Table 4

The impact of ownership structure and independent directors on board size, philanthropy and WCM

VariableCoefficientt-Statisticp-values
The impact of ownership structure and independent directors on board size
Ownership structure6.34671.413410.118
Independent directors−11.2279−1.99890.042
The impact of ownership structure and independent directors on philanthropy
Ownership structure0.25−2.2320.026
Independent directors0.004−2.275 0.023−0.036
The impact of ownership structure and independent directors on WCM
Ownership structure0.1065.4910.000
Independent directors0.0885.2730.000

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