
.                 
. 
. global orgcapital="std_net_seed std_net_chatgpt std_net_avg pct_seed pct_chatgpt pct_avg"

. global performance_outcome="ROA_w roe_w mk2book_w"

. 
. 
. ** Table 1 Descriptive Stats
. 
. use "Intermediate/temp19.dta", clear

. 
. estpost summarize std_net_seed std_net_chatgpt std_net_avg pct_seed pct_chatgpt pct_avg ///
>  demeaned_oc_scaled_std ///
> overallrating balance culture opportunities compensation management ///
> ROA_w mk2book_w ///
> lnat mm sale_growth_w leverage_w, detail

             |  e(count)   e(sum_w)    e(mean)     e(Var)      e(sd)  e(skewn~)  e(kurto~)     e(sum)     e(min)     e(max)      e(p1)      e(p5)     e(p10)     e(p25)     e(p50)     e(p75)     e(p90)     e(p95)     e(p99) 
-------------+-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
std_net_seed |     15446      15446   .0063304    .864066   .9295515   -.883721   14.65317   97.77946  -11.52418   9.214044  -2.892727  -1.453298   -.970252  -.3628042   .0834618   .4153893   .8713431   1.306853   2.354911 
std_net_ch~t |     15446      15446   .0029518   .9768087   .9883363  -.0644591   7.276564   45.59346  -6.327066   6.224698  -2.914567  -1.539919  -1.020503  -.4580163   .0121851   .4668416   1.031256   1.528916   2.887412 
 std_net_avg |     15446      15446   .0046411   .6831477   .8265275  -.2661011   9.251364   71.68646  -8.559068   7.014898  -2.437174  -1.298105   -.873789  -.3767012   .0299483   .3978668   .8583727   1.260806   2.243653 
    pct_seed |     15446      15446   50.45442   813.9638   28.53005   .0025251   1.819431     779319          1        100          2          6         11         26         50         75         90         95         99 
 pct_chatgpt |     15446      15446   50.64819   826.4405   28.74788  -.0100736   1.804475     782312          1        100          2          6         11         26         51         76         90         95         99 
     pct_avg |     15446      15446   50.61323   815.1879    28.5515  -.0048418   1.812913     781772          1        100          2          6         11         26         51         75         90         95         99 
demeaned_~td |     10852      10852  -4.19e-11          1          1   4.825285   53.17235  -4.55e-07  -3.953233   18.40382  -1.505516  -1.023591  -.8229845  -.4853723  -.0909767   .2009299   .8100016   1.425264   3.743722 
overallrat~g |     15446      15446   3.208869   .4332938   .6582506  -.3446509    4.20305   49564.19          1          5          1          2   2.428571   2.854167   3.237749   3.608466          4   4.166667          5 
     balance |     15374      15374   3.271823   .4268496   .6533373  -.2812738   4.168378   50301.01          1          5       1.25   2.172414        2.5   2.914286   3.293966   3.666667          4   4.272727          5 
     culture |     11964      11964   3.172633    .504183   .7100584  -.2814831   3.770772   37957.38          1          5          1          2   2.333333       2.75   3.195235      3.625          4   4.277778          5 
opportunit~s |     15370      15370   2.981032   .3990143   .6316758  -.1763567   4.361255   45818.46          1          5          1          2   2.235294   2.636364          3   3.344828   3.702001          4   4.666667 
compensation |     15374      15374   3.314064   .3821492   .6181822  -.2645515   3.910734   50950.42          1          5      1.625   2.285714   2.518987   2.981482   3.333333   3.705882          4   4.261905          5 
  management |     15367      15367   2.861565   .4815098   .6939091   .1055026   4.071244   43973.66          1          5          1       1.75          2   2.483871   2.863636   3.246073   3.676471          4          5 
       ROA_w |     15445      15445   4.114928   70.08992   8.371972  -1.229521   8.469623   63555.07  -34.13278   26.49591  -34.13278  -9.207269  -2.715448   1.052344   4.045741   8.001934   13.11843   16.54025   26.49591 
   mk2book_w |     14705      14705   3.246447   29.96164   5.473723   2.151679   18.69567      47739  -18.62576   35.04669  -18.62576   .4419314   .8514115   1.362928    2.25175   3.836385   6.886227   10.68424   35.04669 
        lnat |     15446      15446   8.335925   3.086865   1.756948    .271433   3.029355   128756.7   2.630233   15.03518   4.681946   5.618351    6.12249   7.103702   8.268887   9.484101   10.63316   11.34937   12.72117 
          mm |     15446      15446   28.66211   308.7465   17.57118   .5888203   2.469274     442715          1         71          1          5          8         16         25         42         56         63         69 
sale_growt~w |     15242      15242   .0602315   .0358009   .1892112   1.123435   8.027498   918.0478  -.4621989   .9096259  -.4621989  -.2144414  -.1230197  -.0250594   .0464912   .1247646     .24821   .3672468   .9096259 
  leverage_w |     15388      15388   .9284846   6.810852   2.609761   2.106114   21.14582   14287.52  -10.05705   16.65964  -10.05705          0          0   .1747437   .5582662   1.158433   2.323324   3.914876   16.65964 

. esttab ., cells("count mean(fmt(%9.3f)) p50(fmt(%9.3f)) sd(fmt(%9.3f)) min(fmt(%9.3f)) max(fmt(%9.3f))") nostar unstack noobs 

------------------------------------------------------------------------------------------
                      (1)                                                                 
                                                                                          
                    count         mean          p50           sd          min          max
------------------------------------------------------------------------------------------
std_net_seed        15446        0.006        0.083        0.930      -11.524        9.214
std_net_ch~t        15446        0.003        0.012        0.988       -6.327        6.225
std_net_avg         15446        0.005        0.030        0.827       -8.559        7.015
pct_seed            15446       50.454       50.000       28.530        1.000      100.000
pct_chatgpt         15446       50.648       51.000       28.748        1.000      100.000
pct_avg             15446       50.613       51.000       28.551        1.000      100.000
demeaned_~td        10852       -0.000       -0.091        1.000       -3.953       18.404
overallrat~g        15446        3.209        3.238        0.658        1.000        5.000
balance             15374        3.272        3.294        0.653        1.000        5.000
culture             11964        3.173        3.195        0.710        1.000        5.000
opportunit~s        15370        2.981        3.000        0.632        1.000        5.000
compensation        15374        3.314        3.333        0.618        1.000        5.000
management          15367        2.862        2.864        0.694        1.000        5.000
ROA_w               15445        4.115        4.046        8.372      -34.133       26.496
mk2book_w           14705        3.246        2.252        5.474      -18.626       35.047
lnat                15446        8.336        8.269        1.757        2.630       15.035
mm                  15446       28.662       25.000       17.571        1.000       71.000
sale_growt~w        15242        0.060        0.046        0.189       -0.462        0.910
leverage_w          15388        0.928        0.558        2.610      -10.057       16.660
------------------------------------------------------------------------------------------

. 
. ** Table 2 Variance Decomposition
. 
. use "Intermediate/temp19.dta", clear

. 
. // Panel A
. 
. eststo: qui reg std_net_seed i.year
(est1 stored)

. eststo: qui areg std_net_seed, absorb(sic2)
(est2 stored)

. eststo: qui areg std_net_seed i.year, absorb(sic2)
(est3 stored)

. eststo: qui areg std_net_seed, absorb(sic2year)
(est4 stored)

. eststo: qui areg std_net_seed, absorb(gvkey)
(est5 stored)

. eststo: qui areg std_net_seed i.year, absorb(gvkey)
(est6 stored)

. eststo: qui areg std_net_seed, absorb(execid)
(est7 stored)

. eststo: qui areg std_net_seed i.year, absorb(execid)
(est8 stored)

. eststo: qui areg std_net_seed, absorb(co_per_rol)
(est9 stored)

. eststo: qui areg std_net_seed i.year, absorb(co_per_rol)
(est10 stored)

. esttab, b(3) star(* 0.10 ** 0.05 *** 0.01) r2 se nonotes nogaps depvars drop(*.year)

----------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                      (1)             (2)             (3)             (4)             (5)             (6)             (7)             (8)             (9)            (10)   
             std_net_seed    std_net_seed    std_net_seed    std_net_seed    std_net_seed    std_net_seed    std_net_seed    std_net_seed    std_net_seed    std_net_seed   
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------
_cons              -0.100***        0.006          -0.102***        0.006           0.006          -0.123***        0.006          -0.096***        0.006          -0.095** 
                  (0.035)         (0.007)         (0.035)         (0.007)         (0.007)         (0.034)         (0.007)         (0.037)         (0.007)         (0.037)   
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------
N                   15446           15446           15446           15446           15446           15446           15446           15446           15446           15446   
R-sq                0.018           0.015           0.033           0.078           0.219           0.237           0.347           0.357           0.350           0.359   
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------

. eststo clear

. 
. eststo: qui reg std_net_chatgpt i.year
(est1 stored)

. eststo: qui areg std_net_chatgpt, absorb(sic2)
(est2 stored)

. eststo: qui areg std_net_chatgpt i.year, absorb(sic2)
(est3 stored)

. eststo: qui areg std_net_chatgpt, absorb(sic2year)
(est4 stored)

. eststo: qui areg std_net_chatgpt, absorb(gvkey)
(est5 stored)

. eststo: qui areg std_net_chatgpt i.year, absorb(gvkey)
(est6 stored)

. eststo: qui areg std_net_chatgpt, absorb(execid)
(est7 stored)

. eststo: qui areg std_net_chatgpt i.year, absorb(execid)
(est8 stored)

. eststo: qui areg std_net_chatgpt, absorb(co_per_rol)
(est9 stored)

. eststo: qui areg std_net_chatgpt i.year, absorb(co_per_rol)
(est10 stored)

. esttab, b(3) star(* 0.10 ** 0.05 *** 0.01) r2 se nonotes nogaps depvars drop(*.year)

----------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                      (1)             (2)             (3)             (4)             (5)             (6)             (7)             (8)             (9)            (10)   
             std_net_ch~t    std_net_ch~t    std_net_ch~t    std_net_ch~t    std_net_ch~t    std_net_ch~t    std_net_ch~t    std_net_ch~t    std_net_ch~t    std_net_ch~t   
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------
_cons               0.012           0.003           0.009           0.003           0.003           0.029           0.003           0.032           0.003           0.029   
                  (0.038)         (0.008)         (0.038)         (0.008)         (0.007)         (0.036)         (0.007)         (0.039)         (0.007)         (0.040)   
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------
N                   15446           15446           15446           15446           15446           15446           15446           15446           15446           15446   
R-sq                0.005           0.025           0.030           0.074           0.239           0.243           0.358           0.362           0.361           0.364   
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------

. eststo clear

. 
. // Panel B
. 
. gen sicclass="Agriculture" if sic2<10
(15,437 missing values generated)

. replace sicclass="Mining" if sic2>=10 & sic2<=14
(583 real changes made)

. replace sicclass="Construction" if sic2>=15 & sic2<=17
variable sicclass was str11 now str12
(285 real changes made)

. replace sicclass="Manufacturing" if sic2>=20 & sic2<40
variable sicclass was str12 now str13
(6,015 real changes made)

. replace sicclass="Transportation and Utilities" if sic2>=40 & sic2<50
variable sicclass was str13 now str28
(1,389 real changes made)

. replace sicclass="Wholesale Trade" if sic2>=50 & sic2<=51
(510 real changes made)

. replace sicclass="Retail Trade" if sic2>=52 & sic2<60
(1,192 real changes made)

. replace sicclass="Finance and Real Estate" if sic2>=60 & sic2<70
(3,113 real changes made)

