Chair-CEO age dissimilarity and firm value (alternative measure)
| Variables | (1) | (2) | (3) | (4) | (5) |
|---|---|---|---|---|---|
| NAVPS | MKTVAL | NAVPS | MKTVAL | MKTVAL | |
| GAPS | −0.004** | −0.001*** | |||
| (−2.231) | (−3.543) | ||||
| GAPU | −0.011*** | −0.001*** | −0.002** | ||
| (−5.867) | (−4.804) | (−2.456) | |||
| Controls | Yes | Yes | Yes | Yes | Yes |
| Constant | −19.774*** | 6.666*** | −19.788*** | 6.670*** | 6.672*** |
| (−27.170) | (43.179) | (−27.009) | (43.044) | (42.955) | |
| Industry | Yes | Yes | Yes | Yes | Yes |
| Year | Yes | Yes | Yes | Yes | Yes |
| Observations | 37,125 | 37,200 | 37,125 | 37,200 | 37,200 |
| Adjusted-R2 | 0.3229 | 0.8763 | 0.3233 | 0.8764 | 0.8764 |
| Variables | (1) | (2) | (3) | (4) | (5) |
|---|---|---|---|---|---|
| NAVPS | MKTVAL | NAVPS | MKTVAL | MKTVAL | |
| −0.004** | −0.001*** | ||||
| (−2.231) | (−3.543) | ||||
| −0.011*** | −0.001*** | −0.002** | |||
| (−5.867) | (−4.804) | (−2.456) | |||
| Controls | Yes | Yes | Yes | Yes | Yes |
| −19.774*** | 6.666*** | −19.788*** | 6.670*** | 6.672*** | |
| (−27.170) | (43.179) | (−27.009) | (43.044) | (42.955) | |
| Industry | Yes | Yes | Yes | Yes | Yes |
| Year | Yes | Yes | Yes | Yes | Yes |
| Observations | 37,125 | 37,200 | 37,125 | 37,200 | 37,200 |
| Adjusted- | 0.3229 | 0.8763 | 0.3233 | 0.8764 | 0.8764 |
Note(s): Table 9 reports the Chair-CEO age dissimilarity and firm value (using alternative measures). 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