Table 2 Regression results –... | Emerald Publishing

Table 2

Regression results – institutional quality and governance performance

Variable	Model (1) (base)	Model (2) (institutional)	Model (3) (cultural)	Model (4) (Full)
Rule of law	–	0.312^*** (0.089)	0.298^*** (0.091)	0.285^*** (0.087)
Regulatory quality	–	0.267^*** (0.076)	0.251^*** (0.078)	0.243^*** (0.074)
Control of corruption	–	0.189^** (0.082)	0.176^** (0.084)	0.171^** (0.081)
Islamic integration	–	–	0.156^** (0.063)	0.148^** (0.061)
Company size (log)	0.089^* (0.045)	0.067 (0.041)	0.063 (0.042)	0.059 (0.040)
Industry controls	Yes	Yes	Yes	Yes
Country fixed effects	Yes	Yes	Yes	Yes
R²	0.23	0.47	0.51	0.53
N	248	248	248	248

Variable	Model (1) (base)	Model (2) (institutional)	Model (3) (cultural)	Model (4) (Full)
Rule of law	–	0.312^*** (0.089)	0.298^*** (0.091)	0.285^*** (0.087)
Regulatory quality	–	0.267^*** (0.076)	0.251^*** (0.078)	0.243^*** (0.074)
Control of corruption	–	0.189^** (0.082)	0.176^** (0.084)	0.171^** (0.081)
Islamic integration	–	–	0.156^** (0.063)	0.148^** (0.061)
Company size (log)	0.089^* (0.045)	0.067 (0.041)	0.063 (0.042)	0.059 (0.040)
Industry controls	Yes	Yes	Yes	Yes
Country fixed effects	Yes	Yes	Yes	Yes
R²	0.23	0.47	0.51	0.53
N	248	248	248	248

Note(s): Standard errors in parentheses, ^***p < 0.01, ^**p < 0.05, ^*p < 0.10

Source(s): By authors