CEO tenure and firm performance – baseline results
| DEP = TOBINSQ | |||
|---|---|---|---|
| Model 1 | Model 2 | Model 3 | |
| Variable(s) | Coefficient (t-value) | Coefficient (t-value) | Coefficient (t-value) |
| CEO_TENURE | 0.0194** (2.03) | 0.0411*** (5.92) | |
| CEO_TENURE2 | −0.0028*** (−5.22) | ||
| Ln(CEO_TENURE) | 0.1211*** (3.31) | ||
| CEO_AGE | 0.3781 (0.72) | 0.4143 (0.72) | 0.4021 (0.55) |
| CEO_GENDER | −0.8504*** (−4.12) | −0.8854*** (−5.01) | −0.8674*** (−4.22) |
| CEO_FOUNDER | 0.1211 (0.62) | 0.1193 (0.87) | 0.1345 (0.63) |
| CEO_DUAL | −0.1231 (−0.92) | −0.1196 (−0.97) | −0.1310 (−0.89) |
| SIZE | −0.2532*** (−8.92) | −0.2124*** (−6.12) | −0.2175*** (−8.22) |
| LEV | −0.2598*** (−4.17) | −0.2723*** (−3.96) | −0.2872*** (−3.92) |
| LOSS | −0.0034 (−1.21) | −0.0039 (−1.09) | −0.0032 (−1.13) |
| Constant | 4.9324*** (3.11) | 4.1232*** (2.88) | 3.9234*** (3.11) |
| YEAR_FE | Yes | Yes | Yes |
| INDUSTRY_FE | Yes | Yes | Yes |
| Adj R2 | 0.1912 | 0.2011 | 0.1988 |
| N | 1,522 | 1,522 | 1,522 |
| DEP = TOBINSQ | |||
|---|---|---|---|
| Model 1 | Model 2 | Model 3 | |
| Variable(s) | Coefficient ( | Coefficient ( | Coefficient ( |
| CEO_TENURE | 0.0194 | 0.0411 | |
| CEO_TENURE2 | −0.0028 | ||
| Ln(CEO_TENURE) | 0.1211 | ||
| CEO_AGE | 0.3781 (0.72) | 0.4143 (0.72) | 0.4021 (0.55) |
| CEO_GENDER | −0.8504 | −0.8854 | −0.8674 |
| CEO_FOUNDER | 0.1211 (0.62) | 0.1193 (0.87) | 0.1345 (0.63) |
| CEO_DUAL | −0.1231 (−0.92) | −0.1196 (−0.97) | −0.1310 (−0.89) |
| SIZE | −0.2532 | −0.2124 | −0.2175 |
| LEV | −0.2598 | −0.2723 | −0.2872 |
| LOSS | −0.0034 (−1.21) | −0.0039 (−1.09) | −0.0032 (−1.13) |
| Constant | 4.9324 | 4.1232 | 3.9234 |
| YEAR_FE | Yes | Yes | Yes |
| INDUSTRY_FE | Yes | Yes | Yes |
| Adj | 0.1912 | 0.2011 | 0.1988 |
| 1,522 | 1,522 | 1,522 | |
Note(s): Table 3 reports the regression results testing the relationship between CEO tenure and firm performance. All variable definitions are in Appendix. ***, ** and * represent statistical significance at the 1, 5 and 10% levels, respectively (two-tailed tests)
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