Research Article
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 |
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Note: standard errors in parentheses; , , . |