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Table 5 Summary of the regression result

From: CEO characteristics and firm performance: focus on origin, education and ownership

  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
  1. ROA return on assets, ROE return on equity, CEO_OWN CEO ownership, CEO_EDUC CEO education, CEO_IN CEO insider, SIZE firm size, CFO operating cash flow, LEV leverage ratio. t statistics in parentheses. *p < 0.05, **p < 0.01, ***p < 0.001
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