Table 9

Regression results of CG characteristics and EDL

Y = EDLModel 9Model 10Model 11Model 12Model 13Model 14Model 15
Intercept−2.076**−2.159**−1.976**−2.096**−1.918**−2.118**−2.311**
(0.544)(0.526)(0.523)(0.543)(0.569)(0.537)(0.530)
CCP0.437**0.433**0.427**0.436**0.468**0.443**0.438**
(0.017)(0.017)(0.017)(0.017)(0.155)(0.018)(0.017)
LV0.434**0.467**0.409**0.400**0.405**0.428**0.389**
(0.105)(0.105)(0.103)(0.106)(0.106)(0.105)(0.106)
Zscore−0.095**−0.119**−0.081**−0.099**−0.099**−0.104**−0.092**
(0.024)(0.022)(0.024)(0.024)(0.024)(0.024)(0.025)
FP−0.104**−0.110**−0.105**−0.105**−0.104**−0.105**−0.102**
(0.017)(0.017)(0.017)(0.017)(0.017)(0.017)(0.017)
CR0.029*0.035*0.030*0.029*0.028*0.029*0.027*
(0.012)(0.011)(0.012)(0.012)(0.012)(0.012)(0.012)
Reform0.315**0.299**0.262**0.314**0.316**0.309**0.318**
(0.016)(0.015)(0.018)(0.016)(0.015)(0.015)(0.016)
CSZ0.169**0.187**0.176**0.189**0.200**0.188**0.195**
(0.060)(0.058)(0.057)(0.059)(0.058)(0.058)(0.058)
BSZ0.012**      
(0.005)
CCP*BSZ−0.0003      
(0.0001)
NBM 0.005     
(0.003)
CCP*NBM 0.0004***     
(0.0001)
BGD  0.054***    
(0.014)
CCP* BGD  1.009***    
(0.523)
BIN   0.001   
(0.157)
CCP* BIN   −0.010   
(0.005)
CSR    −0.292  
(0.223)
CCP* CSR    −0.0005  
(0.005)
CEO     0.087* 
(0.050)
CCP*CEO     −0.0008 
(0.001)
ACI      0.171**
(0.074)
CCP*ACI      −0.002
(0.002)
R-squared0.8280.8270.8290.8290.8310.8280.829
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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