. replace sicclass="Services" if sic2>=70 & sic2<90
(2,324 real changes made)

. replace sicclass="Other" if sic2==99
(26 real changes made)

. encode sicclass, gen(Industry)

. 
. // category 1 and category 6 are omitted due to insufficient obs
. forvalues i=1/10{
  2.         eststo: qui reg std_net_chatgpt i.year if Industry==`i'
  3.         eststo: qui areg std_net_chatgpt if Industry==`i', absorb(gvkey)
  4.         eststo: qui areg std_net_chatgpt i.year if Industry==`i', absorb(gvkey)
  5.         eststo: qui areg std_net_chatgpt if Industry==`i', absorb(execid)
  6.         eststo: qui areg std_net_chatgpt i.year if Industry==`i', absorb(execid)
  7.         eststo: qui areg std_net_chatgpt if Industry==`i', absorb(co_per_rol)
  8.         eststo: qui areg std_net_chatgpt i.year if Industry==`i', absorb(co_per_rol)
  9.         esttab, b(3) star(* 0.10 ** 0.05 *** 0.01) r2 se nonotes nogaps depvars drop(*.year) title("Org Capital(ChatGPT) - `i'")
 10.         eststo clear
 11.         
.         eststo: qui reg std_net_seed i.year if Industry==`i'
 12.         eststo: qui areg std_net_seed if Industry==`i', absorb(gvkey)
 13.         eststo: qui areg std_net_seed i.year if Industry==`i', absorb(gvkey)
 14.         eststo: qui areg std_net_seed if Industry==`i', absorb(execid)
 15.         eststo: qui areg std_net_seed i.year if Industry==`i', absorb(execid)
 16.         eststo: qui areg std_net_seed if Industry==`i', absorb(co_per_rol)
 17.         eststo: qui areg std_net_seed i.year if Industry==`i', absorb(co_per_rol)
 18.         esttab, b(3) star(* 0.10 ** 0.05 *** 0.01) r2 se nonotes nogaps depvars drop(*.year) title("Org Capital(Seed Word) - `i'")
 19.         eststo clear
 20. }
(est1 stored)
(est2 stored)
(est3 stored)
(est4 stored)
(est5 stored)
(est6 stored)
(est7 stored)

Org Capital(ChatGPT) - 1
----------------------------------------------------------------------------------------------------------------------------
                      (1)             (2)             (3)             (4)             (5)             (6)             (7)   
             std_net_ch~t    std_net_ch~t    std_net_ch~t    std_net_ch~t    std_net_ch~t    std_net_ch~t    std_net_ch~t   
----------------------------------------------------------------------------------------------------------------------------
_cons               5.149**         1.195*          4.877*          1.195*          4.877*          1.195*          4.877*  
                  (0.948)         (0.517)         (0.563)         (0.517)         (0.563)         (0.517)         (0.563)   
----------------------------------------------------------------------------------------------------------------------------
N                       9               9               9               9               9               9               9   
R-sq                0.915           0.204           0.986           0.204           0.986           0.204           0.986   
----------------------------------------------------------------------------------------------------------------------------
(est1 stored)
(est2 stored)
(est3 stored)
(est4 stored)
(est5 stored)
(est6 stored)
(est7 stored)

Org Capital(Seed Word) - 1
----------------------------------------------------------------------------------------------------------------------------
                      (1)             (2)             (3)             (4)             (5)             (6)             (7)   
             std_net_seed    std_net_seed    std_net_seed    std_net_seed    std_net_seed    std_net_seed    std_net_seed   
----------------------------------------------------------------------------------------------------------------------------
_cons               3.890***        1.030*          3.882**         1.030*          3.882**         1.030*          3.882** 
                  (0.064)         (0.471)         (0.084)         (0.471)         (0.084)         (0.471)         (0.084)   
----------------------------------------------------------------------------------------------------------------------------
N                       9               9               9               9               9               9               9   
R-sq                0.999           0.116           1.000           0.116           1.000           0.116           1.000   
----------------------------------------------------------------------------------------------------------------------------
(est1 stored)
(est2 stored)
(est3 stored)
(est4 stored)
(est5 stored)
(est6 stored)
(est7 stored)

Org Capital(ChatGPT) - 2
----------------------------------------------------------------------------------------------------------------------------
                      (1)             (2)             (3)             (4)             (5)             (6)             (7)   
             std_net_ch~t    std_net_ch~t    std_net_ch~t    std_net_ch~t    std_net_ch~t    std_net_ch~t    std_net_ch~t   
----------------------------------------------------------------------------------------------------------------------------
_cons               0.267           0.160***        0.136           0.160***        0.172           0.160***        0.172   
                  (0.324)         (0.059)         (0.306)         (0.053)         (0.304)         (0.053)         (0.304)   
----------------------------------------------------------------------------------------------------------------------------
N                     285             285             285             285             285             285             285   
R-sq                0.052           0.220           0.272           0.423           0.446           0.423           0.446   
----------------------------------------------------------------------------------------------------------------------------
(est1 stored)
(est2 stored)
(est3 stored)
(est4 stored)
(est5 stored)
(est6 stored)
(est7 stored)

Org Capital(Seed Word) - 2
----------------------------------------------------------------------------------------------------------------------------
                      (1)             (2)             (3)             (4)             (5)             (6)             (7)   
             std_net_seed    std_net_seed    std_net_seed    std_net_seed    std_net_seed    std_net_seed    std_net_seed   
----------------------------------------------------------------------------------------------------------------------------
_cons               0.067          -0.084          -0.046          -0.084          -0.097          -0.084          -0.097   
                  (0.303)         (0.057)         (0.292)         (0.057)         (0.320)         (0.057)         (0.320)   
----------------------------------------------------------------------------------------------------------------------------
N                     285             285             285             285             285             285             285   
R-sq                0.058           0.185           0.244           0.252           0.304           0.252           0.304   
----------------------------------------------------------------------------------------------------------------------------
(est1 stored)
(est2 stored)
(est3 stored)
(est4 stored)
(est5 stored)
(est6 stored)
(est7 stored)

Org Capital(ChatGPT) - 3
----------------------------------------------------------------------------------------------------------------------------
                      (1)             (2)             (3)             (4)             (5)             (6)             (7)   
             std_net_ch~t    std_net_ch~t    std_net_ch~t    std_net_ch~t    std_net_ch~t    std_net_ch~t    std_net_ch~t   
----------------------------------------------------------------------------------------------------------------------------
_cons               0.005           0.060***        0.098           0.060***        0.036           0.060***        0.036   
                  (0.096)         (0.018)         (0.092)         (0.018)         (0.102)         (0.018)         (0.103)   
----------------------------------------------------------------------------------------------------------------------------
N                    3113            3113            3113            3113            3113            3113            3113   
R-sq                0.013           0.236           0.244           0.348           0.357           0.349           0.358   
----------------------------------------------------------------------------------------------------------------------------
(est1 stored)
(est2 stored)
(est3 stored)
(est4 stored)
(est5 stored)
(est6 stored)
(est7 stored)

Org Capital(Seed Word) - 3
----------------------------------------------------------------------------------------------------------------------------
                      (1)             (2)             (3)             (4)             (5)             (6)             (7)   
             std_net_seed    std_net_seed    std_net_seed    std_net_seed    std_net_seed    std_net_seed    std_net_seed   
----------------------------------------------------------------------------------------------------------------------------
_cons               0.149*          0.112***        0.171*          0.112***        0.200**         0.112***        0.216** 
                  (0.090)         (0.018)         (0.088)         (0.017)         (0.099)         (0.017)         (0.099)   
----------------------------------------------------------------------------------------------------------------------------
N                    3113            3113            3113            3113            3113            3113            3113   
R-sq                0.021           0.198           0.216           0.309           0.326           0.313           0.328   
----------------------------------------------------------------------------------------------------------------------------
(est1 stored)
(est2 stored)
(est3 stored)
(est4 stored)
(est5 stored)
(est6 stored)
(est7 stored)

Org Capital(ChatGPT) - 4
----------------------------------------------------------------------------------------------------------------------------
                      (1)             (2)             (3)             (4)             (5)             (6)             (7)   
             std_net_ch~t    std_net_ch~t    std_net_ch~t    std_net_ch~t    std_net_ch~t    std_net_ch~t    std_net_ch~t   
----------------------------------------------------------------------------------------------------------------------------
_cons              -0.078          -0.038***       -0.056          -0.038***       -0.034          -0.038***       -0.034   
                  (0.066)         (0.012)         (0.062)         (0.012)         (0.069)         (0.012)         (0.070)   
----------------------------------------------------------------------------------------------------------------------------
N                    6015            6015            6015            6015            6015            6015            6015   
R-sq                0.004           0.230           0.234           0.348           0.351           0.351           0.354   
----------------------------------------------------------------------------------------------------------------------------
(est1 stored)
(est2 stored)
(est3 stored)
(est4 stored)
(est5 stored)
(est6 stored)
(est7 stored)

Org Capital(Seed Word) - 4
----------------------------------------------------------------------------------------------------------------------------
                      (1)             (2)             (3)             (4)             (5)             (6)             (7)   
             std_net_seed    std_net_seed    std_net_seed    std_net_seed    std_net_seed    std_net_seed    std_net_seed   
----------------------------------------------------------------------------------------------------------------------------
_cons              -0.330***       -0.039***       -0.362***       -0.039***       -0.312***       -0.039***       -0.321***
                  (0.062)         (0.012)         (0.059)         (0.011)         (0.065)         (0.011)         (0.066)   
----------------------------------------------------------------------------------------------------------------------------
N                    6015            6015            6015            6015            6015            6015            6015   
R-sq                0.017           0.207           0.224           0.354           0.363           0.356           0.365   
----------------------------------------------------------------------------------------------------------------------------
(est1 stored)
(est2 stored)
(est3 stored)
(est4 stored)
(est5 stored)
(est6 stored)
(est7 stored)

Org Capital(ChatGPT) - 5
----------------------------------------------------------------------------------------------------------------------------
                      (1)             (2)             (3)             (4)             (5)             (6)             (7)   
             std_net_ch~t    std_net_ch~t    std_net_ch~t    std_net_ch~t    std_net_ch~t    std_net_ch~t    std_net_ch~t   
----------------------------------------------------------------------------------------------------------------------------
_cons               1.169***       -0.230***        1.091***       -0.230***        0.793**        -0.230***        0.776** 
                  (0.263)         (0.047)         (0.262)         (0.045)         (0.309)         (0.045)         (0.310)   
----------------------------------------------------------------------------------------------------------------------------
N                     583             583             583             583             583             583             583   
R-sq                0.067           0.206           0.259           0.365           0.392           0.367           0.394   
----------------------------------------------------------------------------------------------------------------------------
(est1 stored)
(est2 stored)
(est3 stored)
(est4 stored)
(est5 stored)
(est6 stored)
(est7 stored)

Org Capital(Seed Word) - 5
----------------------------------------------------------------------------------------------------------------------------
                      (1)             (2)             (3)             (4)             (5)             (6)             (7)   
             std_net_seed    std_net_seed    std_net_seed    std_net_seed    std_net_seed    std_net_seed    std_net_seed   
----------------------------------------------------------------------------------------------------------------------------
_cons               0.682***       -0.059           0.644***       -0.059           0.520*         -0.059           0.546*  
                  (0.240)         (0.042)         (0.238)         (0.042)         (0.290)         (0.042)         (0.290)   
----------------------------------------------------------------------------------------------------------------------------
N                     583             583             583             583             583             583             583   
R-sq                0.031           0.215           0.239           0.313           0.336           0.316           0.339   
----------------------------------------------------------------------------------------------------------------------------
(est1 stored)
(est2 stored)
(est3 stored)
(est4 stored)
(est5 stored)
(est6 stored)
(est7 stored)

