Free CEO compensation and firm performance Dissertation Example

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CEO compensation and firm performance

Category: Statistics

Subcategory:

Level: Masters

Pages: 30

Words: 8250

FACTOR
/VARIABLES FirmPerforROA FirmPerfoROE FirmPerfoROA1 FirmPerfoROE1 Leverage Size IndustryEffect
YearEffect BaseSalary BaseSalaryT1 VarCom VarComT1 Age
/MISSING LISTWISE
/ANALYSIS FirmPerforROA FirmPerfoROE FirmPerfoROA1 FirmPerfoROE1 Leverage Size IndustryEffect
YearEffect BaseSalary BaseSalaryT1 VarCom VarComT1 Age
/PRINT KMO EXTRACTION
/CRITERIA MINEIGEN(1) ITERATE(25)
/EXTRACTION PC
/ROTATION NOROTATE
/METHOD=CORRELATION.
Factor Analysis
Notes
Output Created 03-DEC-2018 21:17:35
Comments Input Active Dataset DataSet0
Filter <none>
Weight <none>
Split File <none>
N of Rows in Working Data File 20065
Missing Value Handling Definition of Missing MISSING=EXCLUDE: User-defined missing values are treated as missing.
Cases Used LISTWISE: Statistics are based on cases with no missing values for any variable used.
Syntax FACTOR
/VARIABLES FirmPerforROA FirmPerfoROE FirmPerfoROA1 FirmPerfoROE1 Leverage Size IndustryEffect
YearEffect BaseSalary BaseSalaryT1 VarCom VarComT1 Age
/MISSING LISTWISE
/ANALYSIS FirmPerforROA FirmPerfoROE FirmPerfoROA1 FirmPerfoROE1 Leverage Size IndustryEffect
YearEffect BaseSalary BaseSalaryT1 VarCom VarComT1 Age
/PRINT KMO EXTRACTION
/CRITERIA MINEIGEN(1) ITERATE(25)
/EXTRACTION PC
/ROTATION NOROTATE
/METHOD=CORRELATION.
Resources Processor Time 00:00:00.19
Elapsed Time 00:00:00.89
Maximum Memory Required 21944 (21.430K) bytes
[DataSet0]
KMO and Bartlett’s Test
Kaiser-Meyer-Olkin Measure of Sampling Adequacy. .649
Bartlett’s Test of Sphericity Approx. Chi-Square 54976.420
df 78
Sig. .000
Component Matrixa
Component
1 2 3 4 5 6
FirmPerforROA -.462 .822 .108 -.001 -.051 .068
FirmPerfoROE -.027 .085 .047 .179 .642 -.215
FirmPerfoROA1 -.442 .821 .132 -.002 -.035 .077
FirmPerfoROE1 -.005 .075 .055 .231 .662 -.168
Leverage .252 -.025 .088 .466 .091 .385
Size .763 -.136 .226 .052 -.054 -.111
IndustryEffect -.063 -.102 -.141 .396 .023 .718
YearEffect .195 .006 .409 -.404 .244 .349
BaseSalary .622 .358 -.555 -.074 .066 .026
BaseSalaryT1 .611 .364 -.572 -.069 .050 .015
VarCom .704 .293 .392 .092 -.104 -.039
VarComT1 .680 .294 .354 .134 -.141 -.055
Age .180 -.026 .026 -.644 .281 .350
Extraction Method: Principal Component Analysis.
a. 6 components extracted.
Communalities
Extraction
FirmPerforROA .907
FirmPerfoROE .501
FirmPerfoROA1 .894
FirmPerfoROE1 .528
Leverage .446
Size .669
IndustryEffect .707
YearEffect .550
BaseSalary .834
BaseSalaryT1 .840
VarCom .756
VarComT1 .714
Age .650
Extraction Method: Principal Component Analysis.
Total Variance Explained
Component Extraction Sums of Squared Loadings
Total % of Variance Cumulative %
1 2.847 21.903 21.903
2 1.827 14.051 35.954
3 1.194 9.183 45.137
4 1.077 8.282 53.419
5 1.041 8.010 61.429
6 1.011 7.776 69.206
Extraction Method: Principal Component Analysis.
