Moderating effect of CEO tenure on negative coverage
| Group Variables | Non-founder-CEO firms | Founder-CEO firms | Non-founder-CEO firms | Founder-CEO firms |
|---|---|---|---|---|
| medianeg | medianeg | medianeg | medianeg | |
| 2a | 2a | 2b | 2b | |
| CEOpay | 0.00000398*** (4.71) | –0.00000266** (–2.41) | ||
| CEOtenHigh | 0.487 (0.34) | –3.718*** (–3.13) | –1.709 (–1.39) | –2.907*** (–2.69) |
| corTenHiPay | –0.00000205* (–1.66) | 0.000000726 (0.53) | ||
| Duality | –0.0707 (–0.04) | –0.483 (–0.32) | ||
| corTenHiDua | 4.971* (1.75) | –0.872 (–0.50) | ||
| Mediapos | 0.336*** (14.13) | 0.531*** (35.73) | 0.369*** (15.52) | 0.527*** (35.76) |
| SIZE | –0.853* (–1.76) | 2.136*** (3.59) | –0.0376 (–0.08) | 1.608*** (2.76) |
| LEV | 0.631 (0.26) | –6.148** (–2.26) | 0.372 (0.15) | –5.411** (–1.98) |
| EPS | –2.055** (–2.52) | –5.663*** (–5.45) | –1.739** (–2.09) | –6.380*** (–6.32) |
| Ind | –8.462 (–0.88) | 6.899 (1.01) | –10.40 (–1.06) | 8.167 (1.19) |
| CurAsRa | –5.706** (–2.47) | –10.84*** (–4.56) | –5.041** (–2.12) | –10.53*** (–4.41) |
| TAturnover | –0.237 (–0.38) | 0.767 (0.72) | –0.210 (–0.33) | 0.657 (0.61) |
| Constant | 26.53** (2.47) | –36.58*** (–2.89) | 10.89 (1.05) | –27.01** (–2.18) |
| N | 393 | 805 | 393 | 805 |
| R2 | 0.475 | 0.704 | 0.449 | 0.702 |
| Adjusted R2 | 0.461 | 0.700 | 0.435 | 0.698 |
| Group | Non-founder-CEO firms | Founder-CEO firms | Non-founder-CEO firms | Founder-CEO firms |
|---|---|---|---|---|
| 2a | 2a | 2b | 2b | |
| 0.00000398 | –0.00000266 | |||
| 0.487 (0.34) | –3.718 | –1.709 (–1.39) | –2.907 | |
| –0.00000205 | 0.000000726 (0.53) | |||
| –0.0707 (–0.04) | –0.483 (–0.32) | |||
| 4.971 | –0.872 (–0.50) | |||
| 0.336 | 0.531 | 0.369 | 0.527 | |
| –0.853 | 2.136 | –0.0376 (–0.08) | 1.608 | |
| 0.631 (0.26) | –6.148 | 0.372 (0.15) | –5.411 | |
| –2.055 | –5.663 | –1.739 | –6.380 | |
| –8.462 (–0.88) | 6.899 (1.01) | –10.40 (–1.06) | 8.167 (1.19) | |
| –5.706 | –10.84 | –5.041 | –10.53 | |
| –0.237 (–0.38) | 0.767 (0.72) | –0.210 (–0.33) | 0.657 (0.61) | |
| 26.53 | –36.58 | 10.89 (1.05) | –27.01 | |
| 393 | 805 | 393 | 805 | |
| 0.475 | 0.704 | 0.449 | 0.702 | |
| Adjusted | 0.461 | 0.700 | 0.435 | 0.698 |
Notes:
t-statistics in parentheses,
p < 0.10;
p < 0.05;
p < 0.01
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