Table 7 Chair-CEO age dissimilarity and...

Table 7

Chair-CEO age dissimilarity and board monitoring intensity

Variables	(1)	(2)	(3)	(4)	(5)	(6)	(7)
Variables	BMEET	BMEET	BMEET	LNBMEET	LNBMEET	BMEET	LNBMEET
GAPS		−0.001***		−0.001***		−0.001***	−0.001***
GAPS		(−4.301)		(−5.406)		(−3.856)	(−4.677)
GAPU			−0.001***		−0.001***
GAPU			(−4.412)		(−4.837)
DIFEDU	0.017	0.017**	0.017***	0.020***	0.021***	0.018***	0.022***
DIFEDU	(0.013)	(2.570)	(2.644)	(3.723)	(3.807)	(2.923)	(4.122)
DIFGEN	0.002	0.003	0.005	0.004	0.006	0.004	0.005
DIFGEN	(0.005)	(0.570)	(0.850)	(0.702)	(0.962)	(0.632)	(0.900)
DIFNAT	0.056***	0.055***	0.060***	0.038***	0.042***	0.058***	0.041***
DIFNAT	(0.011)	(3.759)	(4.081)	(2.692)	(2.967)	(4.016)	(2.944)
JONTENU	−0.001	−0.001	−0.003*	−0.004**	−0.005***	−0.003**	−0.005***
JONTENU	(0.002)	(−0.990)	(−1.763)	(−2.565)	(−3.288)	(−2.016)	(−3.708)
CHANGE1	0.053***	0.053**	0.054**	0.054***	0.056***	0.058***	0.060***
CHANGE1	(0.020)	(2.465)	(2.529)	(3.481)	(3.542)	(2.700)	(3.905)
TENURE1	−0.002	−0.001	−0.001	−0.001	−0.001	0.007***	0.006***
TENURE1	(0.001)	(−0.893)	(−0.838)	(−1.479)	(−1.533)	(6.753)	(5.876)
CHANGE2	0.056***	0.056***	0.056***	0.038**	0.038**	0.043**	0.025
CHANGE2	(0.016)	(2.882)	(2.880)	(2.181)	(2.173)	(2.214)	(1.489)
TENURE2	−0.008***	−0.008***	−0.007***	−0.006***	−0.006***	−0.002	−0.000
TENURE2	(0.002)	(−6.718)	(−6.155)	(−6.501)	(−5.668)	(−1.500)	(−0.423)
BODAGE	−0.011***	−0.011***	−0.011***	−0.012***	−0.012***	−0.009***	−0.010***
BODAGE	(0.001)	(−16.115)	(−16.212)	(−19.749)	(−19.968)	(−13.280)	(−16.597)
BODSIZE	−0.011***	−0.010***	−0.010***	−0.012***	−0.012***	−0.010***	−0.012***
BODSIZE	(0.002)	(−9.359)	(−9.314)	(−11.157)	(−11.135)	(−9.389)	(−11.312)
CVBA	0.123*	0.152***	0.167***	0.202***	0.215***	0.078**	0.121***
CVBA	(0.069)	(3.983)	(4.302)	(5.481)	(5.849)	(2.020)	(3.236)
LEVER	0.163***	0.161***	0.162***	0.205***	0.206***	0.158***	0.202***
LEVER	(0.017)	(10.933)	(10.977)	(13.816)	(13.824)	(10.801)	(13.721)
CapEx/TA	−0.403***	−0.402***	−0.402***	−0.487***	−0.487***	−0.389***	−0.472***
CapEx/TA	(0.024)	(−12.886)	(−12.873)	(−16.121)	(−16.111)	(−12.433)	(−15.562)
FFIRM	0.075***	0.075***	0.076***	0.076***	0.076***	0.075***	0.074***
FFIRM	(0.008)	(13.809)	(13.845)	(13.180)	(13.237)	(13.373)	(12.625)
FIRMAGE	−0.002***	−0.002***	−0.002***	−0.000	−0.000	−0.001***	0.001***
FIRMAGE	(0.001)	(−4.660)	(−4.514)	(−0.421)	(−0.249)	(−2.657)	(2.601)
R&D	−0.081	−0.085	−0.089	−0.117	−0.122	−0.126	−0.166
R&D	(0.217)	(−0.557)	(−0.586)	(−0.844)	(−0.873)	(−0.865)	(−1.261)
SALEGR	0.033***	0.033***	0.032***	0.042***	0.041***	0.030***	0.039***
SALEGR	(0.009)	(7.589)	(7.484)	(10.533)	(10.448)	(6.984)	(9.933)
FSIZE	0.080***	0.080***	0.080***	0.075***	0.075***	0.077***	0.072***
FSIZE	(0.005)	(28.720)	(28.677)	(23.315)	(23.254)	(27.086)	(21.544)
BETA	0.015*	0.015	0.014	0.023**	0.022**	0.016	0.023***
BETA	(0.009)	(1.540)	(1.481)	(2.558)	(2.488)	(1.636)	(2.591)
STOCKVOL	0.025***	0.025***	0.025***	0.036***	0.036***	0.026***	0.037***
STOCKVOL	(0.004)	(4.461)	(4.469)	(6.799)	(6.793)	(4.554)	(7.092)
CVMBA						0.128***	0.152***
CVMBA						(3.315)	(4.403)
MBSIZE						0.049***	0.065***
MBSIZE						(8.114)	(10.222)
MBTENU						−0.037***	−0.035***
MBTENU						(−16.649)	(−18.509)
SBSIZE						−0.035***	−0.059***
SBSIZE						(−4.279)	(−7.944)
Constant	1.120***	1.104***	1.112***	0.684***	0.693***	1.059***	0.655***
Constant	(0.130)	(14.867)	(15.020)	(9.176)	(9.329)	(14.023)	(8.592)
Industry	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Year	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Observations	37,200	37,200	37,200	37,200	37,200	37,200	37,200
Adjusted-R²	–	–	–	0.2101	0.2100	–	0.2233

