Table 5. Alternative measures of... | Emerald Publishing

Table 5.

Alternative measures of variables

	(1)	(2)	(3)
Variable	lnFTFreq	FTShare1	FTShare
BoardOverseaRatio	0.476** (2.18)	0.017** (2.37)
BoardOverseaNum			0.007** (2.00)
lnSize	0.007 (0.05)	−0.003 (−0.99)	−0.015 (−0.79)
Leverage	0.333 (0.71)	−0.005 (−0.43)	−0.081 (−0.98)
ROE	0.929*** (2.90)	0.007 (0.96)	0.086* (1.77)
lnFirmAge	0.250 (0.80)	−0.014 (−1.47)	0.039 (0.53)
SOE	−0.117 (−1.05)	−0.004* (−1.85)	−0.023 (−1.19)
IndDirRatio	−0.068 (−0.16)	−0.034** (−2.11)	0.010 (0.10)
lnBoardAgeAvg	0.134 (0.25)	−0.022 (−1.27)	−0.087 (−0.90)
lnMtgFreq	0.026 (0.45)	−0.003 (−1.60)	0.003 (0.32)
Duality	0.087 (1.18)	0.000 (0.28)	0.008 (0.94)
TopTenHoldersRate	0.015*** (4.27)	0.000** (2.29)	0.003*** (4.80)
Constant	1.534 (0.43)	0.225** (2.35)	0.628 (1.06)
Year fixed	Yes	Yes	Yes
Firm fixed	Yes	Yes	Yes
Observations	1,149	1,149	1,149
Within R²	0.086	0.050	0.121
Adjusted R²	0.803	0.700	0.727

	(1)	(2)	(3)
Variable	lnFTFreq	FTShare1	FTShare
BoardOverseaRatio	0.476** (2.18)	0.017** (2.37)
BoardOverseaNum			0.007** (2.00)
lnSize	0.007 (0.05)	−0.003 (−0.99)	−0.015 (−0.79)
Leverage	0.333 (0.71)	−0.005 (−0.43)	−0.081 (−0.98)
ROE	0.929*** (2.90)	0.007 (0.96)	0.086* (1.77)
lnFirmAge	0.250 (0.80)	−0.014 (−1.47)	0.039 (0.53)
SOE	−0.117 (−1.05)	−0.004* (−1.85)	−0.023 (−1.19)
IndDirRatio	−0.068 (−0.16)	−0.034** (−2.11)	0.010 (0.10)
lnBoardAgeAvg	0.134 (0.25)	−0.022 (−1.27)	−0.087 (−0.90)
lnMtgFreq	0.026 (0.45)	−0.003 (−1.60)	0.003 (0.32)
Duality	0.087 (1.18)	0.000 (0.28)	0.008 (0.94)
TopTenHoldersRate	0.015*** (4.27)	0.000** (2.29)	0.003*** (4.80)
Constant	1.534 (0.43)	0.225** (2.35)	0.628 (1.06)
Year fixed	Yes	Yes	Yes
Firm fixed	Yes	Yes	Yes
Observations	1,149	1,149	1,149
Within R²	0.086	0.050	0.121
Adjusted R²	0.803	0.700	0.727

Note(s):

Appendix 2 provides variables definitions. t-statistics (in brackets) use firm-level clustered errors. Significance: *p < 0.10, **p < 0.05, ***p < 0.01