Table 5. Corporate governance and...

Table 5.

Corporate governance and integrated reporting practices–order logistics regression

	1	2	3	4	5	6
Panel A: Model coefficients – baseline regression
BSIZE	0.532*** (0.107)	–	0.8622*** (0.138)	0.8622*** (0.108)	–	0.3222*** (0.141)
BINDP	0.642*** (0.109)	–	0.421** (0.499)	0.152*** (0.111)	–	0.5421** (0.504)
BGDIV	0.272*** (0.117)	–	0.5272** (0.116)	0.853*** (0.112)	–	0.4242** (0.118)
BEXP	−0.279*** (0.102_)	–	−0.318** (0.124)	−0.283*** (0.103)	–	0.4523** (0.124)
ACSIZE	–	3.108*** (0.338)	2.596*** (0.403)	–	3.146*** (0.353)	0.7071*** (0.416)
ACINDP	–	−1.752*** (0.315)	−1.292*** (0.375)	–	−1.778*** (0.328)	0.3843*** (0.391)
ACEXP	–	0.172 (0.114)	0.823* (0.499)	–	0.203* (0.112)	0.8353** (0.503)
ACMEET	–	–	–	1.720* (0.822)	1.962*** (0.853)	0.7221** (0.875)
FSIZE	–	–	–	1.952** (2.221)	1.852*** (2.372)	6.8343** (2.389)
FAGE	–	–	–	1.862 (0.691)	2.611 (0.735)	0.8232 (0.747)
LEV	–	–	–	0.672*** (1.861)	0.052** (2.642)	0.4531** (3.743)
IND	–	–	–	0.132* (2.852)	0.5312 (0.321)	0.4222*** (1.5312)
Observations	3010	3010	3010	3010	3010	3010
Pseudo R-squared	0.097	0.322	0.0232	0.2517	0.0012	0.1622
chi-squared	119.1	294.9	316.5	121.1	305.3	322.5
Prob > chi²	0	0	0	0	0	0
Panel B: Categorical outcome model marginal effects (dy/dx)
Categorical variable outcomes
		Poor = 0	Low = 1	Average = 2	Above- Average = 3	Excellent = 4
BSIZE		0.003** (0.013)	0.032*** (0.022)	0.1175*** (0.034)	0.052** (0.001)	0.2821** (0.0004)
BINDP		0.0141** (0.049)	0.7233*** (0.077)	0.3393* (0.121)	0.7231** (0.003)	0.5239*** (0.001)
BGDIV		0.407** (0.011)	0.053** (0.018)	0.0352** (0.028)	0.012** (0.001)	0.4569* (0.0003)
BEXP		0.028** (0.012)	0.043** (0.019)	−0.069** (0.037)	−0.002** (0.001)	0.3429** (0.0003)
ACSIZE		−0.263*** (0.042)	0.412*** (0.073)	0.650*** (0.1020)	0.019*** (0.005)	0.051** (0.002)
ACINDP		0.134*** (0.038)	0.210*** (0.062)	−0.332*** (0.094)	−0.010*** (0.003)	0.1222* (0.001)
ACEXP		−0.081* (0.049)	−0.127 (0.077)	0.200* (0.121)	0.006 (0.004)	0.322** (0.001)
ACMEET		0.205** (0.085)	0.321** (0.136)	−0.506** (0.218)	−0.015* (0.007)	0.004** (0.002)
FSIZE		−0.132 (0.233)	−0.206 (0.363)	0.326 (0.574)	0.009 (0.017)	0.002 (0.004)
FAGE		1.2722** (0.072)	0.812* (0.113)	0.0521 (0.179)	0.2712 (0.005)	0.3152** (0.001)
LEV	–	–	–	0.028*** (3.832)	0.282** (1.842)	0.042** (2.211)
IND	–	–	–	0.272** (1.723)	0.2621* (1.123)	0.622*** (2.961)
Observations		3,010	3,010	3,010	3,010	3,010

