Robustness test: PSM and GMM
| Variables | Dependent variable: Fin | |
|---|---|---|
| PSM | GMM | |
| Independent variable | ||
| LnCEO_Age | 0.032*** (3.44) | 0.015*** (2.67) |
| Control variables | ||
| Growth | 0.004** (2.11) | 0.002* (1.70) |
| Lev | −0.128*** (−4.30) | −0.098*** (−3.12) |
| CF | 0.094* (1.89) | 0.067** (2.32) |
| Size | 0.009** (2.34) | 0.007*** (3.07) |
| ROA | −0.106*** (−3.53) | −0.073*** (−2.95) |
| Comp_Age | 0.037*** (2.94) | 0.019** (2.48) |
| CEO_TN | 0.017** (2.36) | 0.008** (2.09) |
| Constant | −0.436*** (−2.86) | −0.247*** (−5.23) |
| Industry | Yes | Yes |
| Year | Yes | Yes |
| N | 736 | 1,058 |
| Adj. R2 | 0.434 | |
| AR1 | −7.94 (0.000) | |
| AR2 | 0.323 (0.436) | |
| Hansen J-test | 173.29 (0.219) | |
| Wald χ2 | 295.17*** | |
| Number of instruments | 143 | |
| Variables | Dependent variable: Fin | |
|---|---|---|
| PSM | GMM | |
| LnCEO_Age | 0.032*** (3.44) | 0.015*** (2.67) |
| Growth | 0.004** (2.11) | 0.002* (1.70) |
| Lev | −0.128*** (−4.30) | −0.098*** (−3.12) |
| CF | 0.094* (1.89) | 0.067** (2.32) |
| Size | 0.009** (2.34) | 0.007*** (3.07) |
| ROA | −0.106*** (−3.53) | −0.073*** (−2.95) |
| Comp_Age | 0.037*** (2.94) | 0.019** (2.48) |
| CEO_TN | 0.017** (2.36) | 0.008** (2.09) |
| Constant | −0.436*** (−2.86) | −0.247*** (−5.23) |
| Industry | Yes | Yes |
| Year | Yes | Yes |
| 736 | 1,058 | |
| Adj. | 0.434 | |
| AR1 | −7.94 (0.000) | |
| AR2 | 0.323 (0.436) | |
| Hansen J-test | 173.29 (0.219) | |
| Wald | 295.17*** | |
| Number of instruments | 143 | |
Note(s): This table presents the results of endogeneity tests. ***, **, * denote the statistical significance at the 1%, 5%, and 10% levels, respectively. The t -and z-statistics are in parentheses
Source(s): Author’s own work
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