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It has come to the attention of the publisher that in the article by Wijaya H, Gumanti TA (2025), “Board of directors characteristics and firm performance: the role of intellectual capital,” Journal of Economic and Administrative Sciences, Vol. ahead-of-print No. ahead-of-print. https://doi.org/10.1108/JEAS-06-2025-0340, the formatting of Tables 6, 7, and 8 was incorrect in the published version.
Table 6
| Variable | Model 1 | Model 2 | Model 3 | |||
|---|---|---|---|---|---|---|
| MBV | MBVA | MBV | MBVA | MBV | MBVA | |
| Constant | 0.885 (2.659)*** | 1.609 (7.229)*** | 1.955 (6.244)*** | 1.601 (12.043)*** | 5.696 (2.666)*** | 2.837 (3.152)*** |
| BDS | 0.205 (3.353)*** | 0.066 (2.426)** | −0.053 (−0.896) | −0.053 (−2.114)** | −0.056 (−0.815) | −0.065 (−2.247)** |
| PFB | 1.921 (3.013)*** | 1.346 (4.750)*** | 2.224 (3.800)*** | 1.462 (5.881)*** | 2.591 (4.530)*** | 1.404 (5.825)*** |
| ICI | −0.858 (−1.837) | 0.128 (0.643) | −0.707 (−1.556) | 0.432 (2.255)** | ||
| BDS*ICI | 0.687 (6.713)*** | 0.214 (4.919)*** | 0.520 (5.233)*** | 0.112 (2.663)*** | ||
| PFB*ICI | 1.367 (1.680) | 1.404 (4.061)*** | 1.677 (2.159)** | 1.567 (4.788)*** | ||
| LEV | 2.499 (4.225)*** | −0.658 (−2.639)*** | ||||
| SIZE | −0.228 (−2.840)*** | −0.058 (−1.648) | ||||
| AGE | 0.036 (4.749)*** | 0.017 (5.258)*** | ||||
| PROF | 12.989 (9.663)*** | 4.918 (8.684)*** | ||||
| R2 | 0.015 | 0.021 | 0.175 | 0.252 | 0.253 | 0.333 |
| Adj. R2 | 0.014 | 0.020 | 0.172 | 0.249 | 0.248 | 0.328 |
| F-stat. | 10.328*** | 14.412*** | 56.075*** | 89.013*** | 49.644*** | 73.184*** |
| Variable | Model 1 | Model 2 | Model 3 | |||
|---|---|---|---|---|---|---|
| MBV | MBVA | MBV | MBVA | MBV | MBVA | |
| Constant | 0.885 (2.659)*** | 1.609 (7.229)*** | 1.955 (6.244)*** | 1.601 (12.043)*** | 5.696 (2.666)*** | 2.837 (3.152)*** |
| BDS | 0.205 (3.353)*** | 0.066 (2.426)** | −0.053 (−0.896) | −0.053 (−2.114)** | −0.056 (−0.815) | −0.065 (−2.247)** |
| PFB | 1.921 (3.013)*** | 1.346 (4.750)*** | 2.224 (3.800)*** | 1.462 (5.881)*** | 2.591 (4.530)*** | 1.404 (5.825)*** |
| ICI | −0.858 (−1.837) | 0.128 (0.643) | −0.707 (−1.556) | 0.432 (2.255)** | ||
| BDS*ICI | 0.687 (6.713)*** | 0.214 (4.919)*** | 0.520 (5.233)*** | 0.112 (2.663)*** | ||
| PFB*ICI | 1.367 (1.680) | 1.404 (4.061)*** | 1.677 (2.159)** | 1.567 (4.788)*** | ||
| LEV | 2.499 (4.225)*** | −0.658 (−2.639)*** | ||||
| SIZE | −0.228 (−2.840)*** | −0.058 (−1.648) | ||||
| AGE | 0.036 (4.749)*** | 0.017 (5.258)*** | ||||
| PROF | 12.989 (9.663)*** | 4.918 (8.684)*** | ||||
| R2 | 0.015 | 0.021 | 0.175 | 0.252 | 0.253 | 0.333 |
| Adj. R2 | 0.014 | 0.020 | 0.172 | 0.249 | 0.248 | 0.328 |
