Impact of CEO attributes on corporate reputation, financial performance, and corporate sustainable growth: evidence from India

Mukherjee, Tutun; Sen, Som Sankar

doi:10.1186/s40854-022-00344-7

Financial Innovation

Table 7 Estimation results for alternative model specifications.

From: Impact of CEO attributes on corporate reputation, financial performance, and corporate sustainable growth: evidence from India

Variable	Panel A: 2SLS			Panel B: 3SLS			Panel C: SYS-GMM
	Corporate reputation	Corporate financial performance	Corporate sustainable growth	Corporate reputation	Corporate financial performance	Corporate sustainable growth	Corporate reputation	Corporate Financial Performance	Corporate Sustainable Growth
	Model (4)	Model (5)	Model (6)	Model (7)	Model (8)	Model (9)	Model (10)	Model (11)	Model (12)
CGEN	-0.246 (0.073)	\({0.088}^{**}\) (0.042)	\(-\) 0.055 (0.057)	-0.336 (0.060)	\({0.049}^{*}\) (0.013)	\(-\) 0.053 (0.023)	-0.310 (0.013)	\({0.048}^{*}\) (0.017)	\(-\) 0.057 (0.046)
CAGE	\({-0.038}^{**}\) (3.039)	-0.001 (0.001)	\({-0.007}^{*}\) (0.001)	-0.732 (0.149)	-0.001 (0.000)	\({-0.005}^{*}\) (0.001)	-0.001 (0.001)	-0.001 (0.001)	\({-0.004}^{*}\) (0.001)
CEDU	-0.477 (0.160)	0.036 (0.009)	0.029 (0.027)	-0.493 (0.840)	0.038 (0.006)	0.032 (0.025)	-0.376 (0.042)	0.041 (0.010)	0.034 (0.036)
CDUA	\({-0.514}^{*}\) (0.502)	-0.013 (0.008)	-0.034 (0.022)	\({-0.512}^{**}\) (0.128)	-0.008 (0.005)	-0.031 (0.020)	\({-0.581}^{*}\) (0.088)	-0.009 (0.008)	-0.035 (0.020)
CREM	\({0.379}^{*}\) (0.178)	\({0.007}^{*}\) (0.002)	0.022 (0.003)	\({0.383}^{*}\) (0.209)	\({0.009}^{*}\) (0.000)	0.019 (0.003)	\({0.380}^{*}\) (0.061)	\({0.012}^{*}\) (0.005)	0.021 (0.002)
CTEN	\({0.047}^{*}\) (0.125)	-0.011 (0.009)	\({0.072}^{*}\) (0.026)	\({0.038}^{*}\) (0.083)	0.010 (0.005)	\({0.066}^{*}\) (0.021)	\({0.044}^{*}\) (0.013)	0.012 (0.001)	\({0.044}^{*}\) (0.010)
CNAT	0.668 (0.395)	\(-{0.072}^{**}\) (1.025)	-0.048 (0.071)	0.673 (4.633)	-0.025 (0.016)	-0.038 (0.063)	0.633 (0.051)	-0.018 (0.023)	-0.074 (0.106)
CBUS	\({-0.657}^{*}\) (0.029)	\({-0.053}^{*}\) (0.010)	0.017 (0.024)	\({-0.699}^{*}\) (1.471)	\({-0.026}^{*}\) (0.005)	0.015 (0.020)	\({-0.612}^{*}\) (0.008)	\({-0.038}^{*}\) (0.004)	-0.019 (0.011)
LEV	-0.027 (0.085)	\({-0.002}^{*}\) (0.000)	\({-0.011}^{*}\) (0.002)	-0.044 (0.135)	\({-0.002}^{*}\) (0.001)	\({-0.014}^{**}\) (0.001)	-0.030 (0.003)	\({-0.004}^{*}\) (0.001)	\({-0.017}^{*}\) (0.001)
FS	\({4.631}^{*}\) (0.527)	\({0.017}^{**}\) (0.004)	\({0.005}^{**}\) (0.008)	\({4.788}^{*}\) (0.538)	\({0.015}^{**}\) (0.001)	\({0.002}^{**}\) (0.008)	\({4.614}^{*}\) (0.005)	\({0.017}^{**}\) (0.002)	\({0.129}^{*}\) (0.011)
TAN	\({3.202}^{*}\) (0.163)	\({-0.140}^{**}\) (0.018)	\({-0.387}^{**}\) (0.047)	\({3.191}^{*}\) (0.414)	\({-0.124}^{**}\) (0.012)	\({-0.385}^{**}\) (0.057)	\({3.117}^{**}\) (0.009)	\({-0.134}^{**}\) (0.029)	\({-0.388}^{*}\) (0.042)
PROD	\({3.718}^{*}\) (0.322)	\({0.057}^{*}\) (0.007)	0.045 (0.016)	\({3.690}^{*}\) (0.111)	\({0.050}^{*}\) (0.004)	0.046 (0.016)	\({3.639}^{*}\) (0.007)	\({0.067}^{*}\) (0.019)	0.066 (0.023)
Year Dummy	YES	YES	YES	YES	YES	YES	YES	YES	YES
Industry Dummy	NO	NO	NO	NO	NO	NO	NO	NO	NO
\({\mathrm{R}}^{2}\)	0.191	0.293	0.059	0.205	0.316	0.062
\(\mathrm{Chi}2 {(x}^{2})\)				\({715.990}^{*}\)	\({1579.880}^{*}\)	\({357.610}^{*}\)
Wald Chi 2 (\({x}^{2})\)	\({518.230}^{*}\)	\({745.950}^{*}\)	\({55.660}^{*}\)				\({487.707}^{*}\)	\({1940.830}^{*}\)	\({1641.830}^{*}\)
AR(1) test (p-value)							(0.837)	(0.111)	(0.238)
AR(2) test (p-value)							(0.482)	(0.257)	(0.359)
Hansen test (p-value)							(0.399)	(0.314)	(0.347)
N	690	690	690	690	690	690	690	690	690

This table presents the estimates of the robustness test with alternative model specifications. The endogenous variables in the corporate reputation regressions are REP (by default), CDUA, CREM, LEV, FS, TAN, and PROD and instrumented by lagged variables no more than three periods. The exogenous variables in the corporate reputation regressions are CGEN, CAGE, CEDU, CTEN, CNAT, and CBUS. Three lags of each exogenous variable have been used as instruments in the equation. The endogenous variables in the corporate financial performance regressions are CFP (by default), CDUA, CREM, LEV, FS, TAN, and PROD and instrumented by lagged variables no more than three periods. The exogenous variables in the corporate financial performance regressions are CGEN, CAGE, CEDU, CTEN, CNAT, and CBUS. Three lags of each exogenous variable have been used as instruments in the equation. The endogenous variables in the corporate sustainable growth regressions are CSG (by default), CDUA, CREM, LEV, FS, TAN, and PROD and instrumented by lagged variables no more than three periods. The exogenous variables in the corporate sustainable growth regressions are CGEN, CAGE, CEDU, CTEN, CNAT, and CBUS. Three lags of each exogenous variable have been used as instruments in the equation. The regressions are estimated after controlling for time-fixed effects and using the robust standard error option. The definition and measurement of all the variables are provided in Table 2. * and ** indicate statistical significance at the 1% and 5% levels, respectively. Robust standard errors are reported in parentheses

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