Table VII. Robust OLS regressions (cross...

Table VII.

Robust OLS regressions (cross section): CBEI, board of directors and control variables (2016)

Indicators	Model [1]	Model [2]	Model [3]	Model [4]	Model [5]	Model [6]
Indicators	Traditional control	Level 1 control	Level 2 control	New market control	Control all segments	Control all indicators
Size of board	0.0256*** (3.27)	0.0318*** (3.66)	0.0330*** (3.92)	0.0347*** (4.19)	0.0260*** (3.12)	0.0049 (0.47)
Gender president	0.0172 (0.21)	0.0123 (0.14)	0.0001 (0.00)	−0.0030 (−0.03)	0.0131 (0.15)	0.0363 (0.44)
Independence	0.2121* (1.90)	0.4501*** (4.20)	0.4255*** (4.13)	0.2811** (2.32)	0.1967 (1.63)	0.0380 (0.31)
Chairman/CEO	−0.2313*** (−3.28)	−0.2902*** (−4.34)	−0.2939*** (−4.39)	−0.2693*** (−3.93)	−0.2312*** (−3.26)	−0.2394*** (−2.99)
Age	−0.0004 (−0.53)	−0.0007 (−0.82)	−0.0007 (−0.87)	−0.0005 (−0.65)	−0.0004 (−0.53)	0.0001 (0.20)
Meetings	0.0027 (1.07)	0.0047* (1.71)	0.0050* (1.81)	0.0045* (1.66)	0.0028 (1.09)	0.0017 (0.78)
Traditional	−0.2131*** (−3.61)
Level 1		0.0313 (0.93)			0.0968** (2.46)	0.0861** 2.06
Level 2			0.0195 (1.28)		0.0771*** (3.31)	0.0862*** (3.30)
New market				0.0291** (2.50)	0.0548*** (3.54)	0.0563*** (3.27)
Leverage						−0.0203* (−1.82)
Log market value						0.0388*** (3.52)
Log market value
Constant	0.4995*** (4.73)	0.3171*** (2.98)	0.3296*** (2.97)	0.2985*** (2.69)	0.2890*** (2.86)	−0.3675* (−1.74)
Remarks	243	243	243	243	243	205
R²	0.4310	0.3935	0.3925	0.4059	0.4314	0.4400
Significance	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000
VIF (average)	1.39	1.19	1.15	1.32	1.47	1.83

Indicators	Model [1]	Model [2]	Model [3]	Model [4]	Model [5]	Model [6]
Indicators	Traditional control	Level 1 control	Level 2 control	New market control	Control all segments	Control all indicators
Size of board	0.0256*** (3.27)	0.0318*** (3.66)	0.0330*** (3.92)	0.0347*** (4.19)	0.0260*** (3.12)	0.0049 (0.47)
Gender president	0.0172 (0.21)	0.0123 (0.14)	0.0001 (0.00)	−0.0030 (−0.03)	0.0131 (0.15)	0.0363 (0.44)
Independence	0.2121* (1.90)	0.4501*** (4.20)	0.4255*** (4.13)	0.2811** (2.32)	0.1967 (1.63)	0.0380 (0.31)
Chairman/CEO	−0.2313*** (−3.28)	−0.2902*** (−4.34)	−0.2939*** (−4.39)	−0.2693*** (−3.93)	−0.2312*** (−3.26)	−0.2394*** (−2.99)
Age	−0.0004 (−0.53)	−0.0007 (−0.82)	−0.0007 (−0.87)	−0.0005 (−0.65)	−0.0004 (−0.53)	0.0001 (0.20)
Meetings	0.0027 (1.07)	0.0047* (1.71)	0.0050* (1.81)	0.0045* (1.66)	0.0028 (1.09)	0.0017 (0.78)
Traditional	−0.2131*** (−3.61)
Level 1		0.0313 (0.93)			0.0968** (2.46)	0.0861** 2.06
Level 2			0.0195 (1.28)		0.0771*** (3.31)	0.0862*** (3.30)
New market				0.0291** (2.50)	0.0548*** (3.54)	0.0563*** (3.27)
Leverage						−0.0203* (−1.82)
Log market value						0.0388*** (3.52)
Log market value
Constant	0.4995*** (4.73)	0.3171*** (2.98)	0.3296*** (2.97)	0.2985*** (2.69)	0.2890*** (2.86)	−0.3675* (−1.74)
Remarks	243	243	243	243	243	205
R²	0.4310	0.3935	0.3925	0.4059	0.4314	0.4400
Significance	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000
VIF (average)	1.39	1.19	1.15	1.32	1.47	1.83

Notes:

Z statistics in parentheses. ***Statistically significant at 1%; **statistically significant at 5%; *statistically significant at 10%

Source: Research data

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