Table 8.

Heterogeneous Analysis(2).

	Baseline	Firm Size		Gender
		Large	Small	have female	no female
chairarmy	1.920**	−0.015	1.740*	2.050*	1.185
	(0.850)	(0.535)	(1.022)	(1.060)	(1.391)
return_ass	−0.195***	−5.119	−0.218***	−1.749	−6.611*
	(0.006)	(4.264)	(0.007)	(2.505)	(3.968)
total_lev	0.001***	0.005	0.001***	0.001***	0.018
	(0.000)	(0.005)	(0.000)	(0.000)	(0.089)
govcon	0.065	−0.134	0.541	0.282	−0.392
	(0.474)	(1.472)	(0.483)	(0.610)	(0.665)
indep_director	0.209	0.147	−0.206	0.124	−0.389
	(0.299)	(0.475)	(0.301)	(0.373)	(0.743)
owner_first	0.003	0.012	0.007	0.011	0.072
	(0.029)	(0.048)	(0.030)	(0.035)	(0.046)
owner_three	0.070	−0.051	0.087	0.009	0.039
	(0.070)	(0.136)	(0.063)	(0.081)	(0.111)
owner_five	−0.027	0.177	−0.103	0.040	−0.110
	(0.090)	(0.181)	(0.089)	(0.108)	(0.148)
owner_ten	−0.003	−0.101	0.024	−0.022	0.049
	(0.042)	(0.083)	(0.044)	(0.048)	(0.083)
sharehold_chair	−0.005	0.006	0.012	−0.006	−0.006
	(0.018)	(0.040)	(0.020)	(0.022)	(0.033)
overseaback_chair	−0.455	−0.280	−0.837*	−0.405	0.912
	(0.383)	(0.635)	(0.446)	(0.441)	(0.649)
overseaexp_chair	−0.010	−0.307	0.362	−0.246	−0.638
	(0.310)	(0.560)	(0.326)	(0.336)	(0.611)
overseaedu_chair	0.341	0.423	0.523	0.457	−0.716
	(0.294)	(0.481)	(0.373)	(0.340)	(0.559)
femalenum_chair	−0.144	−0.009	−0.311**	−0.053	0.000
	(0.145)	(0.257)	(0.137)	(0.190)	(.)
salary_chair	0.000***	0.000**	0.000**	0.000***	0.000***
	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)
number_chair	−0.045	−0.046	−0.028	−0.044	−0.036
	(0.029)	(0.049)	(0.035)	(0.035)	(0.061)
Constant	15.978***	19.127***	18.300***	16.509***	19.095***
	(1.582)	(3.034)	(1.484)	(1.917)	(2.748)
Firm FE	Yes	Yes	Yes	Yes	Yes
Year FE	Yes	Yes	Yes	Yes	Yes
Observation	4526	1775	2768	3354	1189
R-square	0.837	0.664	0.632	0.680	0.606
F-value	1005.089***	.	1974.393***	58.877***	26.685***

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