Table 8 Interaction effects of Chair-CEO...

Table 8

Interaction effects of Chair-CEO age dissimilarity and board monitoring intensity on firm value (moderation effects)

Variables	(1)	(2)	(3)	(4)
Variables	TOBINQ	TOBINQ	MKTBK	MKTBK
GAPS	−0.004***	−0.004***	−0.000***	−0.000***
GAPS	(−3.881)	(−4.228)	(−3.883)	(−3.798)
BMEET_median	0.072***		0.001***
BMEET_median	(3.877)		(6.473)
GAPSBMEET_median*	0.003*		0.000**
GAPSBMEET_median*	(1.662)		(2.385)
LNBMEET_median		0.079***		0.002***
LNBMEET_median		(4.604)		(8.358)
GAPSLNBMEET_median*		0.003**		0.000**
GAPSLNBMEET_median*		(2.167)		(2.118)
Controls	Yes	Yes	Yes	Yes
Constant	16.823***	16.851***	2.408***	2.409***
Constant	(22.717)	(22.888)	(315.754)	(318.096)
Industry	Yes	Yes	Yes	Yes
Year	Yes	Yes	Yes	Yes
Observations	37,200	37,200	37,200	37,200
Adjusted-R²	0.4168	0.4169	0.8905	0.8906

Variables	(1)	(2)	(3)	(4)
Variables	TOBINQ	TOBINQ	MKTBK	MKTBK
GAPS	−0.004***	−0.004***	−0.000***	−0.000***
GAPS	(−3.881)	(−4.228)	(−3.883)	(−3.798)
BMEET_median	0.072***		0.001***
BMEET_median	(3.877)		(6.473)
GAPS*BMEET_median	0.003*		0.000**
GAPS*BMEET_median	(1.662)		(2.385)
LNBMEET_median		0.079***		0.002***
LNBMEET_median		(4.604)		(8.358)
GAPS*LNBMEET_median		0.003**		0.000**
GAPS*LNBMEET_median		(2.167)		(2.118)
Controls	Yes	Yes	Yes	Yes
Constant	16.823***	16.851***	2.408***	2.409***
Constant	(22.717)	(22.888)	(315.754)	(318.096)
Industry	Yes	Yes	Yes	Yes
Year	Yes	Yes	Yes	Yes
Observations	37,200	37,200	37,200	37,200
Adjusted-R²	0.4168	0.4169	0.8905	0.8906

Note(s): Table 8 reports the interactive effects of the Chair-CEO age dissimilarity and board monitoring intensity on firm value (Tobin’s Q) (Moderation effects). 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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