Glass cliff and WoBs: fixed effects panel regression models
| Total sample | Nonlisted and nonstate-participated | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Variables | (1) β (se) | (2) β (se) | (3)* β (se) | (4) β (se) | (5) β (se) | (6) β (se) | (7) β (se) | (8)* β (se) | (9) β (se) | (10) β (se) |
| Board size | −0.003 (0.004) | −0.002 (0.004) | 0.005*** (0.000) | −0.002 (0.004) | −0.002 (0.004) | −0.01** (0.004) | −0.01*** (0.004) | 0.006*** (0.000) | −0.01** (0.006) | −0.01* (0.002) |
| Firm size | 0.02 (0.031) | 0.03 (0.029) | −0.002 (0.010) | 0.02 (0.058) | 0.02 (0.057) | 0.02 (0.033) | 0.03 (0.032) | −0.013 (0.012) | 0.02 (0.030) | 0.02 (0.030) |
| Law | 0.14*** (0.017) | 0.14*** (0.017) | 0.16*** (0.000) | 0.15** (0.007) | 0.15** (0.005) | 0.04*** (0.018) | 0.04** (0.018) | 0.07*** (0.010) | 0.04 (0.008) | 0.04 (0.015) |
| Women executives | 0.58*** (0.038) | 0.15*** (0.036) | 0.13*** (0.029) | 0.15* (0.019) | 0.15* (0.017) | 0.14** (0.055) | 0.12** (0.056) | 0.14*** (0.033) | 0.13 (0.054) | 0.13 (0.043) |
| Roe | 0.08 (0.072) | −0.13* (0.077) | −0.02 (0.080) | −0.03 (0.080) | ||||||
| Roe2 | 0.38** (0.168) | 0.341 (0.212) | ||||||||
| Bad performance | 0.01*** (0.000) | 0.02*** (0.006) | ||||||||
| Roa | −0.21 (0.183) | −0.34 (0.245) | 0.15 (0.276) | −0.03 (0.108) | ||||||
| Roa2 | 2.44* (0.302) | 7.61 (2.614) | ||||||||
| R-squared within | 0.557 | 0.568 | 0.539 | 0.553 | 0.554 | 0.408 | 0.436 | 0.290 | 0.409 | 0.428 |
| N | 232 | 232 | 232 | 232 | 232 | 116 | 116 | 116 | 116 | 116 |
| Variables | (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | (9) | (10) |
|---|---|---|---|---|---|---|---|---|---|---|
| −0.003 (0.004) | −0.002 (0.004) | 0.005 | −0.002 (0.004) | −0.002 (0.004) | −0.01 | −0.01 | 0.006 | −0.01 | −0.01 | |
| 0.02 (0.031) | 0.03 (0.029) | −0.002 (0.010) | 0.02 (0.058) | 0.02 (0.057) | 0.02 (0.033) | 0.03 (0.032) | −0.013 (0.012) | 0.02 (0.030) | 0.02 (0.030) | |
| 0.14 | 0.14 | 0.16 | 0.15 | 0.15 | 0.04 | 0.04 | 0.07 | 0.04 (0.008) | 0.04 (0.015) | |
| 0.58 | 0.15 | 0.13 | 0.15 | 0.15 | 0.14 | 0.12 | 0.14 | 0.13 (0.054) | 0.13 (0.043) | |
| 0.08 (0.072) | −0.13 | −0.02 (0.080) | −0.03 (0.080) | |||||||
| 0.38 | 0.341 (0.212) | |||||||||
| 0.01 | 0.02 | |||||||||
| −0.21 (0.183) | −0.34 (0.245) | 0.15 (0.276) | −0.03 (0.108) | |||||||
| 2.44 | 7.61 (2.614) | |||||||||
| 0.557 | 0.568 | 0.539 | 0.553 | 0.554 | 0.408 | 0.436 | 0.290 | 0.409 | 0.428 | |
| 232 | 232 | 232 | 232 | 232 | 116 | 116 | 116 | 116 | 116 | |
Notes: Robust standard errors in parentheses. ***p < 0.01; **p < 0.05; *p < 0.1. *Models 3 and 10 are without fixed effects for high collinearity. 1Significance level = 12%