DESCRIPTIVES VARIABLES=FirmPerforROA FirmPerfoROE FirmPerfoROA1 FirmPerfoROE1 Leverage Size
IndustryEffect YearEffect BaseSalary BaseSalaryT1 VarCom VarComT1 Age
/STATISTICS=MEAN STDDEV MIN MAX KURTOSIS SKEWNESS.
Descriptives
Notes
Output Created 03-DEC-2018 21:18:23
Comments Input Active Dataset DataSet0
Filter <none>
Weight <none>
Split File <none>
N of Rows in Working Data File 20065
Missing Value Handling Definition of Missing User defined missing values are treated as missing.
Cases Used All non-missing data are used.
Syntax DESCRIPTIVES VARIABLES=FirmPerforROA FirmPerfoROE FirmPerfoROA1 FirmPerfoROE1 Leverage Size
IndustryEffect YearEffect BaseSalary BaseSalaryT1 VarCom VarComT1 Age
/STATISTICS=MEAN STDDEV MIN MAX KURTOSIS SKEWNESS.
Resources Processor Time 00:00:00.16
Elapsed Time 00:00:00.17
Descriptive Statistics
N Minimum Maximum Mean Std. Deviation Skewness Kurtosis
Statistic Statistic Statistic Statistic Statistic Statistic Std. Error Statistic Std. Error
FirmPerforROA 19780 -3.6355 3.5131 .307381 .2769840 1.449 .017 13.414 .035
FirmPerfoROE 18564 -897.6095 810.0606 .780523 13.4317589 -2.733 .018 2192.291 .036
FirmPerfoROA1 19779 -3.6355 3.5131 .307373 .2769887 1.449 .017 13.414 .035
FirmPerfoROE1 18563 -897.6095 810.0606 .780080 13.4319852 -2.733 .018 2192.261 .036
Leverage 19780 .0000 3.6757 .212674 .2376779 2.555 .017 18.204 .035
Size 19780 -3.0000 6.5169 3.392506 .7924736 .177 .017 1.068 .035
IndustryEffect 19475 1.6232 6.0000 5.492065 .5154279 -3.975 .018 16.810 .035
YearEffect 20065 3.3025 3.3045 3.303480 .0006175 .068 .017 -1.213 .035
BaseSalary 19869 -3.0000 3.9085 2.823759 .4886862 -9.525 .017 109.730 .035
BaseSalaryT1 19868 -3.0000 3.9085 2.823751 .4886973 -9.525 .017 109.725 .035
VarCom 19853 -.9469 6.5189 3.355667 .7125251 -1.076 .017 2.525 .035
VarComT1 19852 -.9469 6.5189 3.355652 .7125398 -1.076 .017 2.525 .035
Age 20065 .0000 96.0000 55.800150 7.6906866 -.373 .017 5.316 .035
Valid N (listwise) 17014 REGRESSION
/MISSING LISTWISE
/STATISTICS COEFF OUTS R ANOVA COLLIN TOL CHANGE
/CRITERIA=PIN(.05) POUT(.10)
/NOORIGIN
/DEPENDENT FirmPerforROA
/METHOD=ENTER BaseSalaryT1 VarComT1 Leverage Size IndustryEffect YearEffect Age
/RESIDUALS DURBIN.
Regression
Notes
Output Created 03-DEC-2018 21:21:06
Comments Input Active Dataset DataSet0
Filter <none>
Weight <none>
Split File <none>
N of Rows in Working Data File 20065
Missing Value Handling Definition of Missing User-defined missing values are treated as missing.
Cases Used Statistics are based on cases with no missing values for any variable used.
Syntax REGRESSION
/MISSING LISTWISE
/STATISTICS COEFF OUTS R ANOVA COLLIN TOL CHANGE
/CRITERIA=PIN(.05) POUT(.10)
/NOORIGIN
/DEPENDENT FirmPerforROA
/METHOD=ENTER BaseSalaryT1 VarComT1 Leverage Size IndustryEffect YearEffect Age
/RESIDUALS DURBIN.
Resources Processor Time 00:00:00.28
Elapsed Time 00:00:00.25
Memory Required 6592 bytes
Additional Memory Required for Residual Plots 0 bytes
Variables Entered/Removeda
Model Variables Entered Variables Removed Method
1 Age, Leverage, IndustryEffect, BaseSalaryT1, YearEffect, Size, VarComT1b . Enter
a. Dependent Variable: FirmPerforROA
b. All requested variables entered.
