Panel regressions (CEO EL COMP as dependent variable)
| Model 1 | Model 2 | Model 3 | ||||
|---|---|---|---|---|---|---|
| Coef | Std. err | Coef | Std. err | Coef | Std. err | |
| ENS | 1717.830* | 719.771 | ||||
| CEO EL COMP (t−1) | 0.151*** | 0.037 | 0.159*** | 0.037 | 0.158*** | 0.037 |
| ROE | −6.657 | 46.866 | −0.455 | 46.972 | −0.097 | 46.972 |
| ROA | 115.572 | 187.588 | 104.916 | 188.271 | 102.854 | 188.296 |
| FIRM SIZE | 6674.073* | 3016.786 | 7099.580* | 3038.105 | 6993.275* | 3026.37 |
| FIN LEV | 21.786* | 8.502 | 21.361* | 8.554 | 21.041* | 8.533 |
| CEO TENURE | 262.546 | 279.257 | 235.208 | 278.012 | 183.693 | 277.881 |
| BOARD IND | 4053.802 | 4675.867 | 3558.333 | 4710.999 | 4742.765 | 4673.207 |
| CEO EDU = = Engineering | −3745.664 | 4118.184 | −3190.434 | 4130.502 | −3220.175 | 4130.826 |
| CEO EDU = = Finance | −170.035 | 4204.475 | 37.719 | 4220.155 | 44.046 | 4222.493 |
| CEO EDU = = Law | −159.591 | 4188.784 | 36.664 | 4204.823 | 44.653 | 4209.023 |
| CEO EDU = = Management | −240.703 | 3881.909 | −55.08 | 3896.104 | −34.29 | 3898.55 |
| CEO EDU = = Others | 1687.992 | 3927.288 | 1633.986 | 3943.455 | 1661.366 | 3943.239 |
| SOS | −303.084 | 717.954 | ||||
| GS | −86.941 | 463.703 | ||||
| Constant | −64580.486* | 30598.303 | −57890.003+ | 30588.325 | −57572.624+ | 30648.444 |
| R-squared | 0.55 | 0.48 | 0.48 | |||
| N. of cases | 884 | 884 | 884 | |||
| Model 1 | Model 2 | Model 3 | ||||
|---|---|---|---|---|---|---|
| Coef | Std. err | Coef | Std. err | Coef | Std. err | |
| ENS | 1717.830* | 719.771 | ||||
| CEO EL COMP ( | 0.151*** | 0.037 | 0.159*** | 0.037 | 0.158*** | 0.037 |
| ROE | −6.657 | 46.866 | −0.455 | 46.972 | −0.097 | 46.972 |
| ROA | 115.572 | 187.588 | 104.916 | 188.271 | 102.854 | 188.296 |
| FIRM SIZE | 6674.073* | 3016.786 | 7099.580* | 3038.105 | 6993.275* | 3026.37 |
| FIN LEV | 21.786* | 8.502 | 21.361* | 8.554 | 21.041* | 8.533 |
| CEO TENURE | 262.546 | 279.257 | 235.208 | 278.012 | 183.693 | 277.881 |
| BOARD IND | 4053.802 | 4675.867 | 3558.333 | 4710.999 | 4742.765 | 4673.207 |
| CEO EDU = = Engineering | −3745.664 | 4118.184 | −3190.434 | 4130.502 | −3220.175 | 4130.826 |
| CEO EDU = = Finance | −170.035 | 4204.475 | 37.719 | 4220.155 | 44.046 | 4222.493 |
| CEO EDU = = Law | −159.591 | 4188.784 | 36.664 | 4204.823 | 44.653 | 4209.023 |
| CEO EDU = = Management | −240.703 | 3881.909 | −55.08 | 3896.104 | −34.29 | 3898.55 |
| CEO EDU = = Others | 1687.992 | 3927.288 | 1633.986 | 3943.455 | 1661.366 | 3943.239 |
| SOS | −303.084 | 717.954 | ||||
| GS | −86.941 | 463.703 | ||||
| Constant | −64580.486* | 30598.303 | −57890.003+ | 30588.325 | −57572.624+ | 30648.444 |
| 0.55 | 0.48 | 0.48 | ||||
| 884 | 884 | 884 | ||||
Note(s): +p < 0.10, *p < 0.05, **p < 0.01, ***p < 0.001
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