Table 8

Regression results of CG characteristics and EDL

Y = EDLModel 9Model 10Model 11Model 12Model 13Model 14Model 15
Intercept−2.037**−2.223**−2.154**−2.140**−1.930**−2.104**−2.275**
(0.541)(0.528)(0.530)(0.530)(0.542)(0.536)(0.534)
CCP0.438**0.434**0.424**0.437**0.454**0.439**0.437**
(0.017)(0.017)(0.017)(0.017)(0.017)(0.017)(0.017)
LV0.414**0.414**0.434**0.409**0.404**0.421**0.403**
(0.105)(0.103)(0.103)(0.105)(0.105)(0.105)(0.106)
Zscore−0.095**−0.111**−0.092**−0.100**−0.098**−0.104**−0.094**
(0.025)(0.023)(0.024)(0.024)(0.024)(0.024)(0.025)
FP−0.103**−0.104**−0.099**−0.104**−0.104**−0.104**−0.101**
(0.017)(0.017)(0.016)(0.017)(0.017)(0.017)(0.017)
CR0.030*0.031*0.030*0.028*0.028*0.028*0.026*
(0.012)(0.011)(0.012)(0.012)(0.012)(0.012)(0.012)
Reform0.315**0.305**0.273**0.310**0.316**0.316**0.319**
(0.016)(0.015)(0.018)(0.015)(0.015)(0.015)(0.017)
CSZ0.170**0.196**0.196**0.195**0.199**0.187**0.193**
(0.060)(0.058)(0.058)(0.058)(0.058)(0.058)(0.058)
BSZ0.009      
(0.005)
NBM 0.008**     
(0.004)
BGD  0.055***    
(0.014)
BIN   −0.023   
(0.156)
CSR    −0.274**  
(0.076)
CEO     0.092* 
(0.049)
ACI      0.140**
(0.065)
R20.8280.8280.8290.8280.8300.8280.829
Observations960960960960960960960

Note(s): ***p < 0.01, **p < 0.05, *p < 0.1 and robust SE between parentheses

Source(s): Authors’ own work
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