Table 12 Cross-sectional analysis of...

Table 12

Cross-sectional analysis of management ownership

Variable	DM
Variable	(1) Low management ownership	(2) High management ownership
Open	0.0794^***	−0.0218
Open	(2.75)	(−0.56)
Size	0.0836^***	0.0996^***
Size	(6.79)	(5.28)
ROA	0.0238	−0.0015
ROA	(0.23)	(−0.01)
Growth	−0.0073	−0.0242^**
Growth	(−1.39)	(−2.07)
Lev	0.0342	0.2494^***
Lev	(0.76)	(2.83)
AM	0.0126	−0.0381
AM	(0.25)	(−0.30)
CFO	0.1261^***	0.2181^**
CFO	(2.59)	(2.26)
Top1	0.0017^***	0.0005
Top1	(2.64)	(0.33)
Dual	−0.0066	−0.0218
Dual	(−0.56)	(−0.84)
QFII	0.1275	−1.8958
QFII	(0.12)	(−1.02)
Constant	−1.5677^***	−1.9539^***
Constant	(−5.84)	(−4.76)
Firm FE	Control	Control
Year FE	Control	Control
R²	0.2158	0.2549
N	7,893	2,458

Variable	DM
Variable	(1)Low management ownership	(2)High management ownership
Open	0.0794^***	−0.0218
Open	(2.75)	(−0.56)
Size	0.0836^***	0.0996^***
Size	(6.79)	(5.28)
ROA	0.0238	−0.0015
ROA	(0.23)	(−0.01)
Growth	−0.0073	−0.0242^**
Growth	(−1.39)	(−2.07)
Lev	0.0342	0.2494^***
Lev	(0.76)	(2.83)
AM	0.0126	−0.0381
AM	(0.25)	(−0.30)
CFO	0.1261^***	0.2181^**
CFO	(2.59)	(2.26)
Top1	0.0017^***	0.0005
Top1	(2.64)	(0.33)
Dual	−0.0066	−0.0218
Dual	(−0.56)	(−0.84)
QFII	0.1275	−1.8958
QFII	(0.12)	(−1.02)
Constant	−1.5677^***	−1.9539^***
Constant	(−5.84)	(−4.76)
Firm FE	Control	Control
Year FE	Control	Control
R²	0.2158	0.2549
N	7,893	2,458

Note(s): This table presents the regression results of the cross-sectional analysis of management ownership. Variable definitions are available in Appendix 2. T-values are reported in parentheses. ***, ** and * denote statistical significance at the 1, 5 and 10% levels, respectively

Source(s): Table by authors

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