Table 8 Logistic regressions with... | Emerald Publishing

Table 8

Logistic regressions with comprehensive investor protection indicators

	Model 1				Model 2
Variable	Coefficient	Wald statistics	Significance	Odds ratio	Coefficient	Wald statistics	Significance	Odds ratio
SIZE	0.000	0.910	0.340	1.000	0.000	0.956	0.328	1,000
MV	0.000	0.000	0.993	1.000	0.000	0.001	0.971	1,000
BOARD	0.055***	11.040	0.001	1.057	0.057***	11,522	0.001	1,058
FLOAT	0.178	0.364	0.546	1.195	0.162	0.303	0.582	1,176
ROA	−0.650***	7.684	0.006	0.522	−8,685*	2,812	0.094	0.000
JUD.IND + STREN.REP + MIN.PROT + ANG [H1(−)]	−0.039***	8.780	0.003	0.962	−0.040***	9,184	0.002	0.961
JUD.IND + STREN.REP + MIN.PROT + ANG * ROA [H2(+)]					0.100	2,338	0.126	1,106
CONSTANT	−0.885	0.694	0.405	0.413	−0.805	0.570	0.450	0.447
No. observations	5,175				5,175
Nagelkerke R-square	0.019				0.021

	Model 1				Model 2
Variable	Coefficient	Waldstatistics	Significance	Oddsratio	Coefficient	Wald statistics	Significance	Oddsratio
SIZE	0.000	0.910	0.340	1.000	0.000	0.956	0.328	1,000
MV	0.000	0.000	0.993	1.000	0.000	0.001	0.971	1,000
BOARD	0.055***	11.040	0.001	1.057	0.057***	11,522	0.001	1,058
FLOAT	0.178	0.364	0.546	1.195	0.162	0.303	0.582	1,176
ROA	−0.650***	7.684	0.006	0.522	−8,685*	2,812	0.094	0.000
JUD.IND + STREN.REP +MIN.PROT + ANG [H1(−)]	−0.039***	8.780	0.003	0.962	−0.040***	9,184	0.002	0.961
JUD.IND + STREN.REP +MIN.PROT + ANG * ROA [H2(+)]					0.100	2,338	0.126	1,106
CONSTANT	−0.885	0.694	0.405	0.413	−0.805	0.570	0.450	0.447
No. observations	5,175				5,175
Nagelkerke R-square	0.019				0.021

Notes:

***Significant at the 0.01 level; *significant at the 0.1 level

Source: Authors’ own work