GMM regression results testing H2 with length of CEO educational training as moderator
| Variables | Model |
|---|---|
| BD_IND_EXPERT | 0.200 (0.143) |
| BD_IND_EXPERT2 | −0.020 (0.014) |
| CEO_EDU_LENGHT | −0.179* (0.100) |
| CEO_EDU_LENGHT *BD_IND_EXPERT | 0.111*** (0.033) |
| CEO_EDU_LENGHT *BD_IND_EXPERT2 | −0.007* (0.003) |
| IND_DIR | 0.085** (0.038) |
| CEO_PW_DUAL | 0.555 (0.405) |
| INTRL | −0.115* (0.067) |
| BRD_SIZE | 0.300 (0.264) |
| LEV | 0.198*** (0.052) |
| AGE | −0.004 (0.021) |
| FRM_SIZE | −0.550*** (0.119) |
| YEAR DUMMY | YES |
| FIRM DUMMY | YES |
| OBSERVATIONS | 596 |
| AR(2) p value | 0.022 |
| SARGAN p value | 0.000 |
| Variables | Model |
|---|---|
| 0.200 (0.143) | |
| −0.020 (0.014) | |
| −0.179* (0.100) | |
| 0.111*** (0.033) | |
| −0.007* (0.003) | |
| 0.085** (0.038) | |
| 0.555 (0.405) | |
| −0.115* (0.067) | |
| 0.300 (0.264) | |
| 0.198*** (0.052) | |
| −0.004 (0.021) | |
| −0.550*** (0.119) | |
| YES | |
| YES | |
| 596 | |
| 0.022 | |
| 0.000 |
Note(s): *, ** and *** denote significance at the 10, 5 and 1% levels, respectively. Robust Standard errors in brackets
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