Effects of CEO inauguration on Card Usage Performance and Market Share
| CTVi,t | MSi,t | ||||||
|---|---|---|---|---|---|---|---|
| Pooled OLS | Panel GLS | Fixed effect model | Panel GLS | Pooled OLS | Panel GLS | Fixed effect model | |
| RPRi,t | 0.217*** | 0.184*** | 0.242*** | 0.236*** | 0.064 | 0.100 | |
| (0.037) | (0.034) | (0.038) | (0.043) | (0.055) | (0.061) | ||
| TPRi,t | −0.747*** | −0.783*** | −0.751*** | −0.786*** | −0.449*** | −0.459*** | |
| (0.055) | (0.049) | (0.055) | (0.048) | (0.062) | (0.064) | ||
| CPIt | −2.003*** | −2.073*** | −1.860*** | −2.214*** | |||
| (0.582) | (0.535) | (0.584) | (0.521) | ||||
| CCSIt | 0.107 | 0.123* | 0.101 | 0.100 | |||
| (0.074) | (0.068) | (0.074) | (0.067) | ||||
| GDPt | 0.828 | 0.953* | 0.785 | 1.053* | |||
| (0.598) | (0.546) | (0.597) | (0.540) | ||||
| BADLRi,t | −0.037*** | −0.037*** | −0.036*** | −0.041*** | −0.008 | −0.031* | −0.010 |
| (0.012) | (0.011) | (0.012) | (0.011) | (0.018) | (0.022) | (0.019) | |
| OEi,t | 0.091*** | 0.098*** | 0.086*** | 0.096*** | 0.053* | 0.045 | |
| (0.026) | (0.024) | (0.026) | (0.025) | (0.030) | (0.031) | ||
| PCSi,t | 0.227*** | 0.237*** | 0.223*** | 0.218*** | 0.198*** | 0.158** | 0.178*** |
| (0.042) | (0.040) | (0.042) | (0.039) | (0.059) | (0.071) | (0.062) | |
| CCRi,t | −0.032* | −0.037** | −0.035* | −0.039** | −0.054* | −0.138*** | −0.050* |
| (0.017) | (0.017) | (0.018) | (0.017) | (0.029) | (0.033) | (0.030) | |
| CEO(t) | −0.000 | 0.001 | −0.005 | 0.001 | −0.003 | −0.009 | −0.004 |
| (0.008) | (0.007) | (0.008) | (0.007) | (0.011) | (0.013) | (0.011) | |
| CEO(t−1) | 0.015** | 0.017*** | 0.011 | 0.011* | 0.003 | 0.020* | 0.003 |
| (0.007) | (0.006) | (0.007) | (0.007) | (0.009) | (0.011) | (0.010) | |
| CEO(t−2) | −0.007 | −0.006 | −0.011 | −0.007 | 0.001 | 0.004 | 0.000 |
| (0.007) | (0.006) | (0.007) | (0.006) | (0.009) | (0.011) | (0.009) | |
| CEO(t−3) | 0.002 | 0.005 | −0.001 | 0.003 | 0.006 | 0.005 | 0.008 |
| (0.008) | (0.007) | (0.008) | (0.007) | (0.010) | (0.013) | (0.011) | |
| CEO(t)RPRi,t | −0.018 (0.092) | ||||||
| CEO(t−1)RPRi,t | −0.350*** (0.117) | ||||||
| CEO(t−2)RPRi,t | −0.154 (0.102) | ||||||
| CEO(t−3)RPRi,t | −0.042 (0.107) | ||||||
| Constant | 0.013*** | 0.010** | 0.015*** | 0.012** | −0.010*** | −0.008* | −0.009** |
| (0.005) | (0.005) | (0.005) | (0.005) | (0.003) | (0.004) | (0.004) | |
| R-squared | 0.762 | 0.770 | 0.557 | 0.270 | 0.569 | ||
| Observations | 183 | 183 | 183 | 183 | 98 | 98 | 98 |
| Group | 7 | 7 | 7 | 7 | 7 | ||
| Pooled OLS | Panel GLS | Fixed effect model | Panel GLS | Pooled OLS | Panel GLS | Fixed effect model | |
|---|---|---|---|---|---|---|---|
| 0.217*** | 0.184*** | 0.242*** | 0.236*** | 0.064 | 0.100 | ||
| (0.037) | (0.034) | (0.038) | (0.043) | (0.055) | (0.061) | ||
