Table 4 Results of panel regression analysis.

Variable	Coefficient	Standard error^a	p-value
Intercept	2.35	0.820	0.004
Revenue per employee	0.028	0.011	0.012
EBITDA per employee	0.23	0.062	0.011
R&D per employee	0.043	0.017	0.002
% Non-executive employees	1.23	0.330	0.001
% Board gender diversity	0.13	0.212	0.081
% Employee gender diversity	0.03	0.090	0.114
CEO pay ratio	−0.91	0.208	0.045
Employee benefits	0.37	0.091	0.025
Firm size	0.031	0.017	0.067
Firm age	−0.012	0.008	0.141
Firm risk	−1.82	0.670	0.007
Board independence	1.23	0.091	0.131
ROE	0.021	0.028	0.453
ROA	1.92	0.450	0.099
Total sale	0.035	0.039	0.371
Past stock returns	−0.97	0.120	0.003
CEO tenure	0.15	0.062	0.016
CEO tenure × revenue per employee	0.009	0.004	0.023
CEO tenure × EBITDA per employee	0.011	0.005	0.028
CEO tenure × R&D per employee	0.017	0.007	0.015
CEO tenure × % non-executive employees	0.021	0.009	0.02
CEO tenure × % board gender diversity	0.008	0.004	0.045
CEO tenure × % employee gender diversity	0.005	0.002	0.013
CEO tenure × CEO pay ratio	−0.013	0.006	0.031
CEO tenure × employee benefits	0.019	0.008	0.018
Industry controls^b,c	Included
Year controls^b	Included
Firm controls^b,d	Included

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