(1)

(2)

Equity incentive

Concurrent post

con

0.0145***

0.0130***

(3.48)

(4.00)

con#courage

0.0098*

(1.97)

con#cochair

0.0167***

(2.73)

LN_a

0.0004

0.0009

(0.25)

(0.52)

Lev

0.0008***

0.0008***

(5.69)

(5.15)

ROA

0.0004

0.0005

(1.30)

(1.38)

ReceiR

0.0157*

0.0166*

(1.67)

(1.72)

Netprofit

−2.40e−13

−2.73e−13

(−0.84)

(−0.85)

Tq

0.0123***

0.0119***

(7.91)

(7.35)

Stateshr

0.0002

0.0002

(1.30)

(1.30)

age

−0.0001

−0.0002

(−0.38)

(−0.78)

gender

−0.0067

−0.0075

(−1.39)

(−1.51)

tenure

−0.0025***

−0.0027***

(−2.97)

(−2.88)

education

−0.0033***

−0.0031***

(−2.99)

(−2.69)

N_director

−0.0027***

−0.0026**

(−2.80)

(−2.46)

N_manager

−0.0025***

−0.0026***

(−4.02)

(−4.00)

N_supervisor

−0.0029

−0.0028

(−1.33)

(−1.33)

meeting

0.0003

0.0002

(0.60)

(0.34)

_cons

0.0460

0.0427