Moderating effect of CEO tenure of CEO power 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 | |
| Duality | –1.426 (–0.95) | 1.245 (0.44) | –0.160 (–0.10) | –1.630 (–0.69) |
| CEOtenHigh | –1.219 (–0.92) | –2.000 (–1.03) | –0.538 (–0.46) | –4.467*** (–2.71) |
| corTenHiDua | 2.139 (0.79) | 7.227 (1.40) | –2.019 (–1.12) | 1.527 (0.56) |
| mediapos | 0.411*** (8.68) | 0.357*** (11.63) | 0.260*** (9.74) | 0.573*** (29.97) |
| SIZE | –0.604 (–1.16) | 3.009*** (2.78) | 1.935**(2.53) | 1.900**(2.08) |
| LEV | –1.271 (–0.53) | –10.97** (–1.99) | –7.642*** (–2.61) | –6.297 (–1.47) |
| EPS | –8.407*** (–4.38) | 0.327 (0.29) | –9.568*** (–5.46) | –2.140 (–1.45) |
| Ind | –11.52 (–1.18) | –13.88 (–0.81) | 5.718 (0.76) | 8.608 (0.83) |
| CurAsRa | –0.413 (–0.17) | –6.432 (–1.60) | –1.997 (–0.77) | –14.83*** (–4.00) |
| TAturnover | –0.0711 (–0.12) | 0.441 (0.39) | 1.562 (1.30) | 0.575 (0.36) |
| Constant | 21.88* (1.87) | –52.87** (–2.20) | –30.34* (–1.81) | –35.59* (–1.80) |
| N | 193 | 200 | 400 | 405 |
| R2 | 0.356 | 0.531 | 0.281 | 0.793 |
| Adjusted R2 | 0.320 | 0.506 | 0.263 | 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 |
|---|---|---|---|---|
| –1.426 (–0.95) | 1.245 (0.44) | –0.160 (–0.10) | –1.630 (–0.69) | |
| –1.219 (–0.92) | –2.000 (–1.03) | –0.538 (–0.46) | –4.467 | |
| 2.139 (0.79) | 7.227 (1.40) | –2.019 (–1.12) | 1.527 (0.56) | |
| 0.411 | 0.357 | 0.260 | 0.573 | |
| –0.604 (–1.16) | 3.009 | 1.935 | 1.900 | |
| –1.271 (–0.53) | –10.97 | –7.642 | –6.297 (–1.47) | |
| –8.407 | 0.327 (0.29) | –9.568 | –2.140 (–1.45) | |
| –11.52 (–1.18) | –13.88 (–0.81) | 5.718 (0.76) | 8.608 (0.83) | |
| –0.413 (–0.17) | –6.432 (–1.60) | –1.997 (–0.77) | –14.83 | |
| –0.0711 (–0.12) | 0.441 (0.39) | 1.562 (1.30) | 0.575 (0.36) | |
| 21.88 | –52.87 | –30.34 | –35.59 | |
| 193 | 200 | 400 | 405 | |
| 0.356 | 0.531 | 0.281 | 0.793 | |
| 0.320 | 0.506 | 0.263 | 0.788 |
Notes: t-statistics in parentheses,
p < 0.10;
p < 0.05;
p < 0.01
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