The role of leverage as mediator the effect of male CEO masculinity face on research & development

Figures & data

Figure 1. Research Conceptual Framework.

Figure 2. Relationship between Independent, Mediator and Dependent Variables (Baron & Kenny, 1986; Zhao et al., 2010).

Figure 3. Male CEO masculinity face measurement (fWHR).

Table

Information:
Horizontal line	: Represents the maximum distance between the left cheekbone to the right cheekbone
Vertical Line	: Represents the distance from the top of the lip to the top of the eyelid.

Table

Description:
Research & Developmenti,t	= Research & Development i in year t
Total Research & Development Expenditurei,t	= Total Research & Development Expenditure i in year t
Salesi,t	= Sales i in year ke t

Table

Information:
Leveragei,t	= Leverage i on year to t
Total Liabilitasi,t	= Total liabilities of the company i in year to t

Table

Information:
r	= Correlation value
X	= Variable X
Y	= Variable Y

Table 1. Variable Description

Information	Description
i	= Company cross-section data (company name)
t	= Company time series data (2017–2021)
fWHR	= The Face of Male CEO Masculinity
R&D	= Research & Development
LEV	= Leverage
α	= Constant
β1, β2, β3	= Variable regression coefficient R&D, fWHR
β1, β2, β3	= Variable regression coefficients R&D, fWHR, LEV
є	= Error

Table 2. Descriptive Statistics

Independent Variables	Obs	Mean	Std. Dev.	Min	Max	p1	p99	Skew.	Kurt.
R&D	170	15.234	2.549	6.234	21.802	6.491	21.797	−.190	4.575
Mediator Variables	Obs	Mean	Std. Dev.	Min	Max	p1	p99	Skew.	Kurt.
LEV	1925	.482	.246	.000	.990	.010	.930	−.041	2.107
Dependent Variables	Obs	Mean	Std. Dev.	Min	Max	p1	p99	Skew.	Kurt.
fWHR	1781	2.086	6.287	.110	267	1.340	2.790	42.038	1771.784

Table 3. Pearson Correlation Test

Variables	(1)	(2)	(3)
(1) Research & Development (R &D)	1.000
(2) Leverage (LEV)	0.151	1.000
	(0.049)
(3) Male CEO masculinity (fWHR)	−0.086	0.006	1.000
	(0.278)	(0.809)
(1) Research & Development (R &D)	1.000
(2) Leverage (LEV)	0.151	1.000
(3) Male CEO masculinity (fWHR)	−0.086	0.006	1.000

*** p < 0.01, ** p < 0.05, * p < 0.1

Table 4. Leverage Mediator Model Analysis

VARIABLES	(1)R&D	(2)R&D	(3)R&D	(4)R&D
Output SEM R&D
Leverage (LEV)		2.26***
		(0.87)
Male CEO masculinity (fWHR)	0.02	−1.23
	(0.10)	(1.05)
Constant	0.35*	16.56***	0.05***	6.06***
	(0.18)	(2.03)	(0.01)	(0.68)
Observations	170	170	170	170
Output SEM Indirect Leverage
Leverage (LEV)		2.26***
		(0.87)
Male CEO masculinity (fWHR)	0.02	−1.23
	(0.10)	(1.05)
Constant	0.35*	16.56***	0.05***	6.06***
	(0.18)	(2.03)	(0.01)	(0.68)
Observations	170	170	170	170
Output SEM Direct R&D
Leverage (LEV)		2.26***
		(0.87)
Male CEO masculinity (fWHR)	0.02	−1.23
	(0.10)	(1.05)
Constant	0.35*	16.56***	0.05***	6.06***
	(0.18)	(2.03)	(0.01)	(0.68)
Observations	170	170	170	170
Output SEM Total Effect R&D
Leverage (LEV)		2.26***
		(0.87)
Male CEO masculinity (fWHR)	0.02	−1.23
	(0.10)	(1.05)
Constant	0.35*	16.56***	0.05***	6.06***
	(0.18)	(2.03)	(0.01)	(0.68)
Observations	160	170	170	170

Standard errors in parentheses *** p<0.01, ** p<0.05, * p<0.1

Baron, R. M., & Kenny, D. A. (1986). The moderator–mediator variable distinction in social psychological research: Conceptual, strategic, and statistical considerations. Journal of Personality and Social Psychology, 51(6), 1173. https://doi.org/10.1037/0022-3514.51.6.1173

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Zhao, X., Lynch, J. G., & Chen, Q. (2010). Reconsidering Baron and Kenny: Myths and truths about mediation analysis. Journal of Consumer Research, 37(2), 197–206. https://doi.org/10.1086/651257

 Google Scholar

Data Availability Statement

The study did not involve any data sets and the articles collected were sourced from https://www.scopus.com/ home.uri, accessed on 2022 and https://scholar.google.com/, accessed on 2022.