Table 2 2SYS-GMM corporate governance as... | Emerald Publishing

Table 2

2SYS-GMM corporate governance as a function of intellectual capital

Variables	Labels	Model 1 HCE	Model 2 SCE	Model 3 RCE
Lag of human capital	L1.HCE	0.8361***
Lag of structural capital	L1.SCE		0.7789***
Lag of relational capital	L1.RCE			0.7377***
Board size	BS	0.2380**	0.3296**	0.1675
Non-executive directors	NEXD	0.2865***	0.8888***	0.5395***
CEO duality	CD	−0.1716*	−0.4992**	0.9357***
Shariah board	SB	−0.1253***	0.0286	−0.0231
Audit committee	AUDC	0.0996**	−0.1648***	−0.1140**
Gender of CEO	GEND	−0.3256***	−0.4644***	−0.4689***
Board meetings	BM	0.0765**	0.0223	0.0421
Bank size	TA	0.0116	0.0204	0.0043
Leverage	LEV	0.0324***	0.0326***	0.0344***
Gross domestic product	GDP	−0.0240**	−0.0097	−0.0602***
Foreign ownership	FOWN	0.4485***	0.5454**	−0.1666
Constant	Cons	0.3132	0.1533	2.1786***
N. of observations	N	1061	1058	1061
AR (1) test statistics (p-value)	ar1p	0.0001	0.0012	0.000
AR (2) test statistics (p-value)	ar2p	0.5879	0.9584	0.1744
Hansen test (p-value)	Hansen-p	0.268	0.6117	0.3213

Variables	Labels	Model 1 HCE	Model 2 SCE	Model 3 RCE
Lag of human capital	L1.HCE	0.8361***
Lag of structural capital	L1.SCE		0.7789***
Lag of relational capital	L1.RCE			0.7377***
Board size	BS	0.2380**	0.3296**	0.1675
Non-executive directors	NEXD	0.2865***	0.8888***	0.5395***
CEO duality	CD	−0.1716*	−0.4992**	0.9357***
Shariah board	SB	−0.1253***	0.0286	−0.0231
Audit committee	AUDC	0.0996**	−0.1648***	−0.1140**
Gender of CEO	GEND	−0.3256***	−0.4644***	−0.4689***
Board meetings	BM	0.0765**	0.0223	0.0421
Bank size	TA	0.0116	0.0204	0.0043
Leverage	LEV	0.0324***	0.0326***	0.0344***
Gross domestic product	GDP	−0.0240**	−0.0097	−0.0602***
Foreign ownership	FOWN	0.4485***	0.5454**	−0.1666
Constant	Cons	0.3132	0.1533	2.1786***
N. of observations	N	1061	1058	1061
AR (1) test statistics (p-value)	ar1p	0.0001	0.0012	0.000
AR (2) test statistics (p-value)	ar2p	0.5879	0.9584	0.1744
Hansen test (p-value)	Hansen-p	0.268	0.6117	0.3213

Note(s): ***, ** and * denote significance at 1, 5 and 10% significance levels, respectively