Table IV Results of regression with FEM... | Emerald Publishing

Table IV

Results of regression with FEM

		Model 1		Model 2
Explanatory Var.	Sign	Coefficient	t-Statistic	Coefficient	t-Statistic
Board _ind.	−	0.000072	−0.20	0.000015	−0.04
Board diligence	−	0.0214927***	−1.67
Board_size	+	0.000544	0.28	0.000024	0.01
Board activity	+	0.0032091*	3.94
Board busyness	−	0.0019567	−1.47
AC_dil	−			0.036029**	−1.90
AC_ind	−			0.154847**	−2.10
AC_size	−			0.034386**	−2.18
Firm age	−	0.000693	−0.33	0.000906	−0.43
Leverage	−	0.383753*	−8.52	0.387837*	−8.61
MVBV	−	0.000017	−0.83	0.000016	−0.79
Firm size	+	0.012566	1.30	0.012906	1.34
Profitability	−	0.000883*	−2.54	0.000889*	−2.57
Absolute ΔEPS	−	0.00007	−0.91	0.000076	−0.98
Constant	+	0.076013	0.86	0.065924	0.75
n		1,830		1,830
F-stat (prob)		2.19 (0.00)		7.79 (0.00)
Hausman χ² (prob.)		27.70 (0.00)		61.4 (0.00)

		Model 1		Model 2
Explanatory Var.	Sign	Coefficient	t-Statistic	Coefficient	t-Statistic
Board _ind.	−	0.000072	−0.20	0.000015	−0.04
Board diligence	−	0.0214927***	−1.67
Board_size	+	0.000544	0.28	0.000024	0.01
Board activity	+	0.0032091*	3.94
Board busyness	−	0.0019567	−1.47
AC_dil	−			0.036029**	−1.90
AC_ind	−			0.154847**	−2.10
AC_size	−			0.034386**	−2.18
Firm age	−	0.000693	−0.33	0.000906	−0.43
Leverage	−	0.383753*	−8.52	0.387837*	−8.61
MVBV	−	0.000017	−0.83	0.000016	−0.79
Firm size	+	0.012566	1.30	0.012906	1.34
Profitability	−	0.000883*	−2.54	0.000889*	−2.57
Absolute ΔEPS	−	0.00007	−0.91	0.000076	−0.98
Constant	+	0.076013	0.86	0.065924	0.75
n		1,830		1,830
F-stat (prob)		2.19 (0.00)		7.79 (0.00)
Hausman χ² (prob.)		27.70 (0.00)		61.4 (0.00)

Notes: *,**,***Significant at 1, 5 and 10 per cent levels, respectively