The effect of ex-military CEOs on income smoothing: restricted sample (1993–2011)
| (1) | |
|---|---|
| Variables | SMTHt,t + 4 |
| MILITARY_CEO | 0.461*** (3.071) |
| MA_SCORE | 0.162*** (2.954) |
| FIRM_SIZE | −0.042*** (−3.629) |
| LEV | 0.029 (0.617) |
| BM | −0.047*** (−4.315) |
| SALE_VOL | −0.168*** (−4.422) |
| LOSS_PCT | −0.134*** (−4.519) |
| OP_CYCLE | 0.028 (1.452) |
| SALES_GROWTH | −0.053*** (−2.846) |
| OP_LEV | −0.056 (−0.775) |
| AVG_CFO | 0.239*** (2.983) |
| Constant | 0.322*** (3.396) |
| Observations | 24,030 |
| Firm FEs and year FEs | YES |
| Type | OLS |
| Adj. R-squared | 0.429 |
| (1) | |
|---|---|
| Variables | SMTHt,t + 4 |
| MILITARY_CEO | 0.461 |
| MA_SCORE | 0.162 |
| FIRM_SIZE | −0.042 |
| 0.029 (0.617) | |
| −0.047 | |
| SALE_VOL | −0.168 |
| LOSS_PCT | −0.134 |
| OP_CYCLE | 0.028 (1.452) |
| SALES_GROWTH | −0.053 |
| OP_LEV | −0.056 (−0.775) |
| AVG_CFO | 0.239 |
| Constant | 0.322 |
| Observations | 24,030 |
| Firm FEs and year FEs | |
| Type | |
| Adj. | 0.429 |
This table reports the results from the model that examines the relationship between CEO’s military experience and income smoothing on the restricted sample (1993–2011). 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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