Pooled-OLS & Random-Effects panel regression of COE on corporate governance
| (1) | (2) | |
|---|---|---|
| COEpool | COEre | |
| BOWNS | −0.001 (0.004) | −0.001 (0.004) |
| IOWN | −0.008 (0.011) | −0.008 (0.011) |
| NED | 0.221 (0.181) | 0.221 (0.181) |
| INED | 0.274 (0.234) | 0.274 (0.234) |
| BDS | −0.181 (0.385) | −0.181 (0.385) |
| FMD | 0.491** (0.196) | 0.491** (0.196) |
| DUALITY | 0.219 (0.464) | 0.219 (0.464) |
| TENURE | −1.045*** (0.072) | −1.045*** (0.072) |
| LEV | 0.002 (0.010) | 0.002 (0.010) |
| LNTA | −0.138 (0.179) | −0.138 (0.179) |
| _cons | 0.078 (0.316) | 0.078 (0.316) |
| Obs. | 107 | 107 |
| R2 | z | z |
| (1) | (2) | |
|---|---|---|
| COEpool | COEre | |
| BOWNS | −0.001 (0.004) | −0.001 (0.004) |
| IOWN | −0.008 (0.011) | −0.008 (0.011) |
| NED | 0.221 (0.181) | 0.221 (0.181) |
| INED | 0.274 (0.234) | 0.274 (0.234) |
| BDS | −0.181 (0.385) | −0.181 (0.385) |
| FMD | 0.491** (0.196) | 0.491** (0.196) |
| DUALITY | 0.219 (0.464) | 0.219 (0.464) |
| TENURE | −1.045*** (0.072) | −1.045*** (0.072) |
| LEV | 0.002 (0.010) | 0.002 (0.010) |
| LNTA | −0.138 (0.179) | −0.138 (0.179) |
| _cons | 0.078 (0.316) | 0.078 (0.316) |
| Obs. | 107 | 107 |
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. Standard errors are shown in parenthesis. COE pool means regression results based on Pooled OLS while COE re means regression results based on Random Effect estimation technique. **p<0.05; ***p<0.01
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