Robustness test: alternative measures of financialization
| Variables | Exfin | Exfin_dummy |
|---|---|---|
| Independent variable | ||
| LnCEO_Age | 0.072*** (3.04) | 0.194*** (3.53) |
| Control variables | ||
| Growth | 0.017 (1.08) | 0.072* (1.67) |
| Lev | −0.029* (−1.73) | −0.113*** (−2.87) |
| CF | 0.057*** (2.94) | 0.098*** (3.06) |
| Size | −0.016*** (−3.32) | 0.007 (1.26) |
| ROA | −0.041*** (−3.59) | −0.213*** (−4.32) |
| Comp_Age | 0.029* (1.69) | 0.013 (1.54) |
| CEO_TN | 0.056*** (2.89) | 0.104*** (3.12) |
| Constant | 0.235*** (3.11) | −1.623*** (−4.16) |
| Year/Industry fixed effects | Yes | Yes |
| R-squared | 0.364 | 0.439 |
| Observations | 1,491 | 1,491 |
| Variables | Exfin | Exfin_dummy |
|---|---|---|
| LnCEO_Age | 0.072*** (3.04) | 0.194*** (3.53) |
| Growth | 0.017 (1.08) | 0.072* (1.67) |
| Lev | −0.029* (−1.73) | −0.113*** (−2.87) |
| CF | 0.057*** (2.94) | 0.098*** (3.06) |
| Size | −0.016*** (−3.32) | 0.007 (1.26) |
| ROA | −0.041*** (−3.59) | −0.213*** (−4.32) |
| Comp_Age | 0.029* (1.69) | 0.013 (1.54) |
| CEO_TN | 0.056*** (2.89) | 0.104*** (3.12) |
| Constant | 0.235*** (3.11) | −1.623*** (−4.16) |
| Year/Industry fixed effects | Yes | Yes |
| 0.364 | 0.439 | |
| Observations | 1,491 | 1,491 |
Note(s): This table presents the results of the pooled OLS and Logit regression with Exfin and Exfin_dummy as dependent variables, respectively. ***, **, * denote the statistical significance at the 1%, 5%, and 10% levels, respectively. The t – statistics are in parentheses
Source(s): Author’s own creation
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