| F-stat. | 10.328*** | 14.412*** | 56.075*** | 89.013*** | 49.644*** | 73.184*** |
Table 7
| Variable | Model 1 | Model 2 | Model 3 | |||
|---|---|---|---|---|---|---|
| MBV | MBVA | MBV | MBVA | MBV | MBVA | |
| Constant | 1.068 (2.944)*** | 1.118 (7.032)*** | 2.020 (5.805)*** | 1.591 (10.858)*** | 3.354 (1.423) | 1.813 (1.834) |
| BDS | 0.168 (2.528)** | 0.058 (1.997)** | −0.069 (−1.054) | −0.052 (−1.892)* | −0.117 (−1.563) | −0.080 (−2.564)** |
| PFB | 1.371 (1.963)** | 1.031 (3.370)*** | 1.627 (2.493)** | 1.140 (4.148)*** | 2.121 (3.358)*** | 1.170 (4.418)*** |
| ICI | −0.741 (−1.409) | 0.136 (0.616) | −0.638 (−1.259) | 0.393 (1.847)* | ||
| BDS*ICI | 0.610 (5.367)*** | 0.194 (4.057)*** | 0.436 (3.977)*** | 0.094 (2.050)** | ||
| PFB*ICI | 0.884 (0.981) | 0.994 (2.621)*** | 1.293 (1.516) | 1.191 (3.329)*** | ||
| LEV | 2.524 (3.854)*** | −0.524 (−1.909)* | ||||
| SIZE | −0.141 (−1.592) | −0.021 (−0.562) | ||||
| AGE | 0.038 (4.560)*** | 0.017 (4.914)*** | ||||
| PROF | 14.201 (9.375)*** | 5.259 (8.279)*** | ||||
| R2 | 0.010 | 0.014 | 0.139 | 0.209 | 0.234 | 0.301 |
| Adj. R2 | 0.008 | 0.012 | 0.135 | 0.205 | 0.227 | 0.295 |
| F-stat. | 5.190*** | 7.765*** | 34.132*** | 55.661*** | 35.578*** | 50.385*** |
| Variable | Model 1 | Model 2 | Model 3 | |||
|---|---|---|---|---|---|---|
| MBV | MBVA | MBV | MBVA | MBV | MBVA | |
| Constant | 1.068 (2.944)*** | 1.118 (7.032)*** | 2.020 (5.805)*** | 1.591 (10.858)*** | 3.354 (1.423) | 1.813 (1.834) |
| BDS | 0.168 (2.528)** | 0.058 (1.997)** | −0.069 (−1.054) | −0.052 (−1.892)* | −0.117 (−1.563) | −0.080 (−2.564)** |
| PFB | 1.371 (1.963)** | 1.031 (3.370)*** | 1.627 (2.493)** | 1.140 (4.148)*** | 2.121 (3.358)*** | 1.170 (4.418)*** |
| ICI | −0.741 (−1.409) | 0.136 (0.616) | −0.638 (−1.259) | 0.393 (1.847)* | ||
| BDS*ICI | 0.610 (5.367)*** | 0.194 (4.057)*** | 0.436 (3.977)*** | 0.094 (2.050)** | ||
| PFB*ICI | 0.884 (0.981) | 0.994 (2.621)*** | 1.293 (1.516) | 1.191 (3.329)*** | ||
| LEV | 2.524 (3.854)*** | −0.524 (−1.909)* | ||||
| SIZE | −0.141 (−1.592) | −0.021 (−0.562) | ||||
| AGE | 0.038 (4.560)*** | 0.017 (4.914)*** | ||||
| PROF | 14.201 (9.375)*** | 5.259 (8.279)*** | ||||
| R2 | 0.010 | 0.014 | 0.139 | 0.209 | 0.234 | 0.301 |
| Adj. R2 | 0.008 | 0.012 | 0.135 | 0.205 | 0.227 | 0.295 |
| F-stat. | 5.190*** | 7.765*** | 34.132*** | 55.661*** | 35.578*** | 50.385*** |
Table 8
| Variable | Model 3 for ICI < 0.0592 | Model 3 for ICI > 0.0592 | ||
|---|---|---|---|---|
| MBV | MBVA | MBV | MBVA | |
| Constant | 1.1930 (6.1036)*** | 1.0196 (10.9908)*** | 8.9886 (2.6195)*** | 3.3972 (2.5050)** |
| BDS | 0.0217 (2.9197)*** | 0.0140 (3.9891)*** | −0.1344 (−0.7826) | 0.0491 (0.7233) |
