Page 119 - 33-3

NTU Management Review Vol. 33 No. 3 Dec. 2023

Table 10 Controlling for Changes in Branch Managers
Dependent variable Ab_SENIOR i,t Ab_ADV i,t
(t-statistic) (t-statistic)
(1) (2)
0.01 0.42***
CONSENSUS i,t
(0.42) (2.63)
0.01 0.17*
REGIONAL_AGE i,t
(0.83) (1.74)
-0.03 0.94***
REGIONAL_GENDER i,t
(-1.01) (2.88)
-0.01 -0.04***
REGIONAL_TENURE i,t
(-0.52) (-4.20)
0.59***
SENIOR i,t-1
(34.64)
0.25***
ADV i,t-1
(7.25)
0.01 0.02
MGT_AGE i,t
(0.64) (0.41)
0.01 0.03
MGT_GENDER i,t
(0.66) (0.29)
-0.01*** -0.01
MGT_TENURE i,t
(-3.43) (-1.27)
0.01*** -0.01
PRICE i,t
(3.50) (-0.46)
0.01 0.03*
NUM_ENTRUST i,t
(0.27) (1.84)
0.01*** -0.05
OFFICE_SIZE i,t
(3.28) (-1.24)
-0.01*** 0.01
OFFICE_AGE i,t
(-3.76) (0.12)
-0.03 -0.39
TURNOVER i,t
(-0.63) (-0.70)
-0.01*** 0.01
NUM_BRANCH i,t
(-5.47) (0.34)
0.02*** -0.04
CYCLE i,t
(6.35) (-1.16)
-0.04*** -0.29***
INDEX i,t
(-5.72) (-3.95)
-0.01 0.01
CHANGE i,t
(-0.18) (0.05)
MONTH Included Included
REGION Included Included
Model OLS OLS
Adjusted R-Squared 0.47 0.10
F-value 56.25*** 7.97***
Observations 1,637 1,637
Note: *** p < 0.01, ** p < 0.05, and * p < 0.10 (two-tailed test)
See Table 2 for variable definitions.

111