FCEOFormer Chief Executive Officer
FCEOFor Captain's Eyes Only
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The coefficient estimate of FCEO is significant at the 5% level.
Panels B and C of Table V report the results of our estimation of the SUR system (1) with only one selected management quality proxy (TSIZE, CORE, TENHET, and FCEO in each case) as an independent variable in addition to the control variables.
The coefficient estimate of TSF score is not statistically significant (driven by the fact that FCEO has a significantly positive influence on the number of analysts following the firm whereas TENHET influences it negatively).