Introduction
Literature review and hypothesis development
CEO ownership
CEO education
CEO origin
Interaction
Research design
Dependent variable
Independent variables
Control variables
Model
Result and discussion
Descriptive statistics
Variables | Mean | Max | Min | Std dev. | SE (mean) |
N
|
---|---|---|---|---|---|---|
Stock price | 4.024 | 28.950 | 0.270 | 6.072 | 0.408 | 222 |
ROA | 3.782 | 97.820 | − 25.950 | 10.072 | 0.676 | 222 |
ROE | 4.522 | 97.820 | − 265.000 | 29.345 | 1.970 | 222 |
Total assets | 72,500 | 6,220,000 | 4664 | 120,000 | 8.0300 | 222 |
Operating cash flow | 10,200 | 389,000 | − 159,000 | 57,500 | 38.60 | 222 |
CEO ownership | 0.032 | 1.015 | 0.000 | 0.079 | 0.005 | 222 |
CEO education | 0.752 | 1.000 | 0.000 | 0.433 | 0.029 | 222 |
CEO insider | 0.631 | 1.000 | 0.000 | 0.484 | 0.032 | 222 |
Correlation matrix
Variable | Stock pr. | ROA | ROE | CEO_OWN | CEO_EDUC | CEO_IN | SIZE | CFO | LEV |
---|---|---|---|---|---|---|---|---|---|
Stock pr. | 1 | ||||||||
ROA | − 0.082** | 1 | |||||||
ROE | 0.337** | 0.520** | 1 | ||||||
CEO_OWN | − 0.181** | 0.167** | 0.070 | 1 | |||||
CEO_EDUC | − 0.014 | 0.152* | 0.056 | 0149** | 1 | ||||
CEO_IN | 0.275* | 0.030 | 0.193** | 0.100 | 0.036 | 1 | |||
SIZE | 0.139** | − 0.250* | − 0.176** | − 0.134** | − 0.063 | 0.133 | 1 | ||
CFO | − 0.161** | 0.364** | 0.189** | 0.129 | − 0.120 | − 0.013 | − 0.235** | 1 | |
LEV | 0.719 | − 0.131** | 0.298** | − 0.256 | − 0.116 | 0.221* | 0.165** | − 0.236** | 1 |
Diagnostics
Stock pr. | ROA | ROE | CEO_OWN | CEO_EDUC | CEO_IN | LEV | CFO | SIZE | |
---|---|---|---|---|---|---|---|---|---|
Skewness | 1.61 | 0.79 | − 0.38 | 1.50 | − 1.16 | − 0.54 | 0.80 | 0.39 | 0.36 |
Kurtosis | 4.19 | 3.22 | 3.22 | 4.01 | 2.36 | 1.29 | 2.96 | 2.47 | 1.43 |
SE (Mean) | 0.33 | 0.33 | 0.77 | 0.002 | 0.029 | 0.032 | 0.006 | 0.004 | 0.067 |
N
| 222 | 222 | 222 | 222 | 222 | 222 | 222 | 222 | 222 |
Variable | VIF | Tolerance |
---|---|---|
SIZE | 1.22 | 0.82 |
CFO | 1.15 | 0.87 |
CEO_OWN | 1.13 | 0.88 |
LEV | 1.10 | 0.90 |
CEO_IN | 1.10 | 0.91 |
CEO_EDUC | 1.07 | 0.93 |
Mean VIF | 1.13 |
Regression result
Model 1 | Model 2 | |||||
---|---|---|---|---|---|---|
Stock pr. | ROA | ROE | Stock pr. | ROA | ROE | |
CEO_OWN | − 3.318 | 9.296 | 26.06 | 2.434 | 58.05* | 144.4* |
(− 0.53) | (1.13) | (1.38) | (0.12) | (2.32) | (2.49) | |
CEO_EDUC | 0.796 | 1.959** | 2.728 | 0.504 | 3.593** | 0.120 |
(1.45) | (2.73) | (1.65) | (0.55) | (3.07) | (0.04) | |
CEO_IN | 1.224* | 0.418 | 2.900 | 1.225 | 3.112* | 1.408 |
(2.45) | (0.64) | (1.93) | (1.20) | (2.37) | (0.46) | |
SIZE | 3.422*** | 0.0213 | 4.503*** | 3.411*** | − 0.174 | 4.365*** |
(13.59) | (0.06) | (5.95) | (13.24) | (− 0.53) | (5.72) | |
CFO | 1.533 | 25.51*** | 42.35*** | 1.478 | 26.40*** | 39.37*** |
(0.41) | (5.22) | (3.77) | (0.39) | (5.40) | (3.48) | |
LEV | 0.762 | − 8.449* | − 23.12** | 0.744 | − 8.968** | − 23.92** |
(0.29) | (− 2.43) | (− 2.89) | (0.28) | (− 2.61) | (− 3.02) | |
CEO_OWNIN | −10.41 | − 42.22* | − 101.6* | |||
(− 0.73) | (− 2.32) | (− 2.41) | ||||
CEO_OWNEDUC | 2.340 | − 24.33 | − 53.09 | |||
(0.15) | (− 1.18) | (− 1.12) | ||||
CEO_EDUCIN | 0.346 | − 2.147 | 5.268 | |||
(0.30) | (− 1.44) | (1.52) | ||||
_CONS | − 24.94*** | 0.989 | − 32.47*** | − 24.81*** | 0.702 | − 30.87*** |
(− 11.71) | (0.36) | (− 5.07) | (− 11.49) | (0.25) | (− 4.83) | |
Adj. R2 | 52.43% | 18% | 20.92% | 51.91% | 20.62% | 22.40% |
N
| 222 | 222 | 222 | 222 | 222 | 222 |