Table 5 Mixed-effects logistic...

Table 5

Mixed-effects logistic regression results (Main effects and interaction models)

	Model1	Model1 with interaction	Model2	Model2 with interaction	Model3	Model3_with interaction
(Intercept)	−37.623	−37.044	−38.66	−40.376	−34.952	−35.081
(Intercept)	[2.878]***	[2.860]***	[2.989]***	[3.175]***	[1.953]***	[2.014]***
Age	−0.067	−0.07	−0.071	−0.07	−0.063	−0.124
Age	[0.018]***	[0.018]***	[0.018]***	[0.018]***	[0.013]***	[0.017]***
Family cont	0.819	−1.582	0.761	1.328	0.452	−1.677
Family cont	[0.260]***	[1.239]	[0.261]***	[0.310]***	[0.189]**	[0.419]***
Board size	0.091	−0.022
Board size	[0.072]	[0.092]
log(assets)	2.23	2.249	2.279	2.366	1.764	1.672
log(assets)	[0.265]***	[0.265]***	[0.271]***	[0.279]***	[0.184]***	[0.192]***
log(liabilities)	−0.55	−0.548	−0.522	−0.542	−0.159	−0.007
log(liabilities)	[0.181]***	[0.181]***	[0.186]***	[0.188]***	[0.132]	[0.143]
Liq	−0.258	−0.26	−0.276	−0.319	−0.248	−0.241
Liq	[0.100]***	[0.103]**	[0.101]***	[0.106]***	[0.082]***	[0.083]***
Family cont × Board size		0.286
Family cont × Board size		[0.145]**
Fem direct			1.024	1.941
Fem direct			[0.269]***	[0.389]***
Family cont × Fem direct				−2.077
Family cont × Fem direct				[0.572]***
Age × Family cont						0.126
Age × Family cont						[0.022]***
SD (Intercept country)	0.714	0.681	0.938	0.973	0.672	0.702
Num obs	1,069	1,069	1,067	1,067	2,336	2,336
R² Marg	0.756	0.761	0.755	0.772	0.722	0.742
R² Cond	0.788	0.791	0.807	0.823	0.755	0.776
ICC	0.1	0.1	0.2	0.2	0.1	0.1

	Model1	Model1 with interaction	Model2	Model2 with interaction	Model3	Model3_with interaction
(Intercept)	−37.623	−37.044	−38.66	−40.376	−34.952	−35.081
(Intercept)	[2.878]***	[2.860]***	[2.989]***	[3.175]***	[1.953]***	[2.014]***
Age	−0.067	−0.07	−0.071	−0.07	−0.063	−0.124
Age	[0.018]***	[0.018]***	[0.018]***	[0.018]***	[0.013]***	[0.017]***
Family cont	0.819	−1.582	0.761	1.328	0.452	−1.677
Family cont	[0.260]***	[1.239]	[0.261]***	[0.310]***	[0.189]**	[0.419]***
Board size	0.091	−0.022
Board size	[0.072]	[0.092]
log(assets)	2.23	2.249	2.279	2.366	1.764	1.672
log(assets)	[0.265]***	[0.265]***	[0.271]***	[0.279]***	[0.184]***	[0.192]***
log(liabilities)	−0.55	−0.548	−0.522	−0.542	−0.159	−0.007
log(liabilities)	[0.181]***	[0.181]***	[0.186]***	[0.188]***	[0.132]	[0.143]
Liq	−0.258	−0.26	−0.276	−0.319	−0.248	−0.241
Liq	[0.100]***	[0.103]**	[0.101]***	[0.106]***	[0.082]***	[0.083]***
Family cont × Board size		0.286
Family cont × Board size		[0.145]**
Fem direct			1.024	1.941
Fem direct			[0.269]***	[0.389]***
Family cont × Fem direct				−2.077
Family cont × Fem direct				[0.572]***
Age × Family cont						0.126
Age × Family cont						[0.022]***
SD (Intercept country)	0.714	0.681	0.938	0.973	0.672	0.702
Num obs	1,069	1,069	1,067	1,067	2,336	2,336
R² Marg	0.756	0.761	0.755	0.772	0.722	0.742
R² Cond	0.788	0.791	0.807	0.823	0.755	0.776
ICC	0.1	0.1	0.2	0.2	0.1	0.1

Note(s): ***Significant at the 1% level. **Significant at the 5% level. *Significant at the 10% level. Values in brackets are Standard errors of the estimates

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