Table VII. Influence of CEO payment on... | Emerald Publishing

Table VII.

Influence of CEO payment on negative coverage by founder-CEO and firm performance

Group Variables	Non-founder-CEO and worse-performing firms	Non-founder-CEO and better-performing firms	Founder-CEO and worse-performing firms	Founder-CEO and better-performing firms
	medianeg	medianeg	medianeg	medianeg
	3a	3a	3a	3a
CEOpay	0.00000243^* (1.84)	0.00000280^*** (2.89)	0.00000159 (0.95)	–0.00000355^*** (–3.93)
CEOtenHigh	–0.814 (–0.71)	–1.081 (–0.61)	–1.725^* (–1.86)	–3.784^*** (–2.89)
mediapos	0.409^*** (8.94)	0.328^*** (10.64)	0.256^*** (9.55)	0.577^*** (30.86)
SIZE	–0.894^* (–1.71)	1.682 (1.43)	1.849^** (2.36)	2.879^*** (3.18)
LEV	–0.819 (–0.34)	–7.956 (–1.45)	–7.410^** (–2.50)	–7.820^* (–1.87)
EPS	–8.305^*** (–4.36)	0.130 (0.11)	–9.882^*** (–5.60)	–0.825 (–0.56)
Ind	–9.387 (–0.97)	–13.30 (–0.79)	4.515 (0.60)	7.532 (0.75)
CurAsRa	–0.777 (–0.33)	–7.378^* (–1.88)	–2.307 (–0.89)	–15.80^*** (–4.38)
TAturnover	–0.234 (–0.38)	0.357 (0.32)	1.488 (1.22)	0.668 (0.43)
Constant	25.92^** (2.23)	–25.35 (–0.99)	–28.45^* (–1.67)	–54.53^*** (–2.79)
N	193	200	400	405
R²	0.364	0.541	0.273	0.801
Adjusted R²	0.333	0.520	0.256	0.796

GroupVariables	Non-founder-CEO and worse-performing firms	Non-founder-CEO and better-performing firms	Founder-CEO and worse-performing firms	Founder-CEO and better-performing firms
	medianeg	medianeg	medianeg	medianeg
	3a	3a	3a	3a
CEOpay	0.00000243^* (1.84)	0.00000280^*** (2.89)	0.00000159 (0.95)	–0.00000355^*** (–3.93)
CEOtenHigh	–0.814 (–0.71)	–1.081 (–0.61)	–1.725^* (–1.86)	–3.784^*** (–2.89)
mediapos	0.409^*** (8.94)	0.328^*** (10.64)	0.256^*** (9.55)	0.577^*** (30.86)
SIZE	–0.894^* (–1.71)	1.682 (1.43)	1.849^** (2.36)	2.879^*** (3.18)
LEV	–0.819 (–0.34)	–7.956 (–1.45)	–7.410^** (–2.50)	–7.820^* (–1.87)
EPS	–8.305^*** (–4.36)	0.130 (0.11)	–9.882^*** (–5.60)	–0.825 (–0.56)
Ind	–9.387 (–0.97)	–13.30 (–0.79)	4.515 (0.60)	7.532 (0.75)
CurAsRa	–0.777 (–0.33)	–7.378^* (–1.88)	–2.307 (–0.89)	–15.80^*** (–4.38)
TAturnover	–0.234 (–0.38)	0.357 (0.32)	1.488 (1.22)	0.668 (0.43)
Constant	25.92^** (2.23)	–25.35 (–0.99)	–28.45^* (–1.67)	–54.53^*** (–2.79)
N	193	200	400	405
R²	0.364	0.541	0.273	0.801
Adjusted R²	0.333	0.520	0.256	0.796

Notes:

t-statistics in parentheses;

*

p < 0.10;

**

p < 0.05;

***

p < 0.01