TABLE 5.

2SLS regression for number of supervisors and sustainable growth.

Variables	SUSGR (1)	SUSGR (2)	MNGR (3)	MNGR (4)
CGCEO*NSUPV	−0.000317*	−0.000321*	−2.82e-05**	−2.32e-05*
	(0.000177)	(0.000183)	(1.25e-05)	(1.26e-05)
EPS	0.197***	0.194***	0.0992**	0.0981**
	(0.0493)	(0.0505)	(0.0344)	(0.0342)
Leverage	−0.553*	−0.510*	−0.415*	−0.432*
	(0.291)	(0.295)	(0.107)	(0.116)
LNTA	0.102**	0.110**	0.143***	0.153***
	(0.0214)	(0.0237)	(0.0469)	(0.0471)
SOE	0.0376	0.0401	–0.0980	–0.102
	(0.109)	(0.110)	(0.0841)	(0.0836)
Fage	–0.00330	–0.00678	0.00272	0.000299
	(0.0129)	(0.0130)	(0.00938)	(0.00913)
Dual	–0.111	–0.0807	–0.0762	–0.0694
	(0.149)	(0.146)	(0.108)	(0.107)
LNEMP	0.264	0.263	−0.0807*	−0.0819*
	(0.161)	(0.164)	(0.0421)	(0.0420)
IndustryDummy	Included	Included	Included	Included
YearDummy	Included	Included	Included	Included
Constant	−4.058***	−4.445***	−4.037***	−4.058***
	(1.404)	(1.491)	(0.858)	(0.855)
Observations	1,380	1,390	1,274	1,281
R-squared	1.407	1.407	0.086	0.086

Standard errors in parentheses: ***p < 0.01, **p < 0.05, *p < 0.1.