Table 3. Statistics inference Variable...

Table 3.

Statistics inference

Variable	Pooled	Fixed	Random	PCSE
S_Committee	1.1168781***	0.52522475*	0.66910833***	1.1168781***
CEO_Dual	−0.23510575	−1.1074214*	−0.7614623*	−0.23510575
CEO_Tenure	0.01523852	0.0005528	0.00075836	0.01523852*
CEO_Age	0.00642227	0.03938435*	0.02984857*	0.00642227
CEO_Share	−0.01397628**	−0.00468971	−0.00798954	−0.01397628***
F_Director	0.35931386	0.66499415	0.59440156	0.35931386
C.
S_Committee#
C.F_Director	−0.02935604	0.15868933	0.12506995	−0.02935604
C.CEO_Dual#
C.F_Director	0.23144406	0.5423696*	0.45531154*	0.23144406*
C.
CEO_Tenure#
C.F_Director	−0.00364686	0.00375675	0.00236629	−0.00364686
C.CEO_Age#
C.F_Director	−0.00228765	−0.01258204	−0.01012313	−0.00228765
C.CEO_Share#
C.F_Director	−0.00231045	0.00140875	−0.00003084	−0.00231045
Board	0.06089622	−0.00587411	0.01365515	0.06089622***
Ln_Asset	0.47547522***	1.2473583***	0.68886651***	0.47547522***
Ln_Debt	−0.01737098	−0.09766952	−0.06982589	−0.01737098
Ln_MarketCap	0.16083271**	−0.01416849	0.00370213	0.16083271*
ROE	−0.00007718	0.00007032	0.00006148	−0.00007718
ROA	0.00009043	−0.00007004	−0.0000236	0.00009043
_Cons	3.014734***	−0.72107199	2.3504132**	3.014734***
N	1,958	1,958	1,958	1,958
R²	0.17197808	0.05536256		0.17197808
R²_A	0.16472222	−0.28916002
R²_O		0.14062932	0.15754733
F	23.70195	4.9436904
P		1.623e‐10	1.964e‐28	0
Chi²			175.81671	35,801.895

Variable	Pooled	Fixed	Random	PCSE
S_Committee	1.1168781***	0.52522475*	0.66910833***	1.1168781***
CEO_Dual	−0.23510575	−1.1074214*	−0.7614623*	−0.23510575
CEO_Tenure	0.01523852	0.0005528	0.00075836	0.01523852*
CEO_Age	0.00642227	0.03938435*	0.02984857*	0.00642227
CEO_Share	−0.01397628**	−0.00468971	−0.00798954	−0.01397628***
F_Director	0.35931386	0.66499415	0.59440156	0.35931386
C.
S_Committee#
C.F_Director	−0.02935604	0.15868933	0.12506995	−0.02935604
C.CEO_Dual#
C.F_Director	0.23144406	0.5423696*	0.45531154*	0.23144406*
C.
CEO_Tenure#
C.F_Director	−0.00364686	0.00375675	0.00236629	−0.00364686
C.CEO_Age#
C.F_Director	−0.00228765	−0.01258204	−0.01012313	−0.00228765
C.CEO_Share#
C.F_Director	−0.00231045	0.00140875	−0.00003084	−0.00231045
Board	0.06089622	−0.00587411	0.01365515	0.06089622***
Ln_Asset	0.47547522***	1.2473583***	0.68886651***	0.47547522***
Ln_Debt	−0.01737098	−0.09766952	−0.06982589	−0.01737098
Ln_MarketCap	0.16083271**	−0.01416849	0.00370213	0.16083271*
ROE	−0.00007718	0.00007032	0.00006148	−0.00007718
ROA	0.00009043	−0.00007004	−0.0000236	0.00009043
_Cons	3.014734***	−0.72107199	2.3504132**	3.014734***
N	1,958	1,958	1,958	1,958
R²	0.17197808	0.05536256		0.17197808
R²_A	0.16472222	−0.28916002
R²_O		0.14062932	0.15754733
F	23.70195	4.9436904
P		1.623e‐10	1.964e‐28	0
Chi²			175.81671	35,801.895

Note(s):

Legend: *p < 0.05; **p < 0.01; ***p < 0.001

Source(s): Authors’ analysis

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