Org Capital(ChatGPT) - 6
----------------------------------------------------------------------------------------------------------------------------
                      (1)             (2)             (3)             (4)             (5)             (6)             (7)   
             std_net_ch~t    std_net_ch~t    std_net_ch~t    std_net_ch~t    std_net_ch~t    std_net_ch~t    std_net_ch~t   
----------------------------------------------------------------------------------------------------------------------------
_cons               0.284           0.240***        0.284           0.240***        0.302*          0.240***        0.302*  
                  (0.276)         (0.051)         (0.232)         (0.037)         (0.140)         (0.037)         (0.140)   
----------------------------------------------------------------------------------------------------------------------------
N                      26              26              26              26              26              26              26   
R-sq                0.142           0.299           0.441           0.681           0.884           0.681           0.884   
----------------------------------------------------------------------------------------------------------------------------
(est1 stored)
(est2 stored)
(est3 stored)
(est4 stored)
(est5 stored)
(est6 stored)
(est7 stored)

Org Capital(Seed Word) - 6
----------------------------------------------------------------------------------------------------------------------------
                      (1)             (2)             (3)             (4)             (5)             (6)             (7)   
             std_net_seed    std_net_seed    std_net_seed    std_net_seed    std_net_seed    std_net_seed    std_net_seed   
----------------------------------------------------------------------------------------------------------------------------
_cons               0.143           0.201***        0.143           0.201***        0.127           0.201***        0.127   
                  (0.217)         (0.049)         (0.126)         (0.047)         (0.151)         (0.047)         (0.151)   
----------------------------------------------------------------------------------------------------------------------------
N                      26              26              26              26              26              26              26   
R-sq                0.482           0.357           0.839           0.500           0.869           0.500           0.869   
----------------------------------------------------------------------------------------------------------------------------
(est1 stored)
(est2 stored)
(est3 stored)
(est4 stored)
(est5 stored)
(est6 stored)
(est7 stored)

Org Capital(ChatGPT) - 7
----------------------------------------------------------------------------------------------------------------------------
                      (1)             (2)             (3)             (4)             (5)             (6)             (7)   
             std_net_ch~t    std_net_ch~t    std_net_ch~t    std_net_ch~t    std_net_ch~t    std_net_ch~t    std_net_ch~t   
----------------------------------------------------------------------------------------------------------------------------
_cons               0.101           0.152***        0.080           0.152***        0.119           0.152***        0.114   
                  (0.076)         (0.017)         (0.072)         (0.017)         (0.080)         (0.017)         (0.081)   
----------------------------------------------------------------------------------------------------------------------------
N                    1192            1192            1192            1192            1192            1192            1192   
R-sq                0.019           0.209           0.230           0.304           0.316           0.305           0.317   
----------------------------------------------------------------------------------------------------------------------------
(est1 stored)
(est2 stored)
(est3 stored)
(est4 stored)
(est5 stored)
(est6 stored)
(est7 stored)

Org Capital(Seed Word) - 7
----------------------------------------------------------------------------------------------------------------------------
                      (1)             (2)             (3)             (4)             (5)             (6)             (7)   
             std_net_seed    std_net_seed    std_net_seed    std_net_seed    std_net_seed    std_net_seed    std_net_seed   
----------------------------------------------------------------------------------------------------------------------------
_cons               0.129*          0.109***        0.084           0.109***        0.169**         0.109***        0.169** 
                  (0.069)         (0.015)         (0.063)         (0.014)         (0.068)         (0.014)         (0.068)   
----------------------------------------------------------------------------------------------------------------------------
N                    1192            1192            1192            1192            1192            1192            1192   
R-sq                0.025           0.262           0.290           0.393           0.402           0.394           0.403   
----------------------------------------------------------------------------------------------------------------------------
(est1 stored)
(est2 stored)
(est3 stored)
(est4 stored)
(est5 stored)
(est6 stored)
(est7 stored)

Org Capital(ChatGPT) - 8
----------------------------------------------------------------------------------------------------------------------------
                      (1)             (2)             (3)             (4)             (5)             (6)             (7)   
             std_net_ch~t    std_net_ch~t    std_net_ch~t    std_net_ch~t    std_net_ch~t    std_net_ch~t    std_net_ch~t   
----------------------------------------------------------------------------------------------------------------------------
_cons               0.007           0.035**         0.009           0.035**         0.019           0.035**         0.019   
                  (0.074)         (0.015)         (0.066)         (0.015)         (0.072)         (0.015)         (0.072)   
----------------------------------------------------------------------------------------------------------------------------
N                    2324            2324            2324            2324            2324            2324            2324   
R-sq                0.020           0.295           0.311           0.384           0.399           0.384           0.399   
----------------------------------------------------------------------------------------------------------------------------
(est1 stored)
(est2 stored)
(est3 stored)
(est4 stored)
(est5 stored)
(est6 stored)
(est7 stored)

Org Capital(Seed Word) - 8
----------------------------------------------------------------------------------------------------------------------------
                      (1)             (2)             (3)             (4)             (5)             (6)             (7)   
             std_net_seed    std_net_seed    std_net_seed    std_net_seed    std_net_seed    std_net_seed    std_net_seed   
----------------------------------------------------------------------------------------------------------------------------
_cons              -0.220***       -0.038**        -0.259***       -0.038**        -0.255***       -0.038**        -0.255***
                  (0.075)         (0.016)         (0.067)         (0.015)         (0.074)         (0.015)         (0.074)   
----------------------------------------------------------------------------------------------------------------------------
N                    2324            2324            2324            2324            2324            2324            2324   
R-sq                0.067           0.281           0.343           0.384           0.417           0.384           0.417   
----------------------------------------------------------------------------------------------------------------------------
(est1 stored)
(est2 stored)
(est3 stored)
(est4 stored)
(est5 stored)
(est6 stored)
(est7 stored)

Org Capital(ChatGPT) - 9
----------------------------------------------------------------------------------------------------------------------------
                      (1)             (2)             (3)             (4)             (5)             (6)             (7)   
             std_net_ch~t    std_net_ch~t    std_net_ch~t    std_net_ch~t    std_net_ch~t    std_net_ch~t    std_net_ch~t   
----------------------------------------------------------------------------------------------------------------------------
_cons              -0.141          -0.065***       -0.086          -0.065***        0.149          -0.065***        0.134   
                  (0.121)         (0.024)         (0.114)         (0.023)         (0.126)         (0.023)         (0.127)   
----------------------------------------------------------------------------------------------------------------------------
N                    1389            1389            1389            1389            1389            1389            1389   
R-sq                0.010           0.226           0.234           0.383           0.390           0.384           0.391   
----------------------------------------------------------------------------------------------------------------------------
(est1 stored)
(est2 stored)
(est3 stored)
(est4 stored)
(est5 stored)
(est6 stored)
(est7 stored)

Org Capital(Seed Word) - 9
----------------------------------------------------------------------------------------------------------------------------
                      (1)             (2)             (3)             (4)             (5)             (6)             (7)   
             std_net_seed    std_net_seed    std_net_seed    std_net_seed    std_net_seed    std_net_seed    std_net_seed   
----------------------------------------------------------------------------------------------------------------------------
_cons               0.066           0.011           0.078           0.011           0.189*          0.011           0.197*  
                  (0.103)         (0.021)         (0.099)         (0.020)         (0.108)         (0.020)         (0.109)   
----------------------------------------------------------------------------------------------------------------------------
N                    1389            1389            1389            1389            1389            1389            1389   
R-sq                0.014           0.198           0.212           0.375           0.387           0.376           0.388   
----------------------------------------------------------------------------------------------------------------------------
(est1 stored)
(est2 stored)
(est3 stored)
(est4 stored)
(est5 stored)
(est6 stored)
(est7 stored)

Org Capital(ChatGPT) - 10
----------------------------------------------------------------------------------------------------------------------------
                      (1)             (2)             (3)             (4)             (5)             (6)             (7)   
             std_net_ch~t    std_net_ch~t    std_net_ch~t    std_net_ch~t    std_net_ch~t    std_net_ch~t    std_net_ch~t   
----------------------------------------------------------------------------------------------------------------------------
_cons               0.045          -0.029           0.031          -0.029          -0.241          -0.029          -0.241   
                  (0.191)         (0.041)         (0.187)         (0.039)         (0.223)         (0.039)         (0.223)   
----------------------------------------------------------------------------------------------------------------------------
N                     510             510             510             510             510             510             510   
R-sq                0.014           0.157           0.169           0.305           0.330           0.305           0.330   
----------------------------------------------------------------------------------------------------------------------------
(est1 stored)
(est2 stored)
(est3 stored)
(est4 stored)
(est5 stored)
(est6 stored)
(est7 stored)

Org Capital(Seed Word) - 10
----------------------------------------------------------------------------------------------------------------------------
                      (1)             (2)             (3)             (4)             (5)             (6)             (7)   
             std_net_seed    std_net_seed    std_net_seed    std_net_seed    std_net_seed    std_net_seed    std_net_seed   
----------------------------------------------------------------------------------------------------------------------------
_cons              -0.386**        -0.057*         -0.372**        -0.057*         -0.548***       -0.057*         -0.548***
                  (0.163)         (0.034)         (0.155)         (0.034)         (0.190)         (0.034)         (0.190)   
----------------------------------------------------------------------------------------------------------------------------
N                     510             510             510             510             510             510             510   
R-sq                0.055           0.208           0.258           0.322           0.363           0.322           0.363   
----------------------------------------------------------------------------------------------------------------------------

. 
. 
. ** Table 3 Firm Performance
. 
. use "Intermediate/temp19.dta", clear

. 
. foreach var of global orgcapital{
  2.         eststo: qui areg ROA_w `var' lnat mm, absorb(indyear) vce(cluster gvkey)
  3. }
(est1 stored)
(est2 stored)
(est3 stored)
(est4 stored)
(est5 stored)
(est6 stored)

. esttab, b(%10.3f) star(* 0.10 ** 0.05 *** 0.01)  ar2 se  nonotes nogaps depvars title("Panel A: ROA")

Panel A: ROA
------------------------------------------------------------------------------------------------------------
                      (1)             (2)             (3)             (4)             (5)             (6)   
                    ROA_w           ROA_w           ROA_w           ROA_w           ROA_w           ROA_w   
------------------------------------------------------------------------------------------------------------
std_net_seed        0.522***                                                                                
                  (0.111)                                                                                   
lnat                0.434***        0.439***        0.432***        0.435***        0.442***        0.431***
                  (0.123)         (0.122)         (0.122)         (0.123)         (0.122)         (0.122)   
mm                  0.009           0.010           0.009           0.008           0.010           0.009   
                  (0.008)         (0.008)         (0.008)         (0.008)         (0.008)         (0.008)   
std_net_ch~t                        0.855***                                                                
                                  (0.091)                                                                   
std_net_avg                                         0.944***                                                
                                                  (0.119)                                                   
pct_seed                                                            0.026***                                
                                                                  (0.003)                                   
pct_chatgpt                                                                         0.034***                
                                                                                  (0.003)                   
pct_avg                                                                                             0.034***
                                                                                                  (0.003)   
_cons               0.245           0.170           0.249          -1.030          -1.593          -1.452   
                  (1.021)         (1.015)         (1.015)         (1.054)         (1.057)         (1.055)   
------------------------------------------------------------------------------------------------------------
N                   15445           15445           15445           15445           15445           15445   
adj. R-sq           0.124           0.131           0.129           0.128           0.134           0.134   
------------------------------------------------------------------------------------------------------------

