Table 5 Heterogeneous political... | Emerald Publishing

Table 5

Heterogeneous political connections and institutional investors

	$I I$ (1)		$I I D O M$ (2)		$I I L T$ (3)		$I I B L O$ (4)
	Estimate	STD estimate	Estimate	STD estimate	Estimate	STD estimate	Estimate	STD estimate
$G L C$	0.231*** (0.061)	22.56%	0.217*** (0.063)	21.75%	0.098** (0.042)	7.70%	0.179*** (0.065)	12.96%
$D I R$	0.038*** (0.014)	9.83%	0.035** (0.013)	6.06%	0.022 (0.014)	4.57%	0.025 (0.021)	4.80%
$B U S$	0.143** (0.065)	13.22%	0.145** (0.066)	13.64%	−0.021 (0.030)	−1.56%	0.020 (0.062)	1.47%
$F A M$	0.029 (0.052)	2.34%	0.033 (0.054)	2.71%	−0.027 (0.023)	−1.75%	0.009 (0.057)	0.54%
$C E O$	0.167*** (0.059)	15.73%	0.181*** (0.060)	17.35%	0.056 (0.044)	4.24%	0.029 (0.068)	2.03%
Constant	0.181*** (0.048)		0.190*** (0.048)		0.875*** (0.045)		0.622*** (0.066)
Control variables	Yes		Yes		Yes		Yes
$I n d u s t r y F E$	Yes		Yes		Yes		Yes
$Y e a r F E$	Yes		Yes		Yes		Yes
Adjusted R²	0.163		0.174		0.144		0.186
Obs	16,190		16,190		16,190		16,190

	$I I$ (1)		$I I D O M$ (2)		$I I L T$ (3)		$I I B L O$ (4)
	Estimate	STD estimate	Estimate	STD estimate	Estimate	STD estimate	Estimate	STD estimate
$G L C$	0.231*** (0.061)	22.56%	0.217*** (0.063)	21.75%	0.098** (0.042)	7.70%	0.179*** (0.065)	12.96%
$D I R$	0.038*** (0.014)	9.83%	0.035** (0.013)	6.06%	0.022 (0.014)	4.57%	0.025 (0.021)	4.80%
$B U S$	0.143** (0.065)	13.22%	0.145** (0.066)	13.64%	−0.021 (0.030)	−1.56%	0.020 (0.062)	1.47%
$F A M$	0.029 (0.052)	2.34%	0.033 (0.054)	2.71%	−0.027 (0.023)	−1.75%	0.009 (0.057)	0.54%
$C E O$	0.167*** (0.059)	15.73%	0.181*** (0.060)	17.35%	0.056 (0.044)	4.24%	0.029 (0.068)	2.03%
Constant	0.181*** (0.048)		0.190*** (0.048)		0.875*** (0.045)		0.622*** (0.066)
Control variables	Yes		Yes		Yes		Yes
$I n d u s t r y F E$	Yes		Yes		Yes		Yes
$Y e a r F E$	Yes		Yes		Yes		Yes
Adjusted R²	0.163		0.174		0.144		0.186
Obs	16,190		16,190		16,190		16,190

Note(s): The superscripts *, ** and *** denote significance at the confidence levels of 90%, 95% and 99%, respectively