Non-family chair and corporate performance

Frontiers of Business Research in China

Table 5 Robustness checks on the value effects of non-family chair

	Industry–adjusted measure	Non–family CEO	Chair characteristics	Obs. after 2003	Obs. of main boards
	(1)	(2)	(3)	(4)	(5)
NFChair	− 0.014***	− 0.013***	− 0.013***	− 0.014***	− 0.014***
	(− 5.09)	(−4.60)	(− 4.83)	(− 5.02)	(−4.22)
NFCEO		− 0.003
		(− 1.15)
Chair_Age			0.008
			(1.10)
Chair_Education			0.001
			(0.97)
Chair_Gender			0.005
			(1.18)
Intercept	−0.338***	−0.300***	−0.335***	−0.375***	−0.353***
	(−9.79)	(−8.67)	(−7.37)	(−10.35)	(−6.63)
Other controls	Yes	Yes	Yes	Yes	Yes
Industry fixed effects	Yes	Yes	Yes	Yes	Yes
Year fixed effects	Yes	Yes	Yes	Yes	Yes
Obs.	7902	7895	7892	7592	4058
Adjusted R²	0.138	0.168	0.169	0.171	0.139

This table reports the regression results of firm performance (ROA) on the non-family chair indicator using an alternative measure of the dependent variable, control variable and subsample firms. Column 1 estimates the regression with the industry-adjusted performance measure. Columns 2 and 3 include the additional controls of the CEO’s family identity and chair characteristics, respectively. Columns 4 and 5 reflect results when we use data after 2003 and include only firms on the main boards of the Shanghai and Shenzhen Stock Exchanges. All regressions include year and industry dummies, but their coefficients are not reported for the sake of brevity. See the Appendix for the detailed descriptions of the variables. The values in parentheses are standard errors that are robust to heteroskedasticity and clustered at the firm level. Asterisks denote statistical significance at the 1% (***), 5% (**) or 10% (*) level, respectively