. eststo clear

. 
. foreach var of global orgcapital{
  2.         eststo: qui areg mk2book_w `var' lnat mm, absorb(indyear) vce(cluster gvkey)
  3. }
(est1 stored)
(est2 stored)
(est3 stored)
(est4 stored)
(est5 stored)
(est6 stored)

. esttab, b(%10.3f) star(* 0.10 ** 0.05 *** 0.01)  ar2 se  nonotes nogaps depvars title("Panel B: P/B Ratio")

Panel B: P/B Ratio
------------------------------------------------------------------------------------------------------------
                      (1)             (2)             (3)             (4)             (5)             (6)   
                mk2book_w       mk2book_w       mk2book_w       mk2book_w       mk2book_w       mk2book_w   
------------------------------------------------------------------------------------------------------------
std_net_seed        0.114**                                                                                 
                  (0.048)                                                                                   
lnat                0.159**         0.160**         0.158**         0.159**         0.160**         0.157** 
                  (0.066)         (0.066)         (0.066)         (0.066)         (0.066)         (0.066)   
mm                 -0.001          -0.001          -0.001          -0.001          -0.001          -0.001   
                  (0.007)         (0.007)         (0.007)         (0.007)         (0.007)         (0.007)   
std_net_ch~t                        0.222***                                                                
                                  (0.043)                                                                   
std_net_avg                                         0.233***                                                
                                                  (0.054)                                                   
pct_seed                                                            0.006***                                
                                                                  (0.002)                                   
pct_chatgpt                                                                         0.010***                
                                                                                  (0.002)                   
pct_avg                                                                                             0.009***
                                                                                                  (0.002)   
_cons               1.965***        1.947***        1.969***        1.679***        1.415***        1.527***
                  (0.491)         (0.490)         (0.491)         (0.499)         (0.487)         (0.493)   
------------------------------------------------------------------------------------------------------------
N                   14705           14705           14705           14705           14705           14705   
adj. R-sq           0.045           0.046           0.046           0.045           0.047           0.047   
------------------------------------------------------------------------------------------------------------

. eststo clear

. 
. ** Table 4 Intangible
. 
. use "Intermediate/temp19.dta", clear

. 
. // Panel A
. 
. estpost correlate $orgcapital overallrating balance culture opportunities compensation management, matrix

             |      e(b)     e(rho)       e(p)   e(count) 
-------------+--------------------------------------------
std_net_seed |                                            
std_net_seed |         1          1                 15446 
std_net_ch~t |  .4853091   .4853091          0      15446 
 std_net_avg |  .8524823   .8524823          0      15446 
    pct_seed |   .857896    .857896          0      15446 
 pct_chatgpt |  .4504219   .4504219          0      15446 
     pct_avg |  .7370144   .7370144          0      15446 
overallrat~g |  .5654534   .5654534          0      15446 
     balance |  .4000808   .4000808          0      15374 
     culture |  .5951584   .5951584          0      11964 
opportunit~s |  .4717526   .4717526          0      15370 
compensation |    .26023     .26023   2.1e-236      15374 
  management |  .5735916   .5735916          0      15367 
std_net_ch~t |                                            
std_net_ch~t |         1          1                 15446 
 std_net_avg |  .8707854   .8707854          0      15446 
    pct_seed |  .4636484   .4636484          0      15446 
 pct_chatgpt |   .896323    .896323          0      15446 
     pct_avg |  .7985278   .7985278          0      15446 
overallrat~g |  .3851505   .3851505          0      15446 
     balance |  .1681898   .1681898   6.26e-98      15374 
     culture |  .4195138   .4195138          0      11964 
opportunit~s |  .3762145   .3762145          0      15370 
compensation |  .1345049   .1345049   5.44e-63      15374 
  management |   .435115    .435115          0      15367 
std_net_avg  |                                            
 std_net_avg |         1          1                 15446 
    pct_seed |  .7596233   .7596233          0      15446 
 pct_chatgpt |  .7891806   .7891806          0      15446 
     pct_avg |   .891868    .891868          0      15446 
overallrat~g |  .5482433   .5482433          0      15446 
     balance |  .3258123   .3258123          0      15374 
     culture |  .5815033   .5815033          0      11964 
opportunit~s |  .4905397   .4905397          0      15370 
compensation |  .2269764   .2269764   7.9e-179      15374 
  management |   .583052    .583052          0      15367 
pct_seed     |                                            
    pct_seed |         1          1                 15446 
 pct_chatgpt |  .4996809   .4996809          0      15446 
     pct_avg |  .8262761   .8262761          0      15446 
overallrat~g |  .5778644   .5778644          0      15446 
     balance |   .424162    .424162          0      15374 
     culture |  .6235067   .6235067          0      11964 
opportunit~s |  .4896038   .4896038          0      15370 
compensation |  .2724558   .2724558   8.1e-260      15374 
  management |  .5897479   .5897479          0      15367 
pct_chatgpt  |                                            
 pct_chatgpt |         1          1                 15446 
     pct_avg |  .8690553   .8690553          0      15446 
overallrat~g |  .3763212   .3763212          0      15446 
     balance |   .154003    .154003   3.16e-82      15374 
     culture |  .4230199   .4230199          0      11964 
opportunit~s |  .3757816   .3757816          0      15370 
compensation |  .1205614   .1205614   7.10e-51      15374 
  management |  .4324458   .4324458          0      15367 
pct_avg      |                                            
     pct_avg |         1          1                 15446 
overallrat~g |  .5371523   .5371523          0      15446 
     balance |  .3179353   .3179353          0      15374 
     culture |  .5843915   .5843915          0      11964 
opportunit~s |  .4872903   .4872903          0      15370 
compensation |  .2143197   .2143197   3.3e-159      15374 
  management |  .5743832   .5743832          0      15367 
overallrat~g |                                            
overallrat~g |         1          1                 15446 
     balance |  .6551932   .6551932          0      15374 
     culture |  .8428139   .8428139          0      11964 
opportunit~s |  .7929933   .7929933          0      15370 
compensation |  .6335744   .6335744          0      15374 
  management |  .8216106   .8216106          0      15367 
balance      |                                            
     balance |         1          1                 15374 
     culture |  .7140356   .7140356          0      11964 
opportunit~s |  .5339199   .5339199          0      15366 
compensation |  .4713152   .4713152          0      15372 
  management |  .6401306   .6401306          0      15366 
culture      |                                            
     culture |         1          1                 11964 
opportunit~s |  .7544024   .7544024          0      11959 
compensation |  .5854739   .5854739          0      11963 
  management |  .8478755   .8478755          0      11961 
opportunit~s |                                            
opportunit~s |         1          1                 15370 
compensation |  .5982936   .5982936          0      15366 
  management |  .7424306   .7424306          0      15361 
compensation |                                            
compensation |         1          1                 15374 
  management |  .5500872   .5500872          0      15366 
management   |                                            
  management |         1          1                 15367 

. esttab, b(4) starlevels( * 0.10 ** 0.05 *** 0.010) unstack not noobs compress  title("Panel A: Glassdoor Ratings")

Panel A: Glassdoor Ratings
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
                 (1)                                                                                                                                                  
                                                                                                                                                                      
           std_net~d    std_net~t    std_net~g     pct_seed    pct_cha~t      pct_avg    overall~g      balance      culture    opportu~s    compens~n    managem~t   
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
std_net_~d    1.0000                                                                                                                                                  
std_net_~t    0.4853***    1.0000                                                                                                                                     
std_net_~g    0.8525***    0.8708***    1.0000                                                                                                                        
pct_seed      0.8579***    0.4636***    0.7596***    1.0000                                                                                                           
pct_chat~t    0.4504***    0.8963***    0.7892***    0.4997***    1.0000                                                                                              
pct_avg       0.7370***    0.7985***    0.8919***    0.8263***    0.8691***    1.0000                                                                                 
overallr~g    0.5655***    0.3852***    0.5482***    0.5779***    0.3763***    0.5372***    1.0000                                                                    
balance       0.4001***    0.1682***    0.3258***    0.4242***    0.1540***    0.3179***    0.6552***    1.0000                                                       
culture       0.5952***    0.4195***    0.5815***    0.6235***    0.4230***    0.5844***    0.8428***    0.7140***    1.0000                                          
opportun~s    0.4718***    0.3762***    0.4905***    0.4896***    0.3758***    0.4873***    0.7930***    0.5339***    0.7544***    1.0000                             
compensa~n    0.2602***    0.1345***    0.2270***    0.2725***    0.1206***    0.2143***    0.6336***    0.4713***    0.5855***    0.5983***    1.0000                
management    0.5736***    0.4351***    0.5831***    0.5897***    0.4324***    0.5744***    0.8216***    0.6401***    0.8479***    0.7424***    0.5501***    1.0000   
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
* p<0.10, ** p<0.05, *** p<0.010

. eststo clear

. 
. // Panel B
. 
. estpost ttest $orgcapital, by(bestcompany)

             |      e(b)   e(count)      e(se)       e(t)    e(df_t)     e(p_l)       e(p)     e(p_u)     e(N_1)    e(mu_1)     e(N_2)    e(mu_2) 
-------------+------------------------------------------------------------------------------------------------------------------------------------
std_net_seed | -.4405308      15446   .0718133  -6.134392      15444   4.38e-10   8.76e-10          1      15277   .0015104        169   .4420412 
std_net_ch~t | -.4191556      15446   .0763733   -5.48825      15444   2.06e-08   4.12e-08          1      15277  -.0016343        169   .4175212 
 std_net_avg | -.4298432      15446   .0638382  -6.733325      15444   8.58e-12   1.72e-11          1      15277   -.000062        169   .4297812 
    pct_seed | -21.65231      15446   2.199908  -9.842371      15444   4.31e-23   8.63e-23          1      15277   50.21752        169   71.86982 
 pct_chatgpt | -18.69242      15446   2.218552  -8.425504      15444   1.95e-17   3.91e-17          1      15277   50.44367        169   69.13609 
     pct_avg | -22.27546      15446   2.201169  -10.11983      15444   2.68e-24   5.36e-24          1      15277   50.36951        169   72.64497 

. esttab, wide nonumber cells("mu_1 mu_2 b t p")  title("Panel B: Best Company to Work")

Panel B: Best Company to Work
-----------------------------------------------------------------------------
                                                                             
                     mu_1         mu_2            b            t            p
-----------------------------------------------------------------------------
std_net_seed     .0015104     .4420412    -.4405308    -6.134392     8.76e-10
std_net_ch~t    -.0016343     .4175212    -.4191556     -5.48825     4.12e-08
std_net_avg      -.000062     .4297812    -.4298432    -6.733325     1.72e-11
pct_seed         50.21752     71.86982    -21.65231    -9.842371     8.63e-23
pct_chatgpt      50.44367     69.13609    -18.69242    -8.425504     3.91e-17
pct_avg          50.36951     72.64497    -22.27546    -10.11983     5.36e-24
-----------------------------------------------------------------------------
N                   15446                                                    
-----------------------------------------------------------------------------

. eststo clear

. 
. ** Table 5 Compare with SG&A
. 
. use "Intermediate/temp19.dta", clear

. 
. foreach var of global orgcapital{
  2.         eststo: qui areg ROA_w `var' demeaned_oc_scaled_std lnat mm, absorb(indyear) vce(cluster gvkey)
  3. }
(est1 stored)
(est2 stored)
(est3 stored)
(est4 stored)
(est5 stored)
(est6 stored)

. esttab, b(%10.3f) star(* 0.10 ** 0.05 *** 0.01)  ar2 se  nonotes nogaps depvars title("Panel A: ROA")

