Table 6 Robust regression results with Tobit model.
M13 | M14 | M15 | M16 | M17 | M18 | |
|---|---|---|---|---|---|---|
Variables | R&D | R&D | R&D | R&D | R&D | R&D |
Non_Family CEO | −0.000456*** | 0.00399*** | ||||
(0.000163) | (0.00129) | |||||
Family CEO & Actual Controller | 0.000512*** | −0.00385*** | ||||
(0.000172) | (0.00144) | |||||
Family CEO | −0.000558* | −0.00405 | ||||
(0.000299) | (0.00276) | |||||
Managerial Ability (MA) | −0.000636 | −0.00750*** | −0.00537*** | |||
(0.00211) | (0.00174) | (0.00163) | ||||
Non_Family CEO X MA | −0.00744*** | |||||
(0.00213) | ||||||
Family CEO & Actual Controller X MA | 0.00732*** | |||||
(0.00236) | ||||||
Family CEO X MA | 0.00572 | |||||
(0.00452) | ||||||
Leaverage | −0.00306*** | −0.00305*** | −0.00324*** | −0.00298*** | −0.00302*** | −0.00315*** |
(0.000422) | (0.000421) | (0.000418) | (0.000422) | (0.000422) | (0.000419) | |
ROE | −0.000360 | −0.000359 | −0.000370 | 0.000231 | 0.000218 | 0.000071 |
(0.000786) | (0.000786) | (0.000786) | (0.000798) | (0.000798) | (0.000798) | |
Size | 0.000017 | 0.000020 | 0.000024 | 0.000360** | 0.000374*** | 0.000327** |
(0.000101) | (0.000101) | (0.000101) | (0.000142) | (0.000142) | (0.000142) | |
CEO Pay | 0.000604*** | 0.000597*** | 0.000603*** | 0.000613*** | 0.000606*** | 0.000606*** |
(0.000134) | (0.000134) | (0.000134) | (0.000134) | (0.000134) | (0.000134) | |
CEO Power | −0.00704*** | −0.00701*** | −0.00709*** | −0.00729*** | −0.00727*** | −0.00717*** |
(0.00123) | (0.00123) | (0.00123) | (0.00123) | (0.00123) | (0.00123) | |
CEO Overconfidence | −0.000166 | −0.000162 | −0.000225 | −0.000101 | −0.000092 | −0.000197 |
(0.000170) | (0.000170) | (0.000169) | (0.000170) | (0.000170) | (0.000169) | |
Ind_Director_Ratio | 0.00177 | 0.00169 | 0.00196 | 0.00149 | 0.00143 | 0.00187 |
(0.00155) | (0.00155) | (0.00155) | (0.00155) | (0.00155) | (0.00154) | |
Constant | −0.00394* | −0.00432** | −0.00425** | −0.0109*** | −0.00740*** | −0.00752*** |
(0.00206) | (0.00206) | (0.00206) | (0.00252) | (0.00237) | (0.00236) | |
Year | Yes | Yes | Yes | Yes | Yes | Yes |
Industry | Yes | Yes | Yes | Yes | Yes | Yes |
