Table 7.
Regression results of the moderating effect of CEO power.
| Variables | Model (5):ASW | Model (5):SC |
|---|---|---|
| Origin × Power | −0.032*** | 0.044** |
| (-3.38) | (2.14) | |
| Origin | −0.036*** | 0.058*** |
| (-4.70) | (3.26) | |
| Power | 0.023*** | −0.007 |
| (5.72) | (-0.87) | |
| Size | 0.004 | −0.029*** |
| (1.20) | (-3.38) | |
| Roa | 0.278 | −3.870*** |
| (1.06) | (-6.13) | |
| lev | 0.001 | 0.311*** |
| (0.06) | (5.86) | |
| Instihold | −0.005 | 0.009 |
| (-1.64) | (1.46) | |
| Soe | 0.017** | −0.017 |
| (2.02) | (-0.91) | |
| Top1 | 0.128*** | −0.133** |
| (3.89) | (-2.12) | |
| Top25 | 0.021*** | 0.008 |
| (2.77) | (0.48) | |
| Boardsize | 0.033 | 0.019 |
| (1.59) | (0.43) | |
| Independ | 0.054 | 0.418*** |
| (0.78) | (2.88) | |
| Constant | 0.318*** | 0.998*** |
| (3.63) | (5.12) | |
| Industry | Yes | Yes |
| Year | Yes | Yes |
| N | 4128 | 4128 |
| Adj_R2 | 0.062 | 0.120 |
Notes: T-values are in parentheses. ***, **, and * indicate significant at the 1%, 5%, and 10% levels, respectively. Industry and Year fixed effects are included.Standard errors were cluster-adjusted by firm-level.