Panel A: ROA
------------------------------------------------------------------------------------------------------------
                      (1)             (2)             (3)             (4)             (5)             (6)   
                    ROA_w           ROA_w           ROA_w           ROA_w           ROA_w           ROA_w   
------------------------------------------------------------------------------------------------------------
std_net_seed        0.668***                                                                                
                  (0.141)                                                                                   
demeaned_~td       -0.841***       -0.817***       -0.830***       -0.848***       -0.815***       -0.834***
                  (0.292)         (0.285)         (0.287)         (0.289)         (0.282)         (0.283)   
lnat                0.419***        0.443***        0.422***        0.414***        0.442***        0.414***
                  (0.144)         (0.143)         (0.143)         (0.143)         (0.142)         (0.141)   
mm                  0.015           0.016           0.016           0.015           0.017*          0.015   
                  (0.010)         (0.010)         (0.010)         (0.010)         (0.010)         (0.010)   
std_net_ch~t                        1.000***                                                                
                                  (0.110)                                                                   
std_net_avg                                         1.157***                                                
                                                  (0.147)                                                   
pct_seed                                                            0.031***                                
                                                                  (0.004)                                   
pct_chatgpt                                                                         0.040***                
                                                                                  (0.004)                   
pct_avg                                                                                             0.040***
                                                                                                  (0.004)   
_cons               0.719           0.507           0.695          -0.798          -1.515          -1.275   
                  (1.118)         (1.114)         (1.113)         (1.158)         (1.154)         (1.158)   
------------------------------------------------------------------------------------------------------------
N                   10852           10852           10852           10852           10852           10852   
adj. R-sq           0.149           0.157           0.156           0.155           0.161           0.162   
------------------------------------------------------------------------------------------------------------

. eststo clear

. 
. foreach var of global orgcapital{
  2.         eststo: qui areg mk2book_w `var' demeaned_oc_scaled_std lnat mm, absorb(indyear) vce(cluster gvkey)
  3. }
(est1 stored)
(est2 stored)
(est3 stored)
(est4 stored)
(est5 stored)
(est6 stored)

. esttab, b(%10.3f) star(* 0.10 ** 0.05 *** 0.01)  ar2 se  nonotes nogaps depvars title("Panel B: P/B Ratio")

Panel B: P/B Ratio
------------------------------------------------------------------------------------------------------------
                      (1)             (2)             (3)             (4)             (5)             (6)   
                mk2book_w       mk2book_w       mk2book_w       mk2book_w       mk2book_w       mk2book_w   
------------------------------------------------------------------------------------------------------------
std_net_seed        0.128**                                                                                 
                  (0.062)                                                                                   
demeaned_~td        0.101           0.108           0.103           0.099           0.109           0.102   
                  (0.101)         (0.100)         (0.101)         (0.101)         (0.100)         (0.100)   
lnat                0.218***        0.223***        0.217***        0.217***        0.222***        0.214***
                  (0.083)         (0.083)         (0.083)         (0.083)         (0.082)         (0.083)   
mm                 -0.008          -0.008          -0.008          -0.008          -0.007          -0.008   
                  (0.007)         (0.007)         (0.007)         (0.007)         (0.007)         (0.007)   
std_net_ch~t                        0.323***                                                                
                                  (0.056)                                                                   
std_net_avg                                         0.318***                                                
                                                  (0.071)                                                   
pct_seed                                                            0.007***                                
                                                                  (0.002)                                   
pct_chatgpt                                                                         0.014***                
                                                                                  (0.002)                   
pct_avg                                                                                             0.012***
                                                                                                  (0.002)   
_cons               1.782***        1.741***        1.793***        1.470**         1.017           1.231** 
                  (0.611)         (0.606)         (0.608)         (0.624)         (0.619)         (0.623)   
------------------------------------------------------------------------------------------------------------
N                   10745           10745           10745           10745           10745           10745   
adj. R-sq           0.039           0.042           0.041           0.040           0.044           0.042   
------------------------------------------------------------------------------------------------------------

. eststo clear

. 
. 
. ** Table 6 CEO Tenure
. 
. use "Intermediate/temp19.dta", clear

. 
. foreach var of global orgcapital{
  2.         eststo: qui areg `var' tenureasceo ROA_w leverage_w sale_growth_w lnat mm, absorb(indyear) vce(cluster gvkey)
  3. }
(est1 stored)
(est2 stored)
(est3 stored)
(est4 stored)
(est5 stored)
(est6 stored)

. esttab, b(3) star(* 0.10 ** 0.05 *** 0.01) ar2 se compress  nonotes nogaps depvars

----------------------------------------------------------------------------------------
                 (1)          (2)          (3)          (4)          (5)          (6)   
           std_net~d    std_net~t    std_net~g     pct_seed    pct_cha~t      pct_avg   
----------------------------------------------------------------------------------------
tenureas~o     0.003*       0.008***     0.005***     0.128***     0.281***     0.232***
             (0.001)      (0.002)      (0.001)      (0.047)      (0.050)      (0.049)   
ROA_w          0.007***     0.011***     0.009***     0.304***     0.378***     0.386***
             (0.002)      (0.001)      (0.001)      (0.046)      (0.043)      (0.043)   
leverage_w    -0.007**     -0.008**     -0.007***    -0.269***    -0.241**     -0.301***
             (0.003)      (0.003)      (0.003)      (0.101)      (0.111)      (0.110)   
sale_gro~w     0.083        0.376***     0.230***     3.635**     12.177***     8.750***
             (0.057)      (0.065)      (0.053)      (1.719)      (1.785)      (1.737)   
lnat           0.021**      0.009        0.015**      0.381        0.112        0.427   
             (0.008)      (0.008)      (0.007)      (0.270)      (0.287)      (0.284)   
mm             0.001       -0.001        0.000        0.043*      -0.026        0.017   
             (0.001)      (0.001)      (0.001)      (0.025)      (0.025)      (0.025)   
_cons         -0.241***    -0.172**     -0.206***    43.938***    46.288***    43.039***
             (0.066)      (0.069)      (0.059)      (2.149)      (2.287)      (2.253)   
----------------------------------------------------------------------------------------
N              14799        14799        14799        14799        14799        14799   
adj. R-sq      0.035        0.046        0.045        0.058        0.067        0.067   
----------------------------------------------------------------------------------------

. eststo clear

. 
. ** Table 7 Short-tenured CEOs
. 
. foreach var of global orgcapital{
  2.         eststo: qui areg `var' num_ceos_past_10_years ROA_w leverage_w sale_growth_w lnat mm, absorb(indyear) vce(cluster gvkey)
  3. }
(est1 stored)
(est2 stored)
(est3 stored)
(est4 stored)
(est5 stored)
(est6 stored)

. esttab, b(3) star(* 0.10 ** 0.05 *** 0.01) ar2 se compress  nonotes nogaps depvars

----------------------------------------------------------------------------------------
                 (1)          (2)          (3)          (4)          (5)          (6)   
           std_net~d    std_net~t    std_net~g     pct_seed    pct_cha~t      pct_avg   
----------------------------------------------------------------------------------------
num_ceos~s    -0.007       -0.057***    -0.032***    -0.872**     -2.133***    -1.699***
             (0.012)      (0.013)      (0.011)      (0.411)      (0.419)      (0.415)   
ROA_w          0.007***     0.011***     0.009***     0.310***     0.382***     0.391***
             (0.002)      (0.001)      (0.001)      (0.045)      (0.042)      (0.043)   
leverage_w    -0.007**     -0.009***    -0.008***    -0.270***    -0.268**     -0.315***
             (0.003)      (0.003)      (0.003)      (0.101)      (0.112)      (0.110)   
sale_gro~w     0.081        0.363***     0.222***     3.528**     11.925***     8.560***
             (0.056)      (0.064)      (0.052)      (1.686)      (1.751)      (1.703)   
lnat           0.018**      0.005        0.011        0.318       -0.016        0.312   
             (0.008)      (0.008)      (0.007)      (0.266)      (0.284)      (0.281)   
mm             0.001*       0.000        0.001        0.055**      0.003        0.039   
             (0.001)      (0.001)      (0.001)      (0.025)      (0.026)      (0.025)   
_cons         -0.196***    -0.001       -0.098       46.533***    52.478***    48.072***
             (0.067)      (0.070)      (0.061)      (2.163)      (2.305)      (2.286)   
----------------------------------------------------------------------------------------
N              15181        15181        15181        15181        15181        15181   
adj. R-sq      0.033        0.042        0.042        0.056        0.064        0.064   
----------------------------------------------------------------------------------------

. eststo clear

. 
. ** Table 8 CEO Turnover
. 
. use "Intermediate/temp19.dta", clear

. sort gvkey year

. xtset gvkey year

Panel variable: gvkey (unbalanced)
 Time variable: year, 2008 to 2020, but with gaps
         Delta: 1 unit

. bysort gvkey: egen num_turnover=sum(new_ceo)

. sort gvkey year

. xtset gvkey year

Panel variable: gvkey (unbalanced)
 Time variable: year, 2008 to 2020, but with gaps
         Delta: 1 unit

. 
. gen post0=(new_ceo==1)

. gen post1=(l.new_ceo==1)

. gen post2=(l.l.new_ceo==1)

. gen post3=(l.l.l.new_ceo==1)

. gen post4=(l.l.l.l.new_ceo==1)

. gen post5=(l.l.l.l.l.new_ceo==1)

. gen post6=(l.l.l.l.l.l.new_ceo==1)

. gen post7=(l.l.l.l.l.l.l.new_ceo==1)

. gen post8=(l.l.l.l.l.l.l.l.new_ceo==1)

. gen post9=(l.l.l.l.l.l.l.l.l.new_ceo==1)

. gen post10=(l.l.l.l.l.l.l.l.l.l.new_ceo==1)

. gen post11=(l.l.l.l.l.l.l.l.l.l.l.new_ceo==1)

. gen post12=(l.l.l.l.l.l.l.l.l.l.l.l.new_ceo==1) //sample period is 12 years

. 
. gen pre1=(f.new_ceo==1)

. gen pre2=(f.f.new_ceo==1)

. gen pre3=(f.f.f.new_ceo==1)

. gen pre4=(f.f.f.f.new_ceo==1)

. gen pre5=(f.f.f.f.f.new_ceo==1)

. gen pre6=(f.f.f.f.f.f.new_ceo==1)

. gen pre7=(f.f.f.f.f.f.f.new_ceo==1)

. gen pre8=(f.f.f.f.f.f.f.f.new_ceo==1)

. gen pre9=(f.f.f.f.f.f.f.f.f.new_ceo==1)

. gen pre10=(f.f.f.f.f.f.f.f.f.f.new_ceo==1)

. gen pre11=(f.f.f.f.f.f.f.f.f.f.f.new_ceo==1)

. gen pre12=(f.f.f.f.f.f.f.f.f.f.f.f.new_ceo==1)

. 
. egen check=rowtotal(post0 post1 post2 post3 pre1 pre2 pre3)

. keep if check==1 | num_turnover==0
(5,252 observations deleted)

. // keep the firms with no CEO turnover, and the firm-years in the [-3,3] window around a ceo turnover
. 
. gen post= post0+post1+post2+post3

. 
. label var post "\parbox{2cm}{\centering Post}"

. label var pre3 "\parbox{2cm}{\centering Pre3}"

. label var pre2 "\parbox{2cm}{\centering Pre2}"

. label var post0 "\parbox{2cm}{\centering Post0}"

. label var post1 "\parbox{2cm}{\centering Post1}"

. label var post2 "\parbox{2cm}{\centering Post2}"

. label var post3 "\parbox{2cm}{\centering Post3}"

. 
. local control="ROA_w lnat sale_growth_w leverage_w mm"

