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Interpreting logit regressions with interaction terms: an application to the management turnover literature

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  • Powers, Eric A.
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    Article provided by Elsevier in its journal Journal of Corporate Finance.

    Volume (Year): 11 (2005)
    Issue (Month): 3 (June)
    Pages: 504-522

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    Handle: RePEc:eee:corfin:v:11:y:2005:i:3:p:504-522

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    References

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    1. Ronald C. Anderson & Thomas W. Bates & John M. Bizjak & Michael L. Lemmon, 2000. "Corporate Governance and Firm Diversification," Financial Management, Financial Management Association, vol. 29(1), Spring.
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    3. Volpin, Paolo, 2002. "Governance with Poor Investor Protection: Evidence from Top Executive Turnover in Italy," CEPR Discussion Papers 3229, C.E.P.R. Discussion Papers.
    4. Mark R. Huson, 2001. "Internal Monitoring Mechanisms and CEO Turnover: A Long-Term Perspective," Journal of Finance, American Finance Association, vol. 56(6), pages 2265-2297, December.
    5. Cosh, Andy & Hughes, Alan, 1997. "Executive remuneration, executive dismissal and institutional shareholdings," International Journal of Industrial Organization, Elsevier, vol. 15(4), pages 469-492, July.
    6. Suchard, Jo-Ann & Singh, Manohar & Barr, Robert, 2001. "The market effects of CEO turnover in Australian firms," Pacific-Basin Finance Journal, Elsevier, vol. 9(1), pages 1-27, January.
    7. Mark L. Defond & Mingyi Hung, 2004. "Investor Protection and Corporate Governance: Evidence from Worldwide CEO Turnover," Journal of Accounting Research, Wiley Blackwell, vol. 42(2), pages 269-312, 05.
    8. Renneboog, Luc, 2000. "Ownership, managerial control and the governance of companies listed on the Brussels stock exchange," Journal of Banking & Finance, Elsevier, vol. 24(12), pages 1959-1995, December.
    9. Michelle M. Mello & Sally C. Stearns & Edward C. Norton, 2002. "Do Medicare HMOs still reduce health services use after controlling for selection bias?," Health Economics, John Wiley & Sons, Ltd., vol. 11(4), pages 323-340.
    10. Kaplan, Steven N, 1994. "Top Executive Rewards and Firm Performance: A Comparison of Japan and the United States," Journal of Political Economy, University of Chicago Press, vol. 102(3), pages 510-46, June.
    11. Jason R. Barro & Robert J. Barro, 1990. "Pay, Performance, and Turnover of Bank CEOs," NBER Working Papers 3262, National Bureau of Economic Research, Inc.
    12. Blackwell, David W. & Brickley, James A. & Weisback, Michael S., 1994. "Accounting information and internal performance evaluation : Evidence from Texas banks," Journal of Accounting and Economics, Elsevier, vol. 17(3), pages 331-358, May.
    13. Brickley, James A & Van Horn, R Lawrence, 2002. "Managerial Incentives in Nonprofit Organizations: Evidence from Hospitals," Journal of Law and Economics, University of Chicago Press, vol. 45(1), pages 227-49, April.
    14. Conyon, Martin J, 1998. "Directors' Pay and Turnover: An Application to a Sample of Large UK Firms," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 60(4), pages 485-507, November.
    15. Kang, Jun-Koo & Shivdasani, Anil, 1995. "Firm performance, corporate governance, and top executive turnover in Japan," Journal of Financial Economics, Elsevier, vol. 38(1), pages 29-58, May.
    16. Crespi, Rafel & Garcia-Cestona, Miguel A. & Salas, Vicente, 2004. "Governance mechanisms in Spanish banks. Does ownership matter?," Journal of Banking & Finance, Elsevier, vol. 28(10), pages 2311-2330, October.
