The moderating effect of institutional ownership
| (1) | (2) | |
|---|---|---|
| Variable | High institutional ownership | Low institutional ownership |
| BoardOverseaRatio | 0.177*** (3.38) | 0.041 (0.69) |
| lnSize | 0.036 (1.51) | −0.015 (−0.54) |
| Leverage | −0.231*** (−2.79) | −0.075 (−0.62) |
| ROE | −0.041 (−0.68) | 0.011 (0.18) |
| lnFirmAge | 0.057 (0.62) | 0.084 (0.83) |
| SOE | −0.051** (−2.47) | 0.015 (0.50) |
| IndDirRatio | −0.184* (−1.90) | 0.261 (1.52) |
| lnBoardAgeAvg | 0.044 (0.34) | −0.189 (−1.15) |
| lnMtgFreq | 0.008 (0.69) | 0.011 (0.81) |
| Duality | −0.005 (−0.45) | 0.022* (1.81) |
| TopTenHoldersRate | 0.004*** (3.75) | 0.003*** (2.75) |
| Constant | −1.291 (−1.63) | 0.812 (0.97) |
| Year fixed | Yes | Yes |
| Firm fixed | Yes | Yes |
| Observations | 558 | 558 |
| Within R2 | 0.173 | 0.117 |
| Adjusted R2 | 0.752 | 0.775 |
| (1) | (2) | |
|---|---|---|
| Variable | High institutional ownership | Low institutional ownership |
| BoardOverseaRatio | 0.177 | 0.041 (0.69) |
| lnSize | 0.036 (1.51) | −0.015 (−0.54) |
| Leverage | −0.231 | −0.075 (−0.62) |
| −0.041 (−0.68) | 0.011 (0.18) | |
| lnFirmAge | 0.057 (0.62) | 0.084 (0.83) |
| −0.051 | 0.015 (0.50) | |
| IndDirRatio | −0.184 | 0.261 (1.52) |
| lnBoardAgeAvg | 0.044 (0.34) | −0.189 (−1.15) |
| lnMtgFreq | 0.008 (0.69) | 0.011 (0.81) |
| Duality | −0.005 (−0.45) | 0.022 |
| TopTenHoldersRate | 0.004 | 0.003 |
| Constant | −1.291 (−1.63) | 0.812 (0.97) |
| Year fixed | Yes | Yes |
| Firm fixed | Yes | Yes |
| Observations | 558 | 558 |
| Within | 0.173 | 0.117 |
| Adjusted | 0.752 | 0.775 |
Appendix 2 provides variables definitions. t-statistics (in brackets) use firm-level clustered errors. Significance: *p < 0.10, **p < 0.05, ***p < 0.01
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