| PFB | 0.0339 (0.5030) | −0.0006 (−0.0197) | −4.6605 (−2.6684)*** | −3.0299 (−4.3894)*** |
| ICI | 0.1599 (3.6617)*** | 0.1254 (6.0474)*** | 6.2447 (3.3166)*** | 5.2272 (7.0244)*** |
| BDS*ICI | 0.0288 (2.7301)*** | 0.0169 (3.3761)*** | 0.6969 (2.1304)** | −0.1447 (−1.1191) |
| PFB*ICI | −0.0553 (−0.7196) | −0.0293 (−0.8042) | 15.8169 (5.2084)*** | 10.0129 (8.3426)*** |
| LEV | −0.1883 (−3.3183)*** | 0.1838 (6.8230)*** | 10.5337 (11.1012)*** | 1.7937 (4.7828)*** |
| SIZE | −0.0161 (−2.2033)** | −0.0105 (−3.0266)*** | −0.5922 (−4.8429)*** | −0.1917 (−3.9667)*** |
| AGE | −0.0002 (−0.3282) | 0.0000 (0.1371) | 0.0668 (5.9334)*** | 0.0300 (6.7506)*** |
| PROF | 0.1569 (1.3111) | 0.1134 (1.9979)** | 12.4223 (5.6351)*** | 3.7407 (4.2935)*** |
| R-squared | 0.3722 | 0.6764 | 0.4611 | 0.5512 |
| Adj. R-squared | 0.3636 | 0.6720 | 0.4537 | 0.5450 |
| F-statistic | 43.1453 | 152.1238 | 62.2773 | 89.3870 |
| Prob (F-statistic) | 0.0000 | 0.0000 | 0.0000 | 0.0000 |
| Variable | Model 3 for ICI < 0.0592 | Model 3 for ICI | ||
|---|---|---|---|---|
| MBV | MBVA | MBV | MBVA | |
| Constant | 1.1930 (6.1036)*** | 1.0196 (10.9908)*** | 8.9886 (2.6195)*** | 3.3972 (2.5050)** |
| BDS | 0.0217 (2.9197)*** | 0.0140 (3.9891)*** | −0.1344 (−0.7826) | 0.0491 (0.7233) |
| PFB | 0.0339 (0.5030) | −0.0006 (−0.0197) | −4.6605 (−2.6684)*** | −3.0299 (−4.3894)*** |
| ICI | 0.1599 (3.6617)*** | 0.1254 (6.0474)*** | 6.2447 (3.3166)*** | 5.2272 (7.0244)*** |
| BDS*ICI | 0.0288 (2.7301)*** | 0.0169 (3.3761)*** | 0.6969 (2.1304)** | −0.1447 (−1.1191) |
| PFB*ICI | −0.0553 (−0.7196) | −0.0293 (−0.8042) | 15.8169 (5.2084)*** | 10.0129 (8.3426)*** |
| LEV | −0.1883 (−3.3183)*** | 0.1838 (6.8230)*** | 10.5337 (11.1012)*** | 1.7937 (4.7828)*** |
| SIZE | −0.0161 (−2.2033)** | −0.0105 (−3.0266)*** | −0.5922 (−4.8429)*** | −0.1917 (−3.9667)*** |
| AGE | −0.0002 (−0.3282) | 0.0000 (0.1371) | 0.0668 (5.9334)*** | 0.0300 (6.7506)*** |
| PROF | 0.1569 (1.3111) | 0.1134 (1.9979)** | 12.4223 (5.6351)*** | 3.7407 (4.2935)*** |
| R-squared | 0.3722 | 0.6764 | 0.4611 | 0.5512 |
| Adj. R-squared | 0.3636 | 0.6720 | 0.4537 | 0.5450 |
| F-statistic | 43.1453 | 152.1238 | 62.2773 | 89.3870 |
| Prob (F-statistic) | 0.0000 | 0.0000 | 0.0000 | 0.0000 |
Specifically, the t-statistics and significance asterisks were not placed in their correct positions. The t-statistics should appear on the second line below each coefficient, followed by the appropriate significance asterisks.
The tables should read as:
The publisher asks that format be entered correctly at submission and confirmed at the article proofing stage.
© Emerald Publishing Limited
2025
Emerald Publishing Limited