Variables	(1)	(2)	(3)	(4)	(5)	(6)	(7)
Variables	BMEET	BMEET	BMEET	LNBMEET	LNBMEET	BMEET	LNBMEET
GAPS		−0.001***		−0.001***		−0.001***	−0.001***
GAPS		(−4.301)		(−5.406)		(−3.856)	(−4.677)
GAPU			−0.001***		−0.001***
GAPU			(−4.412)		(−4.837)
DIFEDU	0.017	0.017**	0.017***	0.020***	0.021***	0.018***	0.022***
DIFEDU	(0.013)	(2.570)	(2.644)	(3.723)	(3.807)	(2.923)	(4.122)
DIFGEN	0.002	0.003	0.005	0.004	0.006	0.004	0.005
DIFGEN	(0.005)	(0.570)	(0.850)	(0.702)	(0.962)	(0.632)	(0.900)
DIFNAT	0.056***	0.055***	0.060***	0.038***	0.042***	0.058***	0.041***
DIFNAT	(0.011)	(3.759)	(4.081)	(2.692)	(2.967)	(4.016)	(2.944)
JONTENU	−0.001	−0.001	−0.003*	−0.004**	−0.005***	−0.003**	−0.005***
JONTENU	(0.002)	(−0.990)	(−1.763)	(−2.565)	(−3.288)	(−2.016)	(−3.708)
CHANGE1	0.053***	0.053**	0.054**	0.054***	0.056***	0.058***	0.060***
CHANGE1	(0.020)	(2.465)	(2.529)	(3.481)	(3.542)	(2.700)	(3.905)
TENURE1	−0.002	−0.001	−0.001	−0.001	−0.001	0.007***	0.006***
TENURE1	(0.001)	(−0.893)	(−0.838)	(−1.479)	(−1.533)	(6.753)	(5.876)
CHANGE2	0.056***	0.056***	0.056***	0.038**	0.038**	0.043**	0.025
CHANGE2	(0.016)	(2.882)	(2.880)	(2.181)	(2.173)	(2.214)	(1.489)
TENURE2	−0.008***	−0.008***	−0.007***	−0.006***	−0.006***	−0.002	−0.000
TENURE2	(0.002)	(−6.718)	(−6.155)	(−6.501)	(−5.668)	(−1.500)	(−0.423)
BODAGE	−0.011***	−0.011***	−0.011***	−0.012***	−0.012***	−0.009***	−0.010***
BODAGE	(0.001)	(−16.115)	(−16.212)	(−19.749)	(−19.968)	(−13.280)	(−16.597)
BODSIZE	−0.011***	−0.010***	−0.010***	−0.012***	−0.012***	−0.010***	−0.012***
BODSIZE	(0.002)	(−9.359)	(−9.314)	(−11.157)	(−11.135)	(−9.389)	(−11.312)
CVBA	0.123*	0.152***	0.167***	0.202***	0.215***	0.078**	0.121***
CVBA	(0.069)	(3.983)	(4.302)	(5.481)	(5.849)	(2.020)	(3.236)
LEVER	0.163***	0.161***	0.162***	0.205***	0.206***	0.158***	0.202***
LEVER	(0.017)	(10.933)	(10.977)	(13.816)	(13.824)	(10.801)	(13.721)
CapEx/TA	−0.403***	−0.402***	−0.402***	−0.487***	−0.487***	−0.389***	−0.472***
CapEx/TA	(0.024)	(−12.886)	(−12.873)	(−16.121)	(−16.111)	(−12.433)	(−15.562)
FFIRM	0.075***	0.075***	0.076***	0.076***	0.076***	0.075***	0.074***
