Table 6 Regression results: firm fixed...

Table 6

Regression results: firm fixed effects and PSM methods

Variables	Complexity1		Complexity2		Complexity3
Variables	Coef	t-stat	Coef	t-stat	Coef	t-stat
Panel A: firm fixed effects
CEOOC	0.459**	1.976	−0.197**	−2.376	0.346**	2.390
Intercept	Yes		Yes		Yes
Controls	Yes		Yes		Yes
YEAR_FE	Yes		Yes		Yes
IND_FE	No		No		No
FIRM_FE	Yes		Yes		Yes
Adj_R²	0.459		0.445		0.376
F	4.240***		4.065***		3.298***
Observations	1,445		1,445		1,445
Panel B: propensity score matching
CEOOC	0.502***	2.970	0.366***	3.041	0.102**	2.430
CEOTen	0.049**	1.785	0.035	1.790	0.035	1.034
CEOFinExpt	−0.320	−1.319	−0.240	−1.390	−0.182	−0.612
BInd	0.642	1.492	0.401	1.313	0.898*	1.712
BFinExpt	0.264	0.477	0.170	0.434	−0.118	−0.175
InstOwn	1.154**	2.251	0.804**	2.206	0.962	1.538
Size	0.183***	2.694	0.126***	2.645	0.186**	2.233
ROA	−0.670	−0.948	−0.375	−0.746	0.739	0.857
Accruals	0.295	0.549	0.209	0.545	−0.022	−0.033
Loss	−0.276	−0.787	−0.162	−0.649	−0.216	−0.506
SalesG	−0.075	−0.425	−0.044	−0.351	−0.193	−0.897
MTB	0.043	1.044	0.031	1.077	0.037	0.738
LnAge	−0.189	−0.791	−0.151	−0.886	0.024	0.082
ForeignS	0.564***	2.637	0.397***	2.614	0.476*	1.824
Segment	0.219	1.136	0.177	1.290	0.086	0.367
Intercept	10.171***	6.875	12.909***	12.276	8.039***	4.453
Controls	Yes		Yes		Yes
YEAR_FE	Yes		Yes		Yes
IND_FE	Yes		Yes		Yes
Adj_R²	0.142		0.142		0.094
F	2.494***		2.490***		1.950***
Observations	530		530		530

Variables	Complexity1		Complexity2		Complexity3
Variables	Coef	t-stat	Coef	t-stat	Coef	t-stat
Panel A: firm fixed effects
CEOOC	0.459**	1.976	−0.197**	−2.376	0.346**	2.390
Intercept	Yes		Yes		Yes
Controls	Yes		Yes		Yes
YEAR_FE	Yes		Yes		Yes
IND_FE	No		No		No
FIRM_FE	Yes		Yes		Yes
Adj_R²	0.459		0.445		0.376
F	4.240***		4.065***		3.298***
Observations	1,445		1,445		1,445
Panel B: propensity score matching
CEOOC	0.502***	2.970	0.366***	3.041	0.102**	2.430
CEOTen	0.049**	1.785	0.035	1.790	0.035	1.034
CEOFinExpt	−0.320	−1.319	−0.240	−1.390	−0.182	−0.612
BInd	0.642	1.492	0.401	1.313	0.898*	1.712
BFinExpt	0.264	0.477	0.170	0.434	−0.118	−0.175
InstOwn	1.154**	2.251	0.804**	2.206	0.962	1.538
Size	0.183***	2.694	0.126***	2.645	0.186**	2.233
ROA	−0.670	−0.948	−0.375	−0.746	0.739	0.857
Accruals	0.295	0.549	0.209	0.545	−0.022	−0.033
Loss	−0.276	−0.787	−0.162	−0.649	−0.216	−0.506
SalesG	−0.075	−0.425	−0.044	−0.351	−0.193	−0.897
MTB	0.043	1.044	0.031	1.077	0.037	0.738
LnAge	−0.189	−0.791	−0.151	−0.886	0.024	0.082
ForeignS	0.564***	2.637	0.397***	2.614	0.476*	1.824
Segment	0.219	1.136	0.177	1.290	0.086	0.367
Intercept	10.171***	6.875	12.909***	12.276	8.039***	4.453
Controls	Yes		Yes		Yes
YEAR_FE	Yes		Yes		Yes
IND_FE	Yes		Yes		Yes
Adj_R²	0.142		0.142		0.094
F	2.494***		2.490***		1.950***
Observations	530		530		530

Note(s): Statistical significance is denoted by *p < 0.10, **p < 0.05, ***p < 0.01. Variables are as defined in Appendix 2

Source(s): Author’s own creation

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