	0.0287	0.0287
Note(s): Table 12 Panel E Columns 1 to 12 report the results from the OLS regression of association between Chair–CEO Age Dissimilarity (GAPS & GAPU) and Annual Report Tone (TONE, TONE_P & TONE_S) (Non-family firm vs. Family firm). 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
Panel F: Chair–CEO age dissimilarity and annual report tone (SOE vs. non-SOE)
	SOE = 1						SOE = 0
	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)	(12)
Variables	TONE	TONE	TONE_P	TONE_P	TONE_S	TONE_S	TONE	TONE	TONE_P	TONE_P	TONE_S	TONE_S
GAPS	−0.001		−0.000		−0.001		−0.003***		−0.003***		−0.004***
GAPS	(−0.407)		(−0.289)		(−0.307)		(−4.463)		(−4.535)		(−4.489)
GAPU		0.001		0.001		0.002		−0.003***		−0.003***		−0.004***
GAPU		(0.644)		(0.853)		(0.797)		(−4.373)		(−4.306)		(−4.284)
Constant	3.496***	3.489***	0.201	0.190	0.280	0.265	2.981***	2.993***	−0.381**	−0.370**	−0.573**	−0.557**
Constant	(17.025)	(16.933)	(0.983)	(0.927)	(0.959)	(0.907)	(18.580)	(18.652)	(−2.370)	(−2.302)	(−2.501)	(−2.432)
Control variables	Yes
INDUSTRY	Yes
YEAR	Yes
Observations	7,828	7,828	7,828	7,828	7,828	7,828	19,048	19,048	19,048	19,048	19,048	19,048
Adjusted-R²	0.1225	0.1225	0.0244	0.0244	0.0244	0.0244	0.0847	0.0847	0.0287	0.0286	0.0286	0.0285

	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)	(12)
Variables	TONE	TONE	TONE_P	TONE_P	TONE_S	TONE_S	TONE	TONE	TONE_P	TONE_P	TONE_S	TONE_S
Panel A: Chair–CEO age dissimilarity and annual report tone (higher controlling rights vs. lower controlling rights)
	CCS 50% = 1						CCS 50% = 0
GAPS	−0.001		−0.001		−0.001		−0.002***		−0.002***		−0.003***
GAPS	(−0.953)		(−0.921)		(−0.955)		(−3.433)		(−3.492)		(−3.461)
GAPU		−0.002		−0.002		−0.003		−0.002**		−0.001**		−0.002**
GAPU		(−1.430)		(−1.577)		(−1.607)		(−2.273)		(−2.080)		(−2.108)
Constant	3.808***	3.824***	0.504**	0.523**	0.686*	0.713**	3.168***	3.177***	−0.181	−0.174	−0.279	−0.268
Constant	(15.396)	(15.419)	(2.045)	(2.116)	(1.960)	(2.033)	(22.707)	(22.765)	(−1.299)	(−1.246)	(−1.405)	(−1.348)
Control variables	Yes
INDUSTRY	Yes
YEAR	Yes
Observations	6,530	6,530	6,530	6,530	6,530	6,530	20,346	20,346	20,346	20,346	20,346	20,346
Adjusted-R²	0.1114	0.1115	0.0364	0.0367	0.0366	0.0369	0.0957	0.0954	0.0236	0.0233	0.0241	0.0238
Note(s): Table 12 Panel A Columns 1 to 12 report the results from the OLS regression of the association between Chair–CEO Age Dissimilarity (GAPS & GAPU) and Annual Report Tone (TONE, TONE_P & TONE_S) (Higher controlling rights vs. Lower controlling rights). 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
Panel B: Chair–CEO age dissimilarity and annual report tone (lower proportion of institutional investors vs. higher proportion of institutional investors)
	INSINVS 50% = 0						INSINVS 50% = 1
GAPS	−0.001		−0.001		−0.001		−0.004***		−0.004***		−0.006***
GAPS	(−1.406)		(−1.474)		(−1.448)		(−4.643)		(−4.606)		(−4.612)
