Table 4 Estimation results by zone... | Emerald Publishing

Table 4

Estimation results by zone

Variable	Zone 1 Maghreb	Zone 2 Nile valley	Zone 3 Mashrek/Levant	Zone 4 Gulf
Blau index ∗ Board indep	0.054 (0.004)***	0.0387 (0.15)	0.045 (0.043)	0.0983 (0.615)
Board indep	0.764 (0.08)*	0.065 (0.045)**	0.398 (0.02)**	0.0765 (0.009)***
MFI age	−0.066 (0.052)*	−0.456 (−0.65)*	−0.024 (0.012)**	−0.55 (−0.85)*
MFI size	0.022 (0.048)**	0.876 (0.051)*	0.0987 (0.04)**	0.76 (0.071)*
CEO duality	0.28 (0.11)**	0.41 (0.048)***	0.763 (0.017)***	0.543 (0.049)**
Legal status	0.657 (0.876)	0.211 (0.534)	0.54 (0.295)	0.254 (0.984)
RISK30	0.065 (0.453)	0.097 (0.72)	0.098 (0.55)	0.076 (0.34)
GDP growth	0.342 (0.061)*	1.43 (0.073)*	0.435 (0.044)**	1.242 (0.031)**
Inflation (INF)	−0.435 (0.0745)*	−1.645 (0.098)*	−0.435 (0.029)**	−1.324 (0.013)**
Blau index	0.424 (0.405)**	1.4 (0.074)*	0.487 (0.095)*	1.622 (0.07)*
Constant	0.024 (0.0082)***	0.143 (0.032)***	0.024 (0.043)**	0.174 (0.084)*
F	16.43	16.43	12.65	15.13
Prob > F	0.0000	0.0000	0.0000	0.0000
χ²(7)	36.22	39.87	30.97	23.95
Prob > χ²	0.0000	0.0000	0.0000	0.0000

Variable	Zone 1 Maghreb	Zone 2 Nile valley	Zone 3 Mashrek/Levant	Zone 4 Gulf
Blau index ∗ Board indep	0.054 (0.004)***	0.0387 (0.15)	0.045 (0.043)	0.0983 (0.615)
Board indep	0.764 (0.08)*	0.065 (0.045)**	0.398 (0.02)**	0.0765 (0.009)***
MFI age	−0.066 (0.052)*	−0.456 (−0.65)*	−0.024 (0.012)**	−0.55 (−0.85)*
MFI size	0.022 (0.048)**	0.876 (0.051)*	0.0987 (0.04)**	0.76 (0.071)*
CEO duality	0.28 (0.11)**	0.41 (0.048)***	0.763 (0.017)***	0.543 (0.049)**
Legal status	0.657 (0.876)	0.211 (0.534)	0.54 (0.295)	0.254 (0.984)
RISK30	0.065 (0.453)	0.097 (0.72)	0.098 (0.55)	0.076 (0.34)
GDP growth	0.342 (0.061)*	1.43 (0.073)*	0.435 (0.044)**	1.242 (0.031)**
Inflation (INF)	−0.435 (0.0745)*	−1.645 (0.098)*	−0.435 (0.029)**	−1.324 (0.013)**
Blau index	0.424 (0.405)**	1.4 (0.074)*	0.487 (0.095)*	1.622 (0.07)*
Constant	0.024 (0.0082)***	0.143 (0.032)***	0.024 (0.043)**	0.174 (0.084)*
F	16.43	16.43	12.65	15.13
Prob > F	0.0000	0.0000	0.0000	0.0000
χ²(7)	36.22	39.87	30.97	23.95
Prob > χ²	0.0000	0.0000	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