This table presents the results, distinguishing between executive and nonexecutive board members. Columns (1) and (2) display the estimates for executive board members, while Columns (3) and (4) pertain to nonexecutive members. Specifically, Columns (1) and (3) showcase the estimations derived from equation (1), while Columns (2) and (4) feature the estimates based on equation (2). Equation (1) incorporates control variables such as board size and industry. Equation (2) includes firm-fixed effects estimates using Driscoll and Kraay robust standard errors (1998). R-squared statistics are not reported, as they are not computed under this estimation procedure. *** p < 0.01 and ** p < 0.05