Table 6 Regression results Variable... | Emerald Publishing

Table 6

Regression results

Variable	Direct impact		Moderating effect
	Model 1a	Model 1b	Model 2a	Model 2b
	ROA	EPS	ROA	EPS
board_size	0.0400591	4.7805110
board_size	0.2970000	0.091^*
board_meet	0.0401327	5.8660340
board_meet	0.017^**	0.001^***
board_ind	−0.0954338	3.5779920
board_ind	0.035^**	0.2660000
fem_dir	−0.0055249	−1.3831990
fem_dir	0.6830000	0.017^**
brd_size*nrc			0.0375906	−0.0177704
brd_size*nrc			0.007^***	0.8800000
board_meet*nrc			0.0961539	0.9300490
board_meet*nrc			0.026^**	0.014^**
board_ind*nrc			−0.2174801	−28.7800000
board_ind*nrc			0^***	0.001^***
fem_dir*nrc			−0.0222151	−5.6277620
fem_dir*nrc			0.2470000	0.028^**
firm_age	0.0130811	−1.077597	0.0116459	2.00041
firm_age	0.298	0.293	0.351	0.029^**
firm_size	0.0059353	−2.4302	0.0028334	−0.2509112
firm_size	0.455	0.166	0.709	0.699
ac_meeting	0.0141995	−2.4302	−0.0133157	−1.340217
ac_meeting	0.631	0.07^*	0.724	0.262
lev	−0.0540395	0.8631686	−0.0161227	1.398842
lev	0^***	0.415	0.165	0.121
constant	−0.1252573	−12.12441	−0.0141021	0.1295848
constant	0.147	0.018^**	0.851	0.98
F value	4.49	5.78	5.79	2.65
R squared	12.1	15.05	13.75	11.72
Observation	270	270	270	270

Variable	Direct impact		Moderating effect
	Model 1a	Model 1b	Model 2a	Model 2b
	ROA	EPS	ROA	EPS
board_size	0.0400591	4.7805110
board_size	0.2970000	0.091^*
board_meet	0.0401327	5.8660340
board_meet	0.017^**	0.001^***
board_ind	−0.0954338	3.5779920
board_ind	0.035^**	0.2660000
fem_dir	−0.0055249	−1.3831990
fem_dir	0.6830000	0.017^**
brd_size*nrc			0.0375906	−0.0177704
brd_size*nrc			0.007^***	0.8800000
board_meet*nrc			0.0961539	0.9300490
board_meet*nrc			0.026^**	0.014^**
board_ind*nrc			−0.2174801	−28.7800000
board_ind*nrc			0^***	0.001^***
fem_dir*nrc			−0.0222151	−5.6277620
fem_dir*nrc			0.2470000	0.028^**
firm_age	0.0130811	−1.077597	0.0116459	2.00041
firm_age	0.298	0.293	0.351	0.029^**
firm_size	0.0059353	−2.4302	0.0028334	−0.2509112
firm_size	0.455	0.166	0.709	0.699
ac_meeting	0.0141995	−2.4302	−0.0133157	−1.340217
ac_meeting	0.631	0.07^*	0.724	0.262
lev	−0.0540395	0.8631686	−0.0161227	1.398842
lev	0^***	0.415	0.165	0.121
constant	−0.1252573	−12.12441	−0.0141021	0.1295848
constant	0.147	0.018^**	0.851	0.98
F value	4.49	5.78	5.79	2.65
R squared	12.1	15.05	13.75	11.72
Observation	270	270	270	270

Note(s): ^***significant at 1% level, ^**significance at 5% level, ^*significance at 10% level

Source(s): Authors’ own work