Fixed-effects logit results: CEO turnover in Spanish public and large private firms
| Full sample | Public firms | |||||
|---|---|---|---|---|---|---|
| (1) | (2) | (1) | (2) | (3) | (4) | |
| Sizet−1 (ln assets) | 0.6794*** (0.0999) | 0.6874*** (0.1004) | 0.1163 (0.3603) | 0.1053 (0.3597) | 0.3300 (0.3432) | 0.3129 (0.3397) |
| Leveraget−1 | −0.1555 (0.3079) | −0.1464 (0.3082) | −0.7635 (1.1342) | −0.8089 (1.1497) | −1.2791 (1.1056) | −1.3723 (1.1159) |
| CEO dualityt−1 | −0.2273† (0.1177) | −0.2261† (0.1176) | 0.6419 (0.5971) | 0.6860 (0.5986) | 0.4116 (0.5662) | 0.4490 (0.5700) |
| Stake held by the CEOt−1 | −0.1416 (0.1091) | −0.1315 (0.1070) | −1.4253 (1.5691) | −1.3910 (1.4588) | −1.4190 (1.5373) | −1.4008 (1.4742) |
| Public | 1.8104 (1.1375) | 1.8603 (1.1348) | ||||
| IBEX-35 | 0.0835 (2.2254) | 0.4666 (2.4111) | 0.0338 (1.9941) | 0.5705 (2.2084) | ||
| CEO turnovert−1 | −1.8408*** (0.0867) | −1.7937*** (0.0879) | −3.0147*** (0.5636) | −2.7480*** (0.5713) | −3.0079*** (0.5461) | −2.6762*** (0.5542) |
| Public × CEO turnovert−1 | −1.2312* (0.5493) | |||||
| IBEX-35 × CEO turnovert−1 | −13.4996 (74.1882) | −13.5793 (67.2296) | ||||
| Chairman turnovert−1 | 0.3373** (0.0988) | 0.3303** (0.1011) | 0.5698 (0.4849) | 0.2478 (0.5693) | 0.4414 (0.4950) | 0.0615 (0.5893) |
| Public × Chairman turnovert−1 | 0.0587 (0.4911) | |||||
| IBEX-35 × Chairman turnovert−1 | 1.2243 (1.0288) | 1.2249 (0.9813) | ||||
| −0.4881* (0.2065) | −0.4713* (0.2111) | |||||
| IBEX-35 × | −0.1847 (0.8245) | |||||
| −0.0002 (0.0004) | −0.0002 (0.0004) | −0.1178† (0.0725) | −0.1010 (0.0721) | |||
| −0.1046† (0.0641) | ||||||
| −0.2079 (0.3018) | ||||||
| Time dummies | Yes | Yes | Yes | Yes | Yes | Yes |
| LR – test (chi2) | 749.07*** | 761.2*** | 68.83*** | 68.83*** | 68.83*** | 80.99*** |
| Log likelihood | −2619.9060 | −2613.7965 | −119.7783 | −118.3408 | −129.0473 | −126.9128 |
| R Square (McFadden) | 0.0128 | 0.0130 | 0.0131 | 0.2320 | 0.0161 | 0.2419 |
| Observations | 8,156 | 8,156 | 413 | 413 | 447 | 447 |
| Average VIF | 1.32 | 1.32 | 1.50 | 1.55 | 1.44 | 2.04 |
| Full sample | Public firms | |||||
|---|---|---|---|---|---|---|
| (1) | (2) | (1) | (2) | (3) | (4) | |
| Size | 0.6794*** (0.0999) | 0.6874*** (0.1004) | 0.1163 (0.3603) | 0.1053 (0.3597) | 0.3300 (0.3432) | 0.3129 (0.3397) |
| Leverage | −0.1555 (0.3079) | −0.1464 (0.3082) | −0.7635 (1.1342) | −0.8089 (1.1497) | −1.2791 (1.1056) | −1.3723 (1.1159) |
| CEO duality | −0.2273† (0.1177) | −0.2261† (0.1176) | 0.6419 (0.5971) | 0.6860 (0.5986) | 0.4116 (0.5662) | 0.4490 (0.5700) |
| Stake held by the CEO | −0.1416 (0.1091) | −0.1315 (0.1070) | −1.4253 (1.5691) | −1.3910 (1.4588) | −1.4190 (1.5373) | −1.4008 (1.4742) |
| Public | 1.8104 (1.1375) | 1.8603 (1.1348) | ||||
| IBEX-35 | 0.0835 (2.2254) | 0.4666 (2.4111) | 0.0338 (1.9941) | 0.5705 (2.2084) | ||
| CEO turnover | −1.8408*** (0.0867) | −1.7937*** (0.0879) | −3.0147*** (0.5636) | −2.7480*** (0.5713) | −3.0079*** (0.5461) | −2.6762*** (0.5542) |
| Public × CEO turnover | −1.2312* (0.5493) | |||||
| IBEX-35 × CEO turnover | −13.4996 (74.1882) | −13.5793 (67.2296) | ||||
| Chairman turnover | 0.3373** (0.0988) | 0.3303** (0.1011) | 0.5698 (0.4849) | 0.2478 (0.5693) | 0.4414 (0.4950) | 0.0615 (0.5893) |
| Public × Chairman turnover | 0.0587 (0.4911) | |||||
| IBEX-35 × Chairman turnover | 1.2243 (1.0288) | 1.2249 (0.9813) | ||||
| −0.4881* (0.2065) | −0.4713* (0.2111) | |||||
| IBEX-35 × | −0.1847 (0.8245) | |||||
| −0.0002 (0.0004) | −0.0002 (0.0004) | −0.1178† (0.0725) | −0.1010 (0.0721) | |||
| −0.1046† (0.0641) | ||||||
| −0.2079 (0.3018) | ||||||
| Time dummies | Yes | Yes | Yes | Yes | Yes | Yes |
| LR – test (chi2) | 749.07*** | 761.2*** | 68.83*** | 68.83*** | 68.83*** | 80.99*** |
| Log likelihood | −2619.9060 | −2613.7965 | −119.7783 | −118.3408 | −129.0473 | −126.9128 |
| 0.0128 | 0.0130 | 0.0131 | 0.2320 | 0.0161 | 0.2419 | |
| Observations | 8,156 | 8,156 | 413 | 413 | 447 | 447 |
| Average VIF | 1.32 | 1.32 | 1.50 | 1.55 | 1.44 | 2.04 |
Note(s): The table presents the results of the fixed-effects logit models as presented in equation (2). 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