Table 6.
Multivariate Analysis of CFO Roles on ERM score.
| OLS | 1 | 2 | 3 | 4 | 5 |
|---|---|---|---|---|---|
| CFO Roles | |||||
| Expertise | 0.137 | ||||
| (0.343) | |||||
| AuditExp | −0.106 | ||||
| (0.134) | |||||
| Educate | 0.0892 | ||||
| (0.126) | |||||
| Consult | 0.386*** | ||||
| (0.136) | |||||
| Director | 0.430* | ||||
| (0.222) | |||||
| Retention | 0.0166 | ||||
| (0.142) | |||||
| CFO Power | 0.0128 | 0.0604 | |||
| (0.0633) | (0.0448) | ||||
| CFO Experience | 0.0172 | 0.0880* | |||
| (0.0637) | (0.0455) | ||||
| CFO Knowledge | −0.00837 | 0.0517 | |||
| (0.0631) | (0.0449) | ||||
| CRO | 1.478*** | ||||
| (0.118) | |||||
| Control Variables | |||||
| Board Magnitude | 0.0302 | 0.0316 | 0.0313 | 0.0148 | |
| (0.0211) | (0.0206) | (0.0206) | (0.0150) | ||
| CFO gender | −0.118 | −0.127 | −0.117 | −0.156 | |
| (0.156) | (0.157) | (0.158) | (0.113) | ||
| TobinQ | 0.210 | 0.201 | 0.211 | 0.0656 | |
| (0.271) | (0.274) | (0.271) | (0.194) | ||
| ROA | −2.691** | −2.648** | −2.699** | 0.543 | |
| (1.229) | (1.243) | (1.228) | (0.911) | ||
| Leverage | 0.00207 | 0.00218 | 0.00516 | 0.153 | |
| (0.201) | (0.201) | (0.205) | (0.145) | ||
| Size | 0.0894*** | 0.0879*** | 0.0904*** | −0.00910 | |
| (0.0318) | (0.0325) | (0.0318) | (0.0244) | ||
| Constant | 2.466*** | 2.491*** | 2.431*** | 3.342*** | |
| (0.524) | (0.541) | (0.521) | (0.404) | ||
| Observations | 160 | 160 | 160 | 160 | |
| R-squared | 0.204 | 0.204 | 0.204 | 0.614 | |
| rmse | 0.738 | 0.738 | 0.738 | 0.519 | |
| F-test | 5.565 | 5.571 | 5.561 | 23.70 | |
| Prob > F | 1.01e−05 | 9.95e−06 | 1.02e−05 | 0 | |
Standard errors in parentheses ***p < 0.01, **p < 0.05, *p < 0.1.