Panel A: dependent variable – TOBINQ
| Variables | FCF ≤ Median | FCF > Median | HHI > Mean | HHI ≤ Mean | ||||
|---|---|---|---|---|---|---|---|---|
| Low agency conflict | High agency conflict | Monopoly firms | Competitive firms | |||||
| (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | |
| GAPS | −0.002 | −0.002*** | −0.002 | −0.002** | ||||
| (−1.492) | (−2.615) | (−1.839) | (−2.242) | |||||
| GAPU | −0.003 | −0.004*** | −0.002 | −0.006*** | ||||
| (−1.402) | (−3.185) | (−1.027) | (−4.556) | |||||
| Controls | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Constant | 18.173*** | 18.186*** | 16.410*** | 16.423*** | 17.591*** | 17.608*** | 17,652 | 17,652 |
| (21.072) | (21.085) | (21.603) | (21.559) | (16.418) | (16.356) | 0.4182 | 0.4185 | |
| Industry | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Year | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Observations | 12,140 | 12,140 | 25,060 | 25,060 | 19,548 | 19,548 | 17,652 | 17,652 |
| Adjusted-R2 | 0.4472 | 0.4471 | 0.4370 | 0.4371 | 0.4570 | 0.4570 | 0.4182 | 0.4185 |
| Note(s): Table 11 Panel A Columns (1) to (4) report the Chair-CEO age dissimilarity and firm value between high and low-agency firms. Table 11 Panel A Columns (5) to (8) report the Chair-CEO age dissimilarity and firm value between monopoly and competitive firms. 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 | ||||||||
| Variables | FCF ≤ Median | FCF > Median | HHI > Mean | HHI ≤ Mean | ||||
|---|---|---|---|---|---|---|---|---|
| Low agency conflict | High agency conflict | Monopoly firms | Competitive firms | |||||
| (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | |
| GAPS | −0.002 | −0.002*** | −0.002 | −0.002** | ||||
| (−1.492) | (−2.615) | (−1.839) | (−2.242) | |||||
| GAPU | −0.003 | −0.004*** | −0.002 | −0.006*** | ||||
| (−1.402) | (−3.185) | (−1.027) | (−4.556) | |||||
| Controls | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Constant | 18.173*** | 18.186*** | 16.410*** | 16.423*** | 17.591*** | 17.608*** | 17,652 | 17,652 |
| (21.072) | (21.085) | (21.603) | (21.559) | (16.418) | (16.356) | 0.4182 | 0.4185 | |
| Industry | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Year | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Observations | 12,140 | 12,140 | 25,060 | 25,060 | 19,548 | 19,548 | 17,652 | 17,652 |
| Adjusted- | 0.4472 | 0.4471 | 0.4370 | 0.4371 | 0.4570 | 0.4570 | 0.4182 | 0.4185 |
| Variables | Panel B: dependent variable – TOBINQ (contd.) | |||||||
|---|---|---|---|---|---|---|---|---|
| Blockholder 50% = 1 | Blockholder 50% = 0 | SOE = 1 | SOE = 0 | |||||
| (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | |
| GAPS | −0.002 | −0.003*** | 0.000 | −0.003*** | ||||
| (−0.939) | (−3.358) | (0.148) | (−3.305) | |||||
| GAPU | −0.001 | −0.006*** | 0.003 | −0.006*** | ||||
| (−0.202) | (−4.400) | (1.247) | (−4.550) | |||||
| Controls | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Constant | 12.471*** | 12.485*** | 18.368*** | 18.374*** | 13.381*** | 13.378*** | 21.162*** | 21.163*** |
| (17.642) | (17.659) | (21.665) | (21.594) | (23.624) | (23.522) | (18.358) | (18.299) | |
| Industry | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Year | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Observations | 7,538 | 7,538 | 29,662 | 29,662 | 16,057 | 16,057 | 21,143 | 21,143 |
| Adjusted-R2 | 0.4212 | 0.4211 | 0.4267 | 0.4269 | 0.3923 | 0.3924 | 0.4304 | 0.4306 |
| Variables | Panel B: dependent variable – TOBINQ (contd.) | |||||||
|---|---|---|---|---|---|---|---|---|
| Blockholder 50% = 1 | Blockholder 50% = 0 | SOE = 1 | SOE = 0 | |||||
| (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | |
| GAPS | −0.002 | −0.003*** | 0.000 | −0.003*** | ||||
| (−0.939) | (−3.358) | (0.148) | (−3.305) | |||||
| GAPU | −0.001 | −0.006*** | 0.003 | −0.006*** | ||||
| (−0.202) | (−4.400) | (1.247) | (−4.550) | |||||
| Controls | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Constant | 12.471*** | 12.485*** | 18.368*** | 18.374*** | 13.381*** | 13.378*** | 21.162*** | 21.163*** |
| (17.642) | (17.659) | (21.665) | (21.594) | (23.624) | (23.522) | (18.358) | (18.299) | |
| Industry | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Year | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Observations | 7,538 | 7,538 | 29,662 | 29,662 | 16,057 | 16,057 | 21,143 | 21,143 |
| Adjusted- | 0.4212 | 0.4211 | 0.4267 | 0.4269 | 0.3923 | 0.3924 | 0.4304 | 0.4306 |
Note(s): Table 11 Panel B Column (1) to (4) report the Chair-CEO age dissimilarity and firm value between blockholders and non-blockholder firms. Table 11 Panel B Column (5) to (8) report the Chair-CEO age dissimilarity and firm value between SOE and non-SOE firms. *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