	1	2	3	4	5	6
Panel A: Model coefficients – baseline regression
BSIZE	0.532*** (0.107)	–	0.8622*** (0.138)	0.8622*** (0.108)	–	0.3222*** (0.141)
BINDP	0.642*** (0.109)	–	0.421** (0.499)	0.152*** (0.111)	–	0.5421** (0.504)
BGDIV	0.272*** (0.117)	–	0.5272** (0.116)	0.853*** (0.112)	–	0.4242** (0.118)
BEXP	−0.279*** (0.102_)	–	−0.318** (0.124)	−0.283*** (0.103)	–	0.4523** (0.124)
ACSIZE	–	3.108*** (0.338)	2.596*** (0.403)	–	3.146*** (0.353)	0.7071*** (0.416)
ACINDP	–	−1.752*** (0.315)	−1.292*** (0.375)	–	−1.778*** (0.328)	0.3843*** (0.391)
ACEXP	–	0.172 (0.114)	0.823* (0.499)	–	0.203* (0.112)	0.8353** (0.503)
ACMEET	–	–	–	1.720* (0.822)	1.962*** (0.853)	0.7221** (0.875)
FSIZE	–	–	–	1.952** (2.221)	1.852*** (2.372)	6.8343** (2.389)
FAGE	–	–	–	1.862 (0.691)	2.611 (0.735)	0.8232 (0.747)
LEV	–	–	–	0.672*** (1.861)	0.052** (2.642)	0.4531** (3.743)
IND	–	–	–	0.132* (2.852)	0.5312 (0.321)	0.4222*** (1.5312)
Observations	3010	3010	3010	3010	3010	3010
Pseudo R-squared	0.097	0.322	0.0232	0.2517	0.0012	0.1622
chi-squared	119.1	294.9	316.5	121.1	305.3	322.5
Prob > chi²	0	0	0	0	0	0
Panel B: Categorical outcome model marginal effects (dy/dx)
Categorical variable outcomes
		Poor = 0	Low = 1	Average = 2	Above- Average = 3	Excellent = 4
BSIZE		0.003** (0.013)	0.032*** (0.022)	0.1175*** (0.034)	0.052** (0.001)	0.2821** (0.0004)
BINDP		0.0141** (0.049)	0.7233*** (0.077)	0.3393* (0.121)	0.7231** (0.003)	0.5239*** (0.001)
BGDIV		0.407** (0.011)	0.053** (0.018)	0.0352** (0.028)	0.012** (0.001)	0.4569* (0.0003)
BEXP		0.028** (0.012)	0.043** (0.019)	−0.069** (0.037)	−0.002** (0.001)	0.3429** (0.0003)
ACSIZE		−0.263*** (0.042)	0.412*** (0.073)	0.650*** (0.1020)	0.019*** (0.005)	0.051** (0.002)
ACINDP		0.134*** (0.038)	0.210*** (0.062)	−0.332*** (0.094)	−0.010*** (0.003)	0.1222* (0.001)
ACEXP		−0.081* (0.049)	−0.127 (0.077)	0.200* (0.121)	0.006 (0.004)	0.322** (0.001)
ACMEET		0.205** (0.085)	0.321** (0.136)	−0.506** (0.218)	−0.015* (0.007)	0.004** (0.002)
FSIZE		−0.132 (0.233)	−0.206 (0.363)	0.326 (0.574)	0.009 (0.017)	0.002 (0.004)
FAGE		1.2722** (0.072)	0.812* (0.113)	0.0521 (0.179)	0.2712 (0.005)	0.3152** (0.001)
LEV	–	–	–	0.028*** (3.832)	0.282** (1.842)	0.042** (2.211)
IND	–	–	–	0.272** (1.723)	0.2621* (1.123)	0.622*** (2.961)
Observations		3,010	3,010	3,010	3,010	3,010

Note(s): Standard errors in parentheses; ***p < 0.01; **p < 0.05; *p < 0.1

Source(s): Compiled by author

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