Table 8

Summary of the investors' responses on the impact of the AC independence on their investment decisions

Questionnaire items–AC independenceAverage response out of 5
It is important to our investment decision that the AC of the investee's company has nonrelated members4
Our investment decision is affected positively by the existence of nonexecutive directors in the AC of the investee company3.2
Our investment decision is affected positively by the absence of the social connection between the AC members and the management3.8
Our investment decision is affected positively by the absence of the professional connection between the AC members and the management3.76
It is important to our investment decision that the AC of the investee company is financially independent3.97
It is important to our investment decision that AC members do not have any financial interest in the investee company3.77
It is important to our investment decision that the AC of the investee company includes only independent members3.91
Overall average: 3.78

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