Table 3 Estimation results of models 1,... | Emerald Publishing

Table 3

Estimation results of models 1, 2, and 3

Variable	Model 1	Model 2	Model 3
Blau∗Board indep	–	0.0321 (0.473)**	–
Board indep	0.365 (0.022)*	0.325 (0.567)**	0.123 (0.027)*
MFI age	−0.0275 (−0.83)*	−0.005 (−0.43)*	−0.0275 (−0.83)*
MFI size	0.024 (0.78)*	0.034 (0.98)*	0.024 (0.78)*
CEO duality	0.463 (0.164)**	0.292 (0.088)*	0.463 (0.164)**
Legal status	0.384 (0.253)	0.244 (0.183)	0.384 (0.253)
RISK30	0.087 (0.43)	0.023 (0.23)	0.087 (0.43)
GDP growth	0.132 (0.024)**	0.22 (0.014)**	0.164 (0.032)**
Inflation (INF)	−0.144 (0.007)**	−0.11 (0.01)**	−0.127 (0.076)*
Blau index	–	1.453 (0.39)**	0.352 (0.52)*
Constant	0.123*** (0.025)	0.026*** (0.034)	0.113*** (0.012)
F	19.67***	14.32	12.52
Prob > F	0.0000	0.0000	0.0000
χ²(7)	24.44	22.65	32.22
Prob > χ²	0.0023	0.0000	0.0000

Variable	Model 1	Model 2	Model 3
Blau∗Board indep	–	0.0321 (0.473)**	–
Board indep	0.365 (0.022)*	0.325 (0.567)**	0.123 (0.027)*
MFI age	−0.0275 (−0.83)*	−0.005 (−0.43)*	−0.0275 (−0.83)*
MFI size	0.024 (0.78)*	0.034 (0.98)*	0.024 (0.78)*
CEO duality	0.463 (0.164)**	0.292 (0.088)*	0.463 (0.164)**
Legal status	0.384 (0.253)	0.244 (0.183)	0.384 (0.253)
RISK30	0.087 (0.43)	0.023 (0.23)	0.087 (0.43)
GDP growth	0.132 (0.024)**	0.22 (0.014)**	0.164 (0.032)**
Inflation (INF)	−0.144 (0.007)**	−0.11 (0.01)**	−0.127 (0.076)*
Blau index	–	1.453 (0.39)**	0.352 (0.52)*
Constant	0.123*** (0.025)	0.026*** (0.034)	0.113*** (0.012)
F	19.67***	14.32	12.52
Prob > F	0.0000	0.0000	0.0000
χ²(7)	24.44	22.65	32.22
Prob > χ²	0.0023	0.0000	0.0000

Note(s): Robust standard errors, clustered at the MFI level, are reported in parentheses. ***,**, and * denote statistical significance at the 1%, 5%, and 10% levels, respectively