Table 3

Predicting Changes in Leadership

(1)(2)
Total revenue change—Positive−0.0005
(0.0003)		−0.0006**
(0.0003)
1st Lag0.0003
(0.0005)
Total revenue change—Negative0.0018***
(0.0003)		0.0018***
(0.0004)
1st Lag−0.0037***
(0.0004)
Program expenditures change—Positive0.0003***
(0.0001)		0.0003***
(0.0001)
First lag−0.0001**
(0.0000)
Program expenditures change—Negative−0.0366*
(0.0211)		−0.0394*
(0.0209)
First lag−0.0308
(0.0195)
ControlsYY
Observations8,9098,909
R-squared0.00790.0086

  • Notes: The dependent variable is equal to one if a charity has a new manager in year t. Robust standard errors in parentheses.

  • ↵* p < 0.1,

  • ↵** p <0.05,

  • ↵*** p <0.01. For the list of controls see Table 1, Panel C.