Table 5

Cox proportional hazards model estimates: management board and supervisory board

VariableManagement boardSupervisory board
CoefficientStandard errorp-valueCoefficientStandard errorp-value
GENDER−0.05150.06610.4356−0.05520.03970.1638
ALTMAN-Z0.00050.00030.08590.00030.00020.0959
CLIFF−0.00750.00370.0446−0.00040.00020.0806
DEBT0.01450.00550.00810.00610.00240.0112
SIZE−0.08040.01200.0000−0.08650.00820.0000
FAMILY−0.14100.04520.0018−0.12900.03100.0000
STATE0.47860.07610.00000.36820.05380.0000
CODE−0.86930.04170.0000−1.07600.02940.0000
I_2XX0.04800.09980.6304−0.00710.06860.9171
I_3XX0.01220.08060.87940.01480.05400.7843
I_4XX−0.11980.06460.0639−0.11940.04210.0046
I_5XX0.02590.07990.7459−0.04990.05460.3602
I_6XX−0.07970.07920.3142−0.08570.05340.1087
I_7XX−0.17900.10120.0770−0.19640.06740.0036
I_8XX−0.29280.08230.0004−0.13460.05590.0160
Likelihood ratio test 605.10.0000 1,6170.0000
Wald test 622.20.0000 1,6440.0000
Score (logrank) test 6570.0000 1,7810.0000
R-squared Cox–Snell 0.1532 0.1920
Concordance 0.6410 0.6590
Number of observations 3,215 6,560
Source(s): Authors’ elaboration

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