CEO turnover in public firms
| (1) | (2) | (3) | (4) | |
|---|---|---|---|---|
| Sizet−1 (ln assets) | −0.0210 (0.0697) | −0.0251 (0.0696) | 0.0397 (0.0411) | 0.0339 (0.0408) |
| Leveraget−1 | 0.3496† (0.2121) | 0.3659† (0.2121) | 0.0850 (0.1417) | 0.0584 (0.1411) |
| CEO dualityt−1 | −0.0447 (0.1120) | −0.0514 (0.1123) | 0.0149 (0.0759) | 0.0161 (0.0755) |
| Stake held by the CEOt−1 | −2.0444 (2.5449) | −1.7948 (2.5432) | −1.6725 (1.7569) | −1.0505 (1.7447) |
| IBEX-35 | 0.0523 (0.1970) | 0.0285 (0.1988) | −0.0276 (0.1263) | −0.0251 (0.1258) |
| CEO turnovert−1 | −0.1147 (0.0766) | −0.0816 (0.0649) | −0.0208 (0.0383) | −0.0329 (0.0445) |
| IBEX-35 × CEO turnovert−1 | −0.1334 (0.1314) | 0.0345 (0.0839) | ||
| Chairperson turnovert−1 | 0.1569* (0.0787) | 0.1595† (0.0867) | 0.0369 (0.0543) | 0.0578 (0.0614) |
| IBEX-35 × Chairperson turnovert−1 | −0.0369 (0.1989) | −0.0678 (0.1265) | ||
| −0.1271*** (0.0356) | −0.1055** (0.0379) | |||
| −0.1549† (0.0897) | ||||
| −0.0108*** (0.0018) | 0.0002 (0.0040) | |||
| −0.0136*** (0.0045) | ||||
| Time dummies | Yes | Yes | Yes | Yes |
| Intercept | −1.2780*** (0.3986) | −1.2549*** (0.3985) | −1.6002*** (0.2343) | −1.5526*** (0.2332) |
| F-test | 15.76*** | 13.06*** | 30.11*** | 25.42*** |
| R Square (within) | 0.3242 | 0.3301 | 0.4636 | 0.4747 |
| Observations | 535 | 535 | 564 | 564 |
| Average VIF | 1.46 | 1.51 | 1.41 | 1.98 |
| (1) | (2) | (3) | (4) | |
|---|---|---|---|---|
| Size | −0.0210 (0.0697) | −0.0251 (0.0696) | 0.0397 (0.0411) | 0.0339 (0.0408) |
| Leverage | 0.3496† (0.2121) | 0.3659† (0.2121) | 0.0850 (0.1417) | 0.0584 (0.1411) |
| CEO duality | −0.0447 (0.1120) | −0.0514 (0.1123) | 0.0149 (0.0759) | 0.0161 (0.0755) |
| Stake held by the CEO | −2.0444 (2.5449) | −1.7948 (2.5432) | −1.6725 (1.7569) | −1.0505 (1.7447) |
| IBEX-35 | 0.0523 (0.1970) | 0.0285 (0.1988) | −0.0276 (0.1263) | −0.0251 (0.1258) |
| CEO turnover | −0.1147 (0.0766) | −0.0816 (0.0649) | −0.0208 (0.0383) | −0.0329 (0.0445) |
| IBEX-35 × CEO turnover | −0.1334 (0.1314) | 0.0345 (0.0839) | ||
| Chairperson turnover | 0.1569* (0.0787) | 0.1595† (0.0867) | 0.0369 (0.0543) | 0.0578 (0.0614) |
| IBEX-35 × Chairperson turnover | −0.0369 (0.1989) | −0.0678 (0.1265) | ||
| −0.1271*** (0.0356) | −0.1055** (0.0379) | |||
| −0.1549† (0.0897) | ||||
| −0.0108*** (0.0018) | 0.0002 (0.0040) | |||
| −0.0136*** (0.0045) | ||||
| Time dummies | Yes | Yes | Yes | Yes |
| Intercept | −1.2780*** (0.3986) | −1.2549*** (0.3985) | −1.6002*** (0.2343) | −1.5526*** (0.2332) |
| 15.76*** | 13.06*** | 30.11*** | 25.42*** | |
| 0.3242 | 0.3301 | 0.4636 | 0.4747 | |
| Observations | 535 | 535 | 564 | 564 |
| Average VIF | 1.46 | 1.51 | 1.41 | 1.98 |
Note(s): The table presents the fixed-effects regression results of CEO turnover as presented in equation (2). Models 1 and 2 use changes in the Market-to-Book value as performance variable, while change in ROA is the performance metric used in models 3 and 4. Robust standard errors are presented in brackets. †, *, **, *** indicate significance at the 0.10, 0.05, 0.01, and 0.001 levels, respectively
Source(s): Authors' elaboration