Robustness test and additional analysis
| Independent variables | Variables | Baseline | GMM | Interpretation |
|---|---|---|---|---|
| Fixed effect (FE) | ||||
| Board attributes | BOID | ***(3.77) | **(2.52) | Robustly significant |
| BENVC | *(1.82) | (−0.19) | FE-only significance | |
| BENEX | *(1.79) | (−0.82) | FE-only significance | |
| CEOGD | ***(3.72) | 0.0443 | GMM slightly weaker but still significant | |
| The instrumental variables are valid and uncorrelated with the error term | ||||
| Hansen J test L2 | PV 0.334 | |||
| Audit committee attributes | ACIND | ***(3.26) | ***(2.37) | Robustly significant |
| ACMT | ***(−2.49) | (−0.69) | FE-only significance | |
| ACFEX | **(2.22) | (−0.16) | FE-only significance | |
| ACGD | ***(3.49) | **(2.54) | GMM slightly weaker but still significant | |
| The instrumental variables are valid and uncorrelated with the error term | ||||
| Hansen J test L2 | PV 0.319 | |||
| Ownership attributes | INOWN | (0.11) | (−1.43) | Not robust in GMM |
| FROWN | **(2.08) | (−0.61) | FE-only significance | |
| GOVOWN | **(2.31) | (−0.00) | FE-only significance | |
| MGOWN | (−0.05) | *(1.70) | GMM slightly significant | |
| The instrumental variables are valid and uncorrelated with the error term | ||||
| Hansen J test L2 | PV 0.414 | |||
| Independent variables | Variables | Baseline | GMM | Interpretation |
|---|---|---|---|---|
| Fixed effect ( | ||||
| Board attributes | BOID | ***(3.77) | **(2.52) | Robustly significant |
| *(1.82) | (−0.19) | FE-only significance | ||
| BENEX | *(1.79) | (−0.82) | FE-only significance | |
| CEOGD | ***(3.72) | 0.0443 | GMM slightly weaker but still significant | |
| The instrumental variables are valid and uncorrelated with the error term | ||||
| Hansen J test L2 | PV 0.334 | |||
| Audit committee attributes | ***(3.26) | ***(2.37) | Robustly significant | |
| ACMT | ***(−2.49) | (−0.69) | FE-only significance | |
| **(2.22) | (−0.16) | FE-only significance | ||
| ***(3.49) | **(2.54) | GMM slightly weaker but still significant | ||
| The instrumental variables are valid and uncorrelated with the error term | ||||
| Hansen J test L2 | PV 0.319 | |||
| Ownership attributes | (0.11) | (−1.43) | Not robust in GMM | |
| **(2.08) | (−0.61) | FE-only significance | ||
| GOVOWN | **(2.31) | (−0.00) | FE-only significance | |
| MGOWN | (−0.05) | *(1.70) | GMM slightly significant | |
| The instrumental variables are valid and uncorrelated with the error term | ||||
| Hansen J test L2 | PV 0.414 | |||
Note(s): ***p < 0.01, **p < 0.05, *p < 0.10
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