| Regression Results | ||
|
| High centralization | Low centralization |
| f_CEO_fturnover | f_CEO_fturnover | |
| highETR | 0.152* | 0.226** |
|
| (1.65) | (2.07) |
| lowETR | 0.006 | −0.132 |
|
| (0.06) | (−1.17) |
| size | −0.048* | 0.033 |
|
| (−1.65) | (0.95) |
| leverage | 0.804** | −0.879** |
|
| (2.37) | (−2.04) |
| dsales | 0.016 | −0.374** |
|
| (0.10) | (−2.07) |
| dROA | −0.455 | 0.089 |
|
| (−1.25) | (0.27) |
| ownership | 0.415*** | 0.555*** |
|
| (5.50) | (6.99) |
| duality | 0.430*** | 0.743*** |
|
| (4.33) | (7.00) |
| meat_beat | −0.253*** | −0.109 |
|
| (−3.16) | (−1.23) |
| Industry | Control | Control |
| Year | Control | Control |
| _cons | −1.918*** | −4.203*** |
|
| (−2.86) | (−5.39) |
| N | 6982 | 6910 |