Variable

Symbol

Model 1

Model 2

Model 3

Model 4^a

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