Influence of controversial practice on negative coverage by founder-CEO
| Group Variables | Non-founder-CEO firms | Founder-CEO firms | Non-founder-CEO firms | Founder-CEO firms |
|---|---|---|---|---|
| medianeg | medianeg | medianeg | medianeg | |
| 1a | 1a | 1b | 1b | |
| CEOpay | 0.00000323*** (4.52) | –0.00000223*** (–2.91) | ||
| Duality | 1.457 (1.10) | –1.127 (–1.45) | ||
| CEOtenHigh | –1.047 (–0.96) | –3.282*** (–3.82) | –0.788 (–0.71) | –3.223*** (–3.69) |
| mediapos | 0.338*** (14.17) | 0.530*** (36.02) | 0.372*** (15.65) | 0.527*** (35.77) |
| SIZE | –0.872* (–1.80) | 2.152*** (3.62) | –0.0870 (–0.19) | 1.599*** (2.75) |
| LEV | 0.725 (0.29) | –6.168** (–2.27) | 0.530 (0.21) | –5.338* (–1.96) |
| EPS | –1.980** (–2.42) | –5.705*** (–5.51) | –1.706** (–2.04) | –6.361*** (–6.31) |
| Ind | –8.387 (–0.87) | 6.758 (0.99) | –9.690 (–0.99) | 8.238 (1.20) |
| CurAsRa | –5.413** (–2.34) | –10.76*** (–4.54) | –4.675** (–1.97) | –10.44*** (–4.39) |
| TAturnover | –0.181 (–0.29) | 0.773 (0.72) | –0.220 (–0.34) | 0.675 (0.63) |
| Constant | 27.09** (2.51) | –37.11*** (–2.95) | 11.03 (1.06) | –26.73** (–2.16) |
| N | 393 | 805 | 393 | 805 |
| R2 | 0.471 | 0.704 | 0.445 | 0.701 |
| Adjusted R2 | 0.459 | 0.700 | 0.432 | 0.698 |
| Group | Non-founder-CEO firms | Founder-CEO firms | Non-founder-CEO firms | Founder-CEO firms |
|---|---|---|---|---|
| 0.00000323 | –0.00000223 | |||
| 1.457 (1.10) | –1.127 (–1.45) | |||
| –1.047 (–0.96) | –3.282 | –0.788 (–0.71) | –3.223 | |
| 0.338 | 0.530 | 0.372 | 0.527 | |
| –0.872 | 2.152 | –0.0870 (–0.19) | 1.599 | |
| 0.725 (0.29) | –6.168 | 0.530 (0.21) | –5.338 | |
| –1.980 | –5.705 | –1.706 | –6.361 | |
| –8.387 (–0.87) | 6.758 (0.99) | –9.690 (–0.99) | 8.238 (1.20) | |
| –5.413 | –10.76 | –4.675 | –10.44 | |
| –0.181 (–0.29) | 0.773 (0.72) | –0.220 (–0.34) | 0.675 (0.63) | |
| 27.09 | –37.11 | 11.03 (1.06) | –26.73 | |
| 393 | 805 | 393 | 805 | |
| 0.471 | 0.704 | 0.445 | 0.701 | |
| 0.459 | 0.700 | 0.432 | 0.698 |
Notes:
t-statistics in parentheses,
p < 0.10;
p < 0.05;
p < 0.01
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