TABLE 4.
Variables | SUSGR (1) | SUSGR (2) | MNGR (3) | MNGR (4) |
EPS | 0.236*** | 0.235*** | 0.0851* | 0.0741* |
(0.0264) | (0.0264) | (0.0218) | (0.0223) | |
Leverage | −0.646*** | −0.650*** | −0.414** | −0.410** |
(0.173) | (0.173) | (0.228) | (0.227) | |
LNTA | 0.0979* | 0.0985* | 0.133*** | 0.125*** |
(0.0139) | (0.0139) | (0.0470) | (0.0464) | |
SOE | 0.00553 | 0.00577 | –0.106 | –0.125 |
(0.0653) | (0.0653) | (0.0846) | (0.0835) | |
Fage | 0.000212 | –0.000293 | 0.00405 | 0.00280 |
(0.00762) | (0.00761) | (0.00946) | (0.00934) | |
Dual | –0.0455 | –0.0445 | –0.0541 | |
(0.0851) | (0.0852) | (0.109) | ||
INDDIR | –0.0275 | –0.0136 | ||
(0.0263) | (0.0352) | |||
LNEMP | –0.0173 | –0.0177 | −0.102** | −0.0897** |
(0.0308) | (0.0308) | (0.0409) | (0.0400) | |
CGCEO*Agency | −5.73e-05*** | −5.71e-05*** | −2.99e-05** | −2.56e-05** |
cost | (1.94e-05) | (1.92e-05) | (1.39e-05) | (1.17e-05) |
IndustryDummy | Included | Included | Included | Included |
YearDummy | Included | Included | Included | Included |
Constant | −1.445** | −1.527** | −2.249* | −2.154* |
(0.693) | (0.689) | (0.721) | (0.708) | |
Observations | 1,380 | 1,380 | 1,290 | 1,290 |
R-squared | 0.128 | 0.128 | 0.092 | 0.092 |
Standard errors in parentheses: ***p < 0.01, **p < 0.05, *p < 0.1.