Table 4 Analysis of necessary conditions...

Table 4

Analysis of necessary conditions

Conditions tested*	Consistency	Coverage
Board size	0.57	0.61
∼ Board size	0.64	0.72
Board activity (frequency)	0.70	0.67
∼ Board activity (frequency)	0.54	0.68
Board activity (duration)	0.62	0.59
∼ Board activity (duration)	0.51	0.53
Board composition	0.59	0.65
∼ Board composition	0.64	0.64
Board independence	0.62	0.59
∼ Board independence	0.73	0.52
Board diversity	0.68	0.62
∼ Board diversity	0.64	0.66
CEO duality	0.76	0.74
∼ CEO duality	0.52	0.56
Audit committee composition	0.58	0.69
∼ Audit committee composition	0.67	0.75
Audit committee independence	0.74	0.71
∼ Audit committee independence	0.59	0.69
Audit committee activity (frequency)	0.66	0.63
∼ Audit committee activity (frequency)	0.63	0.54
Audit committee activity (duration)	0.59	0.62
∼ Audit committee activity (duration)	0.50	0.58
Compensation committee composition	0.59	0.57
∼ Compensation committee composition	0.68	0.64
Compensation committee independence	0.54	0.68
∼ Compensation committee independence	0.66	0.72
Compensation committee activity (frequency)	0.72	0.66
∼ Compensation committee activity (frequency)	0.58	0.73
Compensation committee activity (duration)	0.53	0.61
∼ Compensation committee activity (duration)	0.51	0.65
Nomination committee composition	0.65	0.59
∼ Nomination committee composition	0.63	0.62
Nomination committee independence	0.71	0.71
∼ Nomination committee independence	0.70	0.67
Nomination committee activity	0.67	0.54
∼ Nomination committee activity	0.66	0.58
Nomination committee activity (frequency)	0.71	0.62
∼ Nomination committee activity (duration)	0.59	0.50
Ownership concentration	0.59	0.63
∼ Ownership concentration	0.57	0.69

Conditions tested*	Consistency	Coverage
Board size	0.57	0.61
∼ Board size	0.64	0.72
Board activity (frequency)	0.70	0.67
∼ Board activity (frequency)	0.54	0.68
Board activity (duration)	0.62	0.59
∼ Board activity (duration)	0.51	0.53
Board composition	0.59	0.65
∼ Board composition	0.64	0.64
Board independence	0.62	0.59
∼ Board independence	0.73	0.52
Board diversity	0.68	0.62
∼ Board diversity	0.64	0.66
CEO duality	0.76	0.74
∼ CEO duality	0.52	0.56
Audit committee composition	0.58	0.69
∼ Audit committee composition	0.67	0.75
Audit committee independence	0.74	0.71
∼ Audit committee independence	0.59	0.69
Audit committee activity (frequency)	0.66	0.63
∼ Audit committee activity (frequency)	0.63	0.54
Audit committee activity (duration)	0.59	0.62
∼ Audit committee activity (duration)	0.50	0.58
Compensation committee composition	0.59	0.57
∼ Compensation committee composition	0.68	0.64
Compensation committee independence	0.54	0.68
∼ Compensation committee independence	0.66	0.72
Compensation committee activity (frequency)	0.72	0.66
∼ Compensation committee activity (frequency)	0.58	0.73
Compensation committee activity (duration)	0.53	0.61
∼ Compensation committee activity (duration)	0.51	0.65
Nomination committee composition	0.65	0.59
∼ Nomination committee composition	0.63	0.62
Nomination committee independence	0.71	0.71
∼ Nomination committee independence	0.70	0.67
Nomination committee activity	0.67	0.54
∼ Nomination committee activity	0.66	0.58
Nomination committee activity (frequency)	0.71	0.62
∼ Nomination committee activity (duration)	0.59	0.50
Ownership concentration	0.59	0.63
∼ Ownership concentration	0.57	0.69

Note(s): * The symbol (∼) represents the negation of the characteristic

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