. foreach var of global orgcapital{
  2.         eststo: qui xtreg `var' post `control' i.year, fe cluster(gvkey)
  3. }
(est1 stored)
(est2 stored)
(est3 stored)
(est4 stored)
(est5 stored)
(est6 stored)

. esttab, b(%10.3f) star(* 0.10 ** 0.05 *** 0.01) ar2 se nonotes nogaps depvars drop(*.year) title("Panel A") 

Panel A
------------------------------------------------------------------------------------------------------------
                      (1)             (2)             (3)             (4)             (5)             (6)   
             std_net_seed    std_net_ch~t     std_net_avg        pct_seed     pct_chatgpt         pct_avg   
------------------------------------------------------------------------------------------------------------
post               -0.011          -0.067**        -0.039*         -1.283          -2.294***       -2.100***
                  (0.027)         (0.027)         (0.023)         (0.791)         (0.744)         (0.776)   
ROA_w               0.005**         0.006***        0.005***        0.233***        0.203***        0.235***
                  (0.002)         (0.002)         (0.002)         (0.056)         (0.050)         (0.052)   
lnat               -0.027          -0.045          -0.036          -1.869           0.183          -0.846   
                  (0.040)         (0.043)         (0.037)         (1.155)         (1.145)         (1.150)   
sale_growt~w        0.091           0.196**         0.143**         4.084**         4.921**         5.195***
                  (0.064)         (0.079)         (0.061)         (1.909)         (1.979)         (1.890)   
leverage_w         -0.004          -0.007**        -0.005*         -0.176*         -0.209**        -0.198** 
                  (0.003)         (0.003)         (0.003)         (0.107)         (0.098)         (0.099)   
mm                 -0.391**         0.367          -0.012          -8.854*         -0.690          -2.278   
                  (0.156)         (0.672)         (0.404)         (5.246)         (7.367)         (8.064)   
_cons               8.388**        -7.356           0.516         251.114**        65.822         104.603   
                  (3.318)        (14.232)         (8.555)       (110.930)       (155.841)       (170.576)   
------------------------------------------------------------------------------------------------------------
N                   10002           10002           10002           10002           10002           10002   
adj. R-sq           0.016           0.009           0.015           0.029           0.012           0.023   
------------------------------------------------------------------------------------------------------------

. eststo clear

. 
. foreach var of global orgcapital{
  2.         eststo: qui xtreg `var' pre3 pre2 post0 post1 post2 post3 `control' i.year, fe cluster(gvkey)
  3. }
(est1 stored)
(est2 stored)
(est3 stored)
(est4 stored)
(est5 stored)
(est6 stored)

. esttab, b(%10.3f) star(* 0.10 ** 0.05 *** 0.01)  ar2 se nonotes nogaps depvars drop(*.year)title("Panel B")

Panel B
------------------------------------------------------------------------------------------------------------
                      (1)             (2)             (3)             (4)             (5)             (6)   
             std_net_seed    std_net_ch~t     std_net_avg        pct_seed     pct_chatgpt         pct_avg   
------------------------------------------------------------------------------------------------------------
pre3               -0.047          -0.042          -0.044          -0.008          -1.077          -1.003   
                  (0.043)         (0.044)         (0.038)         (1.278)         (1.244)         (1.259)   
pre2               -0.025          -0.021          -0.023           0.124           0.100           0.178   
                  (0.037)         (0.038)         (0.032)         (1.103)         (1.095)         (1.075)   
post0              -0.040          -0.104***       -0.072**        -1.210          -3.222***       -2.728** 
                  (0.035)         (0.038)         (0.031)         (1.038)         (1.072)         (1.065)   
post1              -0.028          -0.112***       -0.070**        -1.470          -3.162***       -2.867***
                  (0.036)         (0.037)         (0.031)         (1.130)         (1.058)         (1.069)   
post2              -0.042          -0.068*         -0.055*         -1.930          -2.133*         -2.207*  
                  (0.038)         (0.038)         (0.033)         (1.241)         (1.161)         (1.197)   
post3               0.008           0.012           0.010           0.116           0.278           0.096   
                  (0.042)         (0.042)         (0.036)         (1.358)         (1.296)         (1.316)   
ROA_w               0.005**         0.006***        0.005***        0.233***        0.203***        0.235***
                  (0.002)         (0.002)         (0.002)         (0.056)         (0.050)         (0.052)   
lnat               -0.025          -0.042          -0.033          -1.860           0.264          -0.786   
                  (0.040)         (0.043)         (0.037)         (1.157)         (1.148)         (1.153)   
sale_growt~w        0.089           0.190**         0.140**         4.033**         4.762**         5.070***
                  (0.064)         (0.079)         (0.061)         (1.913)         (1.979)         (1.892)   
leverage_w         -0.004          -0.007**        -0.005*         -0.173          -0.206**        -0.195** 
                  (0.003)         (0.003)         (0.003)         (0.107)         (0.098)         (0.099)   
mm                 -0.377**         0.395           0.009          -8.738*          0.185          -1.562   
                  (0.163)         (0.673)         (0.407)         (5.259)         (7.414)         (8.139)   
_cons               8.099**        -7.940           0.080         248.581**        47.184          89.378   
                  (3.458)        (14.255)         (8.627)       (111.216)       (156.883)       (172.200)   
------------------------------------------------------------------------------------------------------------
N                   10002           10002           10002           10002           10002           10002   
adj. R-sq           0.016           0.010           0.015           0.029           0.013           0.024   
------------------------------------------------------------------------------------------------------------

. eststo clear

. 
. ** Figure 4 CEO Turnover Coefficient Plots
. 
. label var std_net_seed "Org Capital (Seed Word)"

. label var std_net_chatgpt "Org Capital (ChatGPT)"

. label var std_net_avg "Org Capital (Average)"

. label var pct_seed "Pct Org Capital (Seed Word)"

. label var pct_chatgpt "Pct Org Capital (ChatGPT)"

. label var pct_avg "Pct Org Capital (Average)"

. 
. foreach var of global orgcapital{
  2.         xtreg `var' pre3 pre2 post0 post1 post2 post3 `control' i.year, fe cluster(gvkey)
  3.         coefplot, levels(95) keep(pre3 pre2 post0 post1 post2 post3) yline(0,lpattern(dash)) ciopts(lpattern(dash)) xline(2.5) vertical xtitle("# Years Relative to CEO Turnover") ytitle("`: variable label `var''") title("Change in Organizational Capi
> tal after CEO Turnover") byopts(row(3)) recast(connect) caption("baseline: pre1")
  4.         graph save "Graph" "$root/results/`: variable label `var''_20240505.gph", replace
  5.         graph export "$root/results/`: variable label `var''_20240505.png", replace
  6. }

Fixed-effects (within) regression               Number of obs     =     10,002
Group variable: gvkey                           Number of groups  =      1,558

R-squared:                                      Obs per group:
     Within  = 0.0183                                         min =          1
     Between = 0.0018                                         avg =        6.4
     Overall = 0.0002                                         max =         13

                                                F(23, 1557)       =       6.16
corr(u_i, Xb) = -0.9972                         Prob > F          =     0.0000

                               (Std. err. adjusted for 1,558 clusters in gvkey)
-------------------------------------------------------------------------------
              |               Robust
 std_net_seed | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
--------------+----------------------------------------------------------------
         pre3 |   -.047012   .0434934    -1.08   0.280    -.1323238    .0382999
         pre2 |  -.0253125   .0371043    -0.68   0.495    -.0980921    .0474671
        post0 |  -.0397396   .0351157    -1.13   0.258    -.1086187    .0291394
        post1 |  -.0276879   .0357116    -0.78   0.438    -.0977358    .0423599
        post2 |  -.0424273   .0379361    -1.12   0.264    -.1168384    .0319839
        post3 |   .0076219   .0421871     0.18   0.857    -.0751275    .0903714
        ROA_w |   .0050019   .0022021     2.27   0.023     .0006825    .0093213
         lnat |  -.0252297   .0402085    -0.63   0.530    -.1040983    .0536389
sale_growth_w |   .0888173   .0639249     1.39   0.165    -.0365706    .2142052
   leverage_w |  -.0042763   .0032733    -1.31   0.192    -.0106969    .0021443
           mm |  -.3767041   .1630096    -2.31   0.021    -.6964456   -.0569626
              |
         year |
        2009  |   .2834649   .1715498     1.65   0.099    -.0530281    .6199579
        2010  |   .6126264   .3141655     1.95   0.051    -.0036057    1.228858
        2011  |     1.0635   .4731148     2.25   0.025     .1354904    1.991509
        2012  |   1.516262   .6282853     2.41   0.016     .2838878    2.748637
        2013  |   1.863058   .7899421     2.36   0.018     .3135954     3.41252
        2014  |   2.283221   .9518792     2.40   0.017     .4161209    4.150322
        2015  |   2.768873   1.113768     2.49   0.013     .5842301    4.953515
        2016  |   3.172336    1.27578     2.49   0.013     .6699073    5.674764
        2017  |   3.556221   1.437689     2.47   0.013     .7362097    6.376233
        2018  |   3.937876   1.601041     2.46   0.014     .7974515      7.0783
        2019  |   4.349938   1.763231     2.47   0.014     .8913796    7.808497
        2020  |   4.866136   1.925929     2.53   0.012     1.088448    8.643824
              |
        _cons |   8.099368   3.458031     2.34   0.019     1.316479    14.88226
--------------+----------------------------------------------------------------
      sigma_u |  6.7706264
      sigma_e |  .85449923
          rho |  .98432157   (fraction of variance due to u_i)
-------------------------------------------------------------------------------
file <SET YOUR PATH>/results/Org Capital (Seed Word)_20240505.gph saved
file <SET YOUR PATH>/results/Org Capital (Seed Word)_20240505.png written in PNG format

Fixed-effects (within) regression               Number of obs     =     10,002
Group variable: gvkey                           Number of groups  =      1,558

R-squared:                                      Obs per group:
     Within  = 0.0123                                         min =          1
     Between = 0.0076                                         avg =        6.4
     Overall = 0.0031                                         max =         13

                                                F(23, 1557)       =       3.50
corr(u_i, Xb) = -0.9968                         Prob > F          =     0.0000

                               (Std. err. adjusted for 1,558 clusters in gvkey)
-------------------------------------------------------------------------------
              |               Robust
std_net_cha~t | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
--------------+----------------------------------------------------------------
         pre3 |  -.0417733   .0444234    -0.94   0.347    -.1289093    .0453627
         pre2 |  -.0208828   .0382528    -0.55   0.585    -.0959154    .0541497
        post0 |  -.1043477   .0380566    -2.74   0.006    -.1789952   -.0297001
        post1 |  -.1119702   .0366119    -3.06   0.002    -.1837841   -.0401563
        post2 |  -.0680722   .0384719    -1.77   0.077    -.1435344    .0073899
        post3 |    .011542    .041767     0.28   0.782    -.0703835    .0934675
        ROA_w |   .0057584   .0018076     3.19   0.001     .0022129     .009304
         lnat |   -.041754   .0429834    -0.97   0.332    -.1260656    .0425575
sale_growth_w |   .1904941   .0788711     2.42   0.016     .0357892     .345199
   leverage_w |  -.0065271   .0030631    -2.13   0.033    -.0125354   -.0005189
           mm |   .3946698   .6727868     0.59   0.558    -.9249939    1.714333
              |
         year |
        2009  |   -.454372   .6788166    -0.67   0.503    -1.785863    .8771191
        2010  |  -1.063445   1.346817    -0.79   0.430    -3.705211    1.578321
        2011  |   -1.45486   2.020995    -0.72   0.472    -5.419019      2.5093
        2012  |  -1.688071   2.689046    -0.63   0.530    -6.962605    3.586463
        2013  |  -2.138209   3.363322    -0.64   0.525    -8.735327     4.45891
        2014  |  -2.420828   4.034086    -0.60   0.549    -10.33364    5.491987
        2015  |  -2.827635   4.706837    -0.60   0.548    -12.06004    6.404772
        2016  |  -3.170579    5.37941    -0.59   0.556    -13.72223    7.381074
        2017  |  -3.610914   6.051686    -0.60   0.551    -15.48123      8.2594
        2018  |  -3.970248   6.724637    -0.59   0.555    -17.16055    9.220052
        2019  |  -4.372098   7.397336    -0.59   0.555    -18.88189    10.13769
        2020  |  -4.623965   8.069924    -0.57   0.567    -20.45303     11.2051
              |
        _cons |  -7.940244   14.25505    -0.56   0.578    -35.90136    20.02087
--------------+----------------------------------------------------------------
      sigma_u |  7.1000602
      sigma_e |  .91168025
          rho |   .9837797   (fraction of variance due to u_i)
-------------------------------------------------------------------------------
file <SET YOUR PATH>/results/Org Capital (ChatGPT)_20240505.gph saved
file <SET YOUR PATH>/results/Org Capital (ChatGPT)_20240505.png written in PNG format

