Table 12 Regression based on the... | Emerald Publishing

Table 12

Regression based on the instrumental variable approach

Variable	(1)	(2)
	First	Second
	D&O	Abtone
L.Mean_D&O	0.850^***
L.Mean_D&O	(8.18)
D&O		0.103^***
D&O		(2.80)
Size	0.040^***	−0.000
Size	(12.70)	(−0.07)
Lev	0.054^***	0.003
Lev	(2.86)	(0.42)
Growth	−0.001	0.001
Growth	(−0.60)	(0.75)
Dir	−0.022	0.025^**
Dir	(−0.64)	(1.97)
Top1	−0.035^**	0.030^***
Top1	(−2.02)	(4.54)
ROE	−0.010	−0.006
ROE	(−0.48)	(−0.81)
Loss	0.010	−0.002
Loss	(1.04)	(−0.64)
OCF	0.029	−0.029^**
OCF	(0.84)	(−2.13)
LR	0.002	−0.003^***
LR	(0.90)	(−4.35)
Dual	−0.028^***	0.005^**
Dual	(−5.12)	(2.06)
BM	0.013^***	−0.009^***
BM	(3.22)	(−7.36)
Board	−0.023^*	0.017^***
Board	(−1.70)	(3.42)
Constant	−0.801^***	−0.050
Constant	(−11.33)	(−1.31)
Observations	15,587	15,587
R-squared		0.022
Year	Yes	Yes
Industry	Yes	Yes
N	15,587	15,587
r2_a		0.0180

Variable	(1)	(2)
	First	Second
	D&O	Abtone
L.Mean_D&O	0.850^***
L.Mean_D&O	(8.18)
D&O		0.103^***
D&O		(2.80)
Size	0.040^***	−0.000
Size	(12.70)	(−0.07)
Lev	0.054^***	0.003
Lev	(2.86)	(0.42)
Growth	−0.001	0.001
Growth	(−0.60)	(0.75)
Dir	−0.022	0.025^**
Dir	(−0.64)	(1.97)
Top1	−0.035^**	0.030^***
Top1	(−2.02)	(4.54)
ROE	−0.010	−0.006
ROE	(−0.48)	(−0.81)
Loss	0.010	−0.002
Loss	(1.04)	(−0.64)
OCF	0.029	−0.029^**
OCF	(0.84)	(−2.13)
LR	0.002	−0.003^***
LR	(0.90)	(−4.35)
Dual	−0.028^***	0.005^**
Dual	(−5.12)	(2.06)
BM	0.013^***	−0.009^***
BM	(3.22)	(−7.36)
Board	−0.023^*	0.017^***
Board	(−1.70)	(3.42)
Constant	−0.801^***	−0.050
Constant	(−11.33)	(−1.31)
Observations	15,587	15,587
R-squared		0.022
Year	Yes	Yes
Industry	Yes	Yes
N	15,587	15,587
r2_a		0.0180

Note(s): ^***, ^**, and ^* denote statistical significance at the 1%, 5%, and 10% levels, respectively

Source(s): Table by authors