GAPU		−0.001		−0.000		−0.001		−0.005***		−0.005***		−0.007***
GAPU		(−0.809)		(−0.595)		(−0.625)		(−4.413)		(−4.515)		(−4.505)
Constant	2.771***	2.770***	−0.587***	−0.590***	−0.849***	−0.852***	3.530***	3.569***	0.219	0.258	0.265	0.321
Constant	(16.511)	(16.495)	(−3.503)	(−3.519)	(−3.543)	(−3.557)	(18.190)	(18.403)	(1.127)	(1.331)	(0.960)	(1.165)
Control variables	Yes
INDUSTRY	Yes
YEAR	Yes
Observations	16,972	16,972	16,972	16,972	16,972	16,972	9,904	9,904	9,904	9,904	9,904	9,904
Adjusted-R²	0.0944	0.0943	0.0261	0.0260	0.0264	0.0263	0.0974	0.0972	0.0255	0.0254	0.0256	0.0255
Note(s): Table 12 Panel B Columns 1 to 12 report the results from the OLS regression of association between Chair–CEO Age Dissimilarity (GAPS & GAPU) and Annual Report Tone (TONE, TONE_P & TONE_S) (Lower proportion of institutional investors vs. Higher proportion of institutional investors). 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
Panel C: Chair–CEO age dissimilarity and annual report tone (lower information asymmetry vs. higher information asymmetry)
	INTANG_median = 0						INTANG_median = 1
GAPS	−0.000		−0.001		−0.001		−0.003***		−0.003***		−0.004***
GAPS	(−0.586)		(−0.606)		(−0.607)		(−4.502)		(−4.485)		(−4.460)
GAPU		−0.001		−0.001		−0.001		−0.003***		−0.003***		−0.004***
GAPU		(−0.777)		(−0.640)		(−0.575)		(−3.324)		(−3.247)		(−3.323)
Constant	3.028***	3.035***	−0.295	−0.289	−0.430	−0.423	3.413***	3.430***	0.054	0.071	0.075	0.100
Constant	(12.956)	(12.970)	(−1.259)	(−1.234)	(−1.304)	(−1.281)	(20.861)	(20.951)	(0.332)	(0.434)	(0.323)	(0.431)
Control variables	Yes
INDUSTRY	Yes
YEAR	Yes
Observations	11,234	11,234	11,234	11,234	11,234	11,234	15,642	15,642	15,642	15,642	15,642	15,642
Adjusted-R²	0.1117	0.1117	0.0280	0.0280	0.0280	0.0280	0.0893	0.0888	0.0236	0.0230	0.0239	0.0234
Note(s): Table 12 Panel C Columns 1 to 12 report the results from the OLS regression of association between Chair–CEO Age Dissimilarity (GAPS & GAPU) and Annual Report Tone (TONE, TONE_P & TONE_S) (Lower information asymmetry vs. Higher information asymmetry). 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
Panel D: Chair–CEO age dissimilarity and annual report tone (low agency conflict vs. high agency conflict)
	LARGEFIRM = 0						LARGEFIRM = 1
GAPS	−0.001		−0.001		−0.002		−0.003***		−0.003***		−0.004***
GAPS	(−1.271)		(−1.356)		(−1.506)		(−4.107)		(−3.996)		(−3.862)
GAPU		−0.000		−0.000		−0.001		−0.003***		−0.003***		−0.004***
GAPU		(−0.412)		(−0.358)		(−0.579)		(−3.766)		(−3.641)		(−3.511)
Constant	2.692***	2.692***	−0.555*	−0.555*	−0.832*	−0.831*	3.435***	3.466***	0.057	0.087	0.059	0.100
Constant	(8.991)	(8.992)	(−1.857)	(−1.856)	(−1.945)	(−1.941)	(19.024)	(19.175)	(0.315)	(0.480)	(0.229)	(0.390)
Control variables	Yes
INDUSTRY	Yes
YEAR	Yes
Observations	11,560	11,560	11,560	11,560	11,560	11,560	15,316	15,316	15,316	15,316	15,316	15,316
