Table 7.

Robustness Checks: Second-Stage Fixed Effects OLS Estimates of Other Performance Measures

	Model 1	Model 2	Model 3	Model 4	Model 5	Model 6
	One-Year ROS	Two-Year ROS	Three-Year ROS	One-Year Tobin's Q	Two-Year Tobin's Q	Three-Year Tobin's Q
Inverse Mills ratio	N/A	0.08	N/A	0.74	0.68	0.58
		(0.080)		(0.001)	(0.001)	(0.002)
CEO power	−0.01	−0.01	−0.00	−0.01	−0.03	−0.02
	(0.476)	(0.594)	(0.718)	(0.735)	(0.530)	(0.572)
Organizational complexity	0.01	0.01	0.01	−0.03	−0.03	−0.03
	(0.007)	(0.147)	(0.124)	(0.305)	(0.249)	(0.291)
Board leadership demands	−0.01	−0.01	−0.00	−0.04	−0.02	−0.01
	(0.152)	(0.422)	(0.919)	(0.277)	(0.469)	(0.792)
TMT power	0.00	0.00	0.00	0.05	0.07	0.08
	(0.744)	(0.626)	(0.875)	(0.008)	(0.000)	(0.000)
Non-executive board chair t-1	−0.01	−0.09	0.01	−0.89	−0.81	−0.67
	(0.626)	(0.119)	(0.525)	(0.002)	(0.004)	(0.011)
CEO duality t-1	−0.01	−0.09	−0.00	−0.82	−0.73	−0.59
	(0.376)	(0.093)	(0.761)	(0.001)	(0.003)	(0.008)
Insider CEO	−0.01	0.01	−0.02	0.09	0.06	0.03
	(0.530)	(0.630)	(0.178)	(0.424)	(0.610)	(0.784)
Chair ownership	−0.34	−0.23	−0.13	−0.49	−0.60	−0.84
	(0.125)	(0.057)	(0.136)	(0.721)	(0.656)	(0.483)
Chair's role tenure	0.00	−0.00	−0.00	−0.01	−0.01	−0.01
	(0.131)	(0.507)	(0.895)	(0.150)	(0.121)	(0.120)
Chair's board tenure	0.00	0.00	0.00	0.00	0.00	0.00
	(0.637)	(0.347)	(0.336)	(0.685)	(0.416)	(0.431)
Board independence	−0.07	−0.07	−0.03	−0.81	−0.58	−0.43
	(0.358)	(0.427)	(0.682)	(0.015)	(0.079)	(0.172)
Lead independent director present	−0.01	−0.00	−0.00	−0.08	−0.08	−0.08
	(0.484)	(0.872)	(0.736)	(0.193)	(0.230)	(0.254)
R&D intensity	0.43	0.50	0.55	−1.03	−0.18	0.89
	(0.010)	(0.001)	(0.001)	(0.342)	(0.864)	(0.387)
Industry instability	−0.00	−0.00	−0.00	0.01	0.00	0.00
	(0.572)	(0.751)	(0.741)	(0.479)	(0.867)	(0.909)
Executive board chair	0.04	0.03	0.03	0.07	0.07	0.07
	(0.018)	(0.002)	(0.004)	(0.233)	(0.201)	(0.199)
Executive Board Chair × CEO Power	0.04	0.03	0.03	0.13	0.15	0.14
	(0.014)	(0.009)	(0.034)	(0.056)	(0.032)	(0.074)
Executive Board Chair × Organizational Complexity	−0.02	−0.02	−0.02	−0.05	−0.06	−0.06
	(0.062)	(0.074)	(0.035)	(0.136)	(0.088)	(0.102)
Executive Board Chair × Board Leadership Demands	−0.01	−0.01	−0.01	−0.08	−0.11	−0.10
	(0.455)	(0.251)	(0.386)	(0.119)	(0.035)	(0.053)
Constant	0.09	0.07	0.06	2.47	2.31	2.27
	(0.147)	(0.327)	(0.351)	(0.000)	(0.000)	(0.000)
Year dummies	Included	Included	Included	Included	Included	Included
Observations	2,162	2,122	2,082	2,162	2,122	2,082
R-squared	0.06	0.08	0.05	0.12	0.11	0.11
Number of firms	289	281	276	289	281	276

Note: Robust p values are in parentheses.