The effect of ex-military CEOs on income smoothing on entropy-balanced sample
| Variables | SMTHt,t + 4 |
|---|---|
| MILITARY_CEO | 0.475*** (3.986) |
| MA_SCORE | 0.072*** (2.688) |
| FIRM_SIZE | −0.032** (−2.097) |
| LEV | 0.078 (1.137) |
| BM | −0.080*** (−4.156) |
| SALE_VOL | −0.134** (−2.126) |
| LOSS_PCT | −0.198*** (−4.833) |
| OP_CYCLE | −0.028 (−0.994) |
| SALES_GROWTH | −0.068*** (−2.589) |
| OP_LEV | 0.026 (0.282) |
| AVG_CFO | 0.504*** (3.927) |
| Constant | 0.194 (1.352) |
| Observations | 34,357 |
| Firm FEs and year Fes | YES |
| Type | OLS |
| Adj. R-squared | 0.448 |
| Variables | |
|---|---|
| MILITARY_CEO | 0.475 |
| MA_SCORE | 0.072 |
| FIRM_SIZE | −0.032 |
| 0.078 (1.137) | |
| −0.080 | |
| SALE_VOL | −0.134 |
| LOSS_PCT | −0.198 |
| OP_CYCLE | −0.028 (−0.994) |
| SALES_GROWTH | −0.068 |
| OP_LEV | 0.026 (0.282) |
| AVG_CFO | 0.504 |
| Constant | 0.194 (1.352) |
| Observations | 34,357 |
| Firm FEs and year Fes | |
| Type | |
| Adj. | 0.448 |
This table reports the results from the model that examines the relationship between CEO’s military experience and income smoothing on the entropy-balanced sample. Standard errors are clustered at the firm level. The t-statistics are reported in parentheses below. ***, ** and * denote two-tailed significance at the 0.01, 0.05 and 0.10 levels, respectively. Definitions of all variables are provided in Appendix 1
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