Model Summaryb
Model R R Square Adjusted R Square Std. Error of the Estimate Change Statistics Durbin-Watson
R Square Change F Change df1 df2 Sig. F Change 1 .416a .173 .173 .2471139 .173 566.525 7 18900 .000 .448
a. Predictors: (Constant), Age, Leverage, IndustryEffect, BaseSalaryT1, YearEffect, Size, VarComT1
b. Dependent Variable: FirmPerforROA
ANOVAa
Model Sum of Squares df Mean Square F Sig.
1 Regression 242.165 7 34.595 566.525 .000b
Residual 1154.134 18900 .061 Total 1396.299 18907 a. Dependent Variable: FirmPerforROA
b. Predictors: (Constant), Age, Leverage, IndustryEffect, BaseSalaryT1, YearEffect, Size, VarComT1
Coefficientsa
Model Unstandardized Coefficients Standardized Coefficients t Sig. Collinearity Statistics
B Std. Error Beta Tolerance VIF
1 (Constant) 3.430 9.832 .349 .727 BaseSalaryT1 .009 .004 .014 2.057 .040 .883 1.132
VarComT1 .063 .003 .162 21.162 .000 .743 1.345
Leverage -.046 .008 -.040 -5.905 .000 .968 1.033
Size -.159 .003 -.456 -60.620 .000 .773 1.293
IndustryEffect -.014 .004 -.027 -4.108 .000 .990 1.010
YearEffect -.809 2.977 -.002 -.272 .786 .969 1.032
Age -.001 .000 -.029 -4.265 .000 .973 1.028
a. Dependent Variable: FirmPerforROA
Collinearity Diagnosticsa
Model Dimension Eigenvalue Condition Index Variance Proportions
(Constant) BaseSalaryT1 VarComT1 Leverage Size IndustryEffect YearEffect Age
1 1 7.380 1.000 .00 .00 .00 .01 .00 .00 .00 .00
2 .511 3.801 .00 .00 .00 .98 .00 .00 .00 .00
3 .047 12.586 .00 .00 .15 .01 .39 .02 .00 .03
4 .026 16.902 .00 .05 .62 .00 .57 .00 .00 .03
5 .018 20.342 .00 .84 .22 .00 .01 .01 .00 .11
6 .014 22.598 .00 .06 .00 .00 .01 .16 .00 .72
7 .005 38.993 .00 .05 .01 .00 .01 .81 .00 .10
8 1.670E-8 21020.246 1.00 .00 .00 .00 .00 .00 1.00 .01
a. Dependent Variable: FirmPerforROA
Residuals Statisticsa
Minimum Maximum Mean Std. Deviation N
Predicted Value -.329635 1.033290 .308914 .1131734 18908
Residual -3.0006542 2.5472608 .0000000 .2470682 18908
Std. Predicted Value -5.642 6.401 .000 1.000 18908
Std. Residual -12.143 10.308 .000 1.000 18908
a. Dependent Variable: FirmPerforROA
REGRESSION
/MISSING LISTWISE
/STATISTICS COEFF OUTS R ANOVA COLLIN TOL CHANGE
/CRITERIA=PIN(.05) POUT(.10)
/NOORIGIN
/DEPENDENT FirmPerfoROA1
/METHOD=ENTER Leverage Size IndustryEffect YearEffect Age BaseSalary VarCom
/RESIDUALS DURBIN.
Regression
Notes
Output Created 03-DEC-2018 21:23:15
Comments Input Active Dataset DataSet0
Filter <none>
Weight <none>
Split File <none>
N of Rows in Working Data File 20065
Missing Value Handling Definition of Missing User-defined missing values are treated as missing.
Cases Used Statistics are based on cases with no missing values for any variable used.
Syntax REGRESSION
/MISSING LISTWISE
/STATISTICS COEFF OUTS R ANOVA COLLIN TOL CHANGE
/CRITERIA=PIN(.05) POUT(.10)
/NOORIGIN
/DEPENDENT FirmPerfoROA1
/METHOD=ENTER Leverage Size IndustryEffect YearEffect Age BaseSalary VarCom
/RESIDUALS DURBIN.