    17. Goyal, Vidhan K. & Park, Chul W., 2002. "Board leadership structure and CEO turnover," Journal of Corporate Finance, Elsevier, vol. 8(1), pages 49-66, January.
    18. Jay Dahya & John J. McConnell & Nickolaos G. Travlos, 2002. "The Cadbury Committee, Corporate Performance, and Top Management Turnover," Journal of Finance, American Finance Association, vol. 57(1), pages 461-483, 02.
    19. Richard Arnould & Marianne Bertrand & Kevin F. Hallock, 2000. "Does Managed Care Change the Mission of Nonprofit Hospitals? Evidence From the Managerial Labor Market," NBER Working Papers 7924, National Bureau of Economic Research, Inc.
    20. Denis, David J. & Denis, Diane K. & Sarin, Atulya, 1997. "Ownership structure and top executive turnover," Journal of Financial Economics, Elsevier, vol. 45(2), pages 193-221, August.
    21. Engel, Ellen & Hayes, Rachel M. & Wang, Xue, 2003. "CEO turnover and properties of accounting information," Journal of Accounting and Economics, Elsevier, vol. 36(1-3), pages 197-226, December.
    22. Gibson, Michael S., 2003. "Is Corporate Governance Ineffective in Emerging Markets?," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 38(01), pages 231-250, March.
    23. McNeil, Chris & Niehaus, Greg & Powers, Eric, 2004. "Management turnover in subsidiaries of conglomerates versus stand-alone firms," Journal of Financial Economics, Elsevier, vol. 72(1), pages 63-96, April.
    24. Ai, Chunrong & Norton, Edward C., 2003. "Interaction terms in logit and probit models," Economics Letters, Elsevier, vol. 80(1), pages 123-129, July.
    25. Hadlock, Charles J & Lee, D Scott & Parrino, Robert, 2002. "Chief Executive Officer Careers in Regulated Environments: Evidence from Electric and Gas Utilities," Journal of Law and Economics, University of Chicago Press, vol. 45(2), pages 535-63, October.
    26. Xianming Zhou, 2000. "CEO pay, firm size, and corporate performance: evidence from Canada," Canadian Journal of Economics, Canadian Economics Association, vol. 33(1), pages 213-251, February.
    27. Weisbach, Michael S., 1988. "Outside directors and CEO turnover," Journal of Financial Economics, Elsevier, vol. 20(1-2), pages 431-460, January.
    28. Hadlock, Charles J & Lumer, Gerald B, 1997. "Compensation, Turnover, and Top Management Incentives: Historical Evidence," The Journal of Business, University of Chicago Press, vol. 70(2), pages 153-87, April.
    29. Bishop, John H, 1990. "Job Performance, Turnover, and Wage Growth," Journal of Labor Economics, University of Chicago Press, vol. 8(3), pages 363-86, July.
    30. Lausten, Mette, 2002. "CEO turnover, firm performance and corporate governance: empirical evidence on Danish firms," International Journal of Industrial Organization, Elsevier, vol. 20(3), pages 391-414, March.
    31. Farrell, Kathleen A. & Whidbee, David A., 2003. "Impact of firm performance expectations on CEO turnover and replacement decisions," Journal of Accounting and Economics, Elsevier, vol. 36(1-3), pages 165-196, December.
    32. Naohito Abe, 2004. "Managerial Incentive Mechanisms and Turnover of Company Presidents and Directors in Japan," Hi-Stat Discussion Paper Series d03-13, Institute of Economic Research, Hitotsubashi University.
    33. DeFond, Mark L. & Park, Chul W., 1999. "The effect of competition on CEO turnover1," Journal of Accounting and Economics, Elsevier, vol. 27(1), pages 35-56, February.
    34. Conyon, Martin J & Nicolitsas, Daphne, 1998. " Does the Market for Top Executives Work? CEO Pay and Turnover in Small U.K. Companies," Small Business Economics, Springer, vol. 11(2), pages 145-54, September.
    35. Allgood, Sam & Farrell, Kathleen A, 2000. "The Effect of CEO Tenure on the Relation between Firm Performance and Turnover," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 23(3), pages 373-90, Fall.
