Experienced CEO and Factor Productivity Improvement: Re-Examination of Experience Trap

Table 3

Regression results: the impact of experienced CEO succession on TFP.

	Nearest neighbor matching			Radius matching
	(1)	(2)	(3)	(4)	(5)	(6)
DID		0.031	0.031		0.033	0.033
		(0.008)	(0.008)		(0.008)	(0.008)
LA	−0.137	−0.147	−0.150	−0.133	−0.143	−0.156
	(0.011)	(0.011)	(0.011)	(0.011)	(0.011)	(0.011)
CIR	−0.079	−0.073	−0.075	−0.079	−0.076	−0.076
	(0.003)	(0.003)	(0.003)	(0.002)	(0.003)	(0.003)
Size	0.754	0.771	0.773	0.750	0.767	0.771
	(0.002)	(0.003)	(0.003)	(0.002)	(0.003)	(0.003)
Age	−0.002	−0.004	−0.004	−0.002	−0.004	−0.005
	(0.000)	(0.000)	(0.000)	(0.000)	(0.001)	(0.001)
Profit	0.106	0.087	0.086	0.102	0.088	0.086
	(0.008)	(0.008)	(0.008)	(0.007)	(0.007)	(0.007)
SOE	−0.037	−0.018	−0.024	−0.045	−0.018	−0.029
	(0.008)	(0.010)	(0.010)	(0.008)	(0.010)	(0.010)
Constant	0.776	0.367	0.443	0.874	0.506	0.528
	(0.051)	(0.061)	(0.067)	(0.051)	(0.060)	(0.066)
Time	No	Yes	Yes	No	Yes	Yes
Industry	No	Yes	Yes	No	Yes	Yes
Regional	No	No	Yes	No	No	Yes
Observations	11,711	11,711	11,711	12,371	12,371	12,371
χ2	142493	8189	4294	144494	8225	3945
R-squared	0.921	0.924	0.925	0.917	0.920	0.922

Note: standard errors in parentheses; , , .