Table 6.

Supplemental analyses of placement decisions

Variable HighCommentBSCFdis
Size 0.356*** (<0.001)0.222*** (<0.001)−0.064 (0.186)
ROA 0.411 (0.459)0.317** (0.023)−0.860* (0.088)
LEV −0.037 (0.913)−0.410 (0.241)−0.305 (0.328)
TO 0.305*** (0.003)−0.184** (0.025)0.096 (0.211)
MTB 0.007 (0.234)−0.002 (0.747)0.021** (0.017)
Tang 0.739** (0.017)−0.336 (0.238)0.290 (0.288)
Audit 0.317** (0.037)0.022 (0.405)0.213 (0.120)
Neg −0.613*** (0.009)−0.128 (0.570)−0.726*** (0.001)
Sign 0.027 (0.921)0.451* (0.089)0.505** (0.043)
Vol −0.014 (0.404)−0.025 (0.119)0.003 (0.856)
Follow 0.270 (0.166)0.474*** (0.003)0.194 (0.216)
Float 0.200 (0.615)1.061*** (0.003)0.081 (0.810)
Public 0.715* (0.063)−0.481 (0.160)0.767** (0.017)
Qual −0.067 (0.856)0.554* (0.097)−0.936*** (0.003)
Indep −1.091** (0.046)−0.488 (0.301)−0.090 (0.835)
BoardSize 0.011 (0.724)1.104*** (<0.001)0.039 (0.110)
N 1,8731,8731,873
Fixed effects    
Year YesYesYes
Industry YesYesYes
Within R2 15.5%19.6%3.6%
Note(s):

Variables are defined in the  Appendix. Logistic regression results are binary logit estimations using Newton–Raphson ridge optimisation. Two-tailed p-values are indicated in brackets. ***, ** and * indicate significance at the 1, 5 and 10% levels, respectively

Source(s): Authors’ own work
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