CEO tenure and firm performance – additional analysis
| Variable(s) | DEP = ROA | ||
|---|---|---|---|
| Model 1 | Model 2 | Model 3 | |
| Coefficient (t-value) | Coefficient (t-value) | Coefficient (t-value) | |
| CEO_TENURE | 0.0216*** (4.92) | 0.0105*** (6.98) | |
| CEO_TENURE2 | −0.0038*** (−4.22) | ||
| Ln(CEO_TENURE) | 0.0039*** (2.86) | ||
| CEO_AGE | 0.1765*** (4.28) | 0.1813*** (4.23) | 0.1974*** (2.87) |
| CEO_GENDER | −0.0092 (−0.71) | −0.0087 (−0.76) | −0.0086*** (−3.23) |
| CEO_FOUNDER | 0.0272*** (2.71) | 0.0319*** (3.09) | 0.0587*** (2.99) |
| CEO_DUAL | −0.0357*** (−3.25) | −0.0407*** (−3.12) | −0.0511*** (−2.72) |
| SIZE | −0.0132*** (−4.11) | −0.0221*** (−4.99) | −0.0399*** (−6.11) |
| LEV | −0.2309*** (−5.11) | −0.2763*** (−8.33) | −0.2677*** (−6.11) |
| LOSS | −0.0039 (−1.09) | −0.0021 (−0.97) | −0.0014 (−0.54) |
| Constant | 1.1976* (1.79) | 1.4423* (1.79) | 1.3301* (1.86) |
| YEAR_FE | Yes | Yes | Yes |
| INDUSTRY_FE | Yes | Yes | Yes |
| Adj R2 | 0.6011 | 0.6321 | 0.6511 |
| N | 1,522 | 1,522 | 1,522 |
| Variable(s) | DEP = ROA | ||
|---|---|---|---|
| Model 1 | Model 2 | Model 3 | |
| Coefficient ( | Coefficient ( | Coefficient ( | |
| CEO_TENURE | 0.0216 | 0.0105 | |
| CEO_TENURE2 | −0.0038 | ||
| Ln(CEO_TENURE) | 0.0039 | ||
| CEO_AGE | 0.1765 | 0.1813 | 0.1974 |
| CEO_GENDER | −0.0092 (−0.71) | −0.0087 (−0.76) | −0.0086 |
| CEO_FOUNDER | 0.0272 | 0.0319 | 0.0587 |
| CEO_DUAL | −0.0357 | −0.0407 | −0.0511 |
| SIZE | −0.0132 | −0.0221 | −0.0399 |
| LEV | −0.2309 | −0.2763 | −0.2677 |
| LOSS | −0.0039 (−1.09) | −0.0021 (−0.97) | −0.0014 (−0.54) |
| Constant | 1.1976 | 1.4423 | 1.3301 |
| YEAR_FE | Yes | Yes | Yes |
| INDUSTRY_FE | Yes | Yes | Yes |
| Adj | 0.6011 | 0.6321 | 0.6511 |
| 1,522 | 1,522 | 1,522 | |
Note(s): Table 4 reports the regression results testing the relationship between CEO tenure and firm performance using the alternative proxy for firm performance ROA. 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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