I am estimating a model of CEO turnover using panel data. For each year, a CEO can : 1. be forced from office, 2. have a normal retirement, or 3. remain in office. Initially, I modeled the event as the forced turnover (treating retirement as a non-event) using Proc Genmod and GEE to control for repeated observations from the same firms over time. I am now using Proc CATMOD to estimate the likelihood of each type of event occuring, with no control for repeated observations from the same firm. The outcomes of the two estimations for the forced turnovers are qualitively the same, with the exception of a few of the coefficients of binomial variables, which are now nonsensical. For example, the results of the multinomial logit show that the likelihood of a forced turnovers is positively related to the CEO being age 62 or older and the likelihood of a voluntary turnover is negatively related to the CEO being age 62 or older. If I replace that variable with a continuous variable of the CEO's age, the signs reverse (and make sense). I have this problem with two other of the binomial variables as well. Any suggestions as to what is wrong and solutions would be greatly (GREATLY!) appreciated. Message was edited by: svandals ... View more