TABLE 6.

GMM instrumental regressions of cognitive CEO and moderators for sustainable growth.

Variables	SUSGR	MNGR	SUSGR	MNGR	SUSGR	MNGR
CGCEO	0.507**	0.529**
	(0.0143)	(0.0160)
EPS	0.0757**	0.067**	0.0760**	0.0955**	0.0758**	0.216**
	(0.0484)	(0.027)	(0.0550)	(0.0435)	(0.0551)	(0.107)
Leverage	−0.0823*	−0.504**	−0.0726*	−0.652*	−0.0725*	–0.691
	(0.0473)	(0.295)	(0.0477)	(0.362)	(0.0481)	(0.457)
LNTA	0.0193	0.102	0.0177	–0.0217	0.0182	0.216
	(0.0174)	(0.110)	(0.0150)	(0.548)	(0.0149)	(0.151)
LNEMP	–0.00969	–0.0627	–0.00415	0.0857	–0.00443	–0.0124
	(0.0204)	(0.132)	(0.0136)	(0.473)	(0.0127)	(0.126)
Dual	–0.0485	–0.324	–0.0309	–0.0679	–0.0328	–0.499
	(0.0716)	(0.731)	(0.0394)	(0.158)	(0.0490)	(0.753)
SOE	0.0440	0.201	0.0211	0.0900	0.0193	–0.369
	(0.0597)	(0.714)	(0.0355)	(0.472)	(0.0460)	(0.654)
Fage	–0.00209	0.0394	–0.00499	0.0397	–0.00548	–0.108
	(0.00264)	(0.0381)	(0.0147)	(0.0291)	(0.0177)	(0.263)
INDDIR	–0.00365	–0.0833	0.00219	0.00192	0.00173	–0.107
	(0.0207)	(0.213)	(0.0121)	(0.0847)	(0.0144)	(0.168)
CGCEO*Agency cost			−7.21e-05**	−8.01e-05**
			(1.36e-05)	(2.84e-05)
CGCEO*NSUPV					−4.02e-06**	−1.95e-07**
					(2.48e-06)	(1.35e-07)
IndustryDummy	Included	Included	Included	Included	Included	Included
YearDummy	Included	Included	Included	Included	Included	Included
Constant	0.603	6.929	–0.176	–0.209	–0.175	–1.465
	(2.468)	(28.02)	(0.417)	(7.831)	(0.422)	(2.487)
Observations	1,449	1,422	1,331	1,305	1,331	1,305

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