Variables | (1) | (2) | (3) | (4) | (5) | (6) |
---|---|---|---|---|---|---|
ABDCFO | ABDPROD | ABDDICX | RM1 | RM2 | RM3 | |
L.BD | − 0.152*** | 0.255*** | − 0.131*** | 0.319*** | 0.233*** | 0.463*** |
(0.015) | (0.072) | (0.009) | (0.031) | (0.010) | (0.020) | |
BRDSIZE | 0.005*** | − 0.004* | − 0.001 | 0.005** | 0.001** | 0.004** |
(0.001) | (0.002) | (0.001) | (0.002) | (0.001) | (0.002) | |
BRDIND | − 0.013 | − 0.045 | 0.060*** | 0.022* | − 0.006 | − 0.068*** |
(0.030) | (0.027) | (0.009) | (0.012) | (0.008) | (0.010) | |
CEO duality | 0.058*** | − 0.031** | − 0.010** | 0.017** | − 0.006** | − 0.025** |
(0.017) | (0.014) | (0.004) | (0.008) | (0.003) | (0.011) | |
BRDMEET | − 0.006*** | 0.005*** | 0.001 | 0.004*** | 0.002*** | 0.006*** |
(0.001) | (0.001) | (0.001) | (0.001) | (0.000) | (0.001) | |
ROA | 0.024 | − 0.536** | 0.129*** | − 0.916*** | − 0.092 | − 0.636*** |
(0.118) | (0.221) | (0.048) | (0.230) | (0.078) | (0.173) | |
ROE | 0.202*** | 0.177** | − 0.042** | 0.056 | − 0.263*** | 0.055 |
(0.043) | (0.083) | (0.020) | (0.115) | (0.039) | (0.100) | |
Liquidity | 0.013*** | 0.003 | 0.000 | − 0.006 | − 0.013*** | − 0.010*** |
(0.003) | (0.005) | (0.001) | (0.004) | (0.002) | (0.003) | |
Leverage | 0.018 | − 0.165*** | − 0.009 | − 0.189*** | − 0.087*** | − 0.317*** |
(0.042) | (0.048) | (0.008) | (0.041) | (0.023) | (0.030) | |
Gear | − 0.024*** | 0.057*** | − 0.007*** | 0.073*** | 0.032*** | 0.109*** |
(0.009) | (0.011) | (0.003) | (0.014) | (0.008) | (0.013) | |
Firm size | 0.047*** | 0.035** | − 0.007 | − 0.092*** | − 0.025*** | − 0.071*** |
(0.016) | (0.016) | (0.005) | (0.015) | (0.007) | (0.012) | |
ASS.TAng | − 0.354*** | 0.087 | 0.022** | 0.111*** | − 0.043*** | 0.128*** |
(0.044) | (0.055) | (0.009) | (0.035) | (0.007) | (0.025) | |
OC | − 0.090*** | 0.099*** | 0.109*** | 0.143*** | 0.019** | 0.103*** |
(0.018) | (0.027) | (0.012) | (0.014) | (0.007) | (0.010) | |
EMFLEx | 0.127*** | 0.183*** | − 0.045*** | 0.098*** | 0.031** | 0.083*** |
(0.026) | (0.054) | (0.010) | (0.025) | (0.013) | (0.018) | |
Constant | 0.312*** | − 0.666*** | − 0.515*** | − 0.317*** | − 0.001 | − 0.163** |
(0.095) | (0.159) | (0.067) | (0.078) | (0.025) | (0.072) | |
Observations | 701 | 692 | 701 | 701 | 701 | 701 |
Number of firms | 78 | 78 | 78 | 78 | 78 | 78 |
Number of instruments | 60 | 62 | 59 | 75 | 76 | 78 |
AR2test (p-value) | 0.226 | 0.172 | 0.262 | 0.316 | 0.458 | 0.687 |
Hansen test (p-value) | 0.316 | 0.869 | 0.449 | 0.457 | 0.292 | 0.258 |