Empirical Results
CEO Compensation and Firm Performance The following tables show the estimation results of the QR model. This
study also presents the OLS results for comparison purposes. Importantly, this work uses a multiple regression approach in which all the three explanatory variables are simultaneously included when we run the QR model. As this study’s main focus is on the impact of CEO equity compensation on firm performance, we present the estimation results of the stock-based/total compensation ratio in Table 4. The estimates of the two control variables and the intercept term are not presented.