Table 6. Alternative model... | Emerald Publishing

Table 6.

Alternative model specifications

	(1)	(2)	(3)
Variable	FTShare	FTShare	FTShare
BoardOverseaRatio	0.111*** (2.65)	0.114** (2.09)	0.079** (2.26)
lnSize	−0.014 (−0.76)	0.016** (2.53)	0.025** (2.45)
Leverage	−0.080 (−0.97)	−0.129 (−1.32)	−0.024 (−0.69)
ROE	0.078* (1.67)	0.017 (0.12)	0.018 (0.59)
lnFirmAge	0.036 (0.50)	−0.009 (−0.54)	0.026 (0.46)
SOE	−0.023 (−1.20)	−0.038*** (−3.40)	−0.009 (−0.88)
IndDirRatio	−0.015 (−0.15)	0.141 (1.29)	−0.042 (−0.53)
lnBoardAgeAvg	−0.092 (−0.96)	−0.208 (−1.50)	−0.041 (−0.72)
lnMtgFreq	0.003 (0.32)	−0.008 (−0.57)	−0.004 (−0.59)
Duality	0.008 (0.88)	0.043* (1.85)	0.002 (0.23)
TopTenHoldersRate	0.003*** (4.74)	0.000 (0.96)	0.001** (2.00)
Constant	0.639 (1.11)	0.624 (1.11)	−0.457 (−1.40)
Year fixed	Yes	Yes
Firm fixed	Yes		Yes
Industry fixed		Yes
Industry × year fixed			Yes
Observations	1,149	1,149	1,149
Within R²	0.127	0.123	0.039
Adjusted R²	0.728	0.365	0.798

	(1)	(2)	(3)
Variable	FTShare	FTShare	FTShare
BoardOverseaRatio	0.111*** (2.65)	0.114** (2.09)	0.079** (2.26)
lnSize	−0.014 (−0.76)	0.016** (2.53)	0.025** (2.45)
Leverage	−0.080 (−0.97)	−0.129 (−1.32)	−0.024 (−0.69)
ROE	0.078* (1.67)	0.017 (0.12)	0.018 (0.59)
lnFirmAge	0.036 (0.50)	−0.009 (−0.54)	0.026 (0.46)
SOE	−0.023 (−1.20)	−0.038*** (−3.40)	−0.009 (−0.88)
IndDirRatio	−0.015 (−0.15)	0.141 (1.29)	−0.042 (−0.53)
lnBoardAgeAvg	−0.092 (−0.96)	−0.208 (−1.50)	−0.041 (−0.72)
lnMtgFreq	0.003 (0.32)	−0.008 (−0.57)	−0.004 (−0.59)
Duality	0.008 (0.88)	0.043* (1.85)	0.002 (0.23)
TopTenHoldersRate	0.003*** (4.74)	0.000 (0.96)	0.001** (2.00)
Constant	0.639 (1.11)	0.624 (1.11)	−0.457 (−1.40)
Year fixed	Yes	Yes
Firm fixed	Yes		Yes
Industry fixed		Yes
Industry × year fixed			Yes
Observations	1,149	1,149	1,149
Within R²	0.127	0.123	0.039
Adjusted R²	0.728	0.365	0.798

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

[ViewLarge]

Sharing Unavailable