Table 6. Multivariate results for H2...

Table 6.

Multivariate results for H2

Variables	AuC meeting		RemC meeting		AuC meeting		RemC meeting
	OLS regression		OLS regression		OLS regression		OLS regression
	Estimate	p-value	Estimate	p-value	Estimate	p-value	Estimate	p-value
Postmandatory adopters*	−0.891	0.112	0.194	0.414
Mandatory adopters	0.801	0.006	−0.429	0.017
Postfirst adopters*					0.996	0.094	1.139	0.003
First adopters					−0.912	0.064	−0.067	0.805
BoDs size	0.940	0.014	0.550	0.062	0.059	0.911	0.113	0.789
BoDs independence	2.375	0.002	2.358	0.000	4.307	0.000	4.389	0.000
BoDs executive	−1.895	0.009	−0.957	0.061	−2.513	0.013	−1.107	0.099
CEO age	0.026	0.029	−0.033	0.000	0.019	0.254	−0.034	0.030
CEO duality	−0.280	0.220	−0.596	0.000	0.012	0.972	−0.105	0.634
CEO female	−0.015	0.972	−0.917	0.000	−3.624	0.000	−1.507	0.001
Chair female	0.713	0.134	−0.221	0.368	3.114	0.016	0.978	0.105
Firm size	0.921	0.000	0.493	0.000	0.832	0.000	0.430	0.000
Leverage	0.831	0.161	−0.979	0.008	1.829	0.021	−0.727	0.228
Loss t−1	0.251	0.312	0.061	0.731	−0.008	0.980	−0.210	0.362
Sales growth	−0.477	0.394	−0.168	0.590	−0.049	0.943	0.414	0.406
ROA	2.342	0.187	5.502	0.000	1.015	0.692	5.575	0.005
Intercept	−5.973	0.000	−0.164	0.860	−4.116	0.022	−0.204	0.883
Industry and years fixed effects	included		included		included		included
Adjusted R²	0.421		0.390		0.445		0.382
Observations	952		952		536		536

Variables	AuC meeting		RemC meeting		AuC meeting		RemC meeting
	OLS regression		OLS regression		OLS regression		OLS regression
	Estimate	p-value	Estimate	p-value	Estimate	p-value	Estimate	p-value
Post*mandatory adopters	−0.891	0.112	0.194	0.414
Mandatory adopters	0.801	0.006	−0.429	0.017
Post*first adopters					0.996	0.094	1.139	0.003
First adopters					−0.912	0.064	−0.067	0.805
BoDs size	0.940	0.014	0.550	0.062	0.059	0.911	0.113	0.789
BoDs independence	2.375	0.002	2.358	0.000	4.307	0.000	4.389	0.000
BoDs executive	−1.895	0.009	−0.957	0.061	−2.513	0.013	−1.107	0.099
CEO age	0.026	0.029	−0.033	0.000	0.019	0.254	−0.034	0.030
CEO duality	−0.280	0.220	−0.596	0.000	0.012	0.972	−0.105	0.634
CEO female	−0.015	0.972	−0.917	0.000	−3.624	0.000	−1.507	0.001
Chair female	0.713	0.134	−0.221	0.368	3.114	0.016	0.978	0.105
Firm size	0.921	0.000	0.493	0.000	0.832	0.000	0.430	0.000
Leverage	0.831	0.161	−0.979	0.008	1.829	0.021	−0.727	0.228
Loss t−1	0.251	0.312	0.061	0.731	−0.008	0.980	−0.210	0.362
Sales growth	−0.477	0.394	−0.168	0.590	−0.049	0.943	0.414	0.406
ROA	2.342	0.187	5.502	0.000	1.015	0.692	5.575	0.005
Intercept	−5.973	0.000	−0.164	0.860	−4.116	0.022	−0.204	0.883
Industry and years fixed effects	included		included		included		included
Adjusted R²	0.421		0.390		0.445		0.382
Observations	952		952		536		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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