Table 7. Additional robustness checks... | Emerald Publishing

Table 7.

Additional robustness checks

	(1)	(2)	(3)
Variable	FTShare	FTShare	FTShare
L1_BoardOverseaRatio	0.097** (2.04)
BoardOverseaRatio		0.113*** (2.70)	0.111*** (2.64)
lnSize	−0.016 (−0.70)	−0.022 (−1.04)	−0.014 (−0.69)
Leverage	−0.153 (−1.59)	−0.081 (−0.96)	−0.080 (−0.89)
ROE	0.089* (1.80)	0.065 (1.31)	0.078 (1.50)
lnFirmAge	0.028 (0.35)	0.032 (0.44)	0.036 (0.47)
SOE	−0.021 (−1.05)	−0.023 (−1.20)	−0.023 (−1.15)
IndDirRatio	−0.011 (−0.10)	−0.038 (−0.37)	−0.015 (−0.15)
lnBoardAgeAvg	−0.046 (−0.50)	−0.112 (−1.07)	−0.092 (−0.94)
lnMtgFreq	0.005 (0.51)	0.004 (0.41)	0.003 (0.32)
Duality	0.008 (0.90)	0.008 (0.79)	0.008 (0.85)
TopTenHoldersRate	0.003*** (4.09)	0.003*** (4.61)	0.003*** (4.49)
Constant	0.597 (0.91)	0.928 (1.51)	0.639 (1.02)
Year fixed	Yes	Yes	Yes
Firm fixed	Yes	Yes	Yes
Observations	1,017	1,036	1,149
Within R²	0.118	0.133	0.127
Adjusted R²	0.733	0.721	0.728

	(1)	(2)	(3)
Variable	FTShare	FTShare	FTShare
L1_BoardOverseaRatio	0.097** (2.04)
BoardOverseaRatio		0.113*** (2.70)	0.111*** (2.64)
lnSize	−0.016 (−0.70)	−0.022 (−1.04)	−0.014 (−0.69)
Leverage	−0.153 (−1.59)	−0.081 (−0.96)	−0.080 (−0.89)
ROE	0.089* (1.80)	0.065 (1.31)	0.078 (1.50)
lnFirmAge	0.028 (0.35)	0.032 (0.44)	0.036 (0.47)
SOE	−0.021 (−1.05)	−0.023 (−1.20)	−0.023 (−1.15)
IndDirRatio	−0.011 (−0.10)	−0.038 (−0.37)	−0.015 (−0.15)
lnBoardAgeAvg	−0.046 (−0.50)	−0.112 (−1.07)	−0.092 (−0.94)
lnMtgFreq	0.005 (0.51)	0.004 (0.41)	0.003 (0.32)
Duality	0.008 (0.90)	0.008 (0.79)	0.008 (0.85)
TopTenHoldersRate	0.003*** (4.09)	0.003*** (4.61)	0.003*** (4.49)
Constant	0.597 (0.91)	0.928 (1.51)	0.639 (1.02)
Year fixed	Yes	Yes	Yes
Firm fixed	Yes	Yes	Yes
Observations	1,017	1,036	1,149
Within R²	0.118	0.133	0.127
Adjusted R²	0.733	0.721	0.728

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