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

Table 5

Heterogeneity results for high-tech and nonhigh-tech enterprises.

Variable	Nearest neighbor matching		Radius matching
	High-tech	Nonhigh-tech	High-tech	Nonhigh-tech
	(1)	(2)	(3)	(4)
dceodt	0.045	0.032	0.046	0.031
	(0.013)	(0.010)	(0.013)	(0.010)
LOAR	−0.130	−0.176	−0.133	−0.176
	(0.018)	(0.015)	(0.018)	(0.015)
CI	−0.068	−0.077	−0.061	−0.084
	(0.004)	(0.004)	(0.004)	(0.003)
Size	0.796	0.766	0.788	0.768
	(0.005)	(0.004)	(0.005)	(0.004)
Age	−0.007	−0.002	−0.007	−0.002
	(0.002)	(0.001)	(0.002)	(0.001)
Profit	0.074	0.084	0.073	0.086
	(0.011)	(0.010)	(0.010)	(0.009)
SOE	−0.002	−0.042	−0.015	−0.042
	(0.019)	(0.012)	(0.020)	(0.012)
Constant	−0.292	0.629	−0.209	0.633
	(0.121)	(0.088)	(0.121)	(0.087)
Observations	4,684	7,027	4,972	7,995
χ2	2339	2274	1869	2987
R-squared	0.930	0.918	0.925	0.925

Note: standard errors in parentheses; , , .