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Goal Consensus, Subordinates’ Prior Performances, and Supervisors’ Resource Allocation Preferences

Table 7 Excluding Observations without Change in Allocation of Advertising
Funding and Senior Salespersons
Dependent variable Ab_SENIOR i,t Ab_ADV i,t Ab_SENIOR i,t Ab_ADV i,t Ab_SENIOR i,t Ab_ADV i,t
(t-statistic) (t-statistic) (t-statistic) (t-statistic) (t-statistic) (t-statistic)
(1) (2) (3) (4) (5) (6)
0.01 0.36* 0.01 0.08*
CONSENSUS i,t
(0.18) (1.93) (0.80) (1.87)
0.03* -0.09 0.01* -0.04
PERF i,t-1
(1.80) (-0.66) (1.81) (-0.67)
-0.01 0.01
CONSENSUS it ×PERF i,t-1
(-0.30) (0.02)
-0.01 -0.06 0.01 -0.07 0.01 -0.06
REGIONAL_AGE i,t
(-0.18) (-0.56) (0.46) (-0.68) (0.49) (-0.55)
-0.06** 0.69** -0.06* 0.70*** -0.06* 0.70**
REGIONAL_GENDER i,t
(-2.10) (2.03) (-1.80) (2.05) (-1.80) (2.05)
0.01 -0.01 -0.01 -0.01 -0.01 -0.01
REGIONAL_TENURE i,t
(0.92) (-0.82) (-0.81) (-0.76) (-0.80) (-0.84)
0.58*** 0.63*** 0.63***
SENIOR i,t-1
(23.96) (21.61) (21.57)
1.59*** 1.61*** 1.60***
ADV i,t-1
(16.02) (16.14) (16.00)
-0.01 0.04 -0.01 0.04 -0.01 0.04
MGT_AGE i,t
(-0.23) (0.67) (-0.37) (0.69) (-0.33) (0.71)
0.01 0.09 -0.01 0.07 0.01 0.08
MGT_GENDER i,t
(0.16) (0.72) (-0.05) (0.59) (0.03) (0.71)
-0.01 -0.01 -0.01 -0.01 -0.01 -0.01
MGT_TENURE i,t
(-1.33) (-0.81) (-0.93) (-0.82) (-0.98) (-0.84)
0.01** -0.01 0.01*** -0.01 0.01*** -0.01
PRICE i,t
(1.98) (-0.75) (2.62) (-0.91) (2.59) (-0.79)
0.01 0.01 -0.01 0.01 -0.01 0.01
NUM_ENTRUST i,t
(0.58) (0.11) (-0.12) (0.13) (-0.08) (0.17)
0.01** -0.08* 0.01 -0.07 0.01 -0.07*
OFFICE_SIZE i,t
(2.52) (-1.90) (0.51) (-1.63) (0.43) (-1.74)
-0.01*** -0.01 -0.01*** -0.01 -0.01*** 0.01
OFFICE_AGE i,t
(-3.30) (-0.02) (-3.02) (0.01) (-2.88) (0.02)
-0.09 -0.51 -0.08 -0.55 -0.08 -0.58
TURNOVER i,t
(-1.61) (-0.80) (-1.16) (-0.84) (-1.15) (-0.90)
-0.01*** -0.01 -0.01*** -0.01 -0.01*** -0.01
NUM_BRANCH i,t
(-3.67) (-1.46) (-2.95) (-1.49) (-2.92) (-1.47)
0.01 -0.04 -0.01 -0.03 -0.01 -0.04
CYCLE i,t
(0.87) (-1.51) (-0.25) (-1.19) (-0.46) (-1.51)
0.01 0.01 0.01 0.01 0.01 0.01
INDEX i,t
(0.65) (0.35) (0.78) (0.32) (0.84) (0.34)
MONTH Included Included Included Included Included Included
REGION Included Included Included Included Included Included
Model OLS OLS 2SLS 2SLS 2SLS 2SLS
Adjusted R-Squared 0.41 0.16 0.41 0.16 0.41 0.16
F-Value 23.99*** 13.33*** 25.05*** 13.10*** 22.86*** 12.14***
Observations 975 1,340 975 1,340 975 1,340
Note: *** p < 0.01, ** p < 0.05, and * p < 0.10 (two-tailed test)
See Table 2 for variable definitions.

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