Table 6 Estimation results of top executive’s attributes and financial leverage.
From: The nexus of top executives’ attributes, firm strategies, and outcomes: Large firms versus SMEs
Full sample | Large firms | Medium-sized firms | Small-sized firms | |||||
|---|---|---|---|---|---|---|---|---|
Estimate | Std.Err | Estimate | Std.Err | Estimate | Std.Err | Estimate | Std.Err | |
Conscientiousness | −1.567 | 0.391*** | −2.921 | 1.376** | −1.551 | 0.402*** | 0.644 | 0.823 |
Uniqueness | 0.328 | 0.508 | −2.845 | 2.001 | −0.537 | 0.498 | 2.717 | 0.959*** |
Execution Skills | −0.565 | 0.373 | 0.217 | 1.406 | 0.372 | 0.389 | −1.506 | 0.830* |
Extraversion | −0.045 | 0.325 | −0.561 | 1.096 | 0.227 | 0.340 | 1.059 | 0.675 |
Neuroticism | 2.093 | 0.375*** | 0.563 | 1.704 | 1.566 | 0.398*** | 4.504 | 0.787*** |
Openness | 1.713 | 0.385*** | 0.230 | 1.331 | 0.477 | 0.418 | 4.473 | 0.856*** |
Decisiveness | −1.300 | 0.372*** | −1.507 | 1.194 | −1.207 | 0.392*** | −0.835 | 0.977 |
Agreeableness | 3.090 | 0.347*** | 3.285 | 1.534** | 1.717 | 0.354*** | 4.596 | 0.682*** |
Financial Prudence | −4.278 | 0.412*** | −1.139 | 1.581 | −2.790 | 0.428*** | −6.339 | 0.897*** |
Firm size | −6.294 | 0.261*** | 0.123 | 0.965 | −3.016 | 0.199*** | −13.902 | 0.601*** |
Firm age | −0.204 | 0.011*** | −0.048 | 0.024** | −0.235 | 0.011*** | −0.232 | 0.025*** |
Profitability | −1.535 | 0.054*** | −1.071 | 0.313*** | −1.536 | 0.084*** | −1.484 | 0.069*** |
Tangibility | 0.411 | 0.008*** | 0.284 | 0.029*** | 0.413 | 0.009*** | 0.493 | 0.015*** |
Unlisted | 12.552 | 0.785*** | 18.795 | 0.957*** | 20.667 | 1.249*** | ||
Medium-sized firms | −22.071 | 0.985*** | ||||||
Small-sized firms | −22.791 | 1.289*** | ||||||
Sector | Yes | Yes | Yes | Yes | ||||
Year | Yes | Yes | Yes | Yes | ||||
Location | Yes | Yes | Yes | Yes | ||||
Obs. | 85,175 | 5469 | 48,636 | 31,070 | ||||