| −0.747*** | −0.783*** | −0.751*** | −0.786*** | −0.449*** | −0.459*** | ||
| (0.055) | (0.049) | (0.055) | (0.048) | (0.062) | (0.064) | ||
| −2.003*** | −2.073*** | −1.860*** | −2.214*** | ||||
| (0.582) | (0.535) | (0.584) | (0.521) | ||||
| 0.107 | 0.123* | 0.101 | 0.100 | ||||
| (0.074) | (0.068) | (0.074) | (0.067) | ||||
| 0.828 | 0.953* | 0.785 | 1.053* | ||||
| (0.598) | (0.546) | (0.597) | (0.540) | ||||
| −0.037*** | −0.037*** | −0.036*** | −0.041*** | −0.008 | −0.031* | −0.010 | |
| (0.012) | (0.011) | (0.012) | (0.011) | (0.018) | (0.022) | (0.019) | |
| 0.091*** | 0.098*** | 0.086*** | 0.096*** | 0.053* | 0.045 | ||
| (0.026) | (0.024) | (0.026) | (0.025) | (0.030) | (0.031) | ||
| 0.227*** | 0.237*** | 0.223*** | 0.218*** | 0.198*** | 0.158** | 0.178*** | |
| (0.042) | (0.040) | (0.042) | (0.039) | (0.059) | (0.071) | (0.062) | |
| −0.032* | −0.037** | −0.035* | −0.039** | −0.054* | −0.138*** | −0.050* | |
| (0.017) | (0.017) | (0.018) | (0.017) | (0.029) | (0.033) | (0.030) | |
| CEO(t) | −0.000 | 0.001 | −0.005 | 0.001 | −0.003 | −0.009 | −0.004 |
| (0.008) | (0.007) | (0.008) | (0.007) | (0.011) | (0.013) | (0.011) | |
| CEO(t−1) | 0.015** | 0.017*** | 0.011 | 0.011* | 0.003 | 0.020* | 0.003 |
| (0.007) | (0.006) | (0.007) | (0.007) | (0.009) | (0.011) | (0.010) | |
| CEO(t−2) | −0.007 | −0.006 | −0.011 | −0.007 | 0.001 | 0.004 | 0.000 |
| (0.007) | (0.006) | (0.007) | (0.006) | (0.009) | (0.011) | (0.009) | |
| CEO(t−3) | 0.002 | 0.005 | −0.001 | 0.003 | 0.006 | 0.005 | 0.008 |
| (0.008) | (0.007) | (0.008) | (0.007) | (0.010) | (0.013) | (0.011) | |
| CEO(t) | −0.018 (0.092) | ||||||
| CEO(t−1) | −0.350*** (0.117) | ||||||
| CEO(t−2) | −0.154 (0.102) | ||||||
| CEO(t−3) | −0.042 (0.107) | ||||||
| Constant | 0.013*** | 0.010** | 0.015*** | 0.012** | −0.010*** | −0.008* | −0.009** |
| (0.005) | (0.005) | (0.005) | (0.005) | (0.003) | (0.004) | (0.004) | |
| 0.762 | 0.770 | 0.557 | 0.270 | 0.569 | |||
| Observations | 183 | 183 | 183 | 183 | 98 | 98 | 98 |
| Group | 7 | 7 | 7 | 7 | 7 | ||
Note(s): This table presents the relationship between the rate of change in card transaction volume or market share and CEO inauguration, which was analyzed using pooled ordinary least squares (OLS), panel generalized least squares (GLS), and the fixed effect model. CEO(t) represents the time of CEO inauguration. t represents the quarter in which the new CEO takes office, while t–1 represents the quarter before the new CEO took office, and so on. The definitions and measures of the other variables are the same as in Table 2, and the figures in parentheses denote the standard errors. ***, **, and * indicate significance at the 1%, 5%, and 10% levels, respectively
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