Influence of CEO power 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 | |
| 3b | 3b | 3b | 3b | |
| Duality | –0.758 (–0.61) | 3.451 (1.45) | –1.669** (–2.10) | –0.516 (–0.41) |
| CEOtenHigh | –0.705 (–0.61) | –1.016 (–0.56) | –1.313 (–1.41) | –3.944*** (–2.91) |
| mediapos | 0.417*** (8.94) | 0.358*** (11.62) | 0.259*** (9.69) | 0.572*** (29.99) |
| SIZE | –0.669 (–1.30) | 3.088*** (2.85) | 1.976** (2.59) | 1.932** (2.12) |
| LEV | –1.381 (–0.58) | –10.54* (–1.91) | –7.659*** (–2.62) | –6.471 (–1.52) |
| EPS | –8.434*** (–4.40) | 0.381 (0.33) | –9.543*** (–5.44) | –2.220 (–1.52) |
| Ind | –11.53 (–1.19) | –12.50 (–0.73) | 6.052 (0.80) | 8.553 (0.82) |
| CurAsRa | –0.289 (–0.12) | –5.832 (–1.46) | –1.860 (–0.72) | –15.07*** (–4.10) |
| TAturnover | –0.0291 (–0.05) | 0.281 (0.25) | 1.696 (1.41) | 0.589 (0.37) |
| Constant | 22.93** (1.97) | –55.99** (–2.34) | –30.93* (–1.84) | –36.32* (–1.84) |
| N | 193 | 200 | 400 | 405 |
| R2 | 0.354 | 0.526 | 0.279 | 0.793 |
| Adjusted R2 | 0.322 | 0.504 | 0.262 | 0.788 |
| Group | 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 |
|---|---|---|---|---|
| 3b | 3b | 3b | 3b | |
| –0.758 (–0.61) | 3.451 (1.45) | –1.669 | –0.516 (–0.41) | |
| –0.705 (–0.61) | –1.016 (–0.56) | –1.313 (–1.41) | –3.944 | |
| 0.417 | 0.358 | 0.259 | 0.572 | |
| –0.669 (–1.30) | 3.088 | 1.976 | 1.932 | |
| –1.381 (–0.58) | –10.54 | –7.659 | –6.471 (–1.52) | |
| –8.434 | 0.381 (0.33) | –9.543 | –2.220 (–1.52) | |
| –11.53 (–1.19) | –12.50 (–0.73) | 6.052 (0.80) | 8.553 (0.82) | |
| –0.289 (–0.12) | –5.832 (–1.46) | –1.860 (–0.72) | –15.07 | |
| –0.0291 (–0.05) | 0.281 (0.25) | 1.696 (1.41) | 0.589 (0.37) | |
| 22.93 | –55.99 | –30.93 | –36.32 | |
| 193 | 200 | 400 | 405 | |
| 0.354 | 0.526 | 0.279 | 0.793 | |
| 0.322 | 0.504 | 0.262 | 0.788 |
Notes:
t-statistics in parentheses;
p < 0.10;
p < 0.05;
p < 0.01
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