Table 8 Mechanism analysis Dependent...

Table 8

Mechanism analysis

Dependent variable	Bank	Status	Alliances	Status
Dependent variable	(1)	(2)	(3)	(4)
Hierarchy	−0.0095**	−0.0153***	−0.0126**	−0.0126*
Hierarchy	(0.0043)	(0.0053)	(0.0061)	(0.0073)
Bank		0.0618***
Bank		(0.0067)
Alliances				0.0269***
Alliances				(0.0083)
Size	0.0106**	0.0644***	0.1354***	0.0637***
Size	(0.0051)	(0.0067)	(0.0064)	(0.0086)
Lev	0.0660***	0.1300***	0.1086***	0.1076***
Lev	(0.0200)	(0.0243)	(0.0246)	(0.0300)
Grossprofit	0.0141	−0.0442	−0.0205	−0.0291
Grossprofit	(0.0227)	(0.0309)	(0.0307)	(0.0382)
Tobinq	0.0025	0.0252***	0.0451***	0.0248***
Tobinq	(0.0032)	(0.0042)	(0.0044)	(0.0057)
Top1	−0.0614*	−0.2160***	−0.3207***	−0.1419**
Top1	(0.0334)	(0.0456)	(0.0407)	(0.0585)
FirmAge	0.1510***	0.0588	0.0936***	0.0819*
FirmAge	(0.0300)	(0.0384)	(0.0330)	(0.0472)
Female	−0.0693**	−0.1608***	−0.0403	−0.1182**
Female	(0.0307)	(0.0387)	(0.0408)	(0.0497)
Tenure_CEO	−0.0121***	−0.0151***	0.0036	−0.0109***
Tenure_CEO	(0.0022)	(0.0027)	(0.0029)	(0.0036)
Dual	0.0032	0.0605***	−0.0168**	0.0635***
Dual	(0.0067)	(0.0080)	(0.0084)	(0.0101)
Indep_per	−0.0721	−0.3822***	−0.0475	−0.3495***
Indep_per	(0.0450)	(0.0508)	(0.0623)	(0.0696)
Indep_age	0.0333	0.2344***	−0.0517	0.2376***
Indep_age	(0.0269)	(0.0347)	(0.0347)	(0.0450)
Constant	−0.4211**	−1.0584***	−2.7198***	−1.1103***
Constant	(0.1708)	(0.2193)	(0.2091)	(0.2794)
Firm FE	YES	YES	YES	YES
Year FE	YES	YES	YES	YES
R²	0.4826	0.6480	0.3881	0.6166
Observations	42,985	42,985	23,244	23,244

Dependent variable	Bank	Status	Alliances	Status
Dependent variable	(1)	(2)	(3)	(4)
Hierarchy	−0.0095**	−0.0153***	−0.0126**	−0.0126*
Hierarchy	(0.0043)	(0.0053)	(0.0061)	(0.0073)
Bank		0.0618***
Bank		(0.0067)
Alliances				0.0269***
Alliances				(0.0083)
Size	0.0106**	0.0644***	0.1354***	0.0637***
Size	(0.0051)	(0.0067)	(0.0064)	(0.0086)
Lev	0.0660***	0.1300***	0.1086***	0.1076***
Lev	(0.0200)	(0.0243)	(0.0246)	(0.0300)
Grossprofit	0.0141	−0.0442	−0.0205	−0.0291
Grossprofit	(0.0227)	(0.0309)	(0.0307)	(0.0382)
Tobinq	0.0025	0.0252***	0.0451***	0.0248***
Tobinq	(0.0032)	(0.0042)	(0.0044)	(0.0057)
Top1	−0.0614*	−0.2160***	−0.3207***	−0.1419**
Top1	(0.0334)	(0.0456)	(0.0407)	(0.0585)
FirmAge	0.1510***	0.0588	0.0936***	0.0819*
FirmAge	(0.0300)	(0.0384)	(0.0330)	(0.0472)
Female	−0.0693**	−0.1608***	−0.0403	−0.1182**
Female	(0.0307)	(0.0387)	(0.0408)	(0.0497)
Tenure_CEO	−0.0121***	−0.0151***	0.0036	−0.0109***
Tenure_CEO	(0.0022)	(0.0027)	(0.0029)	(0.0036)
Dual	0.0032	0.0605***	−0.0168**	0.0635***
Dual	(0.0067)	(0.0080)	(0.0084)	(0.0101)
Indep_per	−0.0721	−0.3822***	−0.0475	−0.3495***
Indep_per	(0.0450)	(0.0508)	(0.0623)	(0.0696)
Indep_age	0.0333	0.2344***	−0.0517	0.2376***
Indep_age	(0.0269)	(0.0347)	(0.0347)	(0.0450)
Constant	−0.4211**	−1.0584***	−2.7198***	−1.1103***
Constant	(0.1708)	(0.2193)	(0.2091)	(0.2794)
Firm FE	YES	YES	YES	YES
Year FE	YES	YES	YES	YES
R²	0.4826	0.6480	0.3881	0.6166
Observations	42,985	42,985	23,244	23,244

Note(s): Table 8 reports the mechanism analysis for the effect of hierarchical culture on independent directors' social status. Columns (1) and (2) examine the bank–firm relationship mechanism, and Columns (3) and (4) test the strategic alliance mechanism. ***, **, and * indicate significance at the 1%, 5%, and 10% levels and standard errors are reported in parentheses

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