Moderating effect of CEO tenure of CEO compensation 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 | |
| CEOpay | 0.00000347** (2.51) | 0.00000359*** (3.05) | –0.00000572* (–1.88) | –0.00000498*** (–3.79) |
| CEOtenHigh | 2.908 (1.46) | 0.834 (0.34) | –6.126*** (–3.43) | –5.657*** (–3.13) |
| corTenHiPay | –0.00000814** (–2.26) | –0.00000190 (–1.17) | 0.0000103*** (2.87) | 0.00000249 (1.50) |
| mediapos | 0.411*** (9.08) | 0.326*** (10.56) | 0.261*** (9.82) | 0.580*** (30.85) |
| SIZE | –0.858* (–1.66) | 1.643 (1.40) | 1.649** (2.12) | 2.896*** (3.21) |
| LEV | –0.764 (–0.32) | –8.154 (–1.49) | –7.313** (–2.49) | –7.870* (–1.89) |
| EPS | –8.311*** (–4.42) | 0.0363 (0.03) | –9.917*** (–5.67) | –0.523 (–0.35) |
| Ind | –11.64 (–1.21) | –13.00 (–0.78) | 6.457 (0.86) | 8.160 (0.81) |
| CurAsRa | –1.070 (–0.46) | –7.763** (–1.97) | –2.699 (–1.05) | –16.17*** (–4.48) |
| TAturnover | –0.365 (–0.60) | 0.319 (0.29) | 1.478 (1.22) | 0.656 (0.43) |
| Constant | 25.74** (2.24) | –24.82 (–0.97) | –21.88 (–1.28) | –54.16*** (–2.77) |
| N | 193 | 200 | 400 | 405 |
| R2 | 0.381 | 0.545 | 0.288 | 0.802 |
| Adjusted R2 | 0.347 | 0.521 | 0.269 | 0.797 |
| 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 |
|---|---|---|---|---|
| 0.00000347 | 0.00000359 | –0.00000572 | –0.00000498 | |
| 2.908 (1.46) | 0.834 (0.34) | –6.126 | –5.657 | |
| –0.00000814 | –0.00000190 (–1.17) | 0.0000103 | 0.00000249 (1.50) | |
| 0.411 | 0.326 | 0.261 | 0.580 | |
| –0.858 | 1.643 (1.40) | 1.649 | 2.896 | |
| –0.764 (–0.32) | –8.154 (–1.49) | –7.313 | –7.870 | |
| –8.311 | 0.0363 (0.03) | –9.917 | –0.523 (–0.35) | |
| –11.64 (–1.21) | –13.00 (–0.78) | 6.457 (0.86) | 8.160 (0.81) | |
| –1.070 (–0.46) | –7.763 | –2.699 (–1.05) | –16.17 | |
| –0.365 (–0.60) | 0.319 (0.29) | 1.478 (1.22) | 0.656 (0.43) | |
| 25.74 | –24.82 (–0.97) | –21.88 (–1.28) | –54.16 | |
| 193 | 200 | 400 | 405 | |
| 0.381 | 0.545 | 0.288 | 0.802 | |
| 0.347 | 0.521 | 0.269 | 0.797 |
Notes:
t-statistics in parentheses,
p < 0.10;
p < 0.05;
p < 0.01
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