Adjusted-R²	0.1212	0.1211	0.0354	0.0353	0.0355	0.0354	0.0846	0.0844	0.0194	0.0193	0.0201	0.0199
Note(s): Table 12 Panel D Columns 1 to 12 report the results from the OLS regression of association between Chair–CEO Age Dissimilarity (GAPS & GAPU) and Annual Report Tone (TONE, TONE_P & TONE_S) (Low agency conflict vs. High agency conflict). If control variables are excluded without FIRMSIZE, the results remain consistent (untabulated). 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
Panel E: Chair–CEO age dissimilarity and annual report tone (non-family firm vs. family firm)
	FFIRM = 0						FFIRM = 1
GAPS	−0.002		−0.002		−0.002		−0.002***		−0.002***		−0.003***
GAPS	(−1.449)		(−1.346)		(−1.288)		(−3.924)		(−3.977)		(−3.981)
GAPU		−0.001		−0.001		−0.001		−0.003***		−0.003***		−0.004***
GAPU		(−0.574)		(−0.370)		(−0.283)		(−4.097)		(−4.018)		(−4.060)
Constant	3.442***	3.452***	0.141	0.148	0.188	0.197	2.943***	2.951***	−0.417**	−0.410**	−0.611**	−0.601**
Constant	(17.993)	(17.998)	(0.738)	(0.774)	(0.691)	(0.721)	(17.639)	(17.685)	(−2.497)	(−2.457)	(−2.568)	(−2.525)
Control variables	Yes
INDUSTRY	Yes
YEAR	Yes
Observations	8,870	8,870	8,870	8,870	8,870	8,870	18,006	18,006	18,006	18,006	18,006	18,006
Adjusted-R²	0.1234	0.1232	0.0253	0.0251	0.0257	0.0255	0.0831	0.0831	0.0288	0.0288	0.0287	0.0287
Note(s): Table 12 Panel E Columns 1 to 12 report the results from the OLS regression of association between Chair–CEO Age Dissimilarity (GAPS & GAPU) and Annual Report Tone (TONE, TONE_P & TONE_S) (Non-family firm vs. Family firm). 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
Panel F: Chair–CEO age dissimilarity and annual report tone (SOE vs. non-SOE)
	SOE = 1						SOE = 0
	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)	(12)
Variables	TONE	TONE	TONE_P	TONE_P	TONE_S	TONE_S	TONE	TONE	TONE_P	TONE_P	TONE_S	TONE_S
GAPS	−0.001		−0.000		−0.001		−0.003***		−0.003***		−0.004***
GAPS	(−0.407)		(−0.289)		(−0.307)		(−4.463)		(−4.535)		(−4.489)
GAPU		0.001		0.001		0.002		−0.003***		−0.003***		−0.004***
GAPU		(0.644)		(0.853)		(0.797)		(−4.373)		(−4.306)		(−4.284)
Constant	3.496***	3.489***	0.201	0.190	0.280	0.265	2.981***	2.993***	−0.381**	−0.370**	−0.573**	−0.557**
Constant	(17.025)	(16.933)	(0.983)	(0.927)	(0.959)	(0.907)	(18.580)	(18.652)	(−2.370)	(−2.302)	(−2.501)	(−2.432)
Control variables	Yes
INDUSTRY	Yes
YEAR	Yes
Observations	7,828	7,828	7,828	7,828	7,828	7,828	19,048	19,048	19,048	19,048	19,048	19,048
Adjusted-R²	0.1225	0.1225	0.0244	0.0244	0.0244	0.0244	0.0847	0.0847	0.0287	0.0286	0.0286	0.0285

Note(s): Table 12 Panel F Columns 1 to 12 report the results from the OLS regression of association between Chair–CEO Age Dissimilarity (GAPS & GAPU) and Annual Report Tone (TONE, TONE_P & TONE_S) (SOE vs. non-SOE). 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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