Table 7 Logistic regressions deleting...

Table 7

Logistic regressions deleting countries with large or little numbers of observations

Variable	Coefficient	Wald statistics	Significance	Odds ratio	Coefficient	Wald statistics	Significance	Odds ratio
	Model 1a				Model 1b
SIZE	0.000	0.037	0.847	1,000	0.000	0.017	0.896	1.000
MV	0.000	0.165	0.684	1,000	0.000	0.093	0.760	1.000
BOARD	0.092***	9.635	0.002	1,097	0.098***	11.092	0.001	1.103
FLOAT	−0.107	0.068	0.794	0.898	−0.150	0.134	0.714	0.861
ROA	−0.695***	7.564	0.006	0.499	−0.693***	7.605	0.006	0.500
JUD.IND [H1a(−)]	−0.221**	5.462	0.019	0.802
STREN. REP [H1b(−)]					−0.271**	4.130	0.042	0.763
MIN. PROT
ANG
JUD.IND*ROA
STREN.REP*ROA
MIN.PROT*ROA
ANG*ROA
CONSTANT	−3.080***	22.523	0.000	0.046	−2.789***	11.170	0.001	0.061
No. observations	3,485				3,485
Nagelkerke R square	0.029				0.028
	Model 1c				Model 1d
SIZE	0.000	0.009	0.923	1.000	0.000	0.169	0.681	1.000
MV	0.000	0.016	0.899	1.000	0.000	0.168	0.682	1.000
BOARD	0.112***	15.376	0.000	1.119	0.076***	6.565	0.010	1.079
FLOAT	−0.326	0.667	0.414	0.722	0.019	0.002	0.963	1.019
ROA	−0.713***	7.934	0.005	0.490	−0.637**	5.678	0.017	0.529
JUD.IND
STREN. REP
MIN. PROT [H1c(−)]	−0.046**	6.374	0.012	0.955
ANG [H1d(−)]					−1.036***	14.494	0.000	0.355
JUD.IND*ROA
STREN.REP*ROA
MIN.PROT*ROA
ANG*ROA
CONSTANT	−1.221	0.925	0.336	0.295	−3.862***	90.610	0.000	0.021
No. observations	3,485				3,485
Nagelkerke R square	0.030				0.042
	Model 2a				Model 2b
SIZE	0.000	0.006	0.941	1.000	0.000	0.034	0.854	1.000
MV	0.000	0.080	0.778	1.000	0.000	0.150	0.699	1.000
BOARD	0.093***	9.764	0.002	1.097	0.099***	11.499	0.001	1.105
FLOAT	−0.165	0.161	0.688	0.848	−0.207	0.257	0.612	0.813
ROA	−9.155***	6.671	0.010	0.000	−15.510***	7.315	0.007	0.000
JUD.IND	−0.258***	7.092	0.008	0.773
STREN. REP					−0.329**	6.029	0.014	0.720
MIN. PROT
ANG
JUD.INDROA [H2a*(+)]	1.553**	5.330	0.021	4.724
STREN.REPROA [H2b*(+)]					2.607***	6.577	0.010	13.564
MIN.PROT*ROA
ANG*ROA
CONSTANT	−2.865	18.945	0.000	0.057	−2.449***	8.534	0.003	0.086
No. observations	3,485				3,485
Nagelkerke R square	0.038				0.035
	Model 2c				Model 2d
SIZE	0.000	0.007	0.931	1.000	0.000	0.060	0.807	1.000
MV	0.000	0.025	0.875	1.000	0.000	0.059	0.808	1.000
BOARD	0.112***	15.314	0.000	1.118	0.076***	6.647	0.010	1.079
FLOAT	−0.354	0.788	0.375	0.702	−0.036	0.008	0.929	0.965
ROA	−10.570	2.579	0.108	0.000	−0.922***	9.407	0.002	0.398
JUD.IND
STREN. REP
MIN. PROT	−0.047***	6.802	0.009	0.954
ANG					−1.142***	15.165	0.000	0.319
JUD.IND*ROA
STREN.REP*ROA
MIN.PROTROA [H2c*(+)]	0.142	2.203	0.138	1.153
ANGROA [H2d*(+)]					2.445**	5.041	0.025	11.525
CONSTANT	−1.084	0.721	0.396	0.338	−3.844	90.355	0.000	0.021
No. Observations	3,485				3,485
Nagelkerke R square	0.033				0.048

