“…= AGE (CEO's age), X10 = OWN (value of shares owned by the CEO excluding stock options), and ε it is the random error for the ith regression equation. SUR is a model and a tool of pooling cross-sectional and time-series or panel data (Kmenta, 1997;Zellner, 1962 The error components (EC, Nerlove, 1971) and the EC-SUR (Avery, 1977;Lin, 2005)…”