TABLE 6.
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.