Fixed-effects (within) regression               Number of obs     =     10,002
Group variable: gvkey                           Number of groups  =      1,558

R-squared:                                      Obs per group:
     Within  = 0.0177                                         min =          1
     Between = 0.0017                                         avg =        6.4
     Overall = 0.0047                                         max =         13

                                                F(23, 1557)       =       5.12
corr(u_i, Xb) = -0.2479                         Prob > F          =     0.0000

                               (Std. err. adjusted for 1,558 clusters in gvkey)
-------------------------------------------------------------------------------
              |               Robust
  std_net_avg | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
--------------+----------------------------------------------------------------
         pre3 |  -.0443926   .0377981    -1.17   0.240    -.1185331    .0297478
         pre2 |  -.0230976   .0321559    -0.72   0.473     -.086171    .0399757
        post0 |  -.0720436   .0310823    -2.32   0.021    -.1330111   -.0110762
        post1 |  -.0698291   .0308757    -2.26   0.024    -.1303913   -.0092668
        post2 |  -.0552498   .0329481    -1.68   0.094    -.1198771    .0093776
        post3 |    .009582   .0358077     0.27   0.789    -.0606545    .0798184
        ROA_w |   .0053802   .0017698     3.04   0.002     .0019086    .0088517
         lnat |  -.0334919   .0366373    -0.91   0.361    -.1053556    .0383719
sale_growth_w |   .1396557   .0606387     2.30   0.021     .0207136    .2585978
   leverage_w |  -.0054017   .0028647    -1.89   0.060    -.0110208    .0002173
           mm |   .0089828   .4071246     0.02   0.982    -.7895875    .8075532
              |
         year |
        2009  |  -.0854535   .4116148    -0.21   0.836    -.8928313    .7219243
        2010  |  -.2254093   .8129589    -0.28   0.782    -1.820019      1.3692
        2011  |    -.19568   1.220657    -0.16   0.873    -2.589984    2.198624
        2012  |  -.0859044   1.622821    -0.05   0.958     -3.26905    3.097241
        2013  |  -.1375754    2.03114    -0.07   0.946    -4.121633    3.846482
        2014  |  -.0688031   2.437251    -0.03   0.977    -4.849444    4.711838
        2015  |  -.0293814    2.84395    -0.01   0.992    -5.607756    5.548994
        2016  |   .0008786   3.250833     0.00   1.000    -6.375594    6.377352
        2017  |  -.0273461   3.657445    -0.01   0.994    -7.201383    7.146691
        2018  |   -.016186   4.064835    -0.00   0.997    -7.989314    7.956942
        2019  |  -.0110796   4.471721    -0.00   0.998    -8.782309     8.76015
        2020  |   .1210855   4.878703     0.02   0.980    -9.448435    9.690606
              |
        _cons |    .079562   8.627014     0.01   0.993    -16.84223    17.00135
--------------+----------------------------------------------------------------
      sigma_u |  .56836446
      sigma_e |   .7549233
          rho |  .36176619   (fraction of variance due to u_i)
-------------------------------------------------------------------------------
file <SET YOUR PATH>/results/Org Capital (Average)_20240505.gph saved
file <SET YOUR PATH>/results/Org Capital (Average)_20240505.png written in PNG format

Fixed-effects (within) regression               Number of obs     =     10,002
Group variable: gvkey                           Number of groups  =      1,558

R-squared:                                      Obs per group:
     Within  = 0.0311                                         min =          1
     Between = 0.0025                                         avg =        6.4
     Overall = 0.0006                                         max =         13

                                                F(23, 1557)       =       9.20
corr(u_i, Xb) = -0.9943                         Prob > F          =     0.0000

                               (Std. err. adjusted for 1,558 clusters in gvkey)
-------------------------------------------------------------------------------
              |               Robust
     pct_seed | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
--------------+----------------------------------------------------------------
         pre3 |  -.0078593   1.278142    -0.01   0.995    -2.514921    2.499203
         pre2 |   .1237446   1.103271     0.11   0.911    -2.040309    2.287799
        post0 |  -1.209747   1.038134    -1.17   0.244    -3.246035    .8265405
        post1 |   -1.47004   1.130021    -1.30   0.193    -3.686564    .7464839
        post2 |  -1.930225   1.241028    -1.56   0.120    -4.364488     .504037
        post3 |   .1160276   1.358031     0.09   0.932    -2.547735     2.77979
        ROA_w |   .2328833   .0560395     4.16   0.000     .1229624    .3428042
         lnat |  -1.860061    1.15729    -1.61   0.108    -4.130074    .4099507
sale_growth_w |   4.032919   1.913482     2.11   0.035     .2796454    7.786192
   leverage_w |  -.1727822   .1069389    -1.62   0.106    -.3825418    .0369773
           mm |  -8.737567   5.258954    -1.66   0.097    -19.05295    1.577812
              |
         year |
        2009  |   3.958745   5.490054     0.72   0.471    -6.809934    14.72742
        2010  |   10.79648    10.4651     1.03   0.302     -9.73069    31.32364
        2011  |   21.27009   15.69353     1.36   0.176    -9.512597    52.05278
        2012  |   33.84769   20.71479     1.63   0.102    -6.784138    74.47951
        2013  |    40.3512   25.96712     1.55   0.120    -10.58302    91.28542
        2014  |   50.47613   31.22271     1.62   0.106    -10.76687    111.7191
        2015  |   63.69389     36.448     1.75   0.081    -7.798443    135.1862
        2016  |   74.34095   41.69581     1.78   0.075    -7.444906    156.1268
        2017  |    83.2639   46.92542     1.77   0.076    -8.779775    175.3076
        2018  |   92.55277   52.19777     1.77   0.076    -9.832576    194.9381
        2019  |   102.3417   57.44302     1.78   0.075    -10.33213    215.0155
        2020  |   117.7737   62.69175     1.88   0.060    -5.195434    240.7429
              |
        _cons |   248.5815   111.2155     2.24   0.026     30.43351    466.7294
--------------+----------------------------------------------------------------
      sigma_u |  158.28671
      sigma_e |  25.363343
          rho |  .97496694   (fraction of variance due to u_i)
-------------------------------------------------------------------------------
file <SET YOUR PATH>/results/Pct Org Capital (Seed Word)_20240505.gph saved
file <SET YOUR PATH>/results/Pct Org Capital (Seed Word)_20240505.png written in PNG format

Fixed-effects (within) regression               Number of obs     =     10,002
Group variable: gvkey                           Number of groups  =      1,558

R-squared:                                      Obs per group:
     Within  = 0.0152                                         min =          1
     Between = 0.0048                                         avg =        6.4
     Overall = 0.0073                                         max =         13

                                                F(23, 1557)       =       4.55
corr(u_i, Xb) = -0.1190                         Prob > F          =     0.0000

                               (Std. err. adjusted for 1,558 clusters in gvkey)
-------------------------------------------------------------------------------
              |               Robust
  pct_chatgpt | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
--------------+----------------------------------------------------------------
         pre3 |   -1.07652   1.244253    -0.87   0.387    -3.517107    1.364067
         pre2 |   .0998722    1.09482     0.09   0.927    -2.047604    2.247349
        post0 |  -3.221572   1.071991    -3.01   0.003    -5.324269   -1.118874
        post1 |  -3.162303   1.057778    -2.99   0.003    -5.237124   -1.087483
        post2 |  -2.133082   1.161267    -1.84   0.066    -4.410894    .1447311
        post3 |   .2775735   1.296319     0.21   0.830    -2.265143     2.82029
        ROA_w |   .2029681   .0504815     4.02   0.000     .1039491    .3019871
         lnat |   .2635132   1.147537     0.23   0.818    -1.987368    2.514395
sale_growth_w |   4.762326   1.978526     2.41   0.016     .8814686    8.643183
   leverage_w |  -.2056275   .0979395    -2.10   0.036    -.3977347   -.0135202
           mm |   .1853527   7.414398     0.02   0.980    -14.35791    14.72861
              |
         year |
        2009  |  -3.666675   7.594109    -0.48   0.629    -18.56243    11.22908
        2010  |  -8.926595   14.80866    -0.60   0.547    -37.97362    20.12043
        2011  |  -8.588912   22.23926    -0.39   0.699    -52.21097    35.03315
        2012  |  -4.223858   29.47951    -0.14   0.886    -62.04758    53.59987
        2013  |  -5.928146   36.93025    -0.16   0.872    -78.36642    66.51013
        2014  |  -3.778128   44.27992    -0.09   0.932     -90.6327    83.07644
        2015  |  -3.150194   51.69947    -0.06   0.951    -104.5581    98.25774
        2016  |  -1.901193   59.10226    -0.03   0.974    -117.8296    114.0272
        2017  |  -4.474126   66.49245    -0.07   0.946    -134.8983    125.9501
        2018  |   -3.27153   73.91174    -0.04   0.965    -148.2486    141.7055
        2019  |  -4.173394   81.31939    -0.05   0.959    -163.6805    155.3337
        2020  |   .2359637   88.72455     0.00   0.998    -173.7962    174.2682
              |
        _cons |   47.18406   156.8828     0.30   0.764    -260.5398     354.908
--------------+----------------------------------------------------------------
      sigma_u |  19.067376
      sigma_e |  25.132922
          rho |  .36530784   (fraction of variance due to u_i)
-------------------------------------------------------------------------------
file <SET YOUR PATH>/results/Pct Org Capital (ChatGPT)_20240505.gph saved
file <SET YOUR PATH>/results/Pct Org Capital (ChatGPT)_20240505.png written in PNG format

Fixed-effects (within) regression               Number of obs     =     10,002
Group variable: gvkey                           Number of groups  =      1,558

R-squared:                                      Obs per group:
     Within  = 0.0259                                         min =          1
     Between = 0.0100                                         avg =        6.4
     Overall = 0.0053                                         max =         13

                                                F(23, 1557)       =       7.71
corr(u_i, Xb) = -0.8455                         Prob > F          =     0.0000

