Variable

Statistics

Mandatory

Voluntary

Overall

Constant

Coefficient

Std. Error

105.523***

11.930

67.861***

4.443

71.444***

4.268

Net sales

Coefficient

Std. Error

4.729***

0.887

0.726**

0.350

1.159***

0.330

Total Assets

Coefficient

Std. Error

−5.352***

1.267

−0.175

0.533

−0.696

0.499

Market capitalisation

Coefficient

Std. Error

0.564^n.s

0.609

−0.286^n.s

0.320

−0.295^n.s

0.294

Return on Assets

Coefficient

Std. Error

−11.399^n.s

7.051

6.071^n.s

3.278

4.423^n.s

2.992

Return on Capital Employed

Coefficient

Std. Error

0.034^n.s

0.051

−0.021^n.s

0.023

−0.015^n.s

0.021

Growth

Coefficient

Std. Error

0.044**

0.021

−0.008^n.s

0.010

−0.002^n.s

0.009

Leverage

Coefficient

Std. Error

−17.886***

1.579

0.240^n.s

0.696

−1.232*

0.642

Age

Coefficient

Std. Error

2.273^n.s

1.478

−0.599^n.s

0.526

−0.414^n.s

0.507

Board size

Coefficient

Std. Error

−3.316*

1.913

0.302^n.s

0.865

0.167^n.s

0.800

Board Independence

Coefficient

Std. Error

0.694^n.s

2.983

3.378**

1.412

3.322**

1.293

Industrial Manufacturing

Coefficient

Std. Error

−7.201^n.s

10.199

−0.503^n.s

3.456

−1.038^n.s

3.344

Consumer Goods

Coefficient

Std. Error

−6.967^n.s

10.127

−1.235^n.s

3.419

−1.634^n.s

3.311

Financial Services

Coefficient

Std. Error

−3.533^n.s

13.892

−0.252^n.s

4.655

−0.398^n.s

4.512

Fertilisers & Pesticides

Coefficient

Std. Error

−5.882^n.s

11.136

−0.425^n.s

3.767

−0.697^n.s

3.648

Media & Entertainment

Coefficient

Std. Error

−2.879^n.s

11.436

−9.309**

3.856

−8.617**

3.733

automobile

Coefficient

Std. Error

−4.753^n.s

10.366

−0.906^n.s

3.504

−1.100^n.s

3.394

Cement

Coefficient

Std. Error

−4.295^n.s

11.169

−2.118^n.s

3.788

−2.095^n.s

3.668

Chemicals

Coefficient

Std. Error

−6.571^n.s

11.475

0.789^n.s

3.865

0.231^n.s

3.744

Construction

Coefficient

Std. Error

−15.003^n.s

11.543

0.746^n.s

3.905

−0.348^n.s

3.780