Table 3 Descriptive statistics and...

Table 3

Descriptive statistics and correlation matrix

Outcome/Conditions	Mean	S.D.	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18	19	20
1. Cash holding	0.29	0.17	1
2. Board size	10.44	2.49	0.038*	1
3. Board frequency	9.91	4.25	0.076*	0.185	1
4. Board duration	1 h 38’	9.37	0.023*	0.015	0.019	1
5. Board composition	76.60	12.75	−0.176	0.169	0.145	0.010	1
6. Board independence	48.27	17.02	−0.102**	−0.037	0.306**	0.111	0.498**	1
7. Board diversity	19.24	11.41	−0.098†	0.050	0.363*	0.089	0.208	0.442	1
8. CEO duality	–	–	0.104	0.042	−0.101	−0.107	0.291	−0.044	−0.089	1
9. Audit committee composition	76.60	1.07	−0.115	0.041**	0.028**	0.046	0.032**	0.101**	073**	0.221	1
10. Audit committee independence	87.12	16.26	−0.203	0.194	0.253	0.190	0.097	0.381	0.080	0.071	**	1
11. Audit committee frequency	7.25	4.66	0.098*	0.039	−0.025**	0.113	−0.022	0.347**	0.275	−0.024	0.104	0.197	1
12. Audit committee duration	1 h 34’	7.67	0.054	−0.275	0.102	−0.084	0.017	0.200	0.121	0.124	−0.108	0.172	0.099	1
13. Compensation committee composition	76.63	2.04	−0.108	0.097**	0.017**	0.121	0.118**	−0.109	0.027**	0.014	0.089	0.102**	0.108	0.112	1
14. Compensation committee independence	82.42	17.02	−0.194	0.103	0.204	0.224	0.130	0.523**	0.065	−0.021	0.231	0.654**	0.264	0.371		1
15. Compensation committee frequency	4.44	2.57	0.078	0.091	0.574**	−0.112	0.175	0.308	0.289	0.033	0.112	0.115	0.469	−0.056	0.539	0.094	1
16. Compensation committee duration	1 h 36’	7.31	0.037	−0.094	−0.079	0.089	0.199	0.242	0.213	0.103	0.146	0.055	−0.006	0.539	0.044	0.111	0.171	1
17. Nomination committee composition	78.44	1.83	−0.121	0.079	0.126	0.115	0.107	0.031	0.099	0.127	−0.105	−0.109	−0.022	−0.097	0.028	−0.142	0.130	0.029	1
18. Nomination committee independence	81.51	17.40	−0.089	0.054	0.190	0.107	0.139	0.477**	0.052	−0.118	0.019	0.525**	0.249	0.273	0.015	0.854	0.073	0.120	0.249	1
19. Nomination committee frequency	3.76	2.64	0.088	0.115	0.604**	−0.098	0.076	0.211	0.185	0.107	0.021	0.086	−487**	−0.063	0.019	0.140	0.834	0.082	0.144	0.192	1
20. Nomination committee duration	1 h 35’	8.38	0.042	−0.232	−0.204	0.072	0.060	0.227	0.161	0.099	−0.003	−0.026	−0.094	0.386	−0.115	0.145	0.130	0.828	−0.001	0.180	0.162	1
21. Family ownership concentration	0.58	0.33	0.124*	0.021*	0.104	−0.109	0.042	−0.131	0	0.079**	0.045	0.142	0.098	−0.111	0.021	0.245	0.118	−0.109	0.041	0.117	0.078	−0.101

Outcome/Conditions	Mean	S.D.	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18	19	20
1. Cash holding	0.29	0.17	1
2. Board size	10.44	2.49	0.038*	1
3. Board frequency	9.91	4.25	0.076*	0.185	1
4. Board duration	1 h 38’	9.37	0.023*	0.015	0.019	1
5. Board composition	76.60	12.75	−0.176	0.169	0.145	0.010	1
6. Board independence	48.27	17.02	−0.102**	−0.037	0.306**	0.111	0.498**	1
7. Board diversity	19.24	11.41	−0.098†	0.050	0.363*	0.089	0.208	0.442	1
8. CEO duality	–	–	0.104	0.042	−0.101	−0.107	0.291	−0.044	−0.089	1
9. Audit committee composition	76.60	1.07	−0.115	0.041**	0.028**	0.046	0.032**	0.101**	073**	0.221	1
10. Audit committee independence	87.12	16.26	−0.203	0.194	0.253	0.190	0.097	0.381	0.080	0.071	**	1
11. Audit committee frequency	7.25	4.66	0.098*	0.039	−0.025**	0.113	−0.022	0.347**	0.275	−0.024	0.104	0.197	1
12. Audit committee duration	1 h 34’	7.67	0.054	−0.275	0.102	−0.084	0.017	0.200	0.121	0.124	−0.108	0.172	0.099	1
13. Compensation committee composition	76.63	2.04	−0.108	0.097**	0.017**	0.121	0.118**	−0.109	0.027**	0.014	0.089	0.102**	0.108	0.112	1
14. Compensation committee independence	82.42	17.02	−0.194	0.103	0.204	0.224	0.130	0.523**	0.065	−0.021	0.231	0.654**	0.264	0.371		1
15. Compensation committee frequency	4.44	2.57	0.078	0.091	0.574**	−0.112	0.175	0.308	0.289	0.033	0.112	0.115	0.469	−0.056	0.539	0.094	1
16. Compensation committee duration	1 h 36’	7.31	0.037	−0.094	−0.079	0.089	0.199	0.242	0.213	0.103	0.146	0.055	−0.006	0.539	0.044	0.111	0.171	1
17. Nomination committee composition	78.44	1.83	−0.121	0.079	0.126	0.115	0.107	0.031	0.099	0.127	−0.105	−0.109	−0.022	−0.097	0.028	−0.142	0.130	0.029	1
18. Nomination committee independence	81.51	17.40	−0.089	0.054	0.190	0.107	0.139	0.477**	0.052	−0.118	0.019	0.525**	0.249	0.273	0.015	0.854	0.073	0.120	0.249	1
19. Nomination committee frequency	3.76	2.64	0.088	0.115	0.604**	−0.098	0.076	0.211	0.185	0.107	0.021	0.086	−487**	−0.063	0.019	0.140	0.834	0.082	0.144	0.192	1
20. Nomination committee duration	1 h 35’	8.38	0.042	−0.232	−0.204	0.072	0.060	0.227	0.161	0.099	−0.003	−0.026	−0.094	0.386	−0.115	0.145	0.130	0.828	−0.001	0.180	0.162	1
21. Family ownership concentration	0.58	0.33	0.124*	0.021*	0.104	−0.109	0.042	−0.131	0	0.079**	0.045	0.142	0.098	−0.111	0.021	0.245	0.118	−0.109	0.041	0.117	0.078	−0.101

Note(s): †p < 0.10; *p < 0.05; **p < 0.01; ***p < 0.001

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