Board structures and intellectual capital
| Dependent variable: Value-added intellectual coefficient | ||
|---|---|---|
| OLS-PCSE | System GMM | |
| Lag | 0.2459*** (3.0700) | |
| BODSIZE | −0.0070 (−0.9000) | 1.1125 (0.5600) |
| BODIND | −0.5951** (−2.0900) | −2.7029* (−0.1100) |
| BODGEN | 0.7985* (1.7500) | −45.3399 (−0.5400) |
| BSIZE | −0.2052*** (−3.9100) | −1.4003 (−1.1700) |
| CRL5 | 0.0005 (0.1100) | 0.0122 (0.1300) |
| GDPpcg | 0.0204 (0.9700) | 0.1400 (1.0200) |
| Constant | 2.1858*** (5.0700) | 1.2642 (0.1300) |
| Diagnostics | ||
| R-squared | 0.2112 | |
| Number of Groups | 255.0000 | 255.0000 |
| Number of instruments | 14.0000 | |
| Observations | 932.0000 | 932.0000 |
| Wald χ2 (6) | 148.6400*** | |
| F-test | 2.9400*** | |
| AR(1) | −4.9200 | |
| p-value | 0.0000 | |
| AR(2) | 0.9800 | |
| p-value | 0.3250 | |
| Hansen J | 3.1100 | |
| p-value | 0.7950 | |
| Dependent variable: Value-added intellectual coefficient | ||
|---|---|---|
| OLS-PCSE | System GMM | |
| Lag | 0.2459*** (3.0700) | |
| −0.0070 (−0.9000) | 1.1125 (0.5600) | |
| −0.5951** (−2.0900) | −2.7029* (−0.1100) | |
| 0.7985* (1.7500) | −45.3399 (−0.5400) | |
| −0.2052*** (−3.9100) | −1.4003 (−1.1700) | |
| 0.0005 (0.1100) | 0.0122 (0.1300) | |
| GDPpcg | 0.0204 (0.9700) | 0.1400 (1.0200) |
| Constant | 2.1858*** (5.0700) | 1.2642 (0.1300) |
| 0.2112 | ||
| Number of Groups | 255.0000 | 255.0000 |
| Number of instruments | 14.0000 | |
| Observations | 932.0000 | 932.0000 |
| Wald | 148.6400*** | |
| 2.9400*** | ||
| AR(1) | −4.9200 | |
| 0.0000 | ||
| AR(2) | 0.9800 | |
| 0.3250 | ||
| Hansen J | 3.1100 | |
| 0.7950 | ||
Note(s): ***, ** and * denote significance levels of 1, 5 and 10%, respectively. Where VAIC is the IC performance; BODSIZE is the board size; BODIND is board independence; BODGEN is board gender diversity; BSIZE is bank size; CRL5 is 5 bank loan concentration ratio; GDPpcg is gross domestic product per capita growth rate. Numbers in parentheses are z-statistics and t-statistics respectively
Source(s): Bank Scope and authors' computations, 2019