Resources Processor Time 00:00:00.27
Elapsed Time 00:00:00.27
Memory Required 6592 bytes
Additional Memory Required for Residual Plots 0 bytes
Variables Entered/Removeda
Model Variables Entered Variables Removed Method
1 VarCom, IndustryEffect, Age, Leverage, YearEffect, BaseSalary, Sizeb . Enter
a. Dependent Variable: FirmPerfoROA1
b. All requested variables entered.
Model Summaryb
Model R R Square Adjusted R Square Std. Error of the Estimate Change Statistics Durbin-Watson
R Square Change F Change df1 df2 Sig. F Change 1 .372a .138 .138 .2511088 .138 431.577 7 18817 .000 .513
a. Predictors: (Constant), VarCom, IndustryEffect, Age, Leverage, YearEffect, BaseSalary, Size
b. Dependent Variable: FirmPerfoROA1
ANOVAa
Model Sum of Squares df Mean Square F Sig.
1 Regression 190.493 7 27.213 431.577 .000b
Residual 1186.518 18817 .063 Total 1377.012 18824 a. Dependent Variable: FirmPerfoROA1
b. Predictors: (Constant), VarCom, IndustryEffect, Age, Leverage, YearEffect, BaseSalary, Size
Coefficientsa
Model Unstandardized Coefficients Standardized Coefficients t Sig. Collinearity Statistics
B Std. Error Beta Tolerance VIF
1 (Constant) 10.752 10.105 1.064 .287 Leverage -.051 .008 -.044 -6.406 .000 .967 1.035
Size -.147 .003 -.424 -52.913 .000 .712 1.405
IndustryEffect -.012 .004 -.022 -3.218 .001 .990 1.010
YearEffect -3.053 3.060 -.007 -.998 .318 .953 1.049
Age -.001 .000 -.026 -3.731 .000 .973 1.028
BaseSalary .011 .005 .017 2.415 .016 .874 1.145
VarCom .071 .003 .184 22.454 .000 .683 1.465
a. Dependent Variable: FirmPerfoROA1
Collinearity Diagnosticsa
Model Dimension Eigenvalue Condition Index Variance Proportions
(Constant) Leverage Size IndustryEffect YearEffect Age BaseSalary VarCom
1 1 7.383 1.000 .00 .01 .00 .00 .00 .00 .00 .00
2 .509 3.808 .00 .97 .00 .00 .00 .00 .00 .00
3 .048 12.395 .00 .01 .33 .02 .00 .03 .00 .15
4 .022 18.168 .00 .00 .64 .00 .00 .03 .05 .64
5 .018 20.472 .00 .00 .01 .01 .00 .13 .82 .19
6 .014 22.588 .00 .00 .02 .16 .00 .70 .08 .00
7 .005 39.088 .00 .00 .00 .81 .00 .10 .05 .01
8 1.640E-8 21220.894 1.00 .00 .00 .00 1.00 .01 .00 .02
a. Dependent Variable: FirmPerfoROA1
Residuals Statisticsa
Minimum Maximum Mean Std. Deviation N
Predicted Value -.316533 .831251 .308833 .1005968 18825
Residual -3.1230292 3.3806703 .0000000 .2510622 18825
Std. Predicted Value -6.217 5.193 .000 1.000 18825
Std. Residual -12.437 13.463 .000 1.000 18825
a. Dependent Variable: FirmPerfoROA1
REGRESSION
/MISSING LISTWISE
/STATISTICS COEFF OUTS R ANOVA COLLIN TOL CHANGE
/CRITERIA=PIN(.05) POUT(.10)
/NOORIGIN
/DEPENDENT FirmPerfoROE1
/METHOD=ENTER Leverage Size IndustryEffect YearEffect Age BaseSalary VarCom
/RESIDUALS DURBIN.
Regression
Notes
Output Created 03-DEC-2018 21:24:14
Comments Input Active Dataset DataSet0
Filter <none>
Weight <none>
Split File <none>
N of Rows in Working Data File 20065
Missing Value Handling Definition of Missing User-defined missing values are treated as missing.