    36. Fee, C Edward & Hadlock, Charles J, 2000. "Management Turnover and Product Market Competition: Empirical Evidence from the U.S. Newspaper Industry," The Journal of Business, University of Chicago Press, vol. 73(2), pages 205-43, April.
    37. Fee, C. Edward & Hadlock, Charles J., 2004. "Management turnover across the corporate hierarchy," Journal of Accounting and Economics, Elsevier, vol. 37(1), pages 3-38, February.
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    Cited by:
    1. Ugur Lel & Darius P. Miller, 2006. "International cross-listing, firm performance and top management turnover: a test of the bonding hypothesis," International Finance Discussion Papers 877, Board of Governors of the Federal Reserve System (U.S.).
    2. Ugur Lel, 2006. "Currency hedging and corporate governance: a cross-country analysis," International Finance Discussion Papers 858, Board of Governors of the Federal Reserve System (U.S.).
    3. Berger, Allen N. & Bouwman, Christa H.S., 2013. "How does capital affect bank performance during financial crises?," Journal of Financial Economics, Elsevier, vol. 109(1), pages 146-176.
    4. Oxelheim, Lars & Rand√ły, Trond, 2013. "Globalization of monitoring practices: The case of American influences on the dismissal risk of European CEOs," Journal of Economics and Business, Elsevier, vol. 70(C), pages 3-15.
    5. Doran, Justin & Jordan, Declan & O'Leary, Eoin, 2013. "Effects of R&D spending on Innovation by Irish and Foreign-owned Businesses," MPRA Paper 44579, University Library of Munich, Germany.
    6. Humphreys, Brad & Paul, Rodney & Weinbach, Andrew, 2011. "CEO Turnover: More Evidence on the Role of Performance Expectations," Working Papers 2011-14, University of Alberta, Department of Economics.
    7. Berry, Tammy K. & Bizjak, John M. & Lemmon, Michael L. & Naveen, Lalitha, 2006. "Organizational complexity and CEO labor markets: Evidence from diversified firms," Journal of Corporate Finance, Elsevier, vol. 12(4), pages 797-817, September.
    8. Bushman, Robert & Dai, Zhonglan & Wang, Xue, 2010. "Risk and CEO turnover," Journal of Financial Economics, Elsevier, vol. 96(3), pages 381-398, June.
    9. Loureiro, Gilberto, 2010. "The reputation of underwriters: A test of the bonding hypothesis," Journal of Corporate Finance, Elsevier, vol. 16(4), pages 516-532, September.
    10. Jostarndt, Philipp & Sautner, Zacharias, 2008. "Financial distress, corporate control, and management turnover," Journal of Banking & Finance, Elsevier, vol. 32(10), pages 2188-2204, October.
    11. Chang, Eric C. & Wong, Sonia M.L., 2009. "Governance with multiple objectives: Evidence from top executive turnover in China," Journal of Corporate Finance, Elsevier, vol. 15(2), pages 230-244, April.
    12. Chakraborty, Atreya & Sheikh, Shahbaz & Subramanian, Narayanan, 2009. "The relationship between incentive compensation and performance related CEO turnover," Journal of Economics and Business, Elsevier, vol. 61(4), pages 295-311, July.
    13. Kang, Jun-Koo & Lee, Inmoo & Na, Hyun Seung, 2010. "Economic shock, owner-manager incentives, and corporate restructuring: Evidence from the financial crisis in Korea," Journal of Corporate Finance, Elsevier, vol. 16(3), pages 333-351, June.
    14. Mobbs, Shawn & Raheja, Charu G., 2012. "Internal managerial promotions: Insider incentives and CEO succession," Journal of Corporate Finance, Elsevier, vol. 18(5), pages 1337-1353.
    15. Bebchuk, Lucian A. & Cremers, K.J. Martijn & Peyer, Urs C., 2011. "The CEO pay slice," Journal of Financial Economics, Elsevier, vol. 102(1), pages 199-221, October.
    16. Michael Firth & Sonia Wong & Yong Yang, 2014. "The double-edged sword of CEO/chairperson duality in corporatized state-owned firms: evidence from top management turnover in China," Journal of Management and Governance, Springer, vol. 18(1), pages 207-244, February.

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