GMM regression results testing H1, H2, H3 with strength of board industry expertise as independent variable
| Variables | Model 1 | Model 2 | Model 3 |
|---|---|---|---|
| BD_IND_EXPERT_STR | 11.764*** (3.244) | 11.521*** (3.758) | 8.269*** (1.725) |
| BD_IND_EXPERT_STR2 | −0.999*** (0.290) | −0.986*** (0.345) | −0.681*** (0.151) |
| CEO_EDU | −2007.966*** (15.022) | ||
| CEO_EDU*BD_IND_EXPERT_STR | 764.783*** (0.089) | ||
| CEO_EDU*BD_IND_EXPERT_STR2 | −72.794*** (0.544) | ||
| CEO_TECH_EDU_BACK | −1386.393*** (7.526) | ||
| CEO_TECH_EDU_BACK*BD_IND_EXPERT_STR | 503.972*** (1.574) | ||
| CEO_TECH_EDU_BACK *BD_IND_EXPERT_STR2 | −45.676*** (0.198) | ||
| IND_DIR | 0.074* (0.040) | 0.039 (0.042) | 0.136*** (0.034) |
| CEO_PW_DUAL | 0.802* (0.418) | 0.753* (0.395) | 1.238*** (0.320) |
| INTRL | −0.076 (0.711) | −0.085 (0.065) | −0.064 (0.070) |
| BRD_SIZE | 0.819** (0.340) | 0.845 (0.300) | 0.658* (0.359) |
| LEV | 0.234*** (0.049) | 0.197*** (0.052) | 0.229*** (0.049) |
| AGE | −0.015 (0.018) | −0.009 (0.018) | 1.238*** (0.320) |
| FRM_SIZE | −0.015 (0.107) | −0.544*** (0.120) | −0.428*** (0.124) |
| YEAR DUMMY | YES | YES | YES |
| FIRM DUMMY | YES | YES | YES |
| OBSERVATIONS | 596 | 596 | 596 |
| AR(2) p value | 0.206 | 0.021 | 0.019 |
| SARGAN p value | 0.000 | 0.000 | 0.000 |
| Variables | Model 1 | Model 2 | Model 3 |
|---|---|---|---|
| 11.764*** (3.244) | 11.521*** (3.758) | 8.269*** (1.725) | |
| −0.999*** (0.290) | −0.986*** (0.345) | −0.681*** (0.151) | |
| −2007.966*** (15.022) | |||
| 764.783*** (0.089) | |||
| −72.794*** (0.544) | |||
| −1386.393*** (7.526) | |||
| 503.972*** (1.574) | |||
| −45.676*** (0.198) | |||
| 0.074* (0.040) | 0.039 (0.042) | 0.136*** (0.034) | |
| 0.802* (0.418) | 0.753* (0.395) | 1.238*** (0.320) | |
| −0.076 (0.711) | −0.085 (0.065) | −0.064 (0.070) | |
| 0.819** (0.340) | 0.845 (0.300) | 0.658* (0.359) | |
| 0.234*** (0.049) | 0.197*** (0.052) | 0.229*** (0.049) | |
| −0.015 (0.018) | −0.009 (0.018) | 1.238*** (0.320) | |
| −0.015 (0.107) | −0.544*** (0.120) | −0.428*** (0.124) | |
| YES | YES | YES | |
| YES | YES | YES | |
| 596 | 596 | 596 | |
| 0.206 | 0.021 | 0.019 | |
| 0.000 | 0.000 | 0.000 |
Note(s): *, ** and *** denote significance at the 10, 5 and 1% levels, respectively. Robust Standard errors in brackets
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