Cases Used Statistics are based on cases with no missing values for any variable used.
Syntax REGRESSION
/MISSING LISTWISE
/STATISTICS COEFF OUTS R ANOVA COLLIN TOL CHANGE
/CRITERIA=PIN(.05) POUT(.10)
/NOORIGIN
/DEPENDENT FirmPerfoROE1
/METHOD=ENTER Leverage Size IndustryEffect YearEffect Age BaseSalary VarCom
/RESIDUALS DURBIN.
Resources Processor Time 00:00:00.27
Elapsed Time 00:00:00.29
Memory Required 6592 bytes
Additional Memory Required for Residual Plots 0 bytes
Variables Entered/Removeda
Model Variables Entered Variables Removed Method
1 VarCom, IndustryEffect, Age, Leverage, YearEffect, BaseSalary, Sizeb . Enter
a. Dependent Variable: FirmPerfoROE1
b. All requested variables entered.
Model Summaryb
Model R R Square Adjusted R Square Std. Error of the Estimate Change Statistics Durbin-Watson
R Square Change F Change df1 df2 Sig. F Change 1 .024a .001 .000 13.0045411 .001 1.512 7 17683 .158 1.975
a. Predictors: (Constant), VarCom, IndustryEffect, Age, Leverage, YearEffect, BaseSalary, Size
b. Dependent Variable: FirmPerfoROE1
ANOVAa
Model Sum of Squares df Mean Square F Sig.
1 Regression 1789.820 7 255.689 1.512 .158b
Residual 2990515.159 17683 169.118 Total 2992304.980 17690 a. Dependent Variable: FirmPerfoROE1
b. Predictors: (Constant), VarCom, IndustryEffect, Age, Leverage, YearEffect, BaseSalary, Size
Coefficientsa
Model Unstandardized Coefficients Standardized Coefficients t Sig. Collinearity Statistics
B Std. Error Beta Tolerance VIF
1 (Constant) -182.730 541.538 -.337 .736 Leverage 1.066 .420 .019 2.536 .011 .970 1.031
Size -.086 .149 -.005 -.575 .566 .708 1.412
IndustryEffect -.120 .195 -.005 -.614 .539 .992 1.008
YearEffect 55.677 163.967 .003 .340 .734 .961 1.041
Age -.013 .013 -.007 -.969 .332 .974 1.027
BaseSalary .201 .238 .007 .846 .398 .877 1.140
VarCom .144 .172 .008 .840 .401 .684 1.463
a. Dependent Variable: FirmPerfoROE1
Collinearity Diagnosticsa
Model Dimension Eigenvalue Condition Index Variance Proportions
(Constant) Leverage Size IndustryEffect YearEffect Age BaseSalary VarCom
1 1 7.394 1.000 .00 .01 .00 .00 .00 .00 .00 .00
2 .500 3.845 .00 .98 .00 .00 .00 .00 .00 .00
3 .047 12.547 .00 .01 .35 .02 .00 .03 .00 .13
4 .022 18.497 .00 .00 .60 .00 .00 .05 .11 .56
5 .018 20.283 .00 .00 .03 .01 .00 .08 .79 .28
6 .014 22.787 .00 .00 .02 .15 .00 .74 .05 .00
7 .005 39.737 .00 .00 .00 .82 .00 .10 .04 .01
8 1.629E-8 21302.308 1.00 .00 .00 .00 1.00 .01 .00 .02
a. Dependent Variable: FirmPerfoROE1
Residuals Statisticsa
Minimum Maximum Mean Std. Deviation N
Predicted Value -1.099954 4.560188 .822886 .3180833 17691
Residual -898.2307739 808.7134399 .0000000 13.0019678 17691
Std. Predicted Value -6.045 11.749 .000 1.000 17691
Std. Residual -69.071 62.187 .000 1.000 17691
a. Dependent Variable: FirmPerfoROE1
REGRESSION
/MISSING LISTWISE
/STATISTICS COEFF OUTS R ANOVA COLLIN TOL CHANGE
/CRITERIA=PIN(.05) POUT(.10)
/NOORIGIN
/DEPENDENT FirmPerfoROE
/METHOD=ENTER Leverage Size IndustryEffect YearEffect Age BaseSalaryT1 VarComT1
/RESIDUALS DURBIN.
