Panel regressions with moderator (CEO EL COMP as dependent variable)
| Model 4 | Model 5 | Model 6 | ||||
|---|---|---|---|---|---|---|
| Coef | Std. err | Coef | Std. err | Coef | Std. err | |
| ENS | 1394.501+ | 745.092 | ||||
| INS OWN | −496.619 | 352.589 | −487.808 | 349.677 | 222.028 | 264.109 |
| ENS × INS OWN | 93.567+ | 56.554 | ||||
| CEO EL COMP (t−1) | 0.153*** | 0.037 | 0.161*** | 0.037 | 0.158*** | 0.037 |
| ROE | −12.651 | 46.976 | −4.806 | 47.016 | 0.398 | 47.019 |
| ROA | 135.379 | 187.873 | 118.283 | 188.385 | 106.273 | 188.59 |
| FIRM SIZE | 6598.565* | 3016.759 | 6915.235* | 3040.269 | 6957.254* | 3032.249 |
| FIN LEV | 21.639* | 8.501 | 20.723* | 8.559 | 20.826* | 8.547 |
| CEO TENURE | 174.549 | 282.462 | 200.306 | 278.845 | 184.51 | 278.62 |
| BOARD IND | 4495.114 | 4674.427 | 4355.078 | 4728.296 | 4875.062 | 4689.691 |
| CEO EDU = = Engineering | −3832.367 | 4116.071 | −2932.46 | 4130.633 | −3203.88 | 4134.714 |
| CEO EDU = = Finance | −260.185 | 4202.357 | 23.469 | 4217.867 | 27.44 | 4226.593 |
| CEO EDU = = Law | −68.358 | 4186.485 | 121.991 | 4202.482 | 63.517 | 4213.095 |
| CEO EDU = = Management | −484.417 | 3882.61 | −148.099 | 3895.039 | −57.956 | 3903.248 |
| CEO EDU = = Others | 1614.609 | 3926.86 | 1289.946 | 3946.862 | 1660.311 | 3949.94 |
| SOS | −717.785 | 760.169 | ||||
| SOS × INS OWN | 126.841+ | 76.883 | ||||
| GS | 94.095 | 541.61 | ||||
| GS × INS OWN | −36.187 | 50.935 | ||||
| Constant | −62009.187* | 30661.604 | −54391.150+ | 30693.941 | −58302.271+ | 30698.55 |
| R-squared | 0.59 | 0.52 | 0.49 | |||
| N. of cases | 884 | 884 | 884 | |||
| Model 4 | Model 5 | Model 6 | ||||
|---|---|---|---|---|---|---|
| Coef | Std. err | Coef | Std. err | Coef | Std. err | |
| ENS | 1394.501+ | 745.092 | ||||
| INS OWN | −496.619 | 352.589 | −487.808 | 349.677 | 222.028 | 264.109 |
| ENS × INS OWN | 93.567+ | 56.554 | ||||
| CEO EL COMP ( | 0.153*** | 0.037 | 0.161*** | 0.037 | 0.158*** | 0.037 |
| ROE | −12.651 | 46.976 | −4.806 | 47.016 | 0.398 | 47.019 |
| ROA | 135.379 | 187.873 | 118.283 | 188.385 | 106.273 | 188.59 |
| FIRM SIZE | 6598.565* | 3016.759 | 6915.235* | 3040.269 | 6957.254* | 3032.249 |
| FIN LEV | 21.639* | 8.501 | 20.723* | 8.559 | 20.826* | 8.547 |
| CEO TENURE | 174.549 | 282.462 | 200.306 | 278.845 | 184.51 | 278.62 |
| BOARD IND | 4495.114 | 4674.427 | 4355.078 | 4728.296 | 4875.062 | 4689.691 |
| CEO EDU = = Engineering | −3832.367 | 4116.071 | −2932.46 | 4130.633 | −3203.88 | 4134.714 |
| CEO EDU = = Finance | −260.185 | 4202.357 | 23.469 | 4217.867 | 27.44 | 4226.593 |
| CEO EDU = = Law | −68.358 | 4186.485 | 121.991 | 4202.482 | 63.517 | 4213.095 |
| CEO EDU = = Management | −484.417 | 3882.61 | −148.099 | 3895.039 | −57.956 | 3903.248 |
| CEO EDU = = Others | 1614.609 | 3926.86 | 1289.946 | 3946.862 | 1660.311 | 3949.94 |
| SOS | −717.785 | 760.169 | ||||
| SOS × INS OWN | 126.841+ | 76.883 | ||||
| GS | 94.095 | 541.61 | ||||
| GS × INS OWN | −36.187 | 50.935 | ||||
| Constant | −62009.187* | 30661.604 | −54391.150+ | 30693.941 | −58302.271+ | 30698.55 |
| 0.59 | 0.52 | 0.49 | ||||
| 884 | 884 | 884 | ||||
Note(s): +p < 0.10, *p < 0.05, **p < 0.01, ***p < 0.001
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