Journal of Global Entrepreneurship Research

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

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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