Variable | Symbol | Model 1 | Model 2 | Model 3 | Model 4a |
All | All | Rank > 1 | Rank > 2 | ||
Rank | − | −3.209* | −3.410* | −3.616* | −2.149* |
(−1.76) | (−1.81) | (−1.91) | (−1.95) | ||
Tenure | + | −2.276 | −2.427 | −2.795 | |
(−1.57) | (−1.63) | (−1.54) | |||
Rank × Tenure | + | 1.129* | 1.169* | 1.329** | 0.642*** |
(1.81) | (1.82) | (2.03) | (4.18) | ||
Age | − | 0.001 | 0.003 | 0.002 | −0.052 |
(0.01) | (0.12) | (0.07) | (−1.45) | ||
Com | − | 0.051 | 0.088 | 0.079 | 0.002 |
(0.36) | (0.60) | (0.52) | (0.01) | ||
Own | − | −0.673* | −0.581 | −0.544 | 3.735 |
(−1.94) | (−1.63) | (−1.51) | (0.95) | ||
ROE | + | 2.323*** | 2.315*** | 2.253*** | 12.691*** |
(3.69) | (3.53) | (3.38) | (3.49) | ||
Size | ? | −0.151 | −0.200 | −0.560 | |
(−0.81) | (−1.03) | (−1.56) | |||
Lev | ? | −0.667 | −0.702 | 2.492* | |
(−0.89) | (−0.92) | (2.14) | |||
Grow | ? | 0.174 | 0.217 | 0.765 | |
(0.26) | (0.31) | (0.33) | |||
V | ? | 0.010 | 0.012 | −0.018 | |
(0.82) | (0.97) | (−1.06) | |||
Inds | Control | Control | Control | Control | |
Sample size | 108 | 108 | 102 | 30 | |
R2 | 0.300 | 0.319 | 0.339 | 0.807 |