Table 4 Impact of board attributes on...

Table 4

Impact of board attributes on CSD

	Dep. Var. = DISVOL
	(1)	(2)	(3)	(4)
GENDIV	0.552	0.151	0.625	0.254
GENDIV	(0.933)	(0.280)	(1.089)	(0.484)
BDSIZE	0.122^***	0.127^***	0.085^***	0.096^***
BDSIZE	(4.026)	(4.199)	(2.934)	(3.318)
INDPDIR	0.107	−0.630	−0.084	−0.764
INDPDIR	(0.192)	(−1.166)	(−0.144)	(−1.396)
COMPRN	0.664^***	0.595^***	0.648^***	0.622^***
COMPRN	(3.202)	(3.432)	(3.095)	(3.661)
AUDCOMIND	0.101	0.179	0.017	0.177
AUDCOMIND	(0.138)	(0.226)	(0.025)	(0.223)
CYBERPOLICY	0.442^***	0.115	0.417^***	0.084
CYBERPOLICY	(5.500)	(0.909)	(5.070)	(0.701)
CRISKIND			0.280	0.581^***
CRISKIND			(1.344)	(2.735)
SIZE			0.049	0.055
SIZE			(1.158)	(1.201)
LEV			0.246	0.286
LEV			(0.708)	(0.849)
ROA			−0.737	−0.595
ROA			(−1.441)	(−1.232)
MTB			0.009^*	0.008^*
MTB			(1.837)	(1.759)
Intercept	0.766	1.417^*	0.444	0.695
Intercept	(1.019)	(1.782)	(0.485)	(0.670)
Year FE	No	Yes	No	Yes
Industry FE	No	Yes	No	Yes
Cluster by	Firm	Firm	Firm	Firm
Observations	630	630	630	630
Adjusted R²	0.257	0.371	0.281	0.389

	Dep. Var. = DISVOL
	(1)	(2)	(3)	(4)
GENDIV	0.552	0.151	0.625	0.254
GENDIV	(0.933)	(0.280)	(1.089)	(0.484)
BDSIZE	0.122^***	0.127^***	0.085^***	0.096^***
BDSIZE	(4.026)	(4.199)	(2.934)	(3.318)
INDPDIR	0.107	−0.630	−0.084	−0.764
INDPDIR	(0.192)	(−1.166)	(−0.144)	(−1.396)
COMPRN	0.664^***	0.595^***	0.648^***	0.622^***
COMPRN	(3.202)	(3.432)	(3.095)	(3.661)
AUDCOMIND	0.101	0.179	0.017	0.177
AUDCOMIND	(0.138)	(0.226)	(0.025)	(0.223)
CYBERPOLICY	0.442^***	0.115	0.417^***	0.084
CYBERPOLICY	(5.500)	(0.909)	(5.070)	(0.701)
CRISKIND			0.280	0.581^***
CRISKIND			(1.344)	(2.735)
SIZE			0.049	0.055
SIZE			(1.158)	(1.201)
LEV			0.246	0.286
LEV			(0.708)	(0.849)
ROA			−0.737	−0.595
ROA			(−1.441)	(−1.232)
MTB			0.009^*	0.008^*
MTB			(1.837)	(1.759)
Intercept	0.766	1.417^*	0.444	0.695
Intercept	(1.019)	(1.782)	(0.485)	(0.670)
Year FE	No	Yes	No	Yes
Industry FE	No	Yes	No	Yes
Cluster by	Firm	Firm	Firm	Firm
Observations	630	630	630	630
Adjusted R²	0.257	0.371	0.281	0.389

Note(s): The table presents the results of the board attributes affecting CSD. Column 1 presents the results without controlling for firm-level financial attributes (control variables), year, and industry fixed effects (FE), whereas Column 2 reports results that include year and industry FE. Column 3 presents the results, including both independent and control variables, but excluding year and industry FE. Column 4 presents the complete baseline model, encompassing all independent and control variables, year, and industry FE. The definitions of variables are given in the Appendix. Robust two-tailed t-statistics clustered by the firm are presented in parentheses. Superscripts ^***, ^**, and ^* denote significance at the 1%, 5%, and 10% levels, respectively

Source(s): Authors’ own work

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