Variable	Coefficient	Wald statistics	Significance	Odds ratio	Coefficient	Wald statistics	Significance	Odds ratio
	Model 1a				Model 1b
SIZE	0.000	0.037	0.847	1,000	0.000	0.017	0.896	1.000
MV	0.000	0.165	0.684	1,000	0.000	0.093	0.760	1.000
BOARD	0.092***	9.635	0.002	1,097	0.098***	11.092	0.001	1.103
FLOAT	−0.107	0.068	0.794	0.898	−0.150	0.134	0.714	0.861
ROA	−0.695***	7.564	0.006	0.499	−0.693***	7.605	0.006	0.500
JUD.IND [H1a(−)]	−0.221**	5.462	0.019	0.802
STREN. REP [H1b(−)]					−0.271**	4.130	0.042	0.763
MIN. PROT
ANG
JUD.IND*ROA
STREN.REP*ROA
MIN.PROT*ROA
ANG*ROA
CONSTANT	−3.080***	22.523	0.000	0.046	−2.789***	11.170	0.001	0.061
No. observations	3,485				3,485
Nagelkerke R square	0.029				0.028
	Model 1c				Model 1d
SIZE	0.000	0.009	0.923	1.000	0.000	0.169	0.681	1.000
MV	0.000	0.016	0.899	1.000	0.000	0.168	0.682	1.000
BOARD	0.112***	15.376	0.000	1.119	0.076***	6.565	0.010	1.079
FLOAT	−0.326	0.667	0.414	0.722	0.019	0.002	0.963	1.019
ROA	−0.713***	7.934	0.005	0.490	−0.637**	5.678	0.017	0.529
JUD.IND
STREN. REP
MIN. PROT [H1c(−)]	−0.046**	6.374	0.012	0.955
ANG [H1d(−)]					−1.036***	14.494	0.000	0.355
JUD.IND*ROA
STREN.REP*ROA
MIN.PROT*ROA
ANG*ROA
CONSTANT	−1.221	0.925	0.336	0.295	−3.862***	90.610	0.000	0.021
No. observations	3,485				3,485
Nagelkerke R square	0.030				0.042
	Model 2a				Model 2b
SIZE	0.000	0.006	0.941	1.000	0.000	0.034	0.854	1.000
MV	0.000	0.080	0.778	1.000	0.000	0.150	0.699	1.000
BOARD	0.093***	9.764	0.002	1.097	0.099***	11.499	0.001	1.105
FLOAT	−0.165	0.161	0.688	0.848	−0.207	0.257	0.612	0.813
ROA	−9.155***	6.671	0.010	0.000	−15.510***	7.315	0.007	0.000
JUD.IND	−0.258***	7.092	0.008	0.773
STREN. REP					−0.329**	6.029	0.014	0.720
MIN. PROT
ANG
JUD.IND*ROA [H2a(+)]	1.553**	5.330	0.021	4.724
STREN.REP*ROA [H2b(+)]					2.607***	6.577	0.010	13.564
MIN.PROT*ROA
ANG*ROA
CONSTANT	−2.865	18.945	0.000	0.057	−2.449***	8.534	0.003	0.086
No. observations	3,485				3,485
Nagelkerke R square	0.038				0.035
	Model 2c				Model 2d
SIZE	0.000	0.007	0.931	1.000	0.000	0.060	0.807	1.000
MV	0.000	0.025	0.875	1.000	0.000	0.059	0.808	1.000
BOARD	0.112***	15.314	0.000	1.118	0.076***	6.647	0.010	1.079
FLOAT	−0.354	0.788	0.375	0.702	−0.036	0.008	0.929	0.965
ROA	−10.570	2.579	0.108	0.000	−0.922***	9.407	0.002	0.398
JUD.IND
STREN. REP
MIN. PROT	−0.047***	6.802	0.009	0.954
ANG					−1.142***	15.165	0.000	0.319
JUD.IND*ROA
STREN.REP*ROA
MIN.PROT*ROA [H2c(+)]	0.142	2.203	0.138	1.153
ANG*ROA [H2d(+)]					2.445**	5.041	0.025	11.525
CONSTANT	−1.084	0.721	0.396	0.338	−3.844	90.355	0.000	0.021
No. Observations	3,485				3,485
Nagelkerke R square	0.033				0.048

Notes:

***Significant at the 0.01 level; **significant at the 0.05 level

Source: Authors’ own work

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