                               (Std. err. adjusted for 1,558 clusters in gvkey)
-------------------------------------------------------------------------------
              |               Robust
      pct_avg | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
--------------+----------------------------------------------------------------
         pre3 |  -1.003053   1.259114    -0.80   0.426    -3.472791    1.466685
         pre2 |   .1784961   1.075005     0.17   0.868    -1.930114    2.287106
        post0 |  -2.728327   1.065065    -2.56   0.011    -4.817441   -.6392135
        post1 |  -2.867108   1.069189    -2.68   0.007    -4.964309   -.7699069
        post2 |  -2.206721   1.197464    -1.84   0.066    -4.555533    .1420921
        post3 |    .095654   1.316247     0.07   0.942    -2.486149    2.677457
        ROA_w |   .2354072   .0524534     4.49   0.000     .1325204     .338294
         lnat |  -.7855008   1.152995    -0.68   0.496    -3.047088    1.476086
sale_growth_w |   5.070065   1.891591     2.68   0.007     1.359729      8.7804
   leverage_w |  -.1954251   .0993967    -1.97   0.049    -.3903906   -.0004596
           mm |  -1.562242   8.139075    -0.19   0.848    -17.52695    14.40246
              |
         year |
        2009  |  -1.850396   8.305385    -0.22   0.824    -18.14132    14.44052
        2010  |  -4.432249   16.26286    -0.27   0.785    -36.33167    27.46717
        2011  |  -1.499712   24.42216    -0.06   0.951    -49.40351    46.40409
        2012  |   4.457995   32.37196     0.14   0.890    -59.03924    67.95523
        2013  |   4.298906   40.53286     0.11   0.916    -75.20584    83.80366
        2014  |   7.913754   48.62724     0.16   0.871    -87.46803    103.2955
        2015  |   12.63273   56.76748     0.22   0.824    -98.71604    123.9815
        2016  |   16.17866   64.89876     0.25   0.803    -111.1195    143.4768
        2017  |   16.10884   73.01385     0.22   0.825     -127.107    159.3247
        2018  |    18.8021   81.16058     0.23   0.817    -140.3935    177.9977
        2019  |   20.29681   89.28893     0.23   0.820    -154.8424     195.436
        2020  |   28.34706    97.4234     0.29   0.771    -162.7479     219.442
              |
        _cons |   89.37839   172.2003     0.52   0.604    -248.3905    427.1473
--------------+----------------------------------------------------------------
      sigma_u |  33.172125
      sigma_e |  25.128549
          rho |  .63538999   (fraction of variance due to u_i)
-------------------------------------------------------------------------------
file <SET YOUR PATH>/results/Pct Org Capital (Average)_20240505.gph saved
file <SET YOUR PATH>/results/Pct Org Capital (Average)_20240505.png written in PNG format

. 
. ** Table 9 E-index
. 
. use "Intermediate/temp19.dta", clear

. 
. eststo: qui areg chatgpt_growth cg_eindex ROA_w lnat sale_growth_w leverage_w mm, absorb(indyear) vce(cluster gvkey)
(est1 stored)

. eststo: qui areg seed_growth cg_eindex ROA_w lnat sale_growth_w leverage_w mm, absorb(indyear) vce(cluster gvkey)
(est2 stored)

. esttab, b(3) star(* 0.10 ** 0.05 *** 0.01) ar2 se compress  nonotes nogaps depvars

------------------------------------
                 (1)          (2)   
           chatgpt~h    seed_gr~h   
------------------------------------
cg_eindex     -0.117*      -0.020   
             (0.065)      (0.061)   
ROA_w         -0.008        0.006   
             (0.012)      (0.013)   
lnat          -0.155***    -0.105** 
             (0.043)      (0.048)   
sale_gro~w    -0.181       -1.109*  
             (0.718)      (0.613)   
leverage_w    -0.020       -0.010   
             (0.024)      (0.022)   
mm            -0.001       -0.002   
             (0.004)      (0.004)   
_cons          2.092***     1.541***
             (0.469)      (0.474)   
------------------------------------
N               9837         9837   
adj. R-sq     -0.004       -0.010   
------------------------------------

. eststo clear

. 
. ** Table 10 Pay Ratio
. 
. eststo: qui areg chatgpt_growth ln_pay_ratio ROA_w lnat sale_growth_w leverage_w mm, absorb(indyear) vce(cluster gvkey)
(est1 stored)

. eststo: qui areg seed_growth ln_pay_ratio ROA_w lnat sale_growth_w leverage_w mm, absorb(indyear) vce(cluster gvkey)
(est2 stored)

. esttab, b(3) star(* 0.10 ** 0.05 *** 0.01) ar2 se compress  nonotes nogaps depvars

------------------------------------
                 (1)          (2)   
           chatgpt~h    seed_gr~h   
------------------------------------
ln_pay_r~o    -0.121**     -0.123   
             (0.061)      (0.078)   
ROA_w          0.011        0.013   
             (0.010)      (0.013)   
lnat          -0.061       -0.039   
             (0.039)      (0.046)   
sale_gro~w     0.489       -0.527   
             (0.636)      (0.577)   
leverage_w    -0.004       -0.022   
             (0.019)      (0.019)   
mm            -0.000       -0.005   
             (0.003)      (0.005)   
_cons          1.464***     1.703***
             (0.352)      (0.443)   
------------------------------------
N              10197        10197   
adj. R-sq      0.002       -0.018   
------------------------------------

. eststo clear

. 
. ** Table 11 Predict CEO Turnover
. 
. use "Intermediate/temp19.dta", clear

. 
. sort gvkey fyear

. xtset gvkey fyear

Panel variable: gvkey (unbalanced)
 Time variable: fyear, 2008 to 2020, but with gaps
         Delta: 1 unit

. // new_ceo=1 for the first year of the new ceo
. bysort gvkey: gen ceo_turnover=f.new_ceo
(2,059 missing values generated)

. 
. foreach var of global orgcapital{
  2.         eststo: qui areg f.ceo_turnover `var' annual_return_w ROA_w leverage_w sale_growth_w lnat mm, absorb(indyear) vce(cluster gvkey)
  3. }
(est1 stored)
(est2 stored)
(est3 stored)
(est4 stored)
(est5 stored)
(est6 stored)

. esttab, b(3) star(* 0.10 ** 0.05 *** 0.01) ar2 se nonotes nogaps depvars

------------------------------------------------------------------------------------------------------------
                      (1)             (2)             (3)             (4)             (5)             (6)   
             F.ceo_turn~r    F.ceo_turn~r    F.ceo_turn~r    F.ceo_turn~r    F.ceo_turn~r    F.ceo_turn~r   
------------------------------------------------------------------------------------------------------------
std_net_seed       -0.006*                                                                                  
                  (0.003)                                                                                   
annual_r~n_w       -0.001***       -0.001***       -0.001***       -0.001***       -0.001***       -0.001***
                  (0.000)         (0.000)         (0.000)         (0.000)         (0.000)         (0.000)   
ROA_w              -0.001***       -0.001***       -0.001***       -0.001***       -0.001***       -0.001***
                  (0.000)         (0.000)         (0.000)         (0.000)         (0.000)         (0.000)   
leverage_w          0.001           0.001           0.001           0.001           0.001           0.001   
                  (0.001)         (0.001)         (0.001)         (0.001)         (0.001)         (0.001)   
sale_growt~w       -0.020          -0.018          -0.018          -0.020          -0.018          -0.019   
                  (0.020)         (0.020)         (0.020)         (0.020)         (0.020)         (0.020)   
lnat                0.004*          0.004*          0.004*          0.004*          0.004*          0.004*  
                  (0.002)         (0.002)         (0.002)         (0.002)         (0.002)         (0.002)   
mm                 -0.000          -0.000          -0.000          -0.000          -0.000          -0.000   
                  (0.000)         (0.000)         (0.000)         (0.000)         (0.000)         (0.000)   
std_net_ch~t                       -0.005*                                                                  
                                  (0.003)                                                                   
std_net_avg                                        -0.008**                                                 
                                                  (0.004)                                                   
pct_seed                                                           -0.000                                   
                                                                  (0.000)                                   
pct_chatgpt                                                                        -0.000*                  
                                                                                  (0.000)                   
pct_avg                                                                                            -0.000   
                                                                                                  (0.000)   
_cons               0.093***        0.094***        0.093***        0.099***        0.103***        0.102***
                  (0.018)         (0.018)         (0.018)         (0.018)         (0.018)         (0.018)   
------------------------------------------------------------------------------------------------------------
N                   11512           11512           11512           11512           11512           11512   
adj. R-sq           0.012           0.012           0.012           0.011           0.012           0.012   
------------------------------------------------------------------------------------------------------------

. eststo clear

. 
. ** Table 12 CEO Compensation
. 
. use "Intermediate/temp19.dta", clear

. merge m:1 co_per_rol using "Intermediate/prior_firm_orgcapital_change.dta"

    Result                      Number of obs
    -----------------------------------------
    Not matched                        14,818
        from master                    14,800  (_merge==1)
        from using                         18  (_merge==2)

    Matched                               646  (_merge==3)
    -----------------------------------------

. keep if _m==3
(14,818 observations deleted)

. drop _m

. merge 1:1 co_per_rol year using "Intermediate/ceocomp.dta"

    Result                      Number of obs
    -----------------------------------------
    Not matched                        58,417
        from master                         0  (_merge==1)
        from using                     58,417  (_merge==2)

    Matched                               646  (_merge==3)
    -----------------------------------------

. keep if _m==3
(58,417 observations deleted)

. drop _m

. 
. foreach var in chg_pct_avg chg_pct_chatgpt chg_pct_seed chg_std_net_avg chg_std_net_chatgpt chg_std_net_seed{
  2.         eststo: qui areg lntdc1 `var' lnat mm ROA_w leverage_w mk2book_w if year==becameceoyear, absorb(indyear) vce(cluster gvkey)
  3. }
(est1 stored)
(est2 stored)
(est3 stored)
(est4 stored)
(est5 stored)
(est6 stored)

. esttab, b(3) star(* 0.10 ** 0.05 *** 0.01) ar2 se compress  nonotes nogaps depvars

----------------------------------------------------------------------------------------
                 (1)          (2)          (3)          (4)          (5)          (6)   
              lntdc1       lntdc1       lntdc1       lntdc1       lntdc1       lntdc1   
----------------------------------------------------------------------------------------
chg_pct_~g     0.029                                                                    
             (0.024)                                                                    
lnat           0.469        0.407        0.543        0.478        0.437        0.430   
             (0.418)      (0.338)      (0.468)      (0.417)      (0.281)      (0.346)   
mm             0.010        0.008       -0.008        0.001        0.005       -0.018   
             (0.051)      (0.022)      (0.047)      (0.051)      (0.021)      (0.040)   
ROA_w         -0.016       -0.017       -0.026       -0.029       -0.021       -0.025   
             (0.055)      (0.045)      (0.060)      (0.064)      (0.044)      (0.045)   
leverage_w    -0.219       -0.253       -0.029       -0.086       -0.255        0.184   
             (1.020)      (0.680)      (1.064)      (1.058)      (0.660)      (0.976)   
mk2book_w     -0.034       -0.022       -0.017       -0.005        0.010       -0.036   
             (0.207)      (0.155)      (0.226)      (0.235)      (0.145)      (0.232)   
chg_pct_~t                  0.027**                                                     
                          (0.011)                                                       
chg_pct_~d                               0.017                                          
                                       (0.027)                                          
chg_std_~g                                            1.150                             
                                                    (1.226)                             
chg_std_~t                                                         1.347***             
                                                                 (0.442)                
chg_std_~d                                                                      0.209   
                                                                              (1.592)   
_cons          5.020        5.455*       4.755        4.984        5.251**      5.719** 
             (4.053)      (2.843)      (4.274)      (4.160)      (2.562)      (2.741)   
----------------------------------------------------------------------------------------
N                 88           88           88           88           88           88   
adj. R-sq      0.688        0.803        0.461        0.577        0.836        0.335   
----------------------------------------------------------------------------------------

. eststo clear

. 
. 
. quietly log close
