TABLE 3.
Variables | SUSGR (1) | SUSGR (2) | MNGR (3) | MNGR (4) |
CGCEO | 0.351** | 0.343** | 0.216** | 0.269** |
(0.210) | (0.206) | (0.103) | (0.117) | |
EPS | 0.194*** | 0.196*** | 0.125* | 0.145* |
(0.0549) | (0.0533) | (0.0751) | (0.0873) | |
Leverage | −0.806** | −0.773** | −0.408* | −0.471* |
(0.314) | (0.312) | (0.202) | (0.261) | |
LNTA | 0.376** | 0.390** | 0.138*** | 0.155*** |
(0.0601) | (0.0600) | (0.0522) | (0.0583) | |
SOE | 0.164 | 0.146 | –0.155 | –0.188 |
(0.145) | (0.142) | (0.109) | (0.127) | |
Fage | 0.00121 | 0.00408 | ||
(0.0134) | (0.0110) | |||
Dual | –0.159 | 0.00376 | ||
(0.172) | (0.141) | |||
INDDIR | –0.0690 | –0.0707 | 0.0159 | 0.0203 |
(0.0529) | (0.0531) | (0.0412) | (0.0507) | |
LNEMP | –0.0483 | –0.0554 | −0.0965** | −0.110** |
(0.0584) | (0.0609) | (0.0427) | (0.0473) | |
IndustryDummy | Included | Included | Included | Included |
YearDummy | Included | Included | Included | Included |
Constant | 3.493 | 3.481 | −5.900** | −7.033** |
(3.669) | (3.665) | (2.301) | (3.116) | |
Observations | 1,405 | 1,380 | 1,405 | 1,385 |
R-squared | 0.147 | 0.132 | 0.098 | 0.090 |
Standard errors in parentheses: ***p < 0.01, **p < 0.05, *p < 0.1.