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. 2021 Dec 30;12:669715. doi: 10.3389/fpsyg.2021.669715

TABLE 5.

Firm size moderates the relationship between CEO duality and Chinese firm performance.

Variables Model 5 (ROI) Model 6 (ROE) Model 7 (ROI) Model 8 (ROE)
CEO duality −1.58***
(0.469)
−2.11***
(0.754)
0.155**
(0.082)
1.027***
(0.420)
Small firm −1.32***
(0.539)
−2.24**
(1.26)
Large firm 0.503*
(0.354)
−1.72***
(0.653)
Small firm*CEO duality −2.81***
(0.801)
−2.99***
(0.908)
Large firm*CEO duality 0.178*
(0.115)
2.35***
(0.923)
Leverage −14.16***
(2.30)
−15.87***
(2.85)
−2.54***
(0.514)
−2.97***
(0.681)
Growth 0.154**
(0.083)
0.205***
(0.073)
0.085***
(0.035)
0.096**
(0.044)
Firm size −6.31***
(1.91)
−5.37
(5.20)
−1.74
(1.15)
9.55***
(2.42)
Assets tangibility 1.785***
(0.437)
3.17**
(1.62)
0.754***
(0.328)
−1.61***
(0.639)
Constant −15.5***
(4.34)
−28.7**
(15.72)
−7.28***
(3.42)
17.54***
(6.69)
Wald test 27.75*** 28.73*** 28.44*** 29.99***
AR (1) −3.17 −3.31 −2.56 −2.90
AR (2) −1.60 −0.81 −1.36 0.29
Sargan Test 43.66 41.15 1,773.48 587.41
Observation 2,502 2,502 2,502 2,502

Level of significance in this study is indicated with “*” [***p < 0.01, **p < 0.05, and *p < 0.1].