Table 5 Effects of nomination...

Table 5

Effects of nomination committees’ composition on changes in board composition

	(1)	(2)	(3)
	Change in the number of independent directors	Change in board age	Presence of one foreign director
Models	OLS	OLS	Probit
L.NCInd	0.1567** (0.0705)
L.NCAge		−0.1620^* (0.0827)
L.NCNation			1.3015^* (0.7310)
L.NCNation
Banksize	1.7638 (2.6963)	−3.4565 (4.1830)	1.7472** (0.6817)
ROA	−0.9815 (7.0454)	0.2952 (1.6028)	−7.5310*** (2.0537)
TIER	1.3034^* (0.7245)	−0.0410 (0.1701)	0.1217 (0.1123)
Observations	139	147	99
Time Dummies	Yes	Yes
Fixed Effects	Yes	Yes
R2	0.05	0.04

	(1)	(2)	(3)
	Change in the number of independent directors	Change in board age	Presence of one foreign director
Models	OLS	OLS	Probit
L.NCInd	0.1567** (0.0705)
L.NCAge		−0.1620^* (0.0827)
L.NCNation			1.3015^* (0.7310)
L.NCNation
Banksize	1.7638 (2.6963)	−3.4565 (4.1830)	1.7472** (0.6817)
ROA	−0.9815 (7.0454)	0.2952 (1.6028)	−7.5310*** (2.0537)
TIER	1.3034^* (0.7245)	−0.0410 (0.1701)	0.1217 (0.1123)
Observations	139	147	99
Time Dummies	Yes	Yes
Fixed Effects	Yes	Yes
R2	0.05	0.04

Notes:

Time-fixed effects and bank-fixed effects are included in the regressions. The p-values are computed using heteroskedasticity-robust standard errors clustered for banks and are presented in parentheses.

Note:

*, ** and *** represent statistical significance at the 10%, 5% and 1% level, respectively

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