Table 2

The impact of board size, independent directors, ownership structure, philanthropy and WCM on ROE (return on equity)

VariableCoefficientt-Statisticp-values
C−57.277−1.61360.1092
Board size7.69531.574150.118
Ownership structure−30.647−3.28490.0013
Independent directors10.41011.09040.2776
Philanthropy2.1606845.5578090.0000
WCM (APP)−0.0529−0.0390960.9689

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