Moderating role of board monitoring
| (1) | (2) | |
|---|---|---|
| Independent variables | StdROA | StdROA |
| ENPs | 0.000017** (1.992) | |
| Management | −0.000039*** (−6.337) | −0.000038*** (−4.677) |
| ENPs* management | 0.00000075*** (5.483) | |
| SOPs | 0.0000092 (0.894) | |
| SOPs* management | 0.00000065*** (3.947) | |
| Bsize | −0.00024*** (−6.416) | −0.00022*** (−5.714) |
| Bgdiversity | −0.00014*** (−14.235) | −0.00014*** (−13.986) |
| Bindependence | 0.000092*** (16.546) | 0.000082*** (14.668) |
| CEOpow | 0.0013*** (5.412) | 0.0012*** (5.061) |
| Fsize | −0.0042*** (−52.319) | −0.0041*** (−50.749) |
| ROA | −0.024*** (−21.208) | −0.023*** (−20.942) |
| Leverage | −0.0034*** (−5.370) | −0.0032*** (−5.148) |
| Currentr | 0.0017*** (24.236) | 0.0017*** (24.190) |
| RDintensity | 0.0017*** (3.345) | 0.0016*** (3.118) |
| FFP | −0.0000024 (−0.521) | −0.0000043 (−0.932) |
| Constant | 0.11*** (63.372) | 0.11*** (61.081) |
| N | 49,305 | 49,305 |
| R2 | 0.139 | 0.137 |
| F-stat. | 613.022*** | 601.663*** |
| (1) | (2) | |
|---|---|---|
| Independent variables | StdROA | StdROA |
| ENPs | 0.000017 | |
| Management | −0.000039 | −0.000038 |
| ENPs* management | 0.00000075 | |
| SOPs | 0.0000092 (0.894) | |
| SOPs* management | 0.00000065 | |
| Bsize | −0.00024 | −0.00022 |
| Bgdiversity | −0.00014 | −0.00014 |
| Bindependence | 0.000092 | 0.000082 |
| CEOpow | 0.0013 | 0.0012 |
| Fsize | −0.0042 | −0.0041 |
| ROA | −0.024 | −0.023 |
| Leverage | −0.0034 | −0.0032 |
| Currentr | 0.0017 | 0.0017 |
| RDintensity | 0.0017 | 0.0016 |
| FFP | −0.0000024 (−0.521) | −0.0000043 (−0.932) |
| Constant | 0.11 | 0.11 |
| 49,305 | 49,305 | |
| 0.139 | 0.137 | |
| F-stat. | 613.022 | 601.663 |
Note(s): t-Statistics in parentheses. **p < 0.05, ***p < 0.01
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