Table IV Pooled-OLS panel regression of...

Table IV

Pooled-OLS panel regression of COE on corporate governance

COE	Coef.	SE	t-value	p-value	Sig.
BOWNS	−0.001	0.004	−0.29	0.768
IOWN	−0.008	0.011	−0.73	0.465
NED	0.221	0.181	1.22	0.223
INED	0.274	0.234	1.17	0.240
BDS	−0.181	0.385	−0.47	0.639
FMD	0.491	0.196	2.50	0.012	**
DUALITY	0.219	0.464	0.47	0.637
TENURE	−1.045	0.072	−14.53	0.000	***
LEV	0.002	0.010	0.24	0.808
LNTA	−0.138	0.179	−0.77	0.441
_cons	0.078	0.316	0.25	0.806
Mean dependent var	−0.046		SD dependent var		2.478
Overall r-squared	0.747		Number of obs		107.000
Chi-square	558.687		Prob>χ²		0.000
R-squared within	0.757		R-squared between		0.454

COE	Coef.	SE	t-value	p-value	Sig.
BOWNS	−0.001	0.004	−0.29	0.768
IOWN	−0.008	0.011	−0.73	0.465
NED	0.221	0.181	1.22	0.223
INED	0.274	0.234	1.17	0.240
BDS	−0.181	0.385	−0.47	0.639
FMD	0.491	0.196	2.50	0.012	**
DUALITY	0.219	0.464	0.47	0.637
TENURE	−1.045	0.072	−14.53	0.000	***
LEV	0.002	0.010	0.24	0.808
LNTA	−0.138	0.179	−0.77	0.441
_cons	0.078	0.316	0.25	0.806
Mean dependent var	−0.046		SD dependent var		2.478
Overall r-squared	0.747		Number of obs		107.000
Chi-square	558.687		Prob>χ²		0.000
R-squared within	0.757		R-squared between		0.454

Notes: COE, cost of equity; BOWNS, block ownership; IOWNS, inside ownership; NED, non-executive directors; INED, independent non-executive directors; BDS, board size; FMD, female directors; DUA, CEO duality; CEO TEN, CEO tenure; LEV, leverage, LNTA, LOG of total assets. **p<0.05; ***p<0.01

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