FFIRM	(0.008)	(13.809)	(13.845)	(13.180)	(13.237)	(13.373)	(12.625)
FIRMAGE	−0.002***	−0.002***	−0.002***	−0.000	−0.000	−0.001***	0.001***
FIRMAGE	(0.001)	(−4.660)	(−4.514)	(−0.421)	(−0.249)	(−2.657)	(2.601)
R&D	−0.081	−0.085	−0.089	−0.117	−0.122	−0.126	−0.166
R&D	(0.217)	(−0.557)	(−0.586)	(−0.844)	(−0.873)	(−0.865)	(−1.261)
SALEGR	0.033***	0.033***	0.032***	0.042***	0.041***	0.030***	0.039***
SALEGR	(0.009)	(7.589)	(7.484)	(10.533)	(10.448)	(6.984)	(9.933)
FSIZE	0.080***	0.080***	0.080***	0.075***	0.075***	0.077***	0.072***
FSIZE	(0.005)	(28.720)	(28.677)	(23.315)	(23.254)	(27.086)	(21.544)
BETA	0.015*	0.015	0.014	0.023**	0.022**	0.016	0.023***
BETA	(0.009)	(1.540)	(1.481)	(2.558)	(2.488)	(1.636)	(2.591)
STOCKVOL	0.025***	0.025***	0.025***	0.036***	0.036***	0.026***	0.037***
STOCKVOL	(0.004)	(4.461)	(4.469)	(6.799)	(6.793)	(4.554)	(7.092)
CVMBA						0.128***	0.152***
CVMBA						(3.315)	(4.403)
MBSIZE						0.049***	0.065***
MBSIZE						(8.114)	(10.222)
MBTENU						−0.037***	−0.035***
MBTENU						(−16.649)	(−18.509)
SBSIZE						−0.035***	−0.059***
SBSIZE						(−4.279)	(−7.944)
Constant	1.120***	1.104***	1.112***	0.684***	0.693***	1.059***	0.655***
Constant	(0.130)	(14.867)	(15.020)	(9.176)	(9.329)	(14.023)	(8.592)
Industry	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Year	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Observations	37,200	37,200	37,200	37,200	37,200	37,200	37,200
Adjusted-R²	–	–	–	0.2101	0.2100	–	0.2233

Note(s): Table 7 reports the Chair-CEO age dissimilarity and board monitoring intensity (Board meetings). Columns (1), (2), (3), and (6) report the results from the Poisson regression of association between Chair-CEO Age dissimilarity and BMEET. Columns (4), (5), and (7) report the results from the OLS regression of association between Chair-CEO Age dissimilarity and LNBMEET. t-statistics in parentheses. *p < 0.10, **p < 0.05, ***p < 0.01. Robust t-statistics (in parentheses) are based on standard errors clustered by industry and year. All the variables are defined in Appendix

Source(s): Authors’ own calculation

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