Table 5. Multivariate results for H1...

Table 5.

Multivariate results for H1

Variables	BoD meeting
	OLS regression		OLS regression
	Estimate	p-value	Estimate	p-value
Postmandatory adopters*	−0.669	0.099
Mandatory adopters	0.006	0.985
Postfirst adopters*			0.520	0.389
First adopters			−0.645	0.218
BoDs size	−1.566	0.001	−2.309	0.000
BoDs independence	2.583	0.002	3.653	0.001
BoDs executive	−4.222	0.000	−7.486	0.000
CEO age	−0.067	0.000	−0.073	0.000
CEO duality	0.539	0.050	0.733	0.056
CEO female	−1.231	0.063	−5.436	0.000
Chair female	−0.947	0.017	−0.320	0.728
Firm size	0.412	0.000	0.311	0.008
Leverage	−2.750	0.000	−4.206	0.000
Loss t−1	−0.275	0.341	−0.199	0.614
Sales growth	−0.412	0.471	−0.272	0.749
ROA	−8.116	0.000	−6.424	0.039
Intercept	15.370	0.000	18.312	0.000
Industry and years fixed effects	included		included
Adjusted R²	0.244		0.339
Observations	952		536

Variables	BoD meeting
	OLS regression		OLS regression
	Estimate	p-value	Estimate	p-value
Post*mandatory adopters	−0.669	0.099
Mandatory adopters	0.006	0.985
Post*first adopters			0.520	0.389
First adopters			−0.645	0.218
BoDs size	−1.566	0.001	−2.309	0.000
BoDs independence	2.583	0.002	3.653	0.001
BoDs executive	−4.222	0.000	−7.486	0.000
CEO age	−0.067	0.000	−0.073	0.000
CEO duality	0.539	0.050	0.733	0.056
CEO female	−1.231	0.063	−5.436	0.000
Chair female	−0.947	0.017	−0.320	0.728
Firm size	0.412	0.000	0.311	0.008
Leverage	−2.750	0.000	−4.206	0.000
Loss t−1	−0.275	0.341	−0.199	0.614
Sales growth	−0.412	0.471	−0.272	0.749
ROA	−8.116	0.000	−6.424	0.039
Intercept	15.370	0.000	18.312	0.000
Industry and years fixed effects	included		included
Adjusted R²	0.244		0.339
Observations	952		536

Note:

P-values are based on asymptotic z-statistic using White (1980) standard error robust to heteroscedasticity

Source: Authors’ own creation

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