Table 11 Reputation concerns at different career stages.

From: The departure dilemma: Directors’ last working year and firm performance—Do gender differences matter?

 

(1)

(2)

(3)

 

ROA

ROA

ROA

DLWY_40

−0.007***

  
 

(0.001)

  

DLWY_50

 

−0.005***

 
  

(0.001)

 

DLWY_60

  

−0.005***

   

(0.001)

BS

0.001

0.006

0.001

 

(0.268)

(0.022)

(0.002)

BI

−0.030***

−0.030***

−0.029***

 

(0.007)

(0.007)

(0.007)

CEO_Dual

0.001*

0.002*

0.002*

 

(0.001)

(0.001)

(0.001)

LEV

−0.141***

−0.140***

−0.140***

 

(0.002)

(0.002)

(0.002)

Age

−0.055***

−0.054***

−0.052***

 

(0.006)

(0.006)

(0.006)

Size

0.126***

0.125***

0.126***

 

(0.003)

(0.003)

(0.003)

RDI

−0.158***

−0.153***

−0.152***

 

(0.045)

(0.045)

(0.045)

Tang

0.031***

0.030***

0.030***

 

(0.004)

(0.004)

(0.004)

cons

−0.210***

−0.209***

−0.211***

 

(0.009)

(0.009)

(0.009)

Observations

20427

20427

20427

R-squared

0.279

0.280

0.281

Industry Dummy

Yes

Yes

Yes

Year Dummy

Yes

Yes

Yes

  1. DLWY_40 is the number of directors leaving in 1 year and having age 40 or below. DLWY_50 is the number of directors leaving in 1 year and having age 50 or below. DLWY_60 is the number of directors leaving in 1 year and having age 60 or below. Standard errors are in parentheses. ***p < 0.01, *p < 0.1.
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