Table 10 Panel A – Chair-CEO age...

Table 10

Panel A – Chair-CEO age dissimilarity (alternative measure) and firm value

Variables	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)
Variables	TOBINQ	TOBINQ	TOBINQ	TOBINQ	MKTBK	MKTBK	MKTBK	MKTBK
GAP20	−0.106***				−0.001***
GAP20	(−3.217)				(−3.171)
GAP15		−0.066***				−0.001***
GAP15		(−2.774)				(−2.628)
GAP10			−0.056***				−0.001**
GAP10			(−3.193)				(−2.589)
GAP5				−0.055***				−0.001***
GAP5				(−3.898)				(−3.906)
Controls	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Constant	16.766***	16.772***	16.775***	16.790***	2.407***	2.407***	2.407***	2.407***
Constant	(22.714)	(22.727)	(22.728)	(22.781)	(315.471)	(315.646)	(315.814)	(316.261)
Industry	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Year	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Observations	37,200	37,200	37,200	37,200	37,200	37,200	37,200	37,200
Adjusted-R²	0.4164	0.4163	0.4164	0.4164	0.8903	0.8903	0.8903	0.8903
Note(s): Table 10 Panel A reports the Chair-CEO age dissimilarity (using alternative measures) and firm value. 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

Variables	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)
Variables	TOBINQ	TOBINQ	TOBINQ	TOBINQ	MKTBK	MKTBK	MKTBK	MKTBK
GAP20	−0.106***				−0.001***
GAP20	(−3.217)				(−3.171)
GAP15		−0.066***				−0.001***
GAP15		(−2.774)				(−2.628)
GAP10			−0.056***				−0.001**
GAP10			(−3.193)				(−2.589)
GAP5				−0.055***				−0.001***
GAP5				(−3.898)				(−3.906)
Controls	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Constant	16.766***	16.772***	16.775***	16.790***	2.407***	2.407***	2.407***	2.407***
Constant	(22.714)	(22.727)	(22.728)	(22.781)	(315.471)	(315.646)	(315.814)	(316.261)
Industry	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Year	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Observations	37,200	37,200	37,200	37,200	37,200	37,200	37,200	37,200
Adjusted-R²	0.4164	0.4163	0.4164	0.4164	0.8903	0.8903	0.8903	0.8903
Note(s): Table 10 Panel A reports the Chair-CEO age dissimilarity (using alternative measures) and firm value. 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

	Panel B – Chair-CEO age dissimilarity (alternative measure) and board monitoring intensity
	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)
	BMEET	BMEET	BMEET	BMEET	LNBMEET	LNBMEET	LNBMEET	LNBMEET
GAP20	−0.053***				−0.055***
GAP20	(−5.167)				(−6.818)
GAP15		−0.026***				−0.022***
GAP15		(−3.814)				(−3.679)
GAP10			−0.012**				−0.010**
GAP10			(−2.467)				(−2.376)
GAP5				−0.011***				−0.009**
GAP5				(−2.722)				(−2.345)
Controls	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Constant	1.107***	1.111***	1.116***	1.119***	0.686***	0.693***	0.698***	0.701***
Constant	(14.919)	(15.014)	(15.066)	(15.165)	(9.229)	(9.331)	(9.401)	(9.455)
Industry	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Year	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Observations	37,200	37,200	37,200	37,200	37,200	37,200	37,200	37,200
Adjusted-R²					0.2104	0.2098	0.2096	0.2096

	Panel B – Chair-CEO age dissimilarity (alternative measure) and board monitoring intensity
	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)
	BMEET	BMEET	BMEET	BMEET	LNBMEET	LNBMEET	LNBMEET	LNBMEET
GAP20	−0.053***				−0.055***
GAP20	(−5.167)				(−6.818)
GAP15		−0.026***				−0.022***
GAP15		(−3.814)				(−3.679)
GAP10			−0.012**				−0.010**
GAP10			(−2.467)				(−2.376)
GAP5				−0.011***				−0.009**
GAP5				(−2.722)				(−2.345)
Controls	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Constant	1.107***	1.111***	1.116***	1.119***	0.686***	0.693***	0.698***	0.701***
Constant	(14.919)	(15.014)	(15.066)	(15.165)	(9.229)	(9.331)	(9.401)	(9.455)
Industry	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Year	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Observations	37,200	37,200	37,200	37,200	37,200	37,200	37,200	37,200
Adjusted-R²					0.2104	0.2098	0.2096	0.2096

Note(s): Table 10 Panel B reports the age dissimilarity (Alternative measure) and board monitoring intensity (board meetings). Models (1), (2), (3), (4) report the results from the Poisson regression of association between GAP20/15/10/5 and BMEET. Models (5), (6), (7), (8) report the results from the OLS regression of association between GAP20/15/10/5 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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