Table 5.

Robustness Checks(1).

	Winsor	Omit ST/PT/ST*	Including CEO&Manager
	(1)	(2)	(3)	(4)
chairarmy	2.089***	2.093***
	(0.746)	(0.743)
CCarmy			1.558**
			(0.652)
PCarmy				1.564**
				(0.651)
return_ass	−0.196***	−0.196***	−0.196***	−0.196***
	(0.006)	(0.006)	(0.006)	(0.006)
total_lev	0.001***	0.003	0.001***	0.001***
	(0.000)	(0.004)	(0.000)	(0.000)
govcon	0.083	0.035	0.076	0.076
	(0.470)	(0.485)	(0.470)	(0.470)
indep_director	−0.031	−0.041	−0.035	−0.034
	(0.250)	(0.263)	(0.250)	(0.250)
owner_first	0.014	0.010	0.014	0.014
	(0.026)	(0.028)	(0.026)	(0.026)
owner_three	0.027	0.013	0.026	0.026
	(0.064)	(0.066)	(0.064)	(0.064)
owner_five	−0.010	0.022	−0.010	−0.010
	(0.086)	(0.088)	(0.086)	(0.086)
owner_ten	0.004	−0.012	0.004	0.004
	(0.041)	(0.041)	(0.041)	(0.041)
sharehold_chair	−0.005	−0.004	−0.005	−0.005
	(0.018)	(0.018)	(0.018)	(0.018)
overseaback_chair	−0.512	−0.485	−0.505	−0.505
	(0.360)	(0.367)	(0.361)	(0.361)
overseaexp_chair	0.117	0.113	0.113	0.113
	(0.289)	(0.296)	(0.290)	(0.290)
overseaedu_chair	0.340	0.327	0.333	0.333
	(0.292)	(0.295)	(0.292)	(0.292)
femalenum_chair	−0.156	−0.160	−0.158	−0.158
	(0.140)	(0.146)	(0.141)	(0.141)
salary_chair	0.000***	0.000***	0.000***	0.000***
	(0.000)	(0.000)	(0.000)	(0.000)
number_chair	−0.026	−0.026	−0.026	−0.026
	(0.028)	(0.030)	(0.028)	(0.028)
Constant	17.640***	17.733***	17.660***	17.660***
	(1.327)	(1.365)	(1.328)	(1.328)
Year FE	Yes	Yes	Yes	Yes
Observation	4444	4259	4444	4444
R-square	0.690	0.826	0.690	0.690
F-value	2411.517***	2300.039***	2463.906***	2463.861***

Standard Errors are in the parentheses* p < 0.1, **p < 0.05, ***p < 0.01.