CEO tenure and firm performance – additional analysis
| Variable(s) | DEP = BEP | ||
|---|---|---|---|
| Model 1 | Model 2 | Model 3 | |
| Coefficient (t-value) | Coefficient (t-value) | Coefficient (t-value) | |
| CEO_TENURE | 0.0014*** (3.49) | 0.0054*** (5.25) | |
| CEO_TENURE2 | −0.0020*** (−3.31) | ||
| Ln(CEO_TENURE) | 0.0032*** (3.11) | ||
| CEO_AGE | 0.0899*** (2.99) | 0.1188*** (3.11) | 0.1288*** (3.69) |
| CEO_GENDER | −0.0111 (−1.22) | −0.0146* (−1.72) | −0.0152*** (−4.22) |
| CEO_FOUNDER | 0.0196** (2.76) | 0.0214*** (2.88) | 0.0254*** (2.94) |
| CEO_DUAL | −0.0233*** (−3.77) | −0.0267*** (−3.98) | −0.0700*** (−3.68) |
| SIZE | −0.0111*** (−6.11) | −0.0088*** (−5.22) | −0.0018*** (−4.97) |
| LEV | −0.1233*** (−8.11) | −0.1574*** (−8.99) | −0.1955*** (−6.42) |
| LOSS | −0.0034 (−0.84) | −0.0011 (−0.44) | −0.0010 (−0.37) |
| Constant | −0.0813 (−1.23) | −0.2345 (−0.37) | −0.0975 (−0.63) |
| YEAR_FE | Yes | Yes | Yes |
| INDUSTRY_FE | Yes | Yes | Yes |
| Adj R2 | 0.6755 | 0.6988 | 0.6975 |
| N | 1,522 | 1,522 | 1,522 |
| Variable(s) | DEP = BEP | ||
|---|---|---|---|
| Model 1 | Model 2 | Model 3 | |
| Coefficient ( | Coefficient ( | Coefficient ( | |
| CEO_TENURE | 0.0014 | 0.0054 | |
| CEO_TENURE2 | −0.0020 | ||
| Ln(CEO_TENURE) | 0.0032 | ||
| CEO_AGE | 0.0899 | 0.1188 | 0.1288 |
| CEO_GENDER | −0.0111 (−1.22) | −0.0146 | −0.0152 |
| CEO_FOUNDER | 0.0196 | 0.0214 | 0.0254 |
| CEO_DUAL | −0.0233 | −0.0267 | −0.0700 |
| SIZE | −0.0111 | −0.0088 | −0.0018 |
| LEV | −0.1233 | −0.1574 | −0.1955 |
| LOSS | −0.0034 (−0.84) | −0.0011 (−0.44) | −0.0010 (−0.37) |
| Constant | −0.0813 (−1.23) | −0.2345 (−0.37) | −0.0975 (−0.63) |
| YEAR_FE | Yes | Yes | Yes |
| INDUSTRY_FE | Yes | Yes | Yes |
| Adj | 0.6755 | 0.6988 | 0.6975 |
| 1,522 | 1,522 | 1,522 | |
Note(s): Table 5 reports the regression results of testing the relationship between CEO tenure and firm performance using the alternative proxy for firm performance BEP. 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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