Table 6.

Robustness Checks(2).

	Adding Fixed Effects	Changing Cluster Levels
	(1)	(2)	(3)
chairarmy	1.910*	2.089***	2.089***
	(0.980)	(0.783)	(0.585)
return_ass	−0.204***	−0.196***	−0.196***
	(0.009)	(0.006)	(0.006)
total_lev	0.001***	0.001***	0.001***
	(0.000)	(0.000)	(0.000)
govcon	−0.152	0.083	0.083
	(0.514)	(0.391)	(0.484)
indep_director	0.046	−0.031	−0.031
	(0.274)	(0.285)	(0.189)
owner_first	0.009	0.014	0.014
	(0.028)	(0.026)	(0.018)
owner_three	0.032	0.027	0.027
	(0.063)	(0.069)	(0.065)
owner_five	−0.036	−0.010	−0.010
	(0.084)	(0.084)	(0.082)
owner_ten	0.025	0.004	0.004
	(0.040)	(0.040)	(0.039)
sharehold_chair	−0.002	−0.005	−0.005
	(0.019)	(0.015)	(0.014)
overseaback_chair	−0.393	−0.512	−0.512*
	(0.380)	(0.363)	(0.296)
overseaexp_chair	−0.006	0.117	0.117
	(0.302)	(0.283)	(0.275)
overseaedu_chair	0.340	0.340	0.340
	(0.309)	(0.251)	(0.234)
femalenum_chair	−0.202	−0.156	−0.156
	(0.144)	(0.111)	(0.127)
salary_chair	0.000***	0.000***	0.000***
	(0.000)	(0.000)	(0.000)
number_chair	−0.021	−0.026	−0.026
	(0.030)	(0.027)	(0.034)
Constant	34.935***	17.640***	17.640***
	(1.318)	(1.683)	(1.340)
Year FE	Yes	Yes	Yes
Observation	4444	4444	4444
R-square	0.720	0.690	0.690
F-value	.	3066.176***	5940.828***

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