Regression
Notes
Output Created 03-DEC-2018 21:24:49
Comments Input Active Dataset DataSet0
Filter <none>
Weight <none>
Split File <none>
N of Rows in Working Data File 20065
Missing Value Handling Definition of Missing User-defined missing values are treated as missing.
Cases Used Statistics are based on cases with no missing values for any variable used.
Syntax REGRESSION
/MISSING LISTWISE
/STATISTICS COEFF OUTS R ANOVA COLLIN TOL CHANGE
/CRITERIA=PIN(.05) POUT(.10)
/NOORIGIN
/DEPENDENT FirmPerfoROE
/METHOD=ENTER Leverage Size IndustryEffect YearEffect Age BaseSalaryT1 VarComT1
/RESIDUALS DURBIN.
Resources Processor Time 00:00:00.27
Elapsed Time 00:00:00.25
Memory Required 6592 bytes
Additional Memory Required for Residual Plots 0 bytes
Variables Entered/Removeda
Model Variables Entered Variables Removed Method
1 VarComT1, IndustryEffect, Age, Leverage, YearEffect, BaseSalaryT1, Sizeb . Enter
a. Dependent Variable: FirmPerfoROE
b. All requested variables entered.
Model Summaryb
Model R R Square Adjusted R Square Std. Error of the Estimate Change Statistics Durbin-Watson
R Square Change F Change df1 df2 Sig. F Change 1 .020a .000 .000 13.5178929 .000 1.059 7 17812 .388 1.909
a. Predictors: (Constant), VarComT1, IndustryEffect, Age, Leverage, YearEffect, BaseSalaryT1, Size
b. Dependent Variable: FirmPerfoROE
ANOVAa
Model Sum of Squares df Mean Square F Sig.
1 Regression 1354.025 7 193.432 1.059 .388b
Residual 3254847.847 17812 182.733 Total 3256201.872 17819 a. Dependent Variable: FirmPerfoROE
b. Predictors: (Constant), VarComT1, IndustryEffect, Age, Leverage, YearEffect, BaseSalaryT1, Size
Coefficientsa
Model Unstandardized Coefficients Standardized Coefficients t Sig. Collinearity Statistics
B Std. Error Beta Tolerance VIF
1 (Constant) -28.925 569.243 -.051 .959 Leverage .421 .436 .007 .967 .334 .970 1.031
Size -.363 .149 -.021 -2.431 .015 .761 1.314
IndustryEffect -.115 .202 -.004 -.567 .571 .992 1.008
YearEffect 9.476 172.343 .000 .055 .956 .972 1.028
Age -.008 .014 -.004 -.579 .563 .975 1.026
BaseSalaryT1 .062 .249 .002 .247 .805 .882 1.133
VarComT1 .138 .169 .007 .820 .412 .732 1.366
a. Dependent Variable: FirmPerfoROE
Collinearity Diagnosticsa
Model Dimension Eigenvalue Condition Index Variance Proportions
(Constant) Leverage Size IndustryEffect YearEffect Age BaseSalaryT1 VarComT1
1 1 7.392 1.000 .00 .01 .00 .00 .00 .00 .00 .00
2 .500 3.843 .00 .98 .00 .00 .00 .00 .00 .00
3 .046 12.660 .00 .01 .38 .02 .00 .03 .00 .15
4 .025 17.330 .00 .00 .59 .00 .00 .03 .05 .62
5 .018 20.458 .00 .00 .01 .01 .00 .10 .84 .21
6 .014 22.874 .00 .00 .01 .15 .00 .74 .05 .00
7 .005 39.782 .00 .00 .00 .82 .00 .10 .05 .01
8 1.582E-8 21616.452 1.00 .00 .00 .00 1.00 .01 .00 .00
a. Dependent Variable: FirmPerfoROE
Residuals Statisticsa
Minimum Maximum Mean Std. Deviation N
Predicted Value -.725781 2.583825 .798448 .2756587 17820
Residual -898.5746460 808.8353882 .0000000 13.5152375 17820
Std. Predicted Value -5.529 6.477 .000 1.000 17820
Std. Residual -66.473 59.834 .000 1.000 17820
a. Dependent Variable: FirmPerfoROE

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