GMM regression results testing H1, H2, H3
| Variables | Model 0 | Model 1 | Model 2 | Model 3 |
|---|---|---|---|---|
| BD_IND_EXPERT | 0.471*** (0.110) | 0.373*** (0.119) | 0.395*** (0.122) | |
| BD_IND_EXPERT2 | −0.038*** (0.008) | −0.031*** (0.009) | −0.029*** (0.008) | |
| CEO_EDU | −6.409*** (2.461) | |||
| CEO_EDU*BD_IND_EXPERT | 1.896** (0.872) | |||
| CEO_EDU*BD_IND_EXPERT2 | −0.145** (0.067) | |||
| CEO_TECH_EDU_BACK | −0.613 (1.423) | |||
| CEO_TECH_EDU_BACK*BD_IND_EXPERT | 1.223* (0.632) | |||
| CEO_TECH_EDU_BACK *BD_IND_EXPERT2 | −0.177** (0.071) | |||
| IND_DIR | 0.087** (0.039) | 0.107*** (0.038) | 0.091** (0.038) | 0.089* (0.048) |
| CEO_PW_DUAL | 0.657 (0.408) | 0.693* (0.389) | 0.699* (0.402) | 0.706* (0.365) |
| INTRL | −0.112 (0.072) | −0.114* (0.064) | −0.120* (0.062) | −0.085 (0.067) |
| BRD_SIZE | 0.654* (0.333) | 0.369 (0.258) | 0.437* (0.249) | 0.415 (0.312) |
| LEV | 0.176*** (0.055) | 0.189*** (0.051) | 0.155*** (0.053) | 0.222** (0.058) |
| AGE | −0.009 (0.019) | −0.002 (0.020) | −0.002 (0.021) | −0.008 (0.022) |
| FRM_SIZE | −0.511*** (0.121) | −0.448*** (0.120) | −0.459*** (0.119) | −0.348*** (0.137) |
| YEAR DUMMY | YES | YES | YES | YES |
| FIRM DUMMY | YES | YES | YES | YES |
| OBSERVATIONS | 596 | 596 | 596 | 596 |
| AR(2) p value | – | 0.310 | 0.442 | 0.422 |
| SARGAN p value | – | 0.000 | 0.000 | 0.000 |
| Variables | Model 0 | Model 1 | Model 2 | Model 3 |
|---|---|---|---|---|
| 0.471*** (0.110) | 0.373*** (0.119) | 0.395*** (0.122) | ||
| −0.038*** (0.008) | −0.031*** (0.009) | −0.029*** (0.008) | ||
| −6.409*** (2.461) | ||||
| 1.896** (0.872) | ||||
| −0.145** (0.067) | ||||
| −0.613 (1.423) | ||||
| 1.223* (0.632) | ||||
| −0.177** (0.071) | ||||
| 0.087** (0.039) | 0.107*** (0.038) | 0.091** (0.038) | 0.089* (0.048) | |
| 0.657 (0.408) | 0.693* (0.389) | 0.699* (0.402) | 0.706* (0.365) | |
| −0.112 (0.072) | −0.114* (0.064) | −0.120* (0.062) | −0.085 (0.067) | |
| 0.654* (0.333) | 0.369 (0.258) | 0.437* (0.249) | 0.415 (0.312) | |
| 0.176*** (0.055) | 0.189*** (0.051) | 0.155*** (0.053) | 0.222** (0.058) | |
| −0.009 (0.019) | −0.002 (0.020) | −0.002 (0.021) | −0.008 (0.022) | |
| −0.511*** (0.121) | −0.448*** (0.120) | −0.459*** (0.119) | −0.348*** (0.137) | |
| YES | YES | YES | YES | |
| YES | YES | YES | YES | |
| 596 | 596 | 596 | 596 | |
| – | 0.310 | 0.442 | 0.422 | |
| – | 0.000 | 0.000 | 0.000 |
Note(s): *, ** and *** denote significance at the 10, 5 and 1% levels, respectively. Robust Standard errors in brackets
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