Summary statistics of independent variable and control variables
| Variable | Executive directors (N= 1,600) | Proprietary directors (N= 3,990) | Independent directors (N= 4,351) | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Min | Max | Mean | SD | Min | Max | Mean | SD | Min | Max | Mean | SD | |
| Factime | 0.011 | 1.000 | 0.926 | 0.199 | 0.003 | 1.000 | 0.864 | 0.262 | 0.003 | 1.000 | 0.879 | 0.247 |
| Tenure | 0.000 | 60.529 | 9.718 | 9.243 | 0.000 | 71.658 | 7.561 | 8.229 | 0.000 | 58.263 | 5.029 | 5.139 |
| Committees | 0.000 | 3.000 | 0.405 | 0.552 | 0.000 | 4.000 | 0.850 | 0.808 | 0.000 | 4.000 | 1.378 | 0.751 |
| Relationships | 0.000 | 44.000 | 0.283 | 1.502 | 0.000 | 25.000 | 0.546 | 1.578 | 0.000 | 30.000 | 0.676 | 1.444 |
| Board_Size | 1.329 | 21.025 | 10.207 | 3.336 | 1.668 | 21.025 | 11.198 | 3.329 | 1.329 | 21.025 | 10.678 | 3.239 |
| Board_Own | 0.000 | 0.995 | 0.227 | 0.259 | 0.000 | 0.995 | 0.231 | 0.245 | 0.000 | 0.995 | 0.180 | 0.237 |
| NCC_Indep | 0.000 | 1.000 | 0.591 | 0.232 | 0.000 | 1.000 | 0.524 | 0.220 | 0.000 | 1.000 | 0.628 | 0.207 |
| GRP_Index | 0.000 | 1.000 | 0.845 | 0.193 | 0.000 | 1.000 | 0.818 | 0.216 | 0.000 | 1.000 | 0.841 | 0.193 |
| Firm_Size | 2.000 | 217,908 | 18,036 | 38,568 | 2.000 | 217,908 | 13,888 | 31,231 | 2.000 | 217,908 | 18,076 | 34,615 |
| Leverage | 0.014 | 13.516 | 0.728 | 0.749 | 0.036 | 13.516 | 0.675 | 0.534 | 0.014 | 13.516 | 0.694 | 0.456 |
| Performance | −4.808 | 0.785 | 0.021 | 0.290 | −4.808 | 0.785 | 0.030 | 0.179 | −4.808 | 0.785 | 0.029 | 0.185 |
| No | Yes | % No | % Yes | No | Yes | % No | % Yes | No | Yes | % No | % Yes | |
| Gender (women) | 1,535 | 65 | 95.94 | 4.06 | 3,374 | 616 | 84.56 | 15.44 | 3,200 | 1,151 | 73.55 | 26.45 |
| CEO | 727 | 873 | 45.44 | 54.56 | 3,990 | 0 | 100,00 | 0.00 | 4,351 | 0 | 100.00 | 0.00 |
| Chairperson | 1,091 | 509 | 68.19 | 31.81 | 3,668 | 322 | 91.93 | 8.07 | 4,251 | 100 | 97.70 | 2.30 |
| PhD | 1,500 | 100 | 93.75 | 6.25 | 3,674 | 316 | 92.08 | 7.92 | 3,671 | 680 | 84.37 | 15.63 |
| NCC_Women | 662 | 938 | 41.38 | 58.62 | 1,600 | 2,390 | 40.10 | 59.90 | 1,509 | 2,842 | 34.68 | 65.32 |
| CEO_duality | 1,049 | 551 | 65.56 | 34.44 | 3,063 | 927 | 76.77 | 23.23 | 3,015 | 1,336 | 69.29 | 30.71 |
| Variable | Executive directors ( | Proprietary directors ( | Independent directors ( | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Factime | 0.011 | 1.000 | 0.926 | 0.199 | 0.003 | 1.000 | 0.864 | 0.262 | 0.003 | 1.000 | 0.879 | 0.247 |
| Tenure | 0.000 | 60.529 | 9.718 | 9.243 | 0.000 | 71.658 | 7.561 | 8.229 | 0.000 | 58.263 | 5.029 | 5.139 |
| Committees | 0.000 | 3.000 | 0.405 | 0.552 | 0.000 | 4.000 | 0.850 | 0.808 | 0.000 | 4.000 | 1.378 | 0.751 |
| Relationships | 0.000 | 44.000 | 0.283 | 1.502 | 0.000 | 25.000 | 0.546 | 1.578 | 0.000 | 30.000 | 0.676 | 1.444 |
| Board_Size | 1.329 | 21.025 | 10.207 | 3.336 | 1.668 | 21.025 | 11.198 | 3.329 | 1.329 | 21.025 | 10.678 | 3.239 |
| Board_Own | 0.000 | 0.995 | 0.227 | 0.259 | 0.000 | 0.995 | 0.231 | 0.245 | 0.000 | 0.995 | 0.180 | 0.237 |
| NCC_Indep | 0.000 | 1.000 | 0.591 | 0.232 | 0.000 | 1.000 | 0.524 | 0.220 | 0.000 | 1.000 | 0.628 | 0.207 |
| GRP_Index | 0.000 | 1.000 | 0.845 | 0.193 | 0.000 | 1.000 | 0.818 | 0.216 | 0.000 | 1.000 | 0.841 | 0.193 |
| Firm_Size | 2.000 | 217,908 | 18,036 | 38,568 | 2.000 | 217,908 | 13,888 | 31,231 | 2.000 | 217,908 | 18,076 | 34,615 |
| Leverage | 0.014 | 13.516 | 0.728 | 0.749 | 0.036 | 13.516 | 0.675 | 0.534 | 0.014 | 13.516 | 0.694 | 0.456 |
| Performance | −4.808 | 0.785 | 0.021 | 0.290 | −4.808 | 0.785 | 0.030 | 0.179 | −4.808 | 0.785 | 0.029 | 0.185 |
| Gender (women) | 1,535 | 65 | 95.94 | 4.06 | 3,374 | 616 | 84.56 | 15.44 | 3,200 | 1,151 | 73.55 | 26.45 |
| 727 | 873 | 45.44 | 54.56 | 3,990 | 0 | 100,00 | 0.00 | 4,351 | 0 | 100.00 | 0.00 | |
| Chairperson | 1,091 | 509 | 68.19 | 31.81 | 3,668 | 322 | 91.93 | 8.07 | 4,251 | 100 | 97.70 | 2.30 |
| PhD | 1,500 | 100 | 93.75 | 6.25 | 3,674 | 316 | 92.08 | 7.92 | 3,671 | 680 | 84.37 | 15.63 |
| NCC_Women | 662 | 938 | 41.38 | 58.62 | 1,600 | 2,390 | 40.10 | 59.90 | 1,509 | 2,842 | 34.68 | 65.32 |
| CEO_duality | 1,049 | 551 | 65.56 | 34.44 | 3,063 | 927 | 76.77 | 23.23 | 3,015 | 